Chinese regulator warns Alibaba, others against adopting dodgy sales tactics
SHANGHAI: China's business regulator said it has warned leading online shopping companies, including Alibaba Group Holding and JD.com, against adopting dodgy sales tactics at the upcoming "Singles Day" festival, China's biggest shopping day of the year.
The stakes are high in the one-day event, held annually on November 11, which sees billions of dollars of goods sold online at steep discounts, and is watched as a barometer for the e-commerce industry and consumer economy in China as a whole. Alibaba's transactions alone exceeded $14 billion last year and are expected to grow this year.
The State Administration for Industry and Commerce (SAIC) said it met with Alibaba, JD.com, Amazon.com, Baidu, Tencent Holdings and several others on Monday and warned them against selling fakes, falsifying sales figures and engaging in other fraudulent practices.
The stakes are high in the one-day event, held annually on November 11, which sees billions of dollars of goods sold online at steep discounts, and is watched as a barometer for the e-commerce industry and consumer economy in China as a whole. Alibaba's transactions alone exceeded $14 billion last year and are expected to grow this year.
The State Administration for Industry and Commerce (SAIC) said it met with Alibaba, JD.com, Amazon.com, Baidu, Tencent Holdings and several others on Monday and warned them against selling fakes, falsifying sales figures and engaging in other fraudulent practices.
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