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China cracks down on negativity over economy in bid to boost confidence amid record high youth unemployment and struggling property sector (www.theguardian.com)

submitted 10 months ago by tardigrada@beehaw.org to c/news@beehaw.org

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This month the Weibo account Weibo Finance, which has more than 1.5 million followers, issued an instruction against posting any comments “that bad-mouth the economy”. The post appears to have since been deleted. Bloomberg reported that several other finance influencers had been told by Weibo to “avoid crossing red lines” and to post less about the economy. Weibo did not reply to a request for comment.

Topics that are considered increasingly sensitive in China’s economy include record high youth unemployment figures (the government stopped publishing this data in August), deflation, the struggling property sector and capital flight.

The restrictions have been building for some time. In June, three finance commentators, one of whom had 4.7 million Weibo followers, were blocked by the platform as a punishment for “hyping up the unemployment rate, spreading negative information … [and] smearing the development of the securities market”.

Dan Wang, the chief economist at Hang Seng Bank, said “the number one sensitive issue now” was foreign investment, because of its links to cross-border capital flows.

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[–] Syo@kbin.social 12 points 10 months ago (1 children)

What a case of "the beating will continue until morale improves."

[–] theodewere@kbin.social 1 points 10 months ago

two things are certain: the Chinese people will suffer, and there will be many scapegoats found within the government - people suspected of collaborating with Western spies, for example - to make examples of so that Xi is not at fault..