One of China’s biggest banks banned negative research on the economy and markets, Bloomberg reported.
CICC also told employees to avoid wearing luxury brands or disclosing their pay to people outside the bank.
That adds to concerns over China’s transparency as its economy battles a host of problems.
China International Capital Corp. banned its analysts from saying anything negative about the nation’s economy or markets, sources told Bloomberg.
The report cited an internal memo sent to the bank’s research department this month, and it applies to both private and public conversations.
The memo also told employees to avoid wearing luxury items or telling others of their compensation.
CICC did not immediately respond to Business Insider’s requests for comment and didn’t respond to Bloomberg.
The report also said at least two other Chinese investment banks have given their employees similar warnings about negative commentary and displays of wealth.
The instructions for workers come amid China’s push for “common prosperity.” Government officials have criticized bankers in particular, with one watchdog asking them to correct their “hedonistic” lifestyles earlier this year.
Meanwhile, the ban on bearish commentary is another sign transparency is deteriorating in China’s financial sector as the nation gets battered by economic hardship.
For example, China no longer makes its youth unemployment rate available to the public, though unofficial estimates peg youth unemployment to fall somewhere close to 50%.
At the same time, Beijing is trying to prop up China’s stock market. The Beijing Stock Exchange is rejecting filings to sell shares among investors with more than a 5% stake in a company, sources told Reuters on Monday.
China’s economy has been troubled since dialing back its zero-COVID policies, with lower-than-expected demand plunging the nation into deflation this summer. It’s also trying to tackle a huge pile of souring debt in its property sector and long-running demographic problems.
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