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Hong Kong
CNN
—
tens of thousands Chinese people are gathering in an unusual venue to vent their anger over the continued collapse of the country’s stock market.
They have been posting comments on the Chinese-language social media accounts of the U.S. Embassy in Beijing expressing their anger and frustration over the market’s rout.
Mainland markets fell again on Monday, their worst week in years. More than 1,800 stocks in Shanghai and Shenzhen, accounting for one-third of China’s listed stocks, fell more than 10%.
On Friday, the embassy’s Weibo post about protecting Africa’s wild giraffes received more than 160,000 comments, many of which had nothing to do with animal protection.
“US Government, please help Chinese stock investors,” a user wrote in a repost of the article.
Many posts appear to have been later deleted by censors. Chinese authorities have recently stepped up censorship of criticism of the country’s economic slowdown and market turmoil.
CNN has reached out to the U.S. Embassy for comment.
On Monday, the Shanghai Composite Index fell for the sixth straight session, dropping 0.8% and closing at a four-year low. Last week, the index fell 6.2%, the biggest weekly decline since October 2018.
The Shenzhen Component Index fluctuated widely between gains and losses during the trading day, ending with a 1.1% decline. The index fell 8.1% last week.
Internet users likely chose the U.S. Embassy’s Weibo page as a means of protest, as other outlets have been shut down. For example, China’s market regulator has disabled comment sections on social media accounts in its country.
Since late last year, some of China’s most prominent analysts have been subject to social media restrictions that appear to be aimed at reducing their ability to comment on the country’s economic issues.
To circumvent censorship, some social media users resorted to euphemisms and jokes over the weekend.
“Rise up! All giraffes who refuse to be enslaved,” one user said in a repost of an article about the US Embassy animals. This phrase is taken from the first line of the Chinese national anthem: “Rise up!” Those who refuse to be slaves! ”
“The whole giraffe community is full of optimism,” said another user, after the state-run People’s Daily published Friday about the German communist politician’s visit with the headline “The whole country is full of optimism.” He said this while making fun of the article. ”
Monday The market losses suggest investors remain unconvinced by Chinese regulators’ repeated promises to boost confidence. The China Securities Regulatory Commission on Sunday vowed again to prevent “abnormal fluctuations” in the stock market. However, the specific method was not disclosed.
“Despite state authorities’ efforts to stabilize the market, investor sentiment remains fragile, reflecting persistent concerns about the government’s policy and regulatory framework,” said Stephen Innes, managing partner at SPI Asset Management. said.
“Uncertainty surrounding China’s market and trade relationship is further exacerbated by Republican presidential candidate Donald Trump’s proposed increased tariffs on China,” it added.
In an unusual message, a listed company appears to be suggesting investors take a break from the stock market during the upcoming Lunar New Year holiday, even if it’s just for a few days.
“Life is not only about the stock market, but also about parents, lovers, children, and friends. [We] We recommend that investors temporarily stay away from the stock market, let go of attachments, change their mood, and welcome the new year in a relaxed and peaceful mood,” Hangzhou Yitong New Materials said in response to questions from investors. I mentioned it in the comment I posted. An online forum operated by the Shenzhen Stock Exchange.
The Shenzhen-listed company, which makes metal products, has lost 42% of its stock market value since the beginning of this year.
A total of about $6.1 trillion in market capitalization has been wiped from Chinese and Hong Kong stock markets since their recent peak in February 2021, according to CNN calculations based on data from Shanghai, Shenzhen and Hong Kong exchanges. It is said that
A record slump in the dominant real estate market, high youth unemployment, deflation and a rapid birth rate are just some of the problems plaguing the world’s second-largest economy.