Chinese authorities fine Alibaba $2.8 billion.China fines Alibaba $2.8 billion, equivalent to 4% of its 2019 domestic sales, after an anti-monopoly probe into the company.
Beijing issued draft amendments to the country’s Anti Monopoly Law. The rules aimed at preventing specific monopolistic behaviors by internet giants, with harsh penalties for violations.
Legal experts have long been skeptical of whether the thinly staffed Anti-Monopoly Bureau of the State Administration for Market Regulation would be able to tackle the mounting antitrust cases in the tech sector. In the past, “instead of applying the antitrust law, [antitrust] authorities preferred to apply more lenient regulatory tools such as the Anti-Unfair Competition Law and the E-Commerce Law,