August 31, 2015

China blames a journalist for market crash, forces apology

China has gone to great lengths to avoid recognizing the existence of market forces. Regardless of how 'capitalistic' people think China has become, it is still emerging from totalitarianism and has a far way to go.

From the Washington Post:
Wang Xiaolu, a reporter for a respected Chinese business magazine, "confessed" to causing chaos and panic in the markets, state media reported Sunday.

In footage broadcast Monday morning on CCTV, China's state broadcaster, a weary-looking Wang said he obtained information about China's securities regulator "through private channels" and then added his "own subjective judgment" to the report. "During a sensitive period, I should not have published a report which had such a huge negative impact," he said.