A new social media phone app called a "Guide on Safe Passage Through the Economic Crisis " has become a hugely popular advice forum for the young middle class. Earlier this month, China’s central bank devalued the Chinese currency, the renminbi, by the largest amount in decades, signaling to outsiders that officials were worried about China’s growth rate, which the government had earlier projected at 7 percent for the year. The app, which launched in February, is designed to help people navigate their way through the economic crisis by providing them with information about how they can get out of debt and avoid foreclosure. Yesterday, Chinese police arrested hundreds of people accused of "spreading fake information" over China's markets on the internet, including WeChat.
A new social media phone app called a "Guide on Safe Passage Through the Economic Crisis " has become a hugely popular advice forum for the young middle class. The app, which launched in February, is designed to help people navigate their way through the economic crisis by providing them with information about how they can get out of debt and avoid foreclosure. Yesterday, Chinese police arrested hundreds of people accused of "spreading fake information" over China's markets on the internet, including WeChat.