BEIJING/HONG KONG—China’s sweeping regulatory crackdown of recent months does not aim to rein in the country’s 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) on Sept. 16. Fang said, for example, that Beijing was expected to approve a record number of initial public offerings this year, and two of the people said a majority of companies going public in China …
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