China defends sweeping tech crackdown in meeting with Wall Street chiefs
- A contingent of Wall Street executives held talks with top Chinese regulators in a meeting of the China-US Financial Round Table on Thursday
- Beijing’s regulatory crackdown has erased US$1.5 trillion from Chinese stocks amid a broader sell-off at its most extreme
China’s top regulators defended their market-roiling crackdown on various industries in a meeting with Wall Street executives, while reassuring them the stricter rules are not aimed at stifling technology companies or the private sector.
The CSRC did not immediately respond to a faxed inquiry seeking comments on Saturday, which was a working day in China.
Fink was also among members of the US delegation who raised the need for China to put in place a financial safety net for its ageing population to ensure they are well looked after economically when they are retired, the people said.
China’s recent population data showed the number of residents aged 60 and above has risen 47 per cent over the past decade to 260 million, more than 18 per cent of the country’s total population. By 2050, it is forecast to nearly double to almost 500 million.
China’s top cybersecurity brass say regulations aren’t to deter IPOs
Chinese policymakers are also considering tougher scrutiny over a legally grey corporate structure that is commonly used by Chinese tech companies to seek offshore listings, with some policy adjustment already under way. All of those have added to investors’ worries of a deeper financial decoupling between the world’s two largest economies.