From the time of its founding on June 28, 1999 in Hangzhou, Zhejiang, Alibaba has come a long way. As a result, competition in the Chinese market was curtailed and the antimonopoly law of China was breached. By definition, monopoly is “a market structure characterized by a single seller, selling a unique product in the market”. Undoubtedly, a monopoly market will have great adversarial effects on the consumers and create a gulf between the products needed and products bought (owing to unfair prices). Therefore, the fine imposed has set a good judgment for any who attempts to create a monopoly in the Chinese market and sufficiently warns Alibaba to not commit the same breach of law again.

Source: Dhaka Tribune July 13, 2021 17:26 UTC