Angry Chinese take to US Embassy’s social media account to vent about plunging stock market

Angry Chinese take to US Embassy’s social media account to vent about plunging stock market

Feb 05,2024

Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter, which explores what you need to know about the country’s rise and how it impacts the world.

Hong Kong CNN  — 

Tens of thousands of people in China are flocking to the social media account of the US Embassy in Beijing to vent their anger and frustration with the continuing meltdown in the country’s stock market.

On Monday, mainland Chinese markets slumped again after their worst weeks in years. The Shanghai Composite Index briefly fell more than 3%, hitting its lowest level in five years. It had pared some losses by noon, but is still down 1.8%. Last week, the index fell 6.2%, its biggest weekly loss since October 2018.

The Shenzhen Component Index also tumbled 2.3% in morning trade, following a 8.1% slide last week. More than 1,700 stocks on the Shanghai and Shenzhen markets slumped more than 10% Monday.

Under a Friday post by the US Embassy’s Weibo account about protecting wild giraffes, many Chinese people complained about the stock market rout and the challenging economy.

“The US government, please help Chinese stock investors,” a user said in a repost of the animal protection article.

“I love America! Please help Chinese people,” another user said.

Many posts later appeared to be scrubbed by censors, as the authorities intensify their censorship of criticism about China’s stalled economy.

Investors seemed to have shrugged off Chinese regulators’ latest pledge to bolster the stock market. On Sunday, the China Securities Regulatory Commission vowed to prevent “abnormal fluctuations” in the stock market and stabilize confidence. But it did not offer any details about how it would do so.

Altogether, about $6 trillion in market value has been wiped out from the Chinese and Hong Kong stock markets over the past three years, according to a CNN calculation based on data from the Shanghai, Shenzhen and Hong Kong exchanges.

A record downturn in its dominant real estate market, high youth unemployment, deflation and a rapidly falling birthrate are just some of the issues ailing the world’s second-largest economy.

Maybe You Like

London Stock Exchange urged to do more to hold onto retail traders

The UK stock market needs to improve investor communication and engagement in order to retain its individual traders, according to a report from online trade and investor provider CMC Markets. ADVERTISEMENTUK retail investors are increasingly...

Hargreaves Lansdown rejects private equity takeover bid

The UK investment platform says the offer from a group including the Abu Dhabi Investment Authority undervalues the firm. ADVERTISEMENTHargreaves Lansdown has rebuffed a takeover proposal worth £4.67 billion (€5.48 billion) made...

Ferrovial set to offload UK regional airports amid Heathrow deal uncertainty

Ferrovial is planning to sell its stake in three UK regional airports amid difficulties in finalising its £2.4bn sale of a 25% stake in Heathrow. ADVERTISEMENTSpanish infrastructure company Ferrovial is reportedly putting up for sale...

Latest Added Hyip programs

inzogain.com (inzogain.com)
Added: Oct 13,2024
(127)
999paying (999paying.sbs)
Added: Oct 13,2024
(73)
callistari.online (callistari.online)
Added: Oct 12,2024
(60)
Bitbillionaire Limited (bitbillionaire.net)
Added: Oct 12,2024
(31)
smart-x.world (smart-x.world)
Added: Oct 11,2024
(81)
gexpay.icu (gexpay.icu)
Added: Oct 11,2024
(73)
Mr3 Limited (mr3.top)
Added: Oct 11,2024
(88)
Cryptoize Limited (cryptoize.net)
Added: Oct 10,2024
(35)