A journalist from one of China's top financial publications has appeared on Chinese state television confessing causing "panic and disorder" on the stock market by reporting the news.
Wang Xiaolu, a reporter for one of China's top financial publications, was arrested as China seeks to lay blame on the media for the slump in China's stock market. China has arrested and punished almost 200 people for spreading online rumours on several issues, including the markets.
CCTV, China’s state broadcaster, showed Wang apologising for his ‘crime’, which included fabricating and spreading fake information that had “caused panics and disorder at (the) stock market, seriously undermined the market confidence, and inflicted huge losses on the country and investors”, according to AFP.
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In his confession, Wang said he had acquired the news from private conversations and added his personal judgment and subjective views to finish this story. “I shouldn’t have released a report with a major negative impact on the market at such a sensitive time. I shouldn’t do that just to catch attention which has caused the country and its investors such a big loss. I regret . . . [it and am] willing to confess my crime,” Wang said.
The Committee to Protect Journalists condemned Wang’s arrest and called for his immediate release. “Chinese authorities’ hypersensitivity to fluctuations in the financial markets is no reason to intimidate and jail a journalist for covering the news,” it said.
Beijing imposed restrictions on the media reporting of the stock market in June. Journalists were instructed not to conduct in-depth analysis or exaggerate panic or sadness, according to reports.
