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Chinese tech giant Alibaba is under investigation for its monopoly strategy in the marketplace. The China Market Control Administration (SAMR) announced an investigation against them on Thursday.
Chinese lawmakers have previously warned Alibaba not to try to create a monopoly.
The company reportedly forced merchants to sign a contract that prevented vendors from selling their products on other platforms.
In the future, Chinese monetary policy makers will also investigate Alibaba’s fintech partner Ant Group.
The Chinese government’s crackdown on Chinese tech giants like Alibaba-Tencent is on the rise. They have been concerned with the growing size and capacity of organizations.
Lawmakers fear that these companies in China could have a major impact on their millions of customers on matters such as purchases and payments.
Alibaba, founded by Jack Ma, is already feeling pressure from the Chinese authorities. Last month, its partner Ant Group (formerly known as Alipay) was forced to suspend its entry into the stock market. If included, it would be the world’s largest start in the stock market.
Source: BBC
KAA / MS
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