Alibaba fined £2.4 billion on competition charge in China

The logo for Alibaba Group is seen at the company’s headquarters in Hangzhou in eastern China’s Zhejiang Province (Chinatopix via AP)

Alibaba Group, the world’s biggest e-commerce company, has been fined 18.3 billion yuan (£2.4 billion) by Chinese regulators for anti-competitive tactics, as the ruling Communist Party tightens control over fast-growing tech industries.

Party leaders worry about the dominance of China’s biggest internet companies, which are expanding into finance, health services and other sensitive areas.