Beijing ∙ It is reported that there is a popular uprising in China, similar to the way in which people took to the streets in Sri Lanka, which is suffering from an economic crisis. In China, where open protests against the government are rare, a massive mass protest took place in Henan province against the multi-crore embezzlement of various bank branches.
The incident gained international attention as investors who lost money in the scam took to the streets in ‘extraordinary’ protests. Protesters staged a massive rally in Zhengzhou, the capital of Henan province.
In Henan province, which is reeling from financial crisis, four banks have frozen withdrawals since mid-April. With this, the investors, who were left with no way to get their money back, organized a huge protest rally in Zhengzhou on Sunday. Hundreds of people gathered in front of the Zhengzhou branch of the People’s Bank of China to demand the return of their deposits.
It is rare in China for such a large number of people to participate in such a protest. The news agency AFP reported that the protest was carried out with banners against the government and the police in Henan province. The protesters demanded that the Chinese government intervene in the problem and ensure severe punishment for the officials involved in corruption in Henan province.
Video footage of protesters tearfully recounting the extent of the financial loss has also emerged. They say that the police are brutally torturing them for participating in the protest.
Meanwhile, AFP reported, citing Suchang City Police, that a criminal gang was arrested for taking control of local banks and causing a huge financial burden. It is assumed that the cause of the crisis is the illegal financial transactions that they have conducted since 2011. Henan’s banking and insurance regulator said efforts to resolve the financial crisis are continuing.
Such uprisings and protests are relatively rare in China, which is tightly controlled by the state. The opposition also has no significant role here. Although protests against the Communist Party and the state in China are rare, it is common for people to protest against the policies of local governments and individual institutions. Many people have come out on Weibo, China’s main social media, to express their sympathy for the protest in Henan province.
English Summary: Chinese bank fraud protest turns violent after police step in