China has noosed reporters alleged to have caused China's stock market gyrations.
The Chinese government is roasting journalists as the impetus for the 40 percent decline in the country’s stock market. Authorities have jailed roughly 200 people over the weekend for spreading destructive rumors that allegedly disrupted the market. Xinhua, the state’s news outlet, quoted the Chinese Ministry of Public Security blaming the hoaxes that “caused panic, misled the public and resulted in disorders in stock market or society.” Social media accounts, more than 65, were shut down as the government has committed to monitoring the internet to wipe out hearsay and target instigators.
Following their promises, the state TV news broadcasted a confession from Wang Xiaolu, a reporter for a renowned business trade publication, who confessed and publicly apologized for penning a story regarding securities regulators. “I shouldn’t have published the report at such a sensitive time, especially when it could have great adverse impact on the market,” Wang said. “I shouldn’t have caused our country and shareholders such great losses just for the sake of sensationalism and eye-catchiness.”
Wang is also being punished as a criminal for “colluding with others and fabricating and spreading fake information on securities and futures market,” according to China’s, Xinhua. Wang’s article falsely reported that the Chinese Securities Regulatory Commission intended to withdraw funds from the exchange. And the Commission pinned the limp stock market on his story.
Public character executions like Wang’s have served as a modus operandi for China in its continued effort to strangle independent voice in the media. Bloggers, academics and journalists have also been forced to walk the plank. For instance, after the Tianjin chemical explosion last month, China digitally assassinated 5o websites labeled as rumor machines.
Reporters Without Borders secretary-general Christophe Deloire said, “As well as ridiculous, the accusations against Wang are symptomatic of the Chinese government’s desire to control media coverage of share price movements,” adding, “Suggesting that a business journalist was responsible for the spectacular fall in share prices is a denial of reality. Blaming the stock market crisis on a lone reporter is beyond absurd.”
Nonetheless, the government’s shakedown did round up some influential elements. Four securities executives — Xu Gang, Liu Wei, Fang Qingli, and Chen Rongjie — have been indicted for insider trading, taking bribes and forging official documents.
Source: Vice News