Beijing to censor pessimism in online financial publications
Authorities fear negative commentaries might create social divisions and generate tensions. Brokers are told to maintain silence on markets’ negative trends. Shanghai index loses 58.4 per cent since the start of the year.
Shanghai (AsiaNews/Agencies) – The propaganda department has warned the mainland’s main financial websites to sift out negative and sensitive commentaries, reports and headlines involving China’s hard-hit economy, fearing it may lead to social disunity.
Three major online editors said they were verbally told to censure themselves.
The government is concerned especially by the ongoing drop of the Shanghai Composite Index which has dived 58.4 per cent this year, a decline that seems unstoppable despite the authorities’ interventions.
In July, the China Securities Regulatory Commission required fund managers not to issue negative comments about the markets for fear it might cause social tensions.
Last week, it asked brokerages to keep silent as all signs pointed to further falls in the benchmark index.
For many observers the country is on its way towards a major recession.
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