The 20th National Congress of the CCP is approaching, and Chinese authorities have stepped up social controls in an effort to ensure “stability” before the congress. According to foreign media, regulators have privately told brokers and fund managers that they are not allowed to buy and sell stocks in large quantities before the National Congress.
Radio Free Asia (RFA) quoted Reuters sources as saying that China’s securities regulator recently stepped up regulatory measures, notifying fund managers and brokerage firms to try their best to not allow the stock market to have large fluctuations.
The specific request, the sources said, is to “avoid unusual trading activities, including large-scale buying and selling of stocks,” but the directive was not issued in writing, but was “directed by the Shanghai and Shenzhen stock exchanges.”
A source confirmed to Reuters that they had been informed by an official, adding that “it is politically sensitive.”
A manager of a mutual fund company in Shanghai said that he has not encountered such an “unwritten notice” but said helping to ensure the stability of the stock market before the 20th National Congress “is the obvious responsibility of fund managers.”
The report mentioned that due to the effects of the pandemic, real estate instability and political tension, China’s economic growth has slowed, and the stock market has also been affected. China’s main stock benchmark, the CSI 300 index, is down about 6% this month and down more than 20% for the year.
In addition to “stabilizing the market,” increasing control over dissidents and petitioners is also a routine action before each important CCP meeting. A video shows that the Beijing Complaints Office isolated itself under the guise of “pandemic prevention.”
Local governments are also trying to implement the “zero-COVID” policy with the goal of “stabilizing the pandemic situation” before the 20th National Congress. However, the policy caused many “destabilizing factors” leading to public discontent and constant conflict between the regime and the people.
According to information on the internet, residents of the Wangjialiang community, who have been locked down for nearly two months in Urumqi. They were able to regain their freedom after a tenacious fight. However, a video shows the people of Shanwei, Shenzhen, protesting the lockdown, but they were violently suppressed by a large police presence, and many people were arrested.