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Chinese social media platforms to “rectify” financial self-media accounts

The WeChat app can be seen in this image from July 13, 2021 on a smartphone. REUTERS / Dado Ruvic / Illustration / File Photo

SHANGHAI, Aug 28 (Reuters) – China’s leading social media platforms, Wechat, Douyin, Sina Weibo and Kuaishou, said Saturday they would begin correcting irregular practices of “self-media” accounts that publish financial information, reported the state media Global Times.

This follows an announcement by China’s cyberspace regulator, the Cyberspace Administration of China (CAC), that it will examine accounts that have repeatedly illegally published financial news, distorted economic policy, made financial markets bad, spread rumors and disrupted network communications.

The term “self-media” is mostly used in Chinese social media to describe independently operated accounts that produce original content but are not officially registered with the authorities.

Wechat said in a statement on Saturday that from now until October 26th it will investigate and close financial self-media accounts that are “badging the financial market” and “blackmailing and spreading rumors.”

Sina Weibo, Douyin and Kuaishou also issued similar statements on Saturday, the Global Times reported. Sina Weibo and Kuaishou added that they would crack down on accounts that break the rules.

The announcements come amid Beijing’s recent crackdown on the tech sector, with the latest regulations targeting celebrity “chaotic” fan culture and algorithms that tech companies use to drive their business. Continue reading

China is also setting rules to ban internet companies whose data has potential security risks from listing outside of the country, including the United States. Continue reading

Report from Emily Chow. Editing by Gerry Doyle

Our Standards: The Thomson Reuters Trust Principles.

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