ALIBABA Group, the world’s biggest e-commerce company, was fined 18.3 billion yuan (USD 2.8 billion) by Chinese regulators on Saturday 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 including Alibaba at a time when the industry is expanding into finance, health services and other sensitive areas. The party says anti-monopoly enforcement, especially in tech industries, is a priority this year. Alibaba was fined for “abusing its dominant position” to limit competition by retailers that use its platforms and hindering the “free circulation” of goods, the State Administration for Market Regulation announced.