China fines Cetrip for monopolistic practices
The Chinese National Market Regulatory Authority imposed a fine of 3.521 billion yuan (approximately $518 million USD) on Trip.com Group, operator of the Ctrip travel services platform, due to monopolistic practices and the exploitation of its dominant market position. The authority also confiscated illicit gains amounting to 1.658 billion yuan (around $244 million USD) and ordered the company to refund 122 million yuan of funds that were forcibly deducted from hotels. The investigation revealed that Trip.com coerced hotels into accepting unfair terms and employed technological means to manipulate prices, thereby limiting competition, undermining fair trade, and harming consumer rights. These measures aim to protect China's online hotel booking market.
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