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China's top market regulator on Monday hit online academic database China National Knowledge Infrastructure (CNKI) with a fine of 87.6 million yuan ($12.6 million), or 5 percent of its 2021 domestic sales revenue, for abusing its dominant market position.
Since the adoption of the first five-year plan and its pledge to establish the rule of law, China has introduced and amended many laws to promote the country's development and build a harmonious society.
China's amended Anti-monopoly Law officially came into effect on Monday, which government officials and industry experts said will drive the country's fair competition and innovative development and further boost the competitiveness of its massive domestic market.
The revised Anti-Monopoly Law that aims to build and create a fair market competition ecosystem compatible with China’s socialist market economy, will take effect on Monday, which experts said marks an important step forward as the country looks to phasing in a healthier and sustainable digital economy.
A batch of past cases involving tech giants in violation of the Antimonopoly Law were announced and fines published prior to the amended law's taking effect, as the country's antitrust efforts on platform economy will become normalized and predictable to drive its healthy development, industry experts said.
China Imposed USD3.5 Billion of Anti-Monopoly Fines Last Year yicaiglobal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yicaiglobal.com Daily Mail and Mail on Sunday newspapers.
China's top market regulator fined companies including Alibaba Group, Baidu Inc and Tencent Holdings Ltd for violating the Anti-Monopoly Law, which industry experts said on Sunday is a broader part of normalized antitrust efforts following the recent setup of the anti-monopoly bureau.