Chinese regulators fine e-commerce giant

BEIJING (AP) — Chinese regulators have fined giant e-commerce giant Alibaba $2.8 billion on charges of violating anti-monopoly rules. The ruling Communist Party is tightening control over China’s biggest e-commerce and other internet companies and has warned them not to use their industry dominance to stifle competition. Alibaba was fined for abusing its dominant position to limit competition in online retailing. Alibaba is the world’s biggest e-commerce company by total volume of goods sold across its platforms. The fine is equal to 4% of its total 2019 sales. It’s a new setback for Alibaba’s billionaire founder Jack Ma, after regulators suspended the stock market debut of Ant Group, a platform spun off from the e-commerce giant.