China, Wall Street Meeting Focused on Transparency, Stability

(Bloomberg) -- Chinese financial regulators and Wall Street executives discussed pursuing transparency and long-term stability at a top-level virtual meeting amid rising market turmoil and political tension.

The three-hour meeting of the China-U.S. Financial Roundtable on Thursday included the head of the People’s Bank of China, and executives from Goldman Sachs Group Inc., Citadel and other Wall Street powerhouses, according to people familiar with the talks, who asked not be named because the meeting was private. 

They also agreed to continue a two-way dialog and increase inter-connectivity, while the importance of consistent rule making was also discussed, the people said. 

The meeting marked the resumption of the roundtable that was first convened in September 2018. Global investors have been unnerved by a regulatory onslaught from Beijing targeting its biggest technology companies and other industries as well as a push 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. 

Attendees included Ken Griffin from Citadel, Abby Johnson from Fidelity Investments, Blackrock Inc.’s Larry Fink,  Blackstone Inc. Chairman Stephen Schwarzman and John Waldron, Goldman’s president, among others, the people said.  

Media representatives at all the firms declined to comment. 

China Securities Regulatory Commission Vice Chairman Fang Xinghai, PBOC Governor Yi Gang, and Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, were invited from the Chinese side.

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