China National Knowledge Infrastructure, the country s largest online academic database company, was fined 87.6 million yuan ($12.58 million) on Monday for monopolistic behavior.
Several authorities, including the top securities regulator and the central bank, are ramping up calls to support and facilitate the development of platform companies after the tone-setting Central Economic Work Conference last week.
A draft amendment to the Anti-Unfair Competition Law opened for public opinion on Tuesday, with provisions for fines ranging as high as 5 percent of a firm's annual revenue to punish unfair competitive practices, it was announced on the website of the State Administration for Market Regulation.
A batch of past cases involving tech giants in violation of the Antimonopoly Law were announced and fines published prior to the amended law's taking effect, as the country's antitrust efforts on platform economy will become normalized and predictable to drive its healthy development, industry experts said.
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