SHANGHAI: Chinese regulators have hit e-commerce giant Alibaba with a massive 18.2 billion yuan ($2.78 billion) fine over practices deemed to be an abuse of the company’s dominant market position, state-run media reported on Saturday.
Xinhua news agency said the State Administration for Market Regulation had assessed the fine after concluding an investigation into Alibaba that began in December.
The investigation and fine centered on Alibaba’s alleged practice of requiring that merchants who wish to sell their wares on its popular platforms do so exclusively, avoiding rival e-commerce sites.
The size of the penalty was determined after regulators decided to fine Alibaba four percent of its 2019 sales of 455.7 billion yuan, Xinhua said.
Alibaba and other leading Chinese tech companies have come under pressure amid growing concern over their influence in China, where tech-savvy consumers use leading platforms to communicate, shop, pay bills, book taxis, take out loans and perform a range of other daily tasks.
Alibaba in particular has been under scrutiny since last October, when co-founder Jack Ma criticized Chinese regulators as being behind the times after they expressed growing concern over the push into loans, wealth management and insurance by Alibaba’s financial arm, Ant Group.
China has been seeking to rein in runaway personal debt and chaotic lending, and upstart Ant’s growing profile — and Ma’s rare public criticisms — have been viewed as a challenge to China’s state-dominated financial sphere.
China fines Alibaba $2.78bn for market abuses: state media
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China fines Alibaba $2.78bn for market abuses: state media
- Alibaba and other leading Chinese tech companies have come under pressure amid growing concern over their influence in China
Saudi Arabia, Japan trade rises 38% between 2016 and 2024, minister says
RIYADH: Trade between Saudi Arabia and Japan has increased by 38 percent between 2016 and 2024 to reach SR138 billion ($36 billion), the Kingdom’s investment minister revealed.
Speaking at the Saudi-Japanese Ministerial Investment Forum 2026, Khalid Al-Falih explained that this makes the Asian country the Kingdom’s third-largest trading partner, according to Asharq Bloomberg.
This falls in line with the fact that Saudi Arabia has been a very important country for Japan from the viewpoint of its energy security, having been a stable supplier of crude oil for many years.
It also aligns well with how Japan is fully committed to supporting Vision 2030 by sharing its knowledge and advanced technologies.
“This trade is dominated by the Kingdom's exports of energy products, specifically oil, gas, and their derivatives. We certainly look forward to the Saudi private sector increasing trade with Japan, particularly in high-tech Japanese products,” Al-Falih said.
He added: “As for investment, Japanese investment in the Kingdom is good and strong, but we look forward to raising the level of Japanese investments in the Kingdom. Today, the Kingdom offers promising opportunities for Japanese companies in several fields, including the traditional sector that links the two economies: energy.”
The minister went on to note that additional sectors that both countries can also collaborate in include green and blue hydrogen, investments in advanced industries, health, food security, innovation, entrepreneurship, among others.
During his speech, Al-Falih shed light on how the Kingdom’s pavilion at Expo 2025 in Osaka achieved remarkable success, with the exhibition receiving more than 3 million visitors, reflecting the Japanese public’s interest in Saudi Arabia.
“The pavilion also organized approximately 700 new business events, several each day, including 88 major investment events led by the Ministry of Investment. Today, as we prepare for the upcoming Expo 2030, we look forward to building upon Japan’s achievements,” he said.
The minister added: “During our visit to Japan, we agreed to establish a partnership to transfer the remarkable Japanese experience from Expo Osaka 2025 to Expo Riyadh 2030. I am certain that the Japanese pavilion at Expo Riyadh will rival the Saudi pavilion at Expo Osaka in terms of organization, innovation, and visitor turnout.”
Al-Falih also shed light on how Saudi-Japanese relations celebrated their 70th anniversary last year, and today marks the 71st year of these relations as well as how they have flourished over the decades, moving from one strategic level to an even higher one.
