Many Chinese are venting their frustration at China’s slowing economy and weak stock markets in an unconventional place: the social media account of the US embassy in Beijing.
A post on Friday on protecting wild giraffes by the US embassy on Weibo (微博), a Chinese platform similar to X, has attracted 130,000 comments and 15,000 reposts as of yesterday, many of them unrelated to wildlife conservation.
“Could you spare us some missiles to bomb away the Shanghai Stock Exchange?” one user wrote in a repost of the article.
Photo: AFP
The Weibo account of the US embassy in China “has become the Wailing Wall of Chinese retail equity investors,” another user wrote.
The US embassy did not immediately respond to a Reuters request for comment.
While Weibo users can publish individual posts about the market and the economy, Chinese authorities regularly block what they view as “negative” online comments when they gain traction.
The commenting function on posts related to the economy or the markets on social media platforms can also be turned off or only show selected comments, restricting channels in which people can express their opinions.
China’s blue-chip CSI300 Index tumbled 6.3 percent last month, plumbing five-year lows after a raft of government support measures failed to prop up confidence dented by multiple economic headwinds, including a multi-year property slump, tepid domestic consumption and deflationary pressures.
Late last month, Chinese state media reported that China would take more “forceful” measures to support market confidence following a Cabinet meeting chaired by Chinese Premier Li Qiang (李強).
Chinese authorities have since ramped up efforts to calm investors, sending out positive messages that sometimes produce the opposite effect.
On Friday, the official People’s Daily published an article with the headline: “The entire country is filled with optimism.”
The headline was soon mocked on Chinese social media.
A Weibo user, in a repost of the US embassy’s giraffe protection article, wrote: “The entire giraffe community is filled with optimism.”
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has approved a capital budget of US$31.28 billion for production expansion to meet long-term development needs during the artificial intelligence (AI) boom. The company’s board meeting yesterday approved the capital appropriation plan for purposes such as the installation of advanced technology capacity and fab construction, the world’s largest contract chipmaker said in a statement. At an earnings conference last month, TSMC forecast that its capital expenditure for this year would be at the higher end of the US$52 billion to US$56 billion range it forecast in January in response to robust demand for 5G, AI and
NEW MARKET: The partnership opens up India to the Dutch company, which already has a strong hold in the semiconductor market of South Korea, Taiwan and China ASML Holding NV entered into a partnership agreement with Tata Electronics Pvt Ltd aimed at ramping up India’s goal to develop domestic chip-manufacturing capabilities. The Dutch company’s technology would help power Tata Electronics’ planned 300 millimeter (mm) semiconductor foundry in Gujarat, according to a joint statement from the two companies on Saturday. The signing of a memorandum of understanding coincides with a visit by Indian Prime Minister Narendra Modi to the Netherlands, which is looking to deepen bilateral relations with New Delhi. ASML, whose top customers include Taiwan Semiconductor Manufacturing Co (台積電) and Samsung Electronics Co, makes lithography machines that can print
PORTFOLIO REBALANCING: The adjustments in three global equity indices reflect rising investor appetite for semiconductor and artificial intelligence-related stocks Taiwan’s weighting in major global equity indices compiled by MSCI Inc is to rise modestly following the latest quarterly review, underscoring the market’s expanding role in emerging-market portfolios, as global investors continue to favor the nation’s technology sector. Taiwan’s weighting in the MSCI Emerging Markets Index is to increase by 0.30 percentage points to 23.76 percent, after the changes take effect at the close of the May 29 session. Its weighting in the MSCI All-Country Asia ex-Japan Index is to rise 0.37 percentage points to 27.16 percent, while that in the MSCI All Country World Index is to edge up slightly to
The Hsinchu County Government’s Labor Affairs Department yesterday said that it has received a plan from cosmetics brand Taiwan Shiseido Co (台灣資生堂) detailing mass layoffs at its plant in Hukou Township (湖口). While the labor authorities did not disclose the number of employees to be laid off, Japanese news media earlier in the day reported that the closure of the company’s factory in Hukou would result in 170 employees losing their jobs. Shiseido followed the law by reporting its layoff plan, the department said, adding that authorities would closely monitor negotiations between the management and affected employees and step in if any
RSS