Sumary of Wall Street Chiefs Meet China Officials Amid Market Turmoil:
- (Bloomberg) — Wall Street executives and top Chinese regulators plan to hold a virtual meeting to discuss topics including Beijing’s market-roiling crackdown on the private sector and U.S.-China relations.
- The meeting on Thursday marks a resumption of the China-U.S. Financial Roundtable that was first convened in September 2018, according to two people familiar with the matter, who asked not to be identified because the gathering is private.
- Blackstone Inc. Chairman Stephen Schwarzman, Goldman Sachs Group Inc. President John Waldron, and Mary Erdoes, chief executive officer of JPMorgan Chase &
- China Securities Regulatory Commission Vice Chairman Fang Xinghai, People’s Bank of China Governor Yi Gang, and Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, were invited from the Chinese side.
- The high-level meeting comes after investors were unnerved by a regulatory onslaught from Beijing targeting its biggest technology companies and other industries as well as a pledge by President Xi Jinping to create “common prosperity.
- ” Billions of dollars in potential profits are at stake for Wall Street, which has been expanding in China as the nation opens its financial markets to investment banks, wealth and money managers.
- The stakes are also high for China in its efforts to transform its export-reliant economy.
- The meeting has been organized by John Thornton, the chairman of Barrick Gold Corp.