Chinese media reported on Saturday that the countries largest e-commerce giant, Alibaba, has been fined by Chinese regulators for violating anti-monopoly rules.

The State Administration for Market Competition said that the company abused its dominant online position to squash rival online retailers.

The company has been accused by the authorities of "hindering the free circulation" of goods by forbidding merchants on its popular platforms from using the sites of e-commerce competitors.

The fine was calculated by taking 4% of Alibaba's total 2019 sales of company. Chinese regulators had spelled out in February that what Alibaba did violated the laws.

Alibaba has to pay 18.2 billion yuan which is more than 2.78 dollars or 2.3 Euros.