Chinese Market Regulator Concludes Antitrust Probe Into Alibaba- PingWest

Chinese Market Regulator Concludes Antitrust Probe Into Alibaba- PingWest

Chinese Market Regulator Concludes Antitrust Probe Into Alibaba

December 29, 2020 3:05 am

Beijing (PingWest)—The antitrust probe into Alibaba has concluded, said Zhejiang Provincial Administration for Market Regulation on Sunday.

China's State Administration for Market Regulation on December 24 initiated an investigation into Alibaba, the Zhejiang province-headquartered e-commerce giant, for alleged monopoly behaviors and collected relevant evidence.

Zhejiang's market regulator said the entire process was smooth and orderly, and Alibaba cooperated with the investigation team, accepted the inquiry, and provided relevant information in a timely manner.

"China still encourages and supports the platform economy," the head of the local market regulator said, "the antitrust probe into Alibaba is to better regulate and develop the platform economy, guide and promote its healthy development, in order to make greater contributions to high-quality economic development."

Last Friday, also the day after the Chinese government announced an investigation into Alibaba, Daniel Zhang Yong, CEO of the company, affirmed the e-commerce giant’s commitment to “regulated development” at a Zhejiang provincial party committee conference on local economies.

“Alibaba is a participant and beneficiary of the development of the internet industry [in China] and we are particularly grateful for this,” Zhang said.

Anti-monopoly has become China's top priority. Last week, at the Central Economic Work Conference convened by President Xi Jinping, China's top policymakers listed anti-monopoly supervision as one of the critical tasks for next year, vowing to prevent disorderly capital expansion.

"Fair competition is the core of the market economy...but monopoly hinders fair competition and stifles innovation, so regulators have always attached great importance to these issues," The People's Daily, a media affiliated to the Communist Party of China, previously commented. "Strengthening anti-monopoly supervision and safeguarding equitable competition can promote innovation and achieve healthy development."

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