According to the announcement issued by the financial supervision department of Henan Province on the 29th, starting from 9:00 am on August 1, the off-book business customers of the four rural banks in Henan have been paid in advance. The object of advance payment is a single institution and a single person with a combined principal amount of 100,000 yuan to 150,000 yuan, and the advance payment is continued for those below 100,000 yuan.
Previously, in order to prevent depositors from protesting, Zhengzhou officials had turned the health codes on depositors’ mobile phones into “red codes” to restrict travel. As a result, in July, about 3,000 victim depositors gathered in Zhengzhou to defend their rights, and bloody clashes broke out on the spot between the police and the people. Subsequently, officials promised to advance depositors’ deposits in batches.
Xiaoqing, a depositor from Inner Mongolia, told The Epoch Times on the 29th that in fact, many people who made the first two batches of advance payments did not receive the money due to various reasons. If the depositor dies, the money cannot be taken out. It is very detailed to register all the relevant information about me first. It is impossible to defend rights now. The authorities squeeze toothpaste one by one, which has diluted and divided the rights defenders. There are fewer and fewer people in the later period, and the big households behind will be very pitiful. Now the situation of the rights protection group has changed. Those with less money of 50,000 to 100,000 yuan, they feel that it takes time and energy to spend on it, and they all quit the group. I think most people are not satisfied. The last ten years have been a decade of retrogression. Under this kind of control, there is no right to speak the truth.
The Financial Times has reported that Chinese regulators hope their approach will appease the vast majority of smaller savers. It is unclear how they will repay depositors with larger deposits or who will receive the last check.
Xie Tian, a tenured professor at the Aiken School of Business at the University of South Carolina, told The Epoch Times that the explosion of village banks is due to poor supervision. Using “advance payment” means that the CCP is trying to appease the depositors first. This term is very cunning.