Reuters

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

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 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 , Citadel and other Wall Street powerhouses, Bloomberg reported.

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