Henan, China bank depositors hit with red health codes

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SkinnedWolf
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28 Jun 2022, 3:01 am

^I guess this is true in all countries that have completed urbanization. Although China has another layer of bad.
Before sunk costs continue to increase, I prefer to pretend that I have not studied architecture. (and I would say that landscape architecture is worse than architecture) :?


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SkinnedWolf
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11 Jul 2022, 10:58 am

https://twitter.com/rishibagree/status/1546377648305082368?s=21&t=HEYjuZd5Tcqfy2nEIH0ZgQ


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SkinnedWolf
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11 Jul 2022, 11:26 am

Image
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English banners. children. Timely network communication.
Obvious that abnormal organizations are operating.
However, reasonable. And effective.


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SkinnedWolf
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12 Jul 2022, 2:24 pm

Henan: Violent clashes after hundreds show up for China bank protest
From BBC, 7/11.

Quote:
Hundreds of people in China's Henan province attended a banking protest on Sunday which turned violent after a clash with a group of unidentified men.

Protesters said the banks had frozen their deposits because of supposed upgrades to their internal systems, but had not been in communication since.

Some 39bn yuan ($5.8bn; £4.9bn) is believed to have been frozen, leaving hundreds of thousands affected.

Authorities later said they would announce a plan to address the issue.

The incident involving the four banks had been in the spotlight earlier last month as some bank customers had earlier claimed authorities had restricted their movements in a bid to stop them from protesting.

On Sunday, protesters held banners and chanted while sitting on the steps to the Chinese central bank in Zhengzhou, the capital of Henan.

Local media reports say police were present at the scene and had told protesters to leave.

Shortly afterwards, protesters were then approached by a group of unidentified men - believed to be security personnel but dressed in plain-clothes.

Videos posted on social media showed these men shoving and pelting protesters.

One protester, who had travelled specially to Henan for the demonstration, told BBC Chinese that she had saved more than 100,000 yuan in one of the banks affected, and that some protesters had been badly hit.


Henan: China to repay customers after mass bank protests
From BBC, 7/12.
Quote:
Authorities in China's Henan province say they will start releasing money to customers who have had their funds frozen by several rural banks.

The announcement came just a day after a rare protest in Henan's capital, Zhengzhou, turned violent.

Payments will be made in batches from this Friday, local regulators say.

The four banks that were the focus of the protests are believed to have frozen a total of 39bn yuan ($5.8bn; £4.9bn) of deposits.

In a statement on Monday, the Henan Banking and Insurance Regulatory Bureau and the Henan Provincial Local Financial Supervision Bureau outlined the plans to make payments to customers through a local association supervised by China's central bank.


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SkinnedWolf
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12 Jul 2022, 2:40 pm

Chinese experts refute Western media hype over Henan banks, saying such cases are isolated
From Global Times, 7/12. Seriously does not represent my opinion.

Quote:
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.
...
The latest official moves came as investigations into the cases are still underway and authorities have previously said that a local business group, Henan New Wealth Group, was found to have illegally manipulated the online systems of the banks, with some suspects having already been arrested.

However, despite swift actions from local authorities to resolve the cases, many Western media outlets have seized the news to claim that such incidents could spread across China, especially amid downward economic pressure. A CNN report, for example, cited an expert as saying that such incidents could become more frequent and occur on a larger scale with an economic slowdown and other problems.

Chinese financial industry analysts dismissed such claims as cliché attempts by Western media outlets to smear the Chinese economy, especially when many Western countries are facing economic crises.


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SkinnedWolf
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12 Jul 2022, 2:53 pm

Some unconfirmed claims.

Quote:
The incumbent just wants to make things big, which means that the predecessor buried the thunder, and he can't clean it up. Money is lost under the previous leadership. Why should I raise money to plug the hole if I come for two years. That is, in get in a rage, if the predecessor doesn't bear the responsibility, he will continue to make a big deal, cause an international incident and damage the overall reputation.

Quote:
Last year, the balance of the deposit insurance fund of the people's Bank of China was only 90billion yuan. How much can we save by this? What if other holes explode according to the situation? That said, ray, it will explode sooner or later.

Quote:
"I can't understand now that this matter has nothing to do with the first level of Henan Province and Zhengzhou city. Why should the provincial and municipal levels be so sensitive and hard-working. The case is handled by Xuchang police, and there are no senior officials in Zhengzhou, so why is it like this?"

