AP Top Business News at 5:58 a.m. EST – WAVY.com

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BEIJING (AP) — Chinese regulators on Thursday announced an anti-monopoly investigation of e-commerce giant Alibaba Group, stepping up the ruling Communist Party’s efforts to control fast-growing tech industries.

President Xi Jinping’s government worries about the dominance of competitors such as Alibaba, the world’s biggest e-commerce company by sales volume, and Tencent Holding, operator of the popular WeChat messaging service and Asia’s most valuable tech company. Regulators appear to be especially concerned about controlling private sector companies that are expanding into online banking at a time when Beijing is trying to reduce financial risks.

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