China Makes Massive Move on its People

This clip started circulating with the claim that the footage had been shot in Zhengzhou, in Henan province where protests recently took place when depositors were prevented from withdrawing funds from several rural banks.

Chinese authorities used violent methods on Sunday to disperse hundreds of depositors protesting over the freezing of their deposits by some rural-based banks. Based in China’s central Henan province, the four banks froze millions of dollars worth of deposits in April, telling customers they were upgrading their internal systems. 

However, the funds remain frozen for over three months now, with many customers fearing the loss of their entire life savings. In China’s economy, which has been battered by draconian Covid lockdowns and is currently facing a slowdown, borrowers now struggle to repay the banks, arguably making it more difficult for the banks to deliver the returns they offered savers.

Guest Contributor

Self-Reliance Central publishes a variety of perspectives. Nothing written here is to be construed as representing the views of SRC. Reproduced with permission.