Beijing, April 10: Chinese regulators have fined giant e-commerce giant Alibaba USD 2.8 billion on charges of violating anti-monopoly rules.

The ruling Communist Party is tightening control over China's biggest e-commerce and other internet companies and has warned them not to use their industry dominance to stifle competition. Alibaba Chairman Daniel Zhang Says China's Antitrust Rules necessary.

The State Administration for Market Regulation announced Saturday that Alibaba was fined for "abusing its dominant position" to limit competition in online retailing. Alibaba is the world's biggest e-commerce company by total volume of goods sold across its platforms.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)