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Bank runs happening across China as depositors can't get at their money
By Nicole Hao
The Epoch Times, New York
Thursday, June 23, 2022
After nearly one million Chinese people were unable to access their bank deposits in central China's Henan province earlier this year, residents in east China's Shanghai, south China's Shenzhen, north China's Dandong, and central-east China's Jiujiang reported the difficulties they faced when trying to withdraw cash from their bank accounts.
Some banks will serve only a limited number of customers per day, some banks limit each client's withdrawal to no more than 1,000 yuan (about $149), and others closed their branches. Even the ATM machines are empty.
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Bank runs have been happening in the world's second-largest economy for over a week, which is unusual in China because most of the banks are state-run.
"The reason why the bank run issue hasn't been solved is that China's economic system is in crisis and the Chinese regime doesn't have the ability to solve it," Wang He, U.S.-based China affairs commentator, told The Epoch Times on Wednesday.
Zheng Yongnian, one of the economic advisors to Chinese leader Xi Jinping, published an essay on June 1 in which he pointed out that China's economy is facing critical challenges, including the exit from China of more than half the foreign investments, and China's private businesses are struggling for survival due to a supply chain crisis and lack of cash. ...
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