Netease’s financial news channel to cease updating after “making serious mistakes”

1 min read

Netease Finance, Netease’s financial news aggregator, published a rectification notice that it would cease to update after Tuesday noon due to serious mistakes that were made while NetEase operated its finance channel. The channel said it would carry out thorough rectifications across the platform and build a “clear and honest” cyberspace.

The notice didn’t specify the cause of the rectification nor the closing date.

Online speculations are saying the rectification was due to an article by NetEase Research Institute (网易研究局), discussing individual income tax reform. NetEase Research Institute is a think-tank under NetEase news and focuses on China’s financial and economic news.

The article published after China’s central government solicited public opinions and adjusted the rates of individual income tax. Before the adjustment, domestic residents whose income were higher than RMB 3500 had to pay individual income taxes, and now only those whose income was higher than RMB 5000 need to pay. The rate hadn’t been adjusted for seven years. However, according to the NetEase article, the bar needed to be raised to more than RMB 10,000, in order to compensate residents’ growing expenditures on goods and services. The RMB 10,000 is based on the assumption that the tax rates were adjusted 9.5 years once. Nine and a half years is the average time between two tax adjustments since the Chinese government started levying the tax in 1981.

NetEase is a Nasdaq listed company that is better known for mobile games. Its famous game titles include Knives Out and Onmyoji. Apart from mobile games, NetEase is also operating e-commerce platforms, portal sites and provide email services.