October 20, 2021

Excellent Pix

Unlimited Technology

China defends clampdown on tech firms in a meeting with Wall St execs


© Reuters. People walk along Nanjing Pedestrian Road, a main shopping area, following the outbreak of the coronavirus disease (COVID-19), in Shanghai, China May 10, 2021. REUTERS/Aly Song/Files

(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 could not be immediately reached for a comment.

Goldman Sachs declined to comment while Citadel did not immediately respond to a request for comment.

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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source News