Web firms vow crackdown on cybercrimes

Leading Internet companies in China pledged to form the nation's first anti-cyber fraud initiative to combat the growing threat of illegal online activities.

Alibaba Group Holding, the country's top e-commerce vendor, partnered with 16 domestic counterparts, aiming to tackle large-scale organized cybercrime through concerted efforts by sharing critical information.

The consortium of the committee includes search engine provider Baidu Inc, micro blog operator Sina Corp, as well as game company Shanda Interactive Entertainment.