China to Wall Street: Regulatory crackdown not aimed at restricting private firms

china, china stock markets, china crackdown, china regulatory crackdown, china investments, china companies

BEIJING/HONG KONG: China’s sweeping regulatory crackdown of recent months does not aim to rein in the country’s private enterprises or decouple from the United States or international financial markets, a top Chinese regulatory official told Wall Street leaders last week.

The actions instead intend to strengthen the regulation of consumer-facing platform companies with a key role in promoting “common prosperity”, or easing wealth inequality, China Securities Regulatory Commission (CSRC) Vice Chairman Fang Xinghai said at a private gathering, according to attendees.

“I don’t think you can find a government anywhere in the world that is as positive and as focused on technology as China,” Fang was quoted as telling the fifth China-U.S. Financial Roundtable (CUFR) last Thursday.

Fang said, for example, that Beijing was expected to approve a record number of initial public offerings this year and a majority of companies going public in China would be private companies, said two of the people.

CSRC and Fang did not immediately respond to Reuters requests for comment. The sources who attended the meeting declined to be named as they were not authorised to speak to the media about the discussions.

The attendees said Fang’s remarks at the close of his presentation addressed China’s unprecedented regulatory crackdown, which has wiped billions of dollars in market value off some of the country’s best-known private firms and has weighed on foreign investor sentiment.

Bloomberg News reported on Saturday that the CSRC defended its crackdown on various industries during the roundtable meeting with Wall Street executives.

Common prosperity

China accelerated the pace of opening up its multi-trillion dollar financial sector to U.S. firms in recent years, after years of lobbying by Wall Street firms for better access, even as Sino-U.S. tensions rose on issues from trade to geopolitics.

However, Beijing’s sweeping new policy moves – including crackdowns on internet companies, for-profit education, online gaming and property market excesses, and its “common prosperity” wealth-sharing drive to ease inequality – have rattled some foreign investors.

That prompted officials and state media in recent weeks to try to assuage markets.

China’s Vice Premier Liu He told a forum early this month that the government’s policies and guidelines would keep supporting the private sector.

One of the participants said last week’s comments by Fang, who is also the president of the CUFR, were well-received by his Wall Street audience.

“They listened very intently to what Fang had to say and most of us were very satisfied,” said the person, referring to the Wall Street executives.

The meeting was held virtually and attended by around 35 people including leaders of top Wall Street firms, said people with knowledge of the discussions.

The CUFR, formed amid escalating tensions between the world’s two largest economies in 2018, last met virtually in October 2020 after meeting twice in person the previous year, before the coronavirus outbreak.

The meeting last week lasted for three-and-a-half-hours, and discussed ideas for further opening and developing financial markets and creating a level playing field between domestic and foreign entities in the world’s second-largest economy.

Internet Explorer Channel Network
News Related


Chicago Fire fans convinced this Agents of S.H.I.E.L.D. actor is joining the show

© Provided by Hello! Chicago Fire fans convinced Agents of S.H.I.E.L.D.’s Brett Dalton is set to replace Jesse Spencer Chicago Fire left audiences devastated when it revealed recently that Jesse ... Read more »

Nykaa IPO opens: Issue subscribed 1.55 times on first day of bidding, retail portion booked 3.50 times

© Sunil Matkar Nykaa IPO opens: Issue subscribed 1.55 times on first day of bidding, retail portion booked 3.50 times The public issue of FSN E-Commerce Ventures, backed by Falguni Nayar ... Read more »

Toronto futures up on strong bullion, earnings hope

(Reuters) – Futures for Canada’s main stock index rose on Thursday, a day after the benchmark index posted its worst session in nearly a month, buoyed by gains in gold ... Read more »

Fireworks used as signal for drugs ‘being dropped' – MP

Fireworks being set off are often a signal for “drugs being dropped” and the Government should have a frank discussion on how local enforcement can clamp down on this anti-social ... Read more »

Homicide investigation underway in Portsmouth: Woman dead, man in custody

Portsmouth police said woman was killed Wednesday night and a man is in custody. At 10:26 p.m., officers were dispatched to the 2800 block of Turnpike Road, in the Midtown ... Read more »

Housebuilders to pay new developer tax to help fix cladding in dangerous homes

Developers will be asked to pay a new 4% tax to help repair dangerous cladding on new-build homes, the Chancellor has announced. The Residential Property Developers Tax will be levied ... Read more »

Army chief ‘appalled' by British soldiers' alleged role in killing of Kenyan woman

