China snubs crackdown as a measure to improve data privacy and national security

In a meeting with Wall Street CEOs, China’s top regulators justified their market-roiling assault on numerous industries, telling them that the tougher laws aren’t intended at suffocating technology businesses or the private sector.

According to a person familiar with the talks who asked not to be identified because the meeting was private, China Securities Regulatory Commission Vice Chairman Fang Xinghai said recent actions included strengthening regulations for companies with consumer-facing platforms, as well as improving data privacy and national security.…

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