BEIJING (AP) — Chinese e-commerce giant Alibaba has been fined $2.8 billion for anti-competitive behavior as the ruling Communist Party tightens control over fast-growing technology industries. Party leaders worry about the dominance of Alibaba and other market leaders at a time when the industry is expanding into finance, health care and other sensitive areas. The market regulator says Alibaba was fined for abusing its dominant position to limit competition by retailers. Alibaba is the world’s biggest e-commerce company by total volume of goods sold across its platforms. The fine is equal to 4% of its total 2019 sales. It’s a new setback for Alibaba’s billionaire founder Jack Ma, after regulators suspended the stock market debut of Ant Group, a platform spun off from the e-commerce giant.
