Chinese journalist ‘confesses’ to stock market chaos: CCTV

‘DENIAL OF REALITY’:RSF secretary-general Christophe Deloire said that attempting to blame a stock market crisis on a lone reporter is absurd

Taipei Times
Date:  Sep 01, 2015

China’s main state broadcaster yesterday paraded a financial journalist “confessing” to causing the China-Stock-Market-crashstock market “great losses,” as authorities seek to rein in a rout on the exchanges.

Wang Xiaolu (王曉璐), a journalist for business magazine Caijing, was held after writing a story in July saying the securities regulator was studying plans for government funds to exit the market.

Beijing has launched interventions on a grand scale to try — with little success — to shore up plunging share prices after a debt-fueled bubble burst in June.

Britain’s Financial Times last weekend reported that China had decided to stop buying shares in favor of intensifying a crackdown on those “destabilizing” the market, although there was speculation as recently as Thursday last week that government funds were acquiring stock.

China has unleashed an unprecedented package of support measures, including using state-backed entities to buy stocks and cracking down on “malicious” short-selling — when investors sell shares they do not own in anticipation of a fall in their price.


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