Hong Hao: China silences prominent market analyst as economic recession deepens

The Covid lockdowns have taken a heavy toll on the world’s second largest economy. The latest government survey data – released on Saturday – shows activity across manufacturing and services has fallen to the lowest level since February 2020.

Hong and Bocom International did not respond to requests for comment on the social media comment. Weibo didn’t reply either.

He is not the only one expressing growing concern about the health of China’s economy and markets.

Chinese regulators have stepped up their scrutiny of social media amid growing public discontent with the country’s Covid lockdowns.

Chinese tech giants have been cracking down on people making negative comments about the economy since last year. In October, Tencent suspended more than 1,400 WeChat accounts after the government cracked down on internet posts deemed harmful to the economy.

Tencent said The The accounts had made bearish calls about financial markets, “distorted” the interpretation of economic policies, or spread rumours. Among them was a public account run by Chen Guo, chief strategist at Shenzhen-based Essence Securities.

Likely to lead to social media ban?

It’s not entirely clear which of Hong Hao’s posts caused the recent ban.

The latest reports, posted on his WeChat public account, were titled: “Beware of Capital Flight” and “What Chinese ADRs Should Be Worried About.” ADRs are securities issued by Chinese companies listed in the United States.

On another note on March 21, Hong also expected the Shanghai Composite Index to fall below 3,000 points.

The Chinese stock market is the second worst performer in the world so far this year, after Russia, according to Refinitiv Icon.