China – Millions of fines for food suppliers – Economy

HomeEconomyChina8. October 2021, 6:48 p.m.

China: fines for millions of food suppliers

Reuters, Beijing

The Chinese competition authority SAMR has fined the food delivery giant one million euros. Meituan had to pay 3.4 billion yuan (about 456 million euros) for abuse of dominant position, SAMR said. The penalty corresponds to three percent of Meituan’s sales in China last year. The delivery service provider is also expected to “stop the illegal behavior” and refund 1.29 billion yuan to traders, the agency added. Meituan allegedly forced restaurants to exclusively use his platform. The company said it accepts the penalty and will make the adjustments ordered by the regulator. China’s eighth-largest company by market value has for years been expanding into areas other than food delivery, such as hotel reservations and bike sharing.

© SZ of October 9, 2021 / Reuters

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