Friday, March 28, 2014

Bloomberg Abandons "Politically Risky Reporting on China"

Protestors in Paris (Pic. courtesy RSF)


Even as French citizens and international press freedom monitor Reporters without Borders (RSF/RWB) mounted protests against visiting Chinese president, Xi Jinping in Paris, US financial news giant Bloomberg decided the “company was abandoning politically risky reporting on China.”



Freedom House reported that Peter Grauer, chairman of Bloomberg LP speaking in Hong Kong, Thursday, said, “[t]hat the sheer size of the Chinese economy meant that ‘we have to be there.’”

The move follows reporting by Bloomberg journalists in 2012 of massive wealth accumulated by the relatives of then president designate Xi. China retaliated by blocking the site, which was a huge financial loss to Bloomberg. Bloomberg’s biggest source of income is its financial data service, which was now barred from customers in the world’s second largest economy.

Before Thursday’s announcement, Bloomberg unexpectedly pulled out an investigation in late 2013 on Wang Jianlin, China’s richest man, and Communist Party leaders. Matthew Winkler, Bloomberg’s editor-in-chief reportedly told in a conference call “Bloomberg could be ‘kicked out of China’ if it ran the piece.”

In a hard-hitting critique of Bloomberg’s course of action Freedom House said, “Elite corruption, the topic that Bloomberg seems to have specifically shied away from, is perhaps the most volatile and important factor of all, affecting company performance, government functions, and social stability. Businesspeople and other readers will want to know if a company must buy influence and protection from officials, navigate a market warped by corruption-driven spending priorities, or weather eruptions of public anger at official graft.”

Meanwhile in the high-visibility protest in Paris on Thursday, five trucks with photomontages of Xi giving the finger were to be driven near the city’s iconic landmarks to emblemise the Chinese president’s contempt for freedom of information in his country.

“The disconnect between the official discourse about the Chinese dream and the ruthless persecution of independent journalists shows the degree to which Xi Jinping is making fun of the world,” RSF’s secretary general, Christophe Deloire said.

“Article 35 of China’s constitution says that its citizens enjoy ‘freedom of speech [and] of the press,’ but more than 100 Chinese citizens – professional journalists and netizens – are currently in prison simply for trying to report the country’s reality,” he said.

However of the five trucks, four were stopped before entering the city, although one passed in front of the Eiffel Tower. Activists on bicycles weaving the smaller versions of the banner were also in the procession, RSF said.  

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