Beijing, April 10: Chinese regulators have fined giant e-commerce giant Alibaba USD 2.8 billion on charges of violating anti-monopoly rules.

The ruling Communist Party is tightening control over China's biggest e-commerce and other internet companies and has warned them not to use their industry dominance to stifle competition. Alibaba Chairman Daniel Zhang Says China's Antitrust Rules necessary.

The State Administration for Market Regulation announced Saturday that Alibaba was fined for "abusing its dominant position" to limit competition in online retailing. Alibaba is the world's biggest e-commerce company by total volume of goods sold across its platforms.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)