![]() ![]() The crisis itself has exposed it and seen a reversal of expert opinion which stymied and ultimately has begun a reversal of international investment in China which is well underway. The downturn in the Chinese economy has been ongoing since even before the Covid pandemic. ![]() The economic downturn in China is thought by most informed Western observers to be vastly understated by the country’s authorities, essentially the Communist Party based in Beijing, with China’s economic data now often dismissed by many commentators with a pinch of salt. Severe, extended and under-reported economic downturn has been underway since well before the pandemic with a reversal of international investment It came as Beijing tries desperately to win back international investors and US business enterprises including visits by high-profile American billionaires and icons. Recent reports around the world questioned China’s high unemployment rate among young people and declining export volumes. On Tuesday, notice on the social media account of the well-known and popular business analyst said that his account had been banned for breach of ‘relevant laws and regulations’ while moderators on Weibo, in a community statement, said three verified accounts had been blocked on the channel due to ‘spreading smears against the development of the securities market’ and ‘hyping up the unemployment rate’. However, it has also become a febrile breeding ground for the channelling of discontent against the Communist Party which resulted in widespread revolts at the beginning of the year which rocked the regime of President Xi to its core and saw the party abandon its draconian Covid regime virtually overnight. It is hugely influential in a country which has its own distinctive and ring-fenced social media ecosystem guarded by what critics have called the ‘Great Firewall of China’ which is thought to be one of the key reasons for the rise of nationalism in the country under the increasingly authoritarian rule of President Xi Jinping since 2012. Weibo in China is a cross between the Western social network sites Twitter and Facebook with over 500 million users. Weibo is part of China’s own social media ecosystem which has seen rising nationalism but also growing discontent against the ruling Communist Party The Weibo social network is part of China’s ring-fenced online media environment, a breeding ground for heightened nationalism since 2012. Wu Xiabao, a highly regarded economics expert, found his account on the popular social network site Weibo locked on Tuesday following his latest communication to his 4.7 million followers.Īll social media in China is directly under the control of government officials and ultimately the Communist Party which does not hesitate to use its wide-ranging powers which would be alien to Western countries and even Thailand. ![]() It has provoked open debate in Thailand on the kingdom’s strategic relationship with Beijing, a strong one for the last two decades.Ĭhinese authorities have moved to censor a popular business journalist with a large online following after he recently compared the communist country’s faltering economic situation to a depression. It is an issue again moving into the spotlight with disturbing reports of high youth unemployment, falling export output, investment and business confidence. Silencing of journalist Wu Xiabao by social media giant Weibo in China highlights the sensitivity of Chinese authorities to questions about the economy. The move comes amid disturbing economic data from Thailand’s northern neighbour and a debate within the kingdom’s political and economic circles on its relationship with China highlighted by recent business calls for clarification of Thailand’s geopolitical allegiances in an increasingly polarised world between democratic economies and those aligned with authoritarian regimes. The censorship of a highly regarded business journalist and economic analyst comes just months after leading American banks in Beijing were ordered to censor financial reports on the Chinese economy last October before the 20th Communist Party Congress which installed President Xi Jinping as a virtual dictator in the country and just days after thousands of Chinese local authorities were ordered to come clean about concealed debt hidden off the books with business confidence on a slide.Ĭhinese authorities, on Tuesday, moved to censor and block the communications of a prominent journalist using the social media site Weibo who had been commenting and exposing the weakness and growing fragility of its economy which has slumped despite high expectations after the Covid lockdown regime which was ended prematurely at the start of the year following a public revolt nationwide across Chinese cities. ![]()
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