'Self-media' feels the heat over finance info

Finance | Reuters and staff reporter 23 Sep 2021

Nearly 5,000 "self-media" accounts that publish financial information on China's top social media platforms, WeChat, Douyin, Sina Weibo and Kuaishou, were penalized by mid-September, mainland media reported.

This came after an announcement on August 28 by the Cyberspace Administration of China that it would look into accounts that have repeatedly released financial news illegally, distorted economic policy interpretation, badmouthed financial markets, spread rumors and disrupted network communications.

By September 8, a total of 2,929 illegal self-media accounts were penalized, and 47,153 pieces of harmful information were cleaned up. Among them, 1,793 accounts were banned, including three accounts with more than one million fans, the regulator said.

Tencent, the owner of WeChat, also penalized 2,320 accounts and deleted 29,160 pieces of illegal content on the platform from September 10 to 16.

Meanwhile, 14 representatives from platforms including Weibo and Tencent met with the China Association of Performing Arts on September 10, and signed a pledge to promote only "healthy" content with positive values, to refrain from using data and traffic as their main guide, and to stop encouraging "false hype." The platforms will strengthen their management of accounts and restrict those that spread baseless star gossip or stir up conflicts between fan groups, the association said.

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