Tech giants Alibaba and Tencent fined by China's anti-monopoly regulators
Companies including Tech Giants Alibaba and Tencent were fined by anti-monopoly regulators, a new move to tighten control over their fast-growing industries.
S E E D E D C O N T E N T
China's leaders worry about the dominance of its biggest internet companies, which are expanding into finance, health services and other sensitive areas. The ruling Communist Party says anti-monopoly enforcement, especially in tech, is a priority this year.
In the biggest penalty to date, Alibaba was fined $2.8 billion (18.3 billion yuan) in April on charges of suppressing competition. Other companies have been fined or reprimanded for violating competition, data protection, censorship and other rules.
On Sunday, ride-hailing service Didi Global Inc., which had a U.S. stock market debut last week, was ordered by regulators to overhaul its collection and handling of customer information.
The Associated Press
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I guess the big questions are is this just a slap on the wrist and will said companies have to actually even pay said fines? Since these are Chinese companies, is the CCP just trying to give the world proof that they care what said companies do outside China?
No, I think it's pretty much as the article describes. The government fears losing some control to these giants. The CCP has it's own state owned corporations that they subsidize and protect, so the anti-trust angle is laughable. I think this is just the CCP showing how easily they can ruin these companies if they don't play according to CCP rules.