Eastern Internet bazaar Online financial commentary has substantially reshaped China’s financial media landscape.
China China has the largest number of netizens in the world, with 316m and counting by the end of April 2009. The internet has become a major source of information and has significantly changed the way people consume news in China. The largest Chinese online portal, SINA.com, draws more than 100m visitors on a daily basis.
Online commentary is as critical as print and broadcast media in shaping public opinion on domestic business and financial issues, and many would argue it has become more influential. Many opinion formers, including economists, journalists and editors who used to be regular columnists and commentators in print and broadcast media, have started blogs or columns online (many relishing, as Wu Xiaobo explains elsewhere in this publication, the prompt feedback from readers).
China’s most influential financial news websites can be categorized as follows: Financial news on top-tier online portals: Sina Finance, the financial site of SINA.com, attracts the second-highest traffic of all financial sites in China. Sina Finance formed an alliance with the leading Chinese business and financial print publications and is therefore able to publish financial commentaries by these titles. It also has a strong financial blogosphere that includes the blogs of many influential Chinese economists and business executives.
Independent financial websites: Dedicated financial websites such as most-trafficked Hexun.com, Jrj.com and Eastmoney.com initially started life providing financial information for individual investors. Today they attract a strong base of readers, most of whom are financial professionals who pay close attention to domestic and international investment trends. In contrast to the financial commentaries on Sina Finance, these financial blogs and commentaries focus less on the macro economy and more on specific investment topics.
Websites of financial publications: Because of their broad international perspective, the Chinese-language websites of the Wall Street Journal, Financial Times and Reuters have become major online information sources for Chinese financial professionals. The website of Caijing magazine, China’s leading financial publication, is also popular among the business community in China. A number of well-established Chinese economists and bloggers write financial commentaries on these websites. Such financial commentaries offer a different perspective on the latest business issues, and are often quoted by other Chinese print and online media.
New rules of engagement Given the current volume of financial coverage and the fierce competition to add value to the news, both the sheer volume of commentary and the blending of news and opinion are bound to increase, both in print and on the web. But while the amount of noise can feel overwhelming, it does not pay to be passive.
Based on frequent interaction with editors and senior writers at leading financial media outlets, Brunswick believes today’s pundits welcome a healthy give and take with companies and are accustomed to speaking to people without attribution. Companies should take steps to determine which commentators and areas of the blogosphere are most relevant for them, and should proactively seek out opinion formers to ensure they are kept as well informed as possible. Many writers inevitably have to form an opinion with little prior knowledge of a company or even its sector.
Granted, instantaneous deadlines and the appetite for snap commentary allow little time to weigh in before a story or a post appears, but the writers making quick judgments say they welcome a debate. The trick is to be able to respond as quickly and directly as possible, whether via a phone call or email to an editor or, if carefully considered, even a direct comment in a blog’s comment box. That may not always be possible in sensitive situations, but there are times when a quick “here’s what you are missing” call or email will help, especially if it’s concise and not overly defensive.
The pressure on journalists to make an impact in a 24/7 news cycle is something that all of us have to remember when dealing with the demands of the new media world. Individually and collectively, their output has increased significantly with the combination of an increasingly globalized and digitized media. The commentariat requires particularly careful engagement as its members are determined that their views will count at the cutting edge of a new media world.