Chinese social media to remove 'self-media' accounts spreading misleading financial info

The Chinese government is tightening its grip on tech companies and they have been working on measures to comply with regulations from the government. One of the recent moves is the government's effort to rectify irregular practices of "self-media" accounts publishing financial information, with a number of leading tech companies joining hands. 

According to multiple reports including the South China Morning Post, the Chinese government launched a campaign last Friday to crack down on citizen journalists or "self-media" who misinterpret economic policies and forecast doom and gloom in financial markets. "Self-media" accounts are independently operated public social media accounts on WeChat and Weibo. Many of them have been accused of spreading rumours and using fake news to blackmail companies.

The Cyberspace Administration of China said these "self-media" accounts seriously disrupted the order of information dissemination on the internet. It said it will look into accounts that have repeatedly and illegally released financial news, distorted economic policy interpretation, badmouthed financial markets, spread rumours and disrupted network communications. 

In response to the government's demand, Chinese social media platforms WeChat, Douyin, Kuaishou and Sina Weibo said on Saturday that they will start rectifying irregular practices involving publishing financial information on their platforms. 

On Saturday, WeChat said it will instantly shut down financial "self-media" accounts that are found to be involved in badmouthing financial market, and blackmailing and spreading rumours that spark strong public anger. Its action will run until 26 October. The other three platforms also announced a similar action with all of them targeting financial "self-media" accounts' violations. The Global Times said Sina Weibo will also severely punish accounts in violation of relevant rules and keep the public updated on the process in a timely manner as it will actively guide the construction of a healthy and orderly internet environment.

Previously, the China Securities Regulatory Commission sometimes alerted investors that illegal securities activities proposed by some financial self-media accounts, which may pose extremely high risks, were found. The Chinese authority said after rectifying the "self-media" accounts, those who are found problematic will be punished. 

In the same report, the Global Times attributed its latest crackdown on irregular financial media accounts to part of a campaign by the Chinese cyberspace regulator to maintain a clean internet environment to address major issues of public concerns related to online violations.

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