China has launched a two-month campaign against commercial platforms and social networks that post financial-related information that could harm the economy, Bloomberg writes.
The Chinese cybersecurity regulator (CAC) said on August 27 that the initiative is aimed at correcting violations such as “malicious defamation of Chinese financial markets” or “misinterpretation of domestic politics and economic data.”
Those who reprint foreign media reports or comments that misinterpret the internal financial situation, “taking sides and not making judgments” also fall under the initiative, CAC said.
These actions are aimed at creating a “conducive” Internet environment and public opinion that will help Chinese society and economy achieve “sustainable and healthy development,” the statement said.
What awaits Internet companies Commercial sites and platforms will be forced to delete posts containing financial information and block violating accounts.
Compliance will be overseen by, in addition to the CAC, the Treasury Department, the central bank, and securities, banking and insurance regulators.
Tech companies and social media operators, including Tencent Holdings Ltd., news aggregator ByteDance Ltd. Toutiao and Douyin, the Chinese counterpart of TikTok, have already pledged to comply with the new rules and regulate material related to financial information.