The Henan bank in China fails to repay depositors
Despite assurances that depositors in China’s Henan villages will receive their frozen funds in installments, with the first payment due on July 15, only a handful of depositors have received payments, raising serious doubts as to whether banks have any funds left over.
On July 10, over one thousand depositors gathered outside the Zhengzhou branch of the People’s Bank of China to launch their largest protest to date.
According to the notice issued by the Henan Provincial Financial Supervision Bureau, some bank depositors in Henan villages and cities were to receive their deposits on July 15.
Non-mainstream media, however, believe that only a handful of depositors have received these payments. The Chinese state media has also not reported on the reimbursement.
Non-mainstream Hong Kong media also believes that at a time when stability is emphasized most and when stability is in Chinese President Xi Jinping’s best interest, allowing such incidents (such as the Zhengzhou bank protests) to escalate demonstrates that these banks do not have money to spare, at least until the problems are resolved.
Ordinary real estate developers must also bribe government officials at all levels to secure approval for their projects. If CPC leaders want to investigate corruption in unfinished buildings and real estate, they may have to turn the knife inwards.
Local media reported that white-clad men, suspected to be from the Chinese People’s Armed Police Force, suppressed the protests in front of the Zhengzhou People’s Bank of China (PBoC) office during the large-scale protests in Henan province by bank depositors over the release of frozen funds.
Hundreds of depositors have staged multiple demonstrations in Zhengzhou, the provincial capital of Henan, but the Chinese government has ignored their demands.
Reasons to look for investors in China
As of October 2019, China is home to 99.9 million of the richest 10 percent of the world’s population.
There are 4.4 million millionaires in China;
There are 344 billionaires in China, and their assets officially exceed one trillion dollars;
The number of millionaires in China has multiplied by 117 between 2010 and 2019; it has more than doubled.
With a GDP of $1,3608.8 billion USD in 2019, China’s economy exhibits annual growth of 6%.
Why are Chinese investors willing to invest into foreign businesses?
- Hedging – they have to take money out of China to avoid financial risks;
- They enter various markets in this way;
- They get a chance to earn more.
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