Angry Chinese take to US Embassy’s social media account to vent about plunging stock market | CNN Business
www.cnn.com
Tens of thousands of people in China are flocking to an unusual venue to vent their outrage about the continuing meltdown in the country’s stock market.

Tens of thousands of people in China are flocking to an unusual venue to vent their outrage about the continuing meltdown in the country’s stock market.

They’ve been posting comments on a Chinese-language social media account of the US Embassy in Beijing expressing anger and frustration with the market rout.

Mainland Chinese markets slumped again Monday after their worst week in years. More than 1,800 stocks on the Shanghai and Shenzhen markets, accounting for a third of all stocks listed in China, slumped more than 10%.

A post by the embassy Friday on Weibo about protecting wild giraffes in Africa attracted more than 160,000 comments, many of which were unrelated to animal protection.

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

Many posts later appeared to be scrubbed by censors. Chinese authorities have recently stepped up their censorship of criticism about the stalled economy and market chaos.

  • Nobody@lemmy.worldEnglish
    62·
    9 months ago

    China’s real estate market imploding is one of the worst bubble busts in modern history. Many Chinese people invest their savings in real estate they own on paper, but sits in the middle of nowhere unoccupied.

    The biggest players in that market are defaulting on the interest payments of their loans and going under. The bubble is in the process of bursting. This is going to get ugly.

    • betterdeadthanreddit@lemmy.worldEnglish
      372·
      9 months ago

      Good thing we’re living in a time of unprecedented peace and stability across the globe, that should soften the blow a little.

      Wait, shit, took a wrong turn through the multiverse hub, I’m supposed to be in the next one over. I’m sure you guys will be fine. Probably.

    • FuglyDuck@lemmy.worldEnglish
      10·
      9 months ago

      Apparently, Evergrand made employees sell bonds (iirc,) for investing in the company. to meet quotas, many of those employees were forced to buy them, themselves. so when the company goes tits up, like… well it has been… those employees are pissed.

    • Flying Squid@lemmy.world
      5·
      9 months ago

      There are whole cities in China full of mostly empty buildings. People were investing in real estate scams in huge numbers and the government let it happen apparently.