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Alibaba fined $2.8 billion on monopoly charge in China

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BEIJING – Chinese regulators have fined giant e-commerce giant Alibaba 18.3 billion yuan ($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.

The State Administration for Market Regulation announced Saturday that Alibaba was fined for “abusing its dominant position” to limit competition in online retailing.

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