Chinese social media companies remove posts 'showing off wealth and worshipping money'

Chinese social media companies have launched a new crackdown on user content, targeting posts that show off personal wealth and financial extravagance. In a statement posted online on Wednesday, Weibo said it had spent this month carrying out special management work on "undesirable value-orientated content", including content "showing off wealth and worshipping money". The statement said it had targeted posts showing off luxury cars and expensive properties. Posts seen as bragging about wealth and the freedom that comes with being rich were also removed. Other social media companies, including Tencent, Douyin and Xiaohongshu, posted similar statements. The crackdown is a…