China launches anti-monopoly investigation of IT giant Alibaba

China’s market regulator said Thursday that it has started an anti-monopoly investigation of the country’s IT giant, Alibaba Group Holding Ltd. The move comes as President Xi Jinping has pledged to strengthen measures to curb monopolistic behavior and disorderly capital expansion of fast-growing IT firms. China’s State Administration for Market Regulation said it has begun to investigate Alibaba, a Chinese company that has grown into one of the world’s largest e-commerce businesses, in response to reports to the authorities. Merchants who sell products through Alibaba’s website are believed to…

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