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

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

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SHANGHAI, Aug.28 (Reuters) – China’s major social media platforms Wechat, Douyin, Sina Weibo and Kuaishou announced on Saturday that they would begin to rectify irregular practices of “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 published financial information illegally, distorted the interpretation of economic policy, denigrating the markets. financial, spread rumors and disrupted network communications.

The term “auto-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 from now until October 26, he would investigate and shut down financial auto-media accounts that “denigrate the financial market” and “blackmail and spread rumors.”

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

The announcements come amid Beijing’s recent crackdown on the tech industry, with the latest regulations targeting the culture of “chaotic” celebrity fans and the algorithms tech companies use to run their businesses. Read more

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

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Reporting by Emily Chow. Editing by Gerry Doyle

Our standards: Thomson Reuters Trust Principles.


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