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China: The need to fight monopoly among technology companies

(MENAFN) The Chinese administration responsible for supervising the market has decided to impose a financial penalty on Alibaba, Tencent Holdings, and Baidu, totaling 21.5 million yuan ($3.4 million), in the latest stage of implementing severe penalties related to the subject of the issue. Necessary restrictions to maintain fair competition and stop monopoly in the market.

The department associated with the supervision of free competition, according to Bloomberg News, said the three large groups must hand over 500,000 yuan (78,000 dollars) for each case of anti-monopoly violation.

Chinese President Xi Jinping said in March that he is seeking to investigate groups of “platforms” that keep information for monopoly, and Beijing has supported the stages of antitrust supervision in China’s various private businesses, particularly in the Internet world.

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