Stock Market News

Chinese turn U.S. embassy post into ‘Wailing Wall’ for stock plunge

2024.02.04 04:39


© Reuters. FILE PHOTO: A common view exhibits the buildings of the U.S. Embassy in Beijing, China, April 21, 2021. REUTERS/Thomas Peter

BEIJING (Reuters) – Many Chinese are venting their frustration on the slowing financial system and the weak stock market in an unconventional place: the social media account of the U.S. Embassy in Beijing.

A post on Friday on defending wild giraffes by the U.S. embassy on Weibo (NASDAQ:), a Chinese platform much like X, has attracted 130,000 feedback and 15,000 reposts as of Sunday, a lot of them unrelated to wildlife conservation.

“Could you spare us some missiles to bomb away the Shanghai Stock Exchange?” one person wrote in an repost of the article.

The Weibo account of the U.S. embassy in China “has become the Wailing Wall of Chinese retail equity investors”, one other person wrote.

The U.S. embassy didn’t instantly reply to a Reuters request for remark.

While Weibo customers can publish particular person posts concerning the market and the financial system, Chinese authorities repeatedly block what they view as “negative” on-line feedback once they achieve traction.

The feedback perform on posts associated to the financial system or the markets on social media platforms may also be turned off, or solely present chosen feedback, limiting channels by which folks can categorical their opinions.

China’s blue-chip CSI300 Index tumbled 6.3% final month, plumbing five-year lows, after a raft of presidency help measures did not prop up confidence dented by a number of financial headwinds, together with a multi-year property hunch, tepid home consumption and deflationary pressures.

In late January, state media reported that China will take extra “forceful” measures to help market confidence after a cupboard assembly chaired by Premier Li Qiang.

Chinese authorities have since ramped up efforts to calm buyers, sending out constructive messages that typically produce the alternative impact.

On Friday, the official People’s Daily revealed an article with the headline: “The entire country is filled with optimism”.

The headline was quickly mocked on Chinese social media.

A Weibo person, in an repost of the U.S. embassy’s giraffe safety article, wrote: “The entire giraffe community is filled with optimism.”

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