Chinese financial journalist for Caijing Magazine, Wang Xiaolu, has ‘confessed’ to causing ‘panic and disorder’ on the Chinese stock market.

He is one of almost two hundred people detained by state authorities as Chinese police seek the sources of rumours precipitating the latest financial crash.

According to Xinhua, a state-run news agency, Wang was ‘investigated’ for fabricating and disseminating false information on securities and futures markets.

His actions are being blamed for seriously eroding market confidence, leading to the huge losses inflicted on the country and its investors.

In July Wang published an article in which he said securities regulators were considering plans to enable them to exit the market.

The China Securities Regulatory Commission (CSRC) immediately denied the Caijing story, calling it ‘irresponsible’.

Caijing leapt to the defence of its’ journalists’ right to do their duty under the law’ – according to a statement posted on its website.

Chinese authorities have also detained numerous other officials from around the country. One was an official from the Chinese securities watchdog, four senior executives from the coutry’s major securities dealership. Another, Liu Shufan, an official with the CSRC, was detained on suspicion of insider trading, bribery, and forgery of official seals.

Liu also ‘confessed’.

Formal arrests in China follow after a period of police detention. The case is handed to prosecutors with a conviction virtually guaranteed.

Little is known about what happens during this time of detainment; but everyone confesses to something before they are sent to the courts.

197 people have been ‘punished’ in a special operation by Chinese police targeting online rumours surrounding the Chinese stock market and the recent fatal explosions in Tianjin – and other ‘key events’.

No details have emerged about the ‘punishments’ for these crimes. But the Chinese government appears determined to frame these seditious rumours as the cause of the calamities that are engulfing the economy at present.

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