China International Capital Corp (CICC), the country's third-largest investment bank by market value, has instructed analysts not to publish bearish views on China's economy or its financial markets, according to an internal memo seen by Selena Li and Jason Xue of Reuters.
CICC is the most active Chinese investment bank in offshore dealmaking. I Photo: CICC
The memo, sent to the bank's research department, also advised analysts to refrain from commenting on issues not in line with government policies.
Staff at the state-owned investment bank were also instructed not to wear luxury brands or disclose their pay. The memo emphasized that employees should "ensure their family members adhere to social and ethical standards."
CICC, the most active Chinese investment bank in offshore dealmaking, also stated in the memo that additional caution should be exercised when dealing with overseas clients to avoid political and national security risks.
While authorities in China have previously censored negative comments by market analysts and commentators, the trend became more noticeable after China's economic growth began to weaken last year.