China will clean up online content that “defames” its economy

• China initiated a “correction” of violations, including slander of China’s financial markets and misinterpretation of domestic policies and economic data.
• Reprinting foreign media reports or comments that misinterpret domestic financial topics will be investigated and punished.
• This move aims to promote the “sustainable and healthy development” of China’s economy and society.

China launched a two-month operation to crack down on commercial platforms and social media accounts that post financial-related information deemed harmful to its economy.

China’s State Internet Information Office said in a statement on Friday that the initiative will focus on correcting violations, including “malicious” slandering of China’s financial markets and misinterpretation of domestic policies and economic data.

Those who “don’t express their opinions or make judgments” and republish foreign media reports or comments that misinterpret domestic financial topics will also be targeted.

The statement stated that this move is aimed at creating a “benign” network environment for public opinion to promote the “sustainable and healthy development” of China’s economy and society.

It follows a draft proposal issued by cyberspace regulators earlier Friday to regulate the algorithms used by technology companies to recommend videos and other content.

Under the supervision of the Cyberspace Administration of China, the Ministry of Finance, the Central Bank, and securities, banking, and insurance regulatory agencies, commercial websites and platforms are ordered to clean up financial information posts and close illegal accounts.

Technology companies and social media operators, including Tencent Holdings and Bytedance’s news aggregator Toutiao and Douyin, promise to abide by the rules and regulate financial information-related content.

Get the biggest business story Email to you Every working day.

Go to Fin24 front page.