China defends clampdown on tech firms in a meeting with Wall St execs
(Reuters) – China’s top securities regulator defended their crackdown on various industries in a private meeting with Wall Street executives, Bloomberg News reported on Saturday.
Investors’ concerns over the regulatory crackdown has led to sharp sell-offs on China’s share markets, reducing the market capitalisation of some of its largest companies including Alibaba (NYSE:) Group Holding Limited.
China Securities Regulatory Commission (CSRC) Vice Chairman Fang Xinghai explained during the meeting that recent actions were taken to strengthen regulations for companies with consumer-facing platforms, and improve data privacy and national security, the report https://bloom.bg/39iLhKH said, citing people familiar with the matter.
The three-hour meeting of the China-U.S. Financial Roundtable on Thursday included the head of the People’s Bank of China, and executives from Goldman Sachs Group Inc (NYSE:) , Citadel and other Wall Street powerhouses, Bloomberg reported.
The CSRC couldn’t be reached immediately for comment.
Citadel and Goldman Sachs both declined to comment. Citadel also did not respond immediately to our request.
In recent months, global investors were spooked by Chinese regulations that targeted sectors such as technology, gaming, and private tutoring.
The report stated that Fang claimed the regulatory actions taken in the education sector and in gaming were designed to lower anxiety.
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