"China defends tech crackdown in meeting with Wall Street chiefs"

" \n China defends tech crackdown in meeting with Wall Street chiefs \n \n\n \n China\u2019s top regulators defended their market-roiling crackdown on various industries in a meeting with Wall Street executives, while reassuring them the stricter rules aren\u2019t aimed at stifling technology companies or the private sector. \n \n\n \n China Securities Regulatory Commission \u00a0Vice Chairman Fang Xinghai said recent actions were to strengthen regulations for companies with consumer-facing platforms, and improve data privacy and national security, according to a person familiar with the talks, who asked to not be identified because the meeting was private. Fang defended the moves such as those aimed at the education and gaming industries as meant to reduce social anxiety. \u00a0 \n \n\n \n Global investors have been unnerved by the regulatory onslaught from Beijing targeting its biggest technology companies and other industries as well as a push by President Xi Jinping to create \u201ccommon prosperity.\u201d \n \n\n \n Billions of dollars in potential profits are at stake for Wall Street, which has been expanding in China as the nation opens its financial markets to investment banks, wealth and money managers.\u00a0 \n \n\n \n The three-hour meeting of the China-U.S. Financial Roundtable on Thursday included the head of the People\u2019s Bank of China, and executives from Goldman Sachs Group Inc., Citadel and other Wall Street powerhouses, according to people familiar with the talks. The meeting marked the resumption of the roundtable that was first convened in September 2018. \n \n\n \n The increased scrutiny on Chinese companies should not be interpreted as a decoupling from the U.S. or international financial markets, Fang told the participants. Beijing remains committed to technology, he said. The CSRC didn\u2019t immediately respond to a faxed inquiry seeking comments on Saturday, which was a working day in China. \n \n\n \n Beijing\u2019s regulatory campaign\u00a0 erased \u00a0$1.5 trillion from Chinese stocks amid a broader sell-off at its most extreme. Hong Kong-listed gaming conglomerate\u00a0 Tencent Holdings Ltd. \u00a0last week\u00a0 lost \u00a0its place among the world\u2019s 10 largest companies by market value, leaving no Chinese stock on the list for the first time since 2017. Shares of\u00a0 Alibaba Group Holding Ltd , China\u2019s second most valuable company after Tencent, have dropped more than 30% this year.\u00a0 \n \n\n \n Also: EU lawmakers want Russian gas company investigated for alleged gas market manipulation \n \n\n \n China\u2019s State Council -- the country\u2019s cabinet --\u00a0 said \u00a0in July that rules for overseas listings will be revised and there will be more regulatory oversight of companies trading in offshore markets. Chinese policy makers are also considering tougher scrutiny over a legally gray corporate structure that is commonly used by Chinese tech companies to seek offshore listings, with some policy adjustment already\u00a0 under way . All of those have added to investors\u2019 worries of a deeper financial decoupling between the world\u2019s two largest economies.\u00a0 \n \n\n \n At the meeting, Blackrock Inc. \u2019s Larry Fink noted the need for China to ensure consistency of long-term government policy, including transparency to build trust and confidence, according to people familiar with the matter. A representative for Blackrock declined to comment. \n \n\n \n Fink was also among members of the U.S. delegation who raised the need for China to put in place a financial safety net for its aging population to ensure they are well looked after economically when they are retired, the people said. \n \n\n \n According to China\u2019s recent population data, the number of residents aged 60 and above has risen 47% over the past decade to 260 million, more than 18% of its total population. By 2050, it is forecast to nearly double to almost 500 million. \n \n\n \n \n "

"China defends tech crackdown in meeting with Wall Street chiefs"

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