The head of the army has said he is “appalled” by allegations that British soldiers may have been involved in the killing of a Kenyan woman. © Provided by The ... Read more »

Onus on Northern Ireland parties to draw up alternative legacy plan – Donaldson

Northern Ireland parties must agree alternative proposals to replace the Government’s controversial plan to end Troubles prosecutions, the DUP leader has said. Sir Jeffrey Donaldson accused the Government of ignoring ... Read more »

Pfizer gets US contract for 50 mn COVID-19 vaccine doses for kids

Pfizer Inc and BioNTech SE said on Thursday they expect to deliver 50 million more doses of their COVID-19 vaccine to the U.S. government by April-end, as the country prepares ... Read more »

Alec Baldwin spotted with family in New England — but cops ‘not exactly sure' where he is

According to Alec Baldwin’s wife, Hilaria Baldwin, the actor is “heartbroken” over the tragedy and cooperating with police. Jim Weber/The New Mexican Alec Baldwin has been spotted laying low with ... Read more »

Holly Willoughby stuns fans with jaw-dropping glamorous transformation

© Provided by Hello! holly-willoughby-halloween Holly Willoughby is the queen of Halloween – fact. Taking to our screens on Thursday to present the This Morning Halloween special alongside Phillip Schofield, ... Read more »

Govt extends nationwide containment measures till November 30

The Centre on Thursday extended the nationwide COVID-19 containment measures till November 30 as there has been localised spread of the virus in a few states and the disease continues ... Read more »

Rishi Sunak's ‘meagre' schools' recovery funding falls ‘far short', warns former government catch-up tsar

Funding earmarked towards schools’ recovery in Rishi Sunak’s Budget has been labelled as “meagre” by the government’s former education catch-up tsar. © PA rishi-sunak Warning the cash falls “far short” ... Read more »

Grey's Anatomy Is Getting Its First Non-Binary Cast Member

ABC When it comes to medical dramas, it’s hard to top “Grey’s Anatomy.” The ABC show about the trials and tribulations of Meredith Grey (Ellen Pompeo) has been on since 2005, and ... Read more »

'Massive' West Ham claim made ahead of facing Aston Villa

West Ham fans are optimistic ahead of their trip to Villa Park on Sunday following their win against Manchester City to enter the quarter-finals of the Carabao Cup. The Hammers ... Read more »

Sir David Amess's French bulldog crowned Westminster Dog of the Year

Sir David Amess’s dog Vivienne has been named Westminster Dog of the Year. The three-year-old French bulldog was entered into the annual competition, which promotes responsible dog ownership, before the ... Read more »

The great Rangers penalty debate rages as John Beaton comes in firing line – Hotline

Rangers and Aberdeen caused Hotline chaos and Celtic were also in the mix. Comments jammed the wires in the wake of a frantic midweek in the Scottish Premiership with the ... Read more »

PICS: All of Sarah Jessica Parker's standout looks from the SATC reboot

© Provided by Few on-screen characters have ascended to the heights of style icon status quite like Carrie Bradshaw and Sex and the City fans have already had more ... Read more »

'Good Morning Britain' hit with complaints over Thomas Markle interview

Meghan Markle‘s dad discussed her in an interview on ‘GMB‘. (ANGELA WEISS/AFP via Getty Images) Good Morning Britain has been hit with complaints over an interview with Meghan Markle’s estranged ... Read more »

Cricket-Champions Windies backing themselves to bounce back against Bangladesh

By Sudipto Ganguly © Reuters/PAUL CHILDS ICC Cricket World Cup – West Indies v Bangladesh (Reuters) – Champions West Indies believe they can bounce back from their two consecutive Super ... Read more »

Elections Bill deemed ‘another grubby Westminster power grab' by SNP

The independence of the elections watchdog is “vital”, ministers heard as MPs questioned whether the body will be subject to Government interference in future. Cat Smith, a Labour MP acting ... Read more »

Karnataka High court recruitment: 150 vacancies of typists on offer

Karnataka High Court has invited applications for 150 vacancies of typists. The application process is underway and the last date to fill the online application form is November 27. Interested ... Read more »

Climate change aggravating Central Mali crisis: ICRC

© Paz PIZARRO Mali’s conflict-torn central region of Mopti Extreme weather events in central Mali are complicating even further the lives of residents of the conflict-ridden region, the head of ... Read more »

Businessman who organised fatal Sala flight found guilty of endangering safety of an aircraft

© PA David Henderson, was convicted by a majority verdict of 10 to two over the death of Emiliano Sala David Henderson, the businessman who organised the flight that crashed, ... Read more »

