Candid assessments about the state of China’s economy were circulated by netizens almost as fast as they were censored.

By Cindy Carter | China Digital Times

Summary

Viral videos and transcripts of critical speeches by economists Gao Shanwen and Fu Peng on China’s economy were lapped up by netizens in a race against the country’s censors.

Gao Shanwen, chief economist for SDIC Securities, spoke in Shenzhen on Dec. 3 about high youth unemployment, the undercounting of China’s unemployed and discouraged workers, and its overstated GDP growth. Fu Peng, chief economist for Northeast Securities, in his address to a Shanghai event on Nov. 24, noted that lower-income workers suffer the most during economic contractions, with minimal impact on macro-economic data. Rumors suggested Fu was summoned by regulatory authorities, which he denied. Both economists’ WeChat accounts were shut down, likely in retaliation for their frank assessments.

Gao’s speech, noted for its “unusual candor,” highlighted the demographic disparities dragging down the economy, with younger households curtailing consumption due to low wages and a weak labor market, middle-aged households facing layoffs and economic uncertainty, and older households enjoying greater stability. His remarks quickly drew attention on social media, but most recordings and notes were removed by Wednesday morning due to complaints that the content violated online public account rules.

Fu’s speech also challenged official narratives, suggesting that the consumer price index is a poor measure of domestic demand and that surveying low-skilled workers would offer a more accurate gauge of the economy’s health. Both speeches sparked significant buzz on social media, with many praising the economists for their honesty and conscientiousness.

The online censorship and shuttering of their WeChat accounts reflect the extreme sensitivity of expert opinions that deviate from the official government narrative on the economy. This censorship underscores the government’s efforts to control and regulate economic content and independent commentary.

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