Alibaba, Tencent, and Baidu were fined by China’s competition regulators for business and economics

In the process of cracking down on monopoly, technology companies were ordered to pay US$3.4 million for 43 violations of antitrust laws.

Alibaba Group Holdings Co., Ltd., Tencent Holdings Co., Ltd. and Baidu Company were ordered by the Chinese competition regulator to pay a total of 21.5 million yuan ($3.4 million) in fines. This is the latest round of penalties that China has continued to crack down on monopoly.

The State Administration for Market Regulation said in a statement on Saturday that these companies must pay 500,000 yuan (US$78,000) for each of the 43 antitrust violations.

President Xi Jinping announced in March that he intends to hunt down “platform” companies that collect data to form a monopoly. Beijing has been strengthening antitrust supervision of China’s huge private sector, especially in the digital field.

Earlier this year, Alibaba was fined US$2.8 billion for abusing its dominant market position, while food delivery giant Meituan was fined US$533 million last month for violating antitrust regulations.

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