China Launched Probe Aganist Alibaba For Monopolistic Behavior

China launched probe against Alibaba for monopolistic behavior.

China has launched probe into the Alibaba Group for suspected monopolistic behavior on Thursday, regulators reported on Thursday.

Regulators had previously warned Alibaba of the so-called “choosing one of the two” practice under which merchants have to sign special cooperation treaties to prevent them from selling products on rival platforms.

The State Administration of Market Regulation (SAMR) said in an online statement that an investigation has been initiated into Alibaba’s “choosing one of the two” practice.

The People’s Bank of China said in a separate online statement that financial regulators will also be meeting with Alibaba’s Antar Group in the coming days.

The statement said that the meeting is “to guide the Ent Group to implement financial supervision, fair competition and protect the legitimate rights and interests of consumers.”

The ANT Group stated that it had received a notice from the regulators, and would seriously study it and strictly follow all regulatory requirements and make every effort to carry out all related functions.

However, Alibaba declined to comment immediately.

People’s Daily, the official newspaper of China’s ruling Communist Party, said “fair competition is a fundamental part of the market economy”.

The monopoly of resources “allocation of distortions, hurting the interests of other market companies and consumers, and killing technological progress. ”

The newspaper said China’s Internet sector had benefited from government support for innovation, but the industry should follow rules and laws.

It said if monopoly is tolerated, and companies are allowed to expand in a haphazard and barbaric way, the industry will not grow in a healthy and sustainable manner. ‘

Some lending apps are adopting improper methods of recovery, advise to be cautious: former deputy governor.

Former Deputy Governor of Reserve Bank of India (RBI) R ​​Gandhi said on Wednesday that some apps offering loans were misconstruing recovery.

They are adopting the same methods as the small lending institutions in Andhra Pradesh in 2007 and the entire industry was in a crisis.

He said in a program related to the industry here that the recovery agents should adopt a basic human and respectful attitude and not doing so will increase the challenges for the financial institutions.