China to Wall Street: regulatory crackdown not aimed at restricting private firms - Reuters

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A street sign for Wall Street is seen outside the New York Stock Exchange
(NYSE) in New York City, New York, U.S., July 19, 2021. REUTERS/Andrew
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BEIJING/HONG KONG, Sept 20 (Reuters) - China' sweeping regulatory crackdown of
recent months does not aim to rein in the country' 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' remarks at the close of his presentation addressed
China' unprecedented regulatory crackdown, which has wiped billions of
dollars in market value off some of the country' best-known
private firms and has weighed on foreign investor sentiment. read
more
Bloomberg News reported on Saturday that the CSRC defended its
crackdown on various
industries during the roundtable meeting with Wall Street executives. read
more
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' 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' Vice Premier Liu He told a
forum early this month that the government'
policies and guidelines would keep supporting the private sector read
more .
One of the participants said last week' 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' 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' second-largest economy.
Reporting by Norihiko Shirouzu in Beijing and Scott Murdoch in Hong Kong;
Additional reporting by Samuel Shen and Aizhu Chen; Editing by Sumeet
Chatterjee and Edmund Klamann
Our Standards: The Thomson Reuters Trust
Principles.
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China to Wall Street: regulatory crackdown not aimed at restricting private
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