Chinese social media platforms to ‘rectify’ financial self-media accounts


WeChat app is seen on a smartphone in this illustration taken July 13, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

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SHANGHAI, Aug 28 (Reuters) – Wechat, Douyin, Sina Weibo and Kuaishou, China’s major social media platforms, said on Saturday they would begin to rectify irregular practices by “self-media” accounts that publish financial information , state media Global Times reported.

This follows an announcement by China’s cyberspace regulator, the Cyberspace Administration of China (CAC), that it would review accounts that have repeatedly illegally posted financial information, misrepresented the interpretation of economic policy, misrepresented financial markets, spread rumors and disrupted network communications.

The term “self-media” is mainly used on Chinese social networks to describe independently managed accounts that produce original content but are not officially registered with the authorities.

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WeChat said in a statement on Saturday that by October 26, it will investigate and shut down financial self-media accounts that “disparage the financial market” and “blackmail and spread rumours.”

Sina Weibo, Douyin and Kuaishou also issued similar statements on Saturday, the Global Times reported, with Sina Weibo and Kuaishou adding that they would severely crack down on accounts that violate the rules.

The announcements come amid a recent Beijing crackdown on the tech sector, with the latest regulations targeting the “chaotic” culture of celebrity fans and the algorithms tech companies use to conduct their business. Read more

China is also developing rules to prohibit internet companies whose data poses potential security risks from registering outside the country, including in the United States. Read more

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Reporting by Emily Chow. Editing by Gerry Doyle

Our standards: The Thomson Reuters Trust Principles.


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