7/21/22
By WarNews 24/7

A video showing Chinese tanks taking to the streets to protect banks is making the rounds around the world. (at source)

According to local media reports, riots broke out after the Bank of China branch in Hennan province issued an announcement that depositors' savings were now "investment products" and withdrawals could no longer be made.

According to the American website ndtv.com a branch of a bank is involved in a big scandal. Some $6 billion in deposits are claimed to have disappeared, according to the South China Morning Post (SCMP).

The banking scandal in question first came to light in April when the South China Morning Post (SCMP) reported that residents of Henan and Anhui provinces were unable to access their bank deposits due to a "system upgrade".

Video from Hennan shows tanks blocking locals from reaching the bank branch, with the latter looking agitated at the presence of the armored vehicles.

New Tiananmen?
Chinese Communist Party tanks took to the streets on Wednesday to "intimidate" protesters amid large-scale demonstrations in Henan province.

Tanks are on the streets to protect Banks (Rizhao, Shandong province), local media reported.

If nothing else, the incident is a grim reminder of the horrific massacre on June 4, 1989, in Tiananmen Square, when China's leaders sent tanks and heavily armed soldiers to confront students demanding democracy and more freedoms.

Back in the present, despite promises that depositors in China's Hennan province would get their money gradually starting on July 15, only a handful managed to make withdrawals.

On July 10, more than 1,000 depositors gathered outside a branch of the country's central bank to protest.

In any case, the facts reveal, rather, that an unprecedented financial crisis is looming in the Land of the Dragon, with the banks, in fact, having "dried up".

In the past, a lot of revenue for the Chinese state came from the real estate market and the various developers there...

However, many projects remain unfinished, many construction companies are not buying land, large companies such as Evergrande have faced and are facing problems, and all this results in government receipts hitting… rock bottom.

Meanwhile, a video was released online a few days ago in which Beijing Tsinghua University professor Zheng Yuhuang said that 2022 will be a difficult year for China — 4,600,000 companies in China closed in the first half of 2022.

And bankruptcies increased by 23% on an annual basis, while growth is sluggish. About 80 million young people remain unemployed.

During the large-scale protests in Hennan province over the release of frozen funds, white-clad men suppressed the demonstrations in front of the People's Bank of China Zhengzhou (PBoC office), local media reported.

Hundreds of protesters have held several protests in the city of Zhengzhou, the capital of Henan province, but their demands have been ignored by the Chinese authorities.

Several videos at source:
https://warnews247.gr/krisi-stin-kina-armata-machis-vgikan-stous-dromous-gia-na-prostatefsoun-trapezes-apo-to-lao/