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Alibaba 'rectification' marks slowdown of China's internet economy

Big Tech takes nudge to focus on business services for growth

Alibaba was slapped with a record $2.8 billion antitrust fine by Chinese regulators in April.   © Reuters

HONG KONG -- Chinese e-commerce leader Alibaba Group Holding, hit recently with a record $2.81 billion antimonopoly fine, is due to present Beijing with a comprehensive plan by Friday to rectify market practices regulators have deemed unfair.

The document is expected to set a benchmark for 33 other platform operators -- including Tencent Holdings, Meituan and Pinduoduo -- that have been given two more weeks by the State Administration for Market Regulation (SAMR) to address similar practices as part of Beijing's effort to tame the outsized power of China's internet companies.

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