Village bank depositors in Henan Province, China, used balloons to protest their rights protection.
(picture taken from twitter)
[Compiled by Chen Chengliang/Reported by Chen Chengliang] Affected by the bankruptcy of Silicon Valley Bank (SVB) in the United States, "balloon demonstrations" appeared in China!
Recently, residents of Henan Province, who suffered losses due to the suspension of cash withdrawals by village banks in April last year, released balloons and protested banners in Zhengzhou, the capital of the province, denouncing the authorities for illegally freezing deposits.
Some depositors complained that Silicon Valley Bank went bankrupt, and U.S. President Joe Biden announced to pay depositors within 3 days. Chinese depositors were forced to call the police, but no one filed a case. The Chinese government ignored the victims for a year.
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South Korea’s "Chosun Ilbo" analyzed that in November last year, Chinese youths demanded the lifting of the "clearing" epidemic prevention policy and held a "blank paper demonstration." The "White Hair Movement" and the current local demonstrations have brought dissatisfaction from all walks of life to the surface. Chinese President Xi Jinping's primary task of the third term of his administration, "social stability", is facing severe challenges.
Judging from the photos posted on social media, on the 12th, citizens gathered at Wanda Plaza in Zhengzhou City and by the Yellow River, flying large balloons to demand that the government solve the bank deposit freeze incident.
A banner hanging under the balloon reads: "The Henan government cheated and illegally froze deposits."
The people who participated in the demonstration were depositors of four rural banks in villages and towns.
These banks attract deposits from all over China with relatively high interest rates. After encountering funding pressure, they suspended withdrawal services to 400,000 depositors since April last year.
As the scale of the damage to funds expanded, a large-scale demonstration involving 3,000 people broke out in Zhengzhou last July.
The Chinese government only provides compensation for deposits below 50,000 yuan (approximately NT$222,000), but there are still deposits of 13 billion yuan (approximately NT$57.8 billion) without access to cash.
On the 15th, China's official economic magazine "Securities Times" stated on the SVB bankruptcy incident that "the relaxation of restrictions on banks is the main reason for the bankruptcy. financial institutions.
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