China Urges World to Disregard Protesters Storming Banks for Cash

China’s state-run Global Times claimed on Tuesday that Western media was unnecessarily “hyping” protests by roughly 1,000 people in Zhengzhou, China, on Sunday in which participants demanded several rural banks release millions of dollars of deposits after unceremoniously freezing them in April, ignoring the fact that Chinese security personnel physically abused and injured several demonstrators during the rally.

The Chinese Communist Party-controlled newspaper’s editors the following on July 12:

Chinese experts on Tuesday refuted recent Western media hype over problems with four rural banks in Central China’s Henan Province that have sparked widespread attention as well as swift regulatory actions, noting that the cases are “isolated” and do not represent any nationwide systemic risk and China has the capability to prevent major financial risks after years of efforts to set up a multiple-layered financial risk aversion mechanism.

An estimated 1,000 people participated in a rally outside the Zhengzhou branch of China’s central bank on July 10 to demand the bank release millions of dollars in deposits that were frozen without explanation in April. Several people told various media outlets, including Reuters and the Associated Press (AP), that they were physically assaulted by security personnel associated with the bank and police officers while demonstrating on Sunday.

READ MORE

Join now!