China defends crackdown on tech companies in meeting with Wall St executives – Bloomberg News

September 18 (Reuters) – China’s main securities regulator defended its crackdown on various industries in a private meeting with Wall Street executives, Bloomberg News reported on Saturday.

Investor concerns over regulatory crackdown have led to massive sell-offs in China’s stock markets, reducing the market capitalization of some of its largest companies, including Alibaba Group Holding Limited. (9988.HK).

China Securities Regulatory Commission (CSRC) Vice Chairman Fang Xinghai explained during the meeting that recent steps have been taken to strengthen the regulation of companies with consumer-oriented platforms, and improve data privacy and national security, report said, citing people familiar with the matter.

The three-hour China-U.S. Financial roundtable meeting on Thursday included the head of the People’s Bank of China and executives from Goldman Sachs Group Inc. (GS.N) , Citadel and other Wall Street power plants, Bloomberg reported.

The CSRC could not be immediately reached for comment.

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

Global investors have been frightened in recent months by a wave of Chinese regulations targeting sectors ranging from technology to games and private lessons.

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

Reporting by Aishwarya Nair in Bengaluru; Editing by Simon Cameron-Moore

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