Alibaba has received a record fine from Chinese regulators. Photo / FileAlibaba Group, the world's biggest e-commerce company, has been fined 18.3 billion yuan (US$2.8 billion) by Chinese regulators for anti-competitive tactics, as the ruling Communist Party tightens control over fast-growing tech industries. Party leaders worry about the dominance of China's biggest internet companies, which are expanding into finance, health services and other sensitive areas. Alibaba was fined for "abusing its dominant position" to limit competition by retailers that use its platforms and hindering "free circulation" of goods, the State Administration for Market Regulation announced. "Alibaba accepts the penalty with sincerity and will ensure its compliance with determination," the company said in a statement.

Source: New Zealand Herald April 10, 2021 21:11 UTC