The ruling Communist Party says anti-monopoly enforcement, especially in tech, is a priority this year. Companies, including Internet giants Alibaba and Tencent, were fined on Wednesday by anti-monopoly regulators in a new move to tighten control over their fast-developing industries. China’s leaders worry about the dominance of its biggest Internet companies, which are expanding into finance, health services and other sensitive areas. The ruling Communist Party says anti-monopoly enforcement, especially in tech, is a priority this year. In the biggest penalty to date, Alibaba was fined 18.3 billion yuan ($2.8 billion) in April on charges of suppressing competition.

Source: The Hindu July 07, 2021 13:18 UTC