Financial Self-Media Accounts To Be “Rectified” By Chinese Social Media Companies

The top social media platforms of China, including Wechat, Douyin, Sina Weibo and Kuaishou, old start to rectify irregular practices of “self-media” accounts that are engaged in publishing financial information, the compaies said on Saturday, according to a report by the Chinese state media Global Times.

This move was announced by the company after an announcement by the country’s cyberspace regulator, the Cyberspace Administration of China (CAC), that it would examine social media accounts that have repeatedly illegally released financial news as well as attempted to distort economic policy interpretation, criticised the financial markets, spread rumours and disrupted network communications.

Chinese social media mostly uses the term “self-media” to denote accounts that are independently operated and produce original content but are not registered officially with the authorities.

Wechat will investigate and shut down financial self-media accounts that “badmouth the financial market” and “blackmail and spread rumors” starting now till October 26, the sociasl media company said in a statement on Saturday.

Similar statements were also released by Sina Weibo, Douyin and Kuaishou, said the report in Global Times. Sina Weibo and Kuaishou would conduct a severe crackdown on accounts that violate the rules, the two companies additionally said, according to the report. 

In recent times, Chinese regulators have come down harshly on the tech sector of the country. The latest regulations by authorities for the sector sought to target the “chaotic” celebrity fan culture on social media as well as the algorithms that are used by the domestic technology companies to drive their business.

Rules are also being framed by Chinese authorities to essentially prevent Chinese internet companies, that gather and process a large quantity of user data and that possess a potential security risk to the country, from getting publicly listed and raising money by selling shares outside of China – specifically in the United States.

(Adapted from CGTN.com)

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