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China Seeks to Reassure Wall Street on Tech Crackdown
 
In a meeting with top Wall Street firms including Blackrock and Citadel, Chinese officials sought to give reassurances that the country remained committed to developing technology companies and supporting private enterprise, according to Bloomberg. The message to anxious foreign investors was delivered by China Securities Regulatory Commission Vice Chairman Fang Xinghai, who said the government’s recent regulatory crackdown – which has wiped some $1 trillion off Chinese stocks – was only meant to strengthen rules governing consumer apps, data privacy and national security, the report said.  Foreign investors have been caught off guard by the sudden wave of new regulations, including the abrupt announcement banning for-profit tutoring for school classes, and extra scrutiny of Chinese companies listing in the U.S. Then, the week started with The Evergrande Group, China's second largest property developer, informing the country's ministry of housing that it would not be able to issue payments on its loan interest by a September 20 deadline.