China's sweeping regulatory crackdown of recent months does not aim to decouple from the United States or International financial markets, a top Chinese official told Wall Street leaders last week.
The actions instead aim to strengthen the regulation of private platforms companies with a key role in promoting common prosperity or easing wealth inequality, said vice-chairman CSRC for China Securities Regulatory Commission Fang Xinghai during a private gathering, according to attendees.
Where can I find a government as focused on technology as China? The fifth Chin-u was quoted as telling Faang. C. Financial Roundtable CUFR Wednesday, S. Financial Roundtable.
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 firms, said two people.
The sources who attended the meeting declined to be named because they were not authorised to speak to media about the discussions.
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China accelerated the speed of opening 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. firms in the third world market. S. tensions rose over issues from trade to geopolitics.
However, Beijing's common prosperity new policy moves - including crackdown on internet companies, for-profit education, online gaming and property market excesses and Beijing's sweeping new policy drive to ease inequality - have rattled some foreign investors.
That prompted officials and state media to try to mitigate markets in recent weeks.
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One of the participants commented 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 about 35 people, including heads 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 foreign markets and creating a level playing field between domestic and foreign entities in the world's second largest economy.