SHANGHAI/BEIJING -- The $2.8 billion fine imposed on Alibaba for violating antitrust laws underscores Chinese President Xi Jinping's intention to tighten control of rapidly growing internet businesses and solidify his standing ahead of an important Communist Party congress next year.
Chinese regulators on Saturday imposed a fine of 18.2 billion yuan ($2.77 billion) against Alibaba Group, a record amount equivalent to about 12% of the e-commerce titan's net profit for the year ended March 2020.
