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Why Is Alibaba ‘Full of Gratitude’ for Record $2.8 Billion Fine Imposed by Beijing?
Commentary
China’s Alibaba Group found itself under the spotlight following a record antitrust fine slapped on the tech giant, yet it openly expressed its gratitude to the Chinese regime.
On April 10, the world’s biggest e-commerce company was fined 18.2 billion yuan ($2.8 billion) by Chinese regulators for anti-competitive tactics, as the ruling Chinese Communist Party (CCP) tightens control over fast-growing tech industries in the mainland. But Alibaba quickly responded and said in an open letter that it is “full of gratitude and respect,” as it would not have achieved its growth without sound government regulation and critical support.
After Alibaba, China goes after Jack Ma s Ant Group
IANS
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After China s top market watchdog began investigation last week into alleged anti-competition practices by ecommerce giant Alibaba, media reported on Monday that the country has now laid out ‘rectification plan for the Jack Mas fintech venture Ant Group.
According to a report in TechCrunch, the People s Bank of China, the country s central bank, summoned Ant Group for regulatory talks on December 26th, announcing a sweeping plan for the fintech firm to ‘rectify its regulatory violations .
The agenda is that Ant Group should return to its roots in payments and bring more transparency to transactions.