Chinese media’s social mania maddens markets
It’s possible to read too much into Chinese state media jeremiads. Recent articles warning of social ills caused by high liquor prices, video-game addiction and e-cigarettes, to name a few, have wiped billions off index heavyweights like Tencent (0700.HK). Yet government columnists are unreliable policy prophets.
Traders are jumpy after Beijing announced in late July it would convert online tutoring companies, many listed in New York, to non-profit status. After law professor Henry Gao pointed out on Twitter that President Xi Jinping had called for something like this in 2018, Wall Street leaped to review Xi’s speeches to see what other industries he has it in for.
Source: Reuters #Aug06
https://reut.rs/3iqF98w
#Chinese #Media #Social #Beijing #Tencent
It’s possible to read too much into Chinese state media jeremiads. Recent articles warning of social ills caused by high liquor prices, video-game addiction and e-cigarettes, to name a few, have wiped billions off index heavyweights like Tencent (0700.HK). Yet government columnists are unreliable policy prophets.
Traders are jumpy after Beijing announced in late July it would convert online tutoring companies, many listed in New York, to non-profit status. After law professor Henry Gao pointed out on Twitter that President Xi Jinping had called for something like this in 2018, Wall Street leaped to review Xi’s speeches to see what other industries he has it in for.
Source: Reuters #Aug06
https://reut.rs/3iqF98w
#Chinese #Media #Social #Beijing #Tencent