Large-scale rallies demanding the release of bank-frozen savings in China were met with the deployment of armoured tanks in a chilling reminiscent of the 1989 Tiananmen Square Massacre. Police and depositors have been fighting in China’s Henan province for several weeks, with the latter claiming they have been unable to withdraw their money from banks since April. The Chinese People’s Liberation Army (PLA) has put tanks on the streets of Beijing to frighten anti-government protesters.
Depositors in the province’s banks are staging large-scale demonstrations to demand the release of their frozen money. Per reports, tank patrols had been put into place in order to safeguard banks and keep locals from accessing them. The Bank of China’s Henan branch has announced that the savings of depositors in their branch are “investment products” and cannot be withdrawn. This incident follows. Whether or not history will repeat itself is now a significant question after this tragedy.
June 4, 1989, was a gloomy reminder of China’s brutal crackdown on June 4, 1989, when Chinese leaders ordered in tanks and highly armed troops to clear Beijing’s Tiananmen Square, where student demonstrators had congregated for weeks to demand democracy and greater freedoms. At least a thousand unarmed demonstrators were slain during this operation. It is now taboo in schools and media outlets alike.
Tank Man, who remained steady in front of an army on the Tiananmen Square crackdown anniversary, became one of the most recognizable images of the 20th century. On July 15, depositors whose funds were frozen by rural banks in Henan’s capital, Zhengzhou, will begin receiving their money in phases, with the first batch expected on July 15. Only a small number of depositors have received the payouts, which raises major questions about the banks’ ability to spare funds.
Henan Provincial Financial Supervision Bureau released a letter stating that depositors in rural and urban areas of Henan would receive their money back on July 15. A small number of depositors, according to non-mainstream media, have made these payments. The reimbursement has likewise gone unmentioned in China’s official media.
Hong Kong’s non-mainstream media also believes that at a time when stability is emphasised the most and stability is in Chinese President Xi Jinping’s interest, allowing such incidents to grow (such as the Zhengzhou bank protests) shows that these banks really do not have money to spare, at least not until the issues are resolved. Local governments rely on property leases for a significant portion of their income, particularly from real estate developers.
Because so many projects are still in the works, many construction firms have not renewed their land purchases, reducing their ability to pay taxes. While this is going on, a video of Tsinghua University professor Zheng Yuhuang saying that 2022 will be a challenging year for China — 4,60,000 enterprises in China — has been making the rounds online.
In the first half of 2022, China shut down, resulting in the loss of 3.1 million industrial and commercial homes, a 23% increase in the annual rate of company liquidation, the influx of 10.76 million new college graduates and the consequent increase in the number of unemployed youth. Most successful real estate developers, aside from those directly responsible for urban construction and real estate, are white gloves for other powerful families of the Chinese Communist Party (CPC) elite, as Evergrande’s (China’s largest real estate developer) Xu Jiayi is.
According to media reports, this is the reason why homebuyers are being allowed to delay repayment of their loans. Government officials at all levels require bribes from ordinary real estate developers as well. Corruption in unfinished structures and real estate may necessitate the employment of the knife from the inside by CPC leaders.
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These white-clothed men, who are believed to be from China’s People’s Liberation Army (PLA), are said to have broken up a large-scale demonstration in Henan province by bank depositors who wanted their frozen funds to be released according to local media reports. Protesters in Zhengzhou, China, on July 10, 2022, had assembled in vast numbers to conduct their greatest demonstration yet. Hundreds of depositors in Zhengzhou, the provincial capital of Henan, have organised repeated protests, but the Chinese authorities have rejected their demands.