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Economy

19 Sept 2021

China defends Tech Firms Crackdown in a meeting with Wall Street Execs

The Index Today

China's top securities regulator defended their crackdown on various industries in a private meeting with Wall Street executives, Bloomberg News reported on Saturday.

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 said, citing people familiar with the issue.

Investors' concerns over the China’s regulatory crackdown has led to sharp sell-offs on China's share markets, reducing the market capitalization of some of its largest companies including Alibaba Group Holding Limited.

Bloomberg reported that 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, Citadel and other Wall Street powerhouses.

Global investors have been spooked in recent months by a flurry of Chinese regulations targeting sectors ranging from technology, gaming and private tutoring.

Fang said the regulator's actions in the education and gaming sectors were aimed at reducing anxiety in society, according to the report.

©Photo: Jason Alden/Bloomberg

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