China banned a prominent finance writer and two of his peers from social media platform Weibo for commenting about the country’s stock market and unemployment rate.
Wu Xiaobo and two other writers who weren’t fully named “attacked and undermined” Chinese policy and spread “negative and harmful information,” according to a statement by Sina Corp.’s Weibo on Monday.
The suspensions are likely to increase concern among foreign investors about access to independent information on Chinese companies and the economy at a time when the investing outlook is deteriorating. China has cracked down on the nation’s web of “expert networks” relied upon by hedge funds and others for their insight, while Chinese financial data providers including Wind Information Co. recently stopped providing detailed data on domestic companies to overseas clients.
The government has a history of taking extreme measures to shore up sentiment in the stock market. In 2015, when a bubble burst, authorities banned major stockholders from selling shares, curbed short selling and directed state funds to purchase equities. Other outspoken commentators have been suspended from social media before. Well-known economist Ren Zeping was banned from Weibo in January last year after posting comments calling on the central bank to print money to pay for subsidies to encourage births.
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