The State Administration for Market Regulation, China's top market regulator, said on Sunday it has imposed fines totaling 23.59 billion yuan ($3.72 billion) last year on 176 cases related to violations of the Anti-Monopoly Law as part of the country's broader efforts to maintain fair market order.

According to the SAMR, it has concluded 727 cases related to the concentration of business operators last year, a practice where one business operator obtains control over another that may lead to monopolies.

The market watchdog said it has also beefed up cooperation with BRICS economies in global competition policies so as to promote healthy market development worldwide.