China’s record fine against Alibaba spells the end of Big Tech’s romance with the state

China’s state-run anti-monopoly bureau has tightened its regulations on big tech players, as shown by its recent move against the country’s largest e-commerce company, Alibaba Group. Alibaba was hit with a record antitrust fine of 18.2 billion yuan (more than A$3.6 billion) over the weekend for supposedly abusing its market dominance. The company, which operates the digital payment platform Alipay and offers bank loans to entrepreneurs, issued a public apology: Alibaba accepts the penalty with sincerity and will ensure its compliance with determination. To serve its responsibility to society, Alibaba will operate in accordance with the law with utmost diligence,…

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