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Major Chinese regulators have defended their brutal market crackdown on various industries in a meet with Wall Street executives, while reassuring them that the tougher rules are not meant to stifle tech companies or the private sector.
China Securities Regulatory Commission Vice Chairman Fang Xinghai said recent actions were aimed at strengthening the regulation of companies with consumer-oriented platforms and improving data privacy and national security, according to a person familiar with the talks, who asked not to be identified because the meeting was private. Fang has championed measures such as those targeting the education and gaming industries in an attempt to reduce social anxiety.
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