Stricter regulation of online financial information introduced
Published: Aug 17, 2021 10:47 PM
Photo: VCG

Photo: VCG

 China's cyberspace authority and securities regulator have jointly implemented special rectification for online information related to illegal activities on securities and futures, in a bid to maintain order in the stock market and safeguard the rights and interests of internet users.

By using internet platforms to release false and misleading information, rumormongers have manipulated and destabilized the market, said the Shanghai Bureau of the Cyberspace Administration of China (CAC) on Tuesday on its official WeChat account.

Therefore, the CAC Shanghai Bureau and the Shanghai Securities Regulatory Bureau have jointly launched measures to rectify the internet finance industry. More than 17,000 pieces of harmful information on major websites have been removed. 

Authorities have also taken down 3,187 audio and video programs, closed more than 8,000 illegal accounts, and closed 53 live broadcast rooms.

Meanwhile, verification of the qualifications of securities and futures platforms and public account operators has been strengthened in order to prevent uncertified financial advisors from spreading misleading and illegal information on the internet.

For example, video sharing website Bilibili has put operators of verified financial and economic accounts in a unified community, and prohibited individuals and institutions without certification from publishing financial and economic content, such as investment and financial management.

The website of Eastmoney Investment has made a special channel named "school for stockholders," on which the company offers securities-related basic knowledge and information on laws and regulations. 

Podcast and audio app Ximalaya has expanded the investigation and tracing to the source of verified illegal content, and improved the efficiency of report processing.

The CAC Shanghai Bureau said it will strengthen the management of financial information service content, constantly standardize Internet financial information dissemination, and promote the healthy and orderly development of financial information services.

Global Times