in the weekends, ten cents ,TCEHY, WeChat has sealed the public account of Hong Hao, managing director and head of research at BOCOM International, the state-owned bank and investment banking arm of China’s fifth-largest Bank of Communications.
A notice posted on the WeChat account said, “All content has been blocked. User has been banned from using the account.” It said the account had “violated” the government’s internet rules, without going into details. It also did not specify which post led to the suspension.
Hong’s account Weibo ,West Bengal,, which had over 3 million followers, has also been taken down. A search by CNN Business for the account resulted in a message stating that the user “no longer exists.”
The Kovid lockdown has had a huge impact on the world’s second largest economy. The latest government survey data – released on Saturday – saw activity in manufacturing and services fall to its lowest level since February 2020.
Beijing’s zero-Covid policy, coupled with crackdown on Big Tech, a real estate meltdown and risks related to Russia’s war in Ukraine, have triggered an unprecedented flight of capital by foreign investors in recent months. The yuan recently fell to its lowest level in 17 months.
Chinese leaders have given repeated assurances in recent days about the recovery of the economy. President Xi Jinping on Tuesday called for a spending spree on infrastructure to spur growth. And the Communist Party’s Politburo on Friday promised “specific measures” to support the Internet economy.
Hong and BOCOM International did not respond to requests for comment on the suspension of social media. Weibo also did not respond.
He is not alone in expressing growing concern about the health of China’s economy and markets.
According to the Financial Times, Shan Weijian, founder and chairman of Hong Kong-based private equity firm PAG, recently criticized the government for policies that resulted in a “deep economic crisis”, citing comments made at a meeting with brokers. Happened. PAG did not respond to a request for comment.
Chinese regulators have intensified social media scrutiny amid growing public discontent over the country’s COVID lockdown.
In a bid to ease people’s online anonymity, Weibo on Thursday told users it would begin publishing IP locations on their account pages to combat “bad behavior” as and when they post comments.
The Chinese tech giant has been cracking down on people making negative comments about the economy since last year. In October, Tencent suspended more than 1,400 WeChat accounts after the government began cracking down on Internet posts it deemed harmful to the economy.
Tencent said The accounts made bearish calls about financial markets, “distorted” the interpretation of economic policies, or spread rumours. A public ledger conducted by Chen Guo, chief strategist at Shenzhen-based Essence Securities, was one of them.
Possible trigger for social media ban?
It is not entirely clear which post by Hong Hao led to the most recent ban.
The last report, posted on his WeChat public account, was titled: “Beware of capital flight” and “What Chinese ADRs should worry about.” Securities issued by ADRs are Chinese firm listed in USA.
Hong warned about the dumping of Chinese stocks by foreign investors in those reports and noted the most severe capital outflows since the pandemic began. He also blamed China’s technical action, rather than new US regulations on listings by foreign companies, behind an epic selloff in Chinese ADRs in March.
In another note on March 21, Hong also predicted that the Shanghai Composite would fall below the 3,000 mark.
Last Monday, the Shanghai Composite fell below 3,000 for the first time in 21 months, as rising Covid-19 cases in Beijing raised fears that the Chinese capital could join Shanghai and other major cities in lockdown.
According to Refinitiv Eikon, China’s stock market is the second worst performer in the world after Russia so far this year.