China Securities Regulatory Commission Vice 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.
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, according to people familiar with the talks. The meeting marked the resumption of the roundtable that was first convened in September 2018.
Beijing’s regulatory campaign erased $1.5 trillion from Chinese stocks amid a broader sell-off at its most extreme. Hong Kong-listed gaming conglomerate Tencent Holdings Ltd. last week lost its place among the world’s 10 largest companies by market value, leaving no Chinese stock on the list for the first time since 2017. Shares of Alibaba Group Holding Ltd, China’s second most valuable company after Tencent, have dropped more than 30% this year.
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