World Economy

China Fines Alibaba

China Fines AlibabaChina Fines Alibaba

China’s e-commerce giant, Alibaba Group, has been fined 800,000 yuan ($129,000) by the price bureau in eastern Zhejiang province for violations by third-party sellers during promotions on its e-commerce platforms, Reuters reported. Since Alibaba turned “Singles’ Day”, a November 11 Chinese response to Valentine’s Day, into an online shopping festival in 2009, the event has grown to similar proportions as Cyber Monday and Black Friday in the United States. Sales of more than $9b were achieved at last year’s event, and the company has copyrighted the phrase “Double 11”, a reference to the date (11/11), which in turn, refers to the status of single people.