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China fines electronic giants for monopolistic behavior

China, gigantes, INternet, multa

China fines electronic giants for monopolistic behavior

Beijing, Jan 5 (Prensa Latina) China on Wednesday reported the imposition of new fines, some of them worth millions of dollars, to the e-commerce companies Alibaba, Tencent and Meituan, for maintaining a monopolistic behavior in their operations.
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For Market Regulation, in all three cases violations of the laws in mergers, acquisitions and other activities to expand their businesses were detected, the State Administration noted.

None of them reported to the relevant authorities the processes to add smaller firms.

The three companies have been under the Government’s scrutiny since late 2020, have received several fines for similar practices and were ordered to rectify irregularities.

Months ago China launched a strategy that will seek to create an environment for its companies governed by fair competition, transparency and legal principles in the next five years.

In this way, it intends to strengthen order and government-market-society relations and curb any inappropriate conduct in economic activity.

The initiative contemplates the protection of the rights of each company, proposes to broaden communication with the private sector when regulations are revised or updated and to neutralize the abuse of administrative powers and monopolistic attitudes.

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