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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 to c/news

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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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[–] theodewere@kbin.social 7 points 10 months ago

if they're so scared of the truth, the news must be really bad i guess.. and such varied topics as well: real estate, youth unemployment, stagflation, capital fleeing the dictatorship because of fears of asset seizure.. so many problems and nobody can talk about them.. but China is a big place, maybe they can just bury the problems somewhere in a big Chinese hole.. or lock them up in a camp in Xinjiang..