The Communist Party’s mouthpiece ran an article declaring China was brimming with “optimism” on Friday (Feb 2). Within hours, stocks tumbled and internet users clapped back with sarcasm.

The People’s Daily ran a page-three piece in the morning touting the government’s efforts to improve people’s “livelihoods and well-being.” “The people’s sense of gain, happiness and security has been significantly improved,” it added, without giving a timeframe for the achievement.

The prominent newspaper article seemed intended to counter growing gloom over the economy and stock market leading up to the week-long Spring Festival. It came a day after Chinese leader Xi Jinping made a rare public appearance on a street decorated for the nation’s biggest holiday in the port city of Tianjin, chatting casually with onlookers about food and visiting homes.

But on Friday afternoon, a sense of panic gripped Chinese investors as key gauges sank. Stocks quickly pared their drop, though the Shanghai Composite Index still capped its worst week since 2018. Three straight years of losses have wiped more than US$6 trillion from the market value of Chinese and Hong Kong equities since a peak reached in 2021.  

On China’s heavily censored social media platforms, investors simply shared the headline of the People’s Daily article: “There is an atmosphere of optimism throughout the country.” Those posts seemingly served as a sarcastic commentary, contrasting the positive message with their own finances.

Others posted charts showing the Shanghai measure’s tumble alongside a screenshot of the People’s Daily piece, juxtaposing state media’s rosy spin with the gloom.  

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“The commoners in China have such a bitter plight,” one person wrote on Weibo. “Those in power are high and mighty, and pay no regard to the life or death of commoners.”

Another investor summed up their despair this way: “I could no longer love the country after I started investing in the stock market.” BLOOMBERG