Influencers Flaunting Wealth Face Account Bans
Authorities Crack Down on Extravagance Amid Economic Downturn
Accounts of influencers flaunting their wealth on China's social networking services (SNS) have been permanently suspended. This is interpreted as a crackdown by Chinese authorities on actions that foster relative deprivation amid the economic downturn.
On the 15th, Yonhap News, citing the US-based Radio Free Asia (RFA) and others, reported that Gu Chenchen's TikTok account, which has about 5 million followers, was permanently banned the day before.
In addition to Gu Chenchen, numerous accounts of influencers who made statements such as "Life is easy," "I earn 300,000 yuan (about 60 million KRW) a day," and "Money comes in even when I do nothing" in their videos were suspended.
Last year, the account of influencer Wang Hongquanshin, who had over 4.3 million followers on Douyin, the Chinese version of TikTok, was suddenly blocked. Douyin cited violations of community self-regulation agreements as the official reason.
Wang Hongquanshin first gained popularity by appearing in a public service advertisement for the 2008 Beijing Olympics and later became a topic of discussion by flaunting her wealth on SNS.
In an interview with a media outlet, she revealed, "I don't go out unless I am adorned with luxury clothes worth at least 10 million yuan (about 1.9 billion KRW)." She also disclosed her wealth by stating that she owns seven houses in a luxury apartment complex in Beijing, with the largest apartment measuring 991㎡ (about 300 pyeong), but it remains unoccupied due to lack of sunlight.
Before Wang Hongquanshin's account was suspended, Chinese SNS platforms including Douyin issued a joint notice prohibiting the dissemination of content with unhealthy values such as indulgence in luxury and flaunting wealth. This is seen as aligned with Chinese President Xi Jinping's theme of common prosperity (living well together).
This crackdown was not limited to SNS influencers. The South China Morning Post (SCMP) reported earlier that the Securities Association of China (SAC) disclosed a revised guideline for the securities industry, which includes penalties for securities firms whose executives engage in excessive luxury, and is currently gathering feedback from member companies.
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