On June 11th, in Hunyuan County, Shanxi Province, a large number of bank customers gathered at the entrance of the county government, chanting “Secretary, return our money.”
The protest was triggered by the collapse of the Hengyuan Fund Cooperative in Hunyuan County, which resulted in depositors being unable to withdraw their money. Hengyuan Fund Cooperative is a legitimate financial institution, with its legal representatives listed on the government website, making it an “officially authorized financial institution.”
But, the collapse of such an official financial institution has made people realize that even depositing money in Chinese banks and financial institutions can result in it “disappearing.” “Withdrawing money has thus become a topic of great concern.
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It’s Tough to Withdraw Money From China’s Banks! Require Police Consent! Savings Are Disappearing
