Journalist ‘Confesses’ to Causing China Market Chaos
World Economy

Journalist ‘Confesses’ to Causing China Market Chaos

A financial journalist has “confessed” to causing “panic and disorder” on China’s stock market and inflicting “huge losses on the country”, state media reported.
Wang Xiaolu, a journalist with Caijing magazine, was detained by Chinese authorities following China’s recent stock market crash, AFP reported.
Wang was held for fabricating and spreading fake information on securities and futures market, according to Xinhua, a state-run news agency.
According to the report, Wang “confessed” that his “false information” had “caused panics and disorder at the stock market, seriously undermined the market confidence and inflicted huge losses on the country and investors”.
Wang wrote a story in July saying the securities regulator was studying plans for government funds to exit the market.
The China Securities Regulatory Commission quickly denied the Caijing story, labeling it “irresponsible”.
But Caijing said it “defended journalists’ rights to do their duty under the law”, according to a statement posted on its website.
Xinhua reported that authorities had also detained an official from China’s securities watchdog and four senior executives of the country’s major securities dealer for “stock market violations”.
Liu Shufan, an official with the CSRC was held on suspicion of insider dealings, taking bribes and forging official seals, said the report.
Liu “confessed” that he has forged official seals to fake a court ruling on divorce and taxation certificates for his mistress.
Chinese state media regularly carries what it presents as confessions of suspects in high-profile cases.
Formal arrest in China normally comes after some time in police detention, when the case is handed to prosecutors, with trial and conviction almost guaranteed.
The news agency also reported that 197 people have been punished in a special campaign by Chinese police targeting online rumors about China’s stock market, the recent fatal explosions in Tianjin and “other key events”.
No details of the punishments were given, but according to the report, the crimes punished included claiming a man had jumped to his death in Beijing due to the stock market slump, falsifying the number of people who had died in the Tianjin blasts, and circulating “seditious” rumors about China’s upcoming commemorations of the 70th anniversary of the end of World War II.

Short URL : https://goo.gl/L1a9Dw
  1. https://goo.gl/m07u5r
  • https://goo.gl/T4v0Ty
  • https://goo.gl/ZkQu6C
  • https://goo.gl/DWUAln
  • https://goo.gl/RStoXX

You can also read ...

China Challenges US Solar Panel Duties
China says it is challenging a US tariff hike on solar panels...
In a retaliatory move, President Recep Tayyip Erdogan’s government on Wednesday announced higher tariffs on some US imports, namely on passenger cars (120%) and leaf tobacco (60%).
Turkey has raised tariffs on some US imports, including...
File picture of Kim Jong-un (L) and Moon Jae-in at the truce village  of Panmunjom, South Korea.
South Korea President Moon Jae-in on Wednesday offered a bold...
World trade volume growth peaked in January at almost 5.7% year-on-year but nearly halved to less than 3% by May.
Cyclical indicators point to slower and more uneven growth in...
Nigeria CPI Drops to 11.14 Percent
Nigeria’s National Bureau of Statistics says the consumer...
Moody’s Predicts Slower Fiscal Progress in S. Africa
South Africa’s fiscal consolidation will be slower than the...
Sudanese Hit by Bread Shortages
Bread shortages have hit Sudan, with wheat traders blaming a...
Transport tickets and fuel have driven up costs for consumers.
Inflation in the UK climbed in the month of the July, as had...