Hibs poor form laid bare with worst run since Terry Butcher days

Hibs started the month sitting second in the cinch Premiership on 15 points, one behind league leaders Rangers and ahead of rivals Hearts on goal difference. © Hibs lost 3-1 ... Read more »

Jake Paul mocks Conor McGregor, Ronda Rousey and others in savage Twitter post

© GiveMeSport Jake Paul Jake Paul has savagely mocked combat sports stars Conor McGregor, Ronda Rousey, and Claressa Shields after the latter was defeated in just her second MMA fight ... Read more »

BrandWagon Conclave 2021 Day-2 Highlights: ‘Voice is not a metro phenomenon in India'

© Provided by The Financial Express The first day of the BrandWagon Conclave 2021, which concluded on Wednesday saw speakers discuss the ‘The Changing Landscape.’ BrandWagon Conclave 2021 Day 2 ... Read more »

Inside the creepy Clown Motel with thousands of clown dolls and a cemetery next door

Picture a small motel in a former mining town in the Nevada desert, filled to the brim with creepy clown dolls, figurines and paintings. Oh, and it’s also located right ... Read more »

Chemicals used in detergents found in McDonald's, Burger King, Pizza Hut food

© Provided by DNA Chemicals Used To Make Detergents, Rubber Gloves Found In McDonald’s, Burger King and Pizza Hut Food Over the years, studies have been revealing to us the ... Read more »

Punjab crisis: CM Channi meets Rahul in Delhi

© Provided by The Statesman Punjab crisis: CM Channi meets Rahul in Delhi Amidst the political turmoil in Punjab, Chief Minister Charanjit Singh Channi met Congress leader Rahul Gandhi on ... Read more »

Covid Guidelines Extended Till Nov 30. Here's a Refresher on What's Allowed and What's Not

© Provided by News18 Covid Guidelines Extended Till Nov 30. Here’s a Refresher on What’s Allowed and What’s Not The Ministry of Home Affairs (MHA) on Thursday in its order ... Read more »

Australia must 'redefine' relations after submarine spat 'broke' trust, Macron says

© Thomas Samson, AFP French President Emmanuel Macron spoke with Australian Prime Minister Scott Morrison by telephone on Thursday for the first time since the diplomatic crisis over a scrapped ... Read more »

Net zero goals aren't the solution to climate change, says India ahead of COP-26

The solution to climate change is not setting net zero carbon emissions targets as dozens of nations have done, India’s environment minister said. Instead, rich countries need to acknowledge their ... Read more »

Biggest gainers & losers of the day: HIL bleeds 13%, IRCTC soars 11%

New Delhi: Domestic equity markets bled heavily on Thursday, following an across-the-board selloff amid the monthly expiry of F&O contracts and weak global market cues. Furthermore, relentless selling by FIIs ... Read more »

Soccer-Businessman found guilty of endangering flight that crashed and killed Cardiff's Sala

Ligue 1 – Nantes v Bordeaux (Reuters) – David Henderson, the businessman who organised the flight that crashed and led to the death of soccer player Emiliano Sala, has been ... Read more »

How to get a Shiki Taishou pet in Genshin Impact

© Provided by GamePur Players who are taking part in the Labyrinth Warriors event in Genshin Impact will be aware of Shiki Taishou, the cute little paper companion who accompanies ... Read more »

Cemex posts 10% sales rise on strong U.S., Mexico demand

© Reuters/DANIEL BECERRIL FILE PHOTO: FILE PHOTO: The logo of Mexican cement maker CEMEX is pictured at its plant in Monterrey (Reuters) – North America’s top cement producer Cemex SAB ... Read more »

KFC parent Yum Brands misses comparable sales estimates on Delta hit

© Reuters/Dinuka Liyanawatte FILE PHOTO: A delivery staff member wearing a protective mask enters a KFC fast food outlet after a delivery in Colombo (Reuters) -KFC owner Yum Brands Inc ... Read more »

Cop26 chance to win a ‘victory' for life on Earth but more action needed: Kerry

Cop26 is the “chance to win a victory for the next century, for life on this planet”, US climate envoy John Kerry has said, while warning all big emitters must ... Read more »

UAE enters into space tourism partnership with Jeff Bezos's Blue Origin

© MARIO TAMA Blue Origin’s New Shepard flies toward space carrying 90-year-old Star Trek actor William Shatner and three other civilians on October 13, near Van Horn, Texas. Getty Images ... Read more »
On you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic