• About Us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI English
TFI हिन्दी
Saturday, January 28, 2023
TFIGlobal
TFIGlobal
Right Arm. Round the World. FAST.
No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIGlobal
TFIGlobal
No Result
View All Result

CCP is so poor now that it’s stealing from its people’s bank accounts

Kanika Batra Arora by Kanika Batra Arora
May 26, 2022
in China, Geopolitics, Global Issues
Reading Time: 3 mins read
0
Chinese bank customers
2.8k
VIEWS
Share on FacebookShare on Twitter

Frozen bank accounts of Chinese nationals

According to Chinese media sources, about 1 million Chinese bank customers have been unable to access their deposits for more than a month now.

Customers of four rural banks in Henan Province discovered their accounts were blocked on April 18 when they attempted to make the routine withdrawals. The banks issued announcements of system upgrades and maintenance, as well as the suspension of internet banking and mobile banking services, on April 18 and 19.

Also Read

Is South-East Asia ready for the Chinese collapse?

Kenya’s influence in East Africa is being threatened by a neighbour

The Chinese edition of The Epoch Times quoted two local depositors as saying that it had been more than 30 days and that many people still couldn’t access their retirement or regular payments. They refuted the official claims of investment fraud, claiming to be ordinary citizens who kept their money in banks.

“To us, a bank is like a state, you should feel safe with it. How can there be any issue with your savings? My bank card shows a record of regular interest payments, but I can’t withdraw [any money],” “We are regular customers of the bank—it’s about our savings accounts. It’s not an investment project. We have to fight for it,” one of the bank customers said.

Source – Global Finance Magazine

Some bullshit reason by CCP to freeze these accounts

But why is the Chinese Communist Party taking this step? They claim that the measure was taken to stop the circulation of illegal money and that the accounts were frozen to keep an eye on the country’s illegal investors.

“It’s my personal savings account, but now I have become an illegal investor, and I can’t access my account.”, another customer said.

All above when Chinese bank customers protested, police showed up, and many depositors were beaten and assaulted with pepper spray. Police arrested several people. Mr. Cheng, one of the Chinese bank customers, said that those who were arrested were released. There were about 200 people at the scene as he spoke on May 21.

Though the CCP claims that the accounts are being restricted in order to prevent illegal and corrupt activity, the timing of these measures suggests that there might be another motivation.

Also Read: Media, People’s Bank of China, and Censors: Anti-Jinping sleeper cells are finally activated

Let’s substantiate it further. The Chinese economy is currently in turmoil as investors and firms prepare to close or have already closed their doors. After Russia invaded Ukraine, outflows from the country’s stocks, bonds, and mutual funds accelerated. Furthermore, the trade war between China and the United States, China’s zero-covid policy, and supply chain disruption have all contributed to the CCP-led China’s financial crisis.

According to economist Stephen Roach, China is currently facing “enormous danger” and is unlikely to fulfill its economic growth objective for the year.

“I think China’s facing formidable pressures. There’s no way it’s going to make its 5.5% forecast.”, said Roach, a former Morgan Stanley Asia chairman who is currently a senior fellow at Yale University

Given China’s dire economic situation, there’s a decent possibility that the CCP will use the funds in these frozen accounts to help the country’s economy recover. In any case, this year’s presidential elections are set to take place. Xi Jinping is desperate to be re-elected for a third term as President of China. However, the Chinese people are naturally dissatisfied with his administration due to various reasons including the pathetic economic condition, terribly implemented zero covid policy, and others. As a result, there’s a good probability that Xi Jinping is transferring the funds from these frozen accounts to achieve his goals.

Watch –

Tags: BanksCCPChinaGeopoliticsInflationXi Jinping
ShareTweetSend
Previous Post

Germany (unofficially) joins Russia’s side

Next Post

Trudeau declares America a national security threat

Also Read

It’s Gangs vs. Police vs. Henry in Haiti. And Haiti is the biggest loser in this

It’s Gangs vs. Police vs. Henry in Haiti. And Haiti is the biggest loser in this

January 28, 2023
The Sweden-Finland episode is just another reminder of how adulterous EU nations are!

The Sweden-Finland episode is just another reminder of how adulterous EU nations are!

January 28, 2023
Bahamas mimics US’ Title 42 policy to throw migrants out of its soil

Bahamas mimics US’ Title 42 policy to throw migrants out of its soil

January 28, 2023
Meloni shows her “Russian Love” via Libya

Meloni shows her “Russian Love” via Libya

January 28, 2023
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Trending
  • Comments
  • Latest
Joy Piccolo O’ Connell in tv

Joy Piccolo O’ Connell and her role as a wife while her husband was battling cancer

October 8, 2021
Saudi Arabia Caribbean

Saudi Arabia expands its Caribbean foothold with an $80m gift

January 22, 2023
Did Ukraine use innocent civilians as human shield against Russia in the name of evacuation?

Did Ukraine use innocent civilians as human shield against Russia in the name of evacuation?

May 9, 2022
World Economic Forum

“Sex, sleaze, and drugs” is what WEF is all about

January 18, 2023
Zelensky Jinping

Why does Zelensky want to meet China’s Jinping?

January 22, 2023
Political Instability – Latin America’s biggest obstacle

Political Instability – Latin America’s biggest obstacle

January 28, 2023
common currency

Is a common Latin American Currency feasible?

January 28, 2023
It’s Gangs vs. Police vs. Henry in Haiti. And Haiti is the biggest loser in this

It’s Gangs vs. Police vs. Henry in Haiti. And Haiti is the biggest loser in this

January 28, 2023
The Sweden-Finland episode is just another reminder of how adulterous EU nations are!

The Sweden-Finland episode is just another reminder of how adulterous EU nations are!

January 28, 2023
Russia is losing its biggest partner in the Balkans

Russia is losing its biggest partner in the Balkans

January 28, 2023
Youtube Twitter Facebook
TFIGlobal
  • About us
  • Contact Us
  • Terms of use
  • Privacy Policy

©2023 - TFI MEDIA PRIVATE LIMITED

No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean

©2023 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Follow us on Twitter

and never miss an insightful take by the TFIGlobal team

Follow @tfiglobal
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.