“All content has been blocked. The user is banned from using the account,” said a message posted on the WeChat account. It added that the account had “broken” the government’s internet rules, without going into details. It also did not specify which position led to the suspension.
Covid shutdowns have hit the world’s second largest economy hard. The latest data from the government survey – published on Saturday – shows that activity across production and services has fallen to its lowest level since February 2020.
Hong and BOCOM International did not respond to requests for comment on the social media suspensions. Weibo did not respond either.
He is not alone in expressing growing concern for the health of China’s economy and markets.
Chinese regulators have stepped up their investigation of social media amid growing public dissatisfaction with Covid shutdowns in the country.
Chinese technology giants have cracked down on people with negative comments about the economy since last year. In October, Tencent suspended more than 1,400 WeChat accounts after the government launched a breakdown of Internet records that it considers harmful to the economy.
in Tencent the accounts had come up with bearish calls for financial markets, “distorted” the interpretation of economic policy or spread rumors. A public account run by Chen Guo, chief strategist at Shenzhen-based Essence Securities, was among them.
Likely trigger for the ban on social media?
It is not entirely clear which of Hong Hao’s posts triggered the latest ban.
The latest reports posted on his public WeChat account were titled: “Be Careful About Capital Escapes” and “What Should Chinese ADRs Worry About.” ADRs are securities issued by Chinese companies listed in the United States.
In another note on March 21, Hong also predicted that the Shanghai Composite would fall below 3,000 points.
China’s stock market is the second worst in the world so far this year, behind Russia, according to Refinitiv Eikon.