Chinese State Media’s Rare Correction Reveals Panic as China’s Banks Face Trouble

A worker wheels a bank teller machine on the streets of Beijing on June 18, 2008. MARK RALSTON/AFP/Getty Images

A Chinese state media outlet recently published a correction to its previous report about several small and mid-sized Chinese banks that are about to go bankrupt.

It is unusual for state media to apologize for giving wrong information. Locals surmise that it was likely a move by Chinese authorities to quell public panic and prevent bank runs from happening.

Correction Statement

Securities Times is a daily newspaper managed by the Chinese Communist Party’s (CCP) mouthpiece People’s Daily. It is the official newspaper authorized by the government to release news on Chinese listed companies, as well as policies and statements of China’s securities, banking, and insurance regulators.