On Sunday (July 10), hundreds of people held demonstrations outside a branch of China’s central bank in Zhengzhou city in Henan province.
As per reports, a large number of customers had opened their savings accounts in 6 rural banks in Henan and Anhui province. This was because the banks paid high-interest rates.
Media reports suggested that the head of the parent company of the banks has been on the run from the law enforcement authorities. He has been accused of committing financial crimes.
1. Massive protest out break in Henan province，China.
— 巴丢草 Badiucao (@badiucao) July 10, 2022
More than 3000 protesters who are victim of bank financial fraud show up in capital City of Henan.
None of them can withdraw money from account now.
info credit @Qwaszx179730654pic.twitter.com/HXuJmZZYSj
“The banks froze millions of dollars worth of deposits in April, telling customers they were upgrading their internal systems,” read a report by Daily Express.
This created a sense of panic among the customers, who thronged the banks to withdraw their savings accounts. On learning that they could not withdraw their hard-earned money, the bank depositors had gathered near the entrance of the People’s Bank of China building before dawn.
They shouted slogans and held placards, in a bid to pressurise the authorities to return their money. The Zhengzhou police too had gathered at the site with their vehicles and flashlights.
“Henan banks, return my savings!” the protestors shouted in unison. They held placards that read, “Against the corruption and violence of the Henan government.” Some even carried the portrait of Mao Zedong, the founder of the People’s Republic of China.
3. protest in front of Henan People‘s bankpic.twitter.com/NwUkUstF5E
— 巴丢草 Badiucao (@badiucao) July 10, 2022
The cops cordoned off the streets and announced with a megaphone that the assembly of the protestors was illegal. The police also threatened them with fines and detention if they failed to vacate the site.
Police and men in T-shirts attacked the protestors, dragged them down the bank’s stairs and hit them mercilessly. The protestors responded by pelting water bottles and other objects at them.
Such protests are unprecedented in Communist China where dissent and public demonstrations are curbed by the authoritarian State.
While speaking to the Associated Press, a female demonstrator named Zhang remarked, “We came today and wanted to get our savings back, because I have elderly people and children at home, and the inability to withdraw savings has seriously affected my life.”
Another protestor named Yang was also beaten mercilessly by 2 security officers. He said, “Although repeated protests and demonstrations don’t necessarily have a big impact, I think it is still helpful if more people get to know about us, and understand or sympathize with us.”
“Each time you do it, you might make a difference. Although you will get hit, they can’t really do anything to you, right?” Yang further emphasised.
Reportedly, the demonstrators were dispersed and were taken away in buses to makeshift detention camps. They were also coerced into signing a letter, saying that they would not partake in such protests again. The security forces outnumbered the protestors by a ratio of 3:1.
According to Chinese-Australian activist Badiucao, the protestors had no choice but to carry mini national flags in hand.
“Using national flags to display patriotism is a common strategy for protesters in China, where dissent is strictly suppressed. The tactic is meant to show that their grievances are only against local governments and that they support and rely on the central government to seek redress,” reported CNN.
4. its really bizarre and pathetic to see the protesters are protesting in China with the mini national flag in hands.
— 巴丢草 Badiucao (@badiucao) July 10, 2022
Their message is “i am not a trouble makers to the regime i just want my money back” pic.twitter.com/cLt21bJtOv
In a bid to pacify the angry customers, the Henan banking regulators informed that they are speeding up the process of customer verification and are formulating a plan to resolve the grievances of the public at the earliest.
The statement read, “(Authorities) are coming up with a plan to deal with the issue, which will be announced in the near future.”
One demonstrator named Sun lost $597000 to a Henan bank and is unable to pay his employees. “The incident completely overturned my perception of the government. I’ve lived all my life placing so much faith in the government. After today, I’ll never trust it again,” he remarked.
Another protestor named Huang, who has over $75000 in a rural bank in Henan, was worried about not being able to withdraw his funds. “Being unemployed, all I can live on is my past savings. But I can’t even do that now — how am I supposed to (support my family)?” he lamented.
