China fines Trip.com $770 million over hotel booking monopoly

China's market regulator has imposed a fine of $770 million on the travel services company Trip.com. The company is accused of abusing its dominant market position in hotel bookings, thereby restricting competition.

According to the authorities, Trip.com used its market power to force hotels to terminate agreements with competitors, which limited consumer choice. The fine represents a significant portion of the company's revenue.

The move is part of a broader government initiative to curb the power of large technology firms and promote fair competition in China's digital economy. Several other major tech companies have faced similar regulatory actions.

Trip.com is expected to review its business practices in light of the regulator's decision. The company has not yet issued a public statement regarding the fine.