World Economy

China Fines Automakers

China Fines AutomakersChina Fines Automakers

Chinese regulators fined Volkswagen and Chrysler for violating antitrust laws, announcing on Thursday the first monetary penalties against large multinational carmakers swept up in a broad investigation, New York Times reported. The fines, which totaled $46 million, were the latest in a series of tough measures by China against what it considers monopolistic practices. In recent months, foreign companies in a range of industries including automobiles, technology, pharmaceuticals and food packaging have faced increased scrutiny, including raids and allegations of unfair practices. The scrutiny of automakers comes as Chinese players are being pummeled by international competition.