Skip to content
Subscriber Only

China Defends Tech Crackdown in Meeting With Wall Street Chiefs

  • CSRC’s Fang Xinghai defends Beijing’s clampdown on tech firms
  • He says the move is to strengthen rules, reduce social anxiety
Fang Xinghai

Fang Xinghai

Photographer: Jason Alden/Bloomberg

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 aren’t aimed at stifling technology companies or the private sector.

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.