The Chinese government has imposed a giant fine of 18.2 billion yuan ($ 2.78 billion) on the online trading group Alibaba, for abuse of dominant position.
Chinese authorities have fined e-commerce group Alibaba a giant 18.2 billion yuan ($ 2.78 billion) for abuse of dominance, state media in China reported on Saturday.
4% of its 2019 turnover
The amount of the penalty was determined after regulators decided to impose a fine on Alibaba corresponding to 4% of its 2019 revenue, or 455.7 billion yuan, according to New China.
Alibaba and other major Chinese tech companies face pressure amid growing concern about their influence in China, where consumers use these leading platforms to communicate, shop, pay bills, book. taxis, taking out loans and a whole host of other daily tasks.
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