Beijing newspaper under fire for "untrue" speculator story

15:40, June 11, 2010      

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Chinese officials Friday criticized a Beijing newspaper for running an "untrue" story about a garlic speculator who spent 15.01 million yuan (2.2 million U.S. dollars) of his profits on gold.

The National Development and Reform Commission (NDRC) economic planning body issued a statement on its website saying the report on the unnamed speculator in the Beijing News on June 2 was fabricated.

The story claimed the speculator, having made quick profits playing the garlic market, had purchased 56 kg of gold from a China National Gold Group Marketing Co., Ltd. (China Gold) store in Beijing.

However, an investigation by the Beijing Municipal Commission of Development and Reform found no record of the transaction in the store's accounts, the NDRC statement said.

The Beijing News report also claimed the reporter had interviewed the store's deputy manager surnamed Zhang, but Zhang denied giving an interview to the paper, said the NDRC statement.

The investigation showed the news story was originally written by an unnamed staff member of China Gold, and sent to a Beijing News reporter. The Beijing News published the report without checking the facts.

The NDRC statement said maintaining market order and managing inflationary expectations were not only the work of the government, but also the media.

The government body asked media organizations to report factually and to refrain from publishing uncorroborated stories, especially concerning price changes, in order to avoid speculation.

Source:Xinhua

(Editor:梁军)

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