China fines online retailers for irregular pricing

China's market regulator said it has fined online retailers for allegedly manipulating prices during large-scale discount sales campaigns held on November 11th, known as "Singles Day."

The State Administration of Market Regulation announced on Wednesday that it had taken the decision after it received consumer complaints over company pricing strategies.

The day is known as "Singles Day" in China, because the number one symbolizes people without partners. Online retailers hold large sales campaigns on this date.

Tech giant Alibaba Group reported that its sales during the "Singles Day" shopping event reached about 74 billion dollars.

The regulator fined e-commerce retailers, including Alibaba and JD.com, about 77,000 dollars each for irregular pricing.

It said the companies raised prices before the sale to make their discounts look larger and they also made false advertisements.

China has increased regulations on internet giants in recent weeks.

In November, the government announced a plan to tighten control of deals made by firms that were exploiting their monopolistic positions.