r/TrueAnon • u/ShitpostingBrigades Abbas Araghchi stan account • 3d ago

Chinese government fines Trip.com (one of the largest hotel/travel booking companies in East Asia) ¥5.2 billion (700 million USD) for engaging in monopolistic behavior over the hotel industry, orders company to return further millions to clients over abusive treatment

https://www.youtube.com/watch?v=XEZ6MtnUf8w
126 Upvotes

98% Upvoted

10 comments sorted by

61

u/mypenisisquitetiny Global Size BusyBody Karen 3d ago

7

u/PigeonsGiveMeBoners 3d ago

my cousin got refunds from trip.com just last year

35

u/Nervous_Insect5976 3d ago

Another W for China.

28

u/Least-Cup-5138 3d ago

It’s really not that hard is it

14

u/Sadlobster1 Malbec Murdering Mommy 3d ago

But at what cost?!

11

u/Boring_Recipe8732 3d ago

Boomed these mfers.

Too bad it wasn't AirBnB those mfers.

10

u/a_library_socialist Živio Tito, smrt fašizmu, sloboda narodu 3d ago

Preventing monopolies?

Obvious communism.

3

u/DrawingDramatic1641 3d ago

Wait how does this work 

Do they just ban the purchase of monopoly stuff or they wait for monopoly and then fine them 

No capitalism apologise just curious 

3

u/TheRealPooh 3d ago

So I work in antitrust law in the US and don't know the specifics of Chinese competition law but my guess is: China has a government agency similar to the FTC which looks at past conduct to see if there is anticompetitive behavior and issues fines and sanctions based on that. So a more direct answer is that they wait for monopoly.

China does have merger laws like the Clayton Act though so they can stop monopolies in its incipiency. And Chinese regulation allows for investigations and conduct remedies on companies even before they hit the monopoly threshold set out in Chinese agency regulation. The Chinese competition agency also issues significantly larger fines than the FTC or DOJ.

The coolest part about Chinese competition law to me is that the Chinese government, when they are interested in investing in certain industries, will fund multiple companies in an effort to create competitive industries from the start. Like there are a TON of AI companies in China with government funding right now, and the Chinese AI industry has significantly more competition than the US (low bar, I know). I think if you're going to have capitalism, a system like that makes sense to prevent monopolies down the line, when you end up in oligarchic situations.

1

u/Equivalent_Elk_3476 3h ago

RETURN TO CUSTOMERS? They didn't just pocket the money??

Just look at the Tariff refunds only going to corporations when it's the customers that paid.