The author doesn't understand this. Maybe he doesn't understand where the main part of debt default goes?
Most of the debts of such rural banks go to real estate projects, and the interest is high. Originally, the debt was paid when the real estate was in normal operation. But the problem is that Henan real estate is not normal now. The epidemic and urbanization have reached a certain scale, the people have no money, and the birth rate. Now there are a large number of uncompleted residential buildings in Henan. Do you remember a series of real estate rescue policies in Henan this spring, all for stimulation. But it's of little use. Now uncompleted residential buildings in Henan rank high in the country. Most of the money borrowed by the developers went to auction the land, and the government used it. The bottom became a mess, and the top was not responsible? Is there any responsibility for the supervision of real estate projects? Therefore, some people don't want to expose the scandal, they will come up with a series of wonderful ways...


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SkinnedWolf
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14 Jul 2022, 3:45 am

From Chinese media, Nanfang Daily Newspaper Group, anti establishment tendency.
https://www.thepaper.cn/newsDetail_forward_18993874

Quote:
On July 13, at the press conference on financial statistics in the first half of the year held by the Information Office of the State Council, suntianqi, director of the financial stability bureau of the people's Bank of China, responded to the Henan Rural Bank incident. He said that since the Henan rural bank risk incident occurred, the people's Bank of China has actively cooperated with local governments and regulatory authorities to respond safely and guide branches to fulfill their responsibilities of maintaining regional financial stability, Do a good job in liquidity risk monitoring and emergency support. On the whole, China's financial risks are convergent and generally controllable, and 99% of banking assets are within the safe boundary. By the end of 2021, the total assets of China's banking institutions were 345 trillion yuan, accounting for 90% of the total assets of the entire financial industry. Therefore, stability in banking means stability in finance.

The rating results of the central bank in the fourth quarter of 2021 showed that among the 4398 banking institutions participating in the evaluation, 4082 financial institutions were within the safety margin, accounting for 93% of the banking institutions participating in the evaluation, and the asset size accounted for 99% of the banking institutions participating in the evaluation. Among them, 24 large banks have been rated at 1-5, which is an excellent rating. The asset scale accounts for 70% of the whole banking industry and is the ballast of the whole financial industry. There are 316 high-risk institutions at 8-10 levels, including those rural banks. The number of 316 high-risk institutions accounts for 7% of the banking industry's participating institutions, but the asset scale accounts for only 1% of the banking industry's participating institutions, In other words, the central bank ratings of most small and medium-sized banks are within the safe boundary.


From Henan government.
https://jr.henan.gov.cn/2022/07-10/2484330.html
Quote:
Henan banking and Insurance Regulatory Bureau Henan provincial local financial regulatory bureau said that the risk disposal plan of rural banks such as Yuzhou xinminsheng will be announced soon
The relevant person in charge of Henan banking and Insurance Regulatory Bureau and Henan local financial regulatory bureau said that in order to safeguard the legitimate rights and interests of the masses, the relevant departments are speeding up the verification of the customer capital information of the four rural banks and formulating disposal plans, which will be announced in the near future.


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goldfish21
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14 Jul 2022, 1:45 pm

Interesting thread.

I've seen some news about China's real estate market in some local Facebook groups as people speculate that When the SHTF in China, it's going to have a ripple effect around the world, and we're likely to see real estate prices crash in Vancouver.

A few reports over the years claim that foreign buyers are a drop in the bucket here, and that prices have mostly been bid up by locals with access to low interest rates and a FOMO mentality. Possible, but, BILLIONS/year has been laundered in Vancouver real estate. Myself, and most locals, do not believe official reports that foreign buyers have had little impact on local prices - especially given the number of empty mansions & condos all over the city. Basically, we call BS.

Anyways, moving on.. I've read a few articles from various economists that have basically stated that When the Chinese real estate & banking sectors implode for being a massive house of cards ponzi scheme, it's going to ripple out around the world to all of the places China & Chinese citizens have been investing in.. how can it not ?? If they have money troubles at home, how exactly are they going to keep buying everything in sight all over the world ?

Maybe I'll get lucky and as everything crashes all over the place, stocks & other lower priced investment options will tank even further than they have, bottom out, and indicate that it's time for me to buy some and hold 'em for a long time. Best time to buy is when everyone else has to sell off/does so in a panic! While local real estate prices may slide, I somehow doubt they're going to dip down into the realm of actual affordability and thus I may never purchase a home here.. but w/e, there might be other opportunities to buy other asset classes on the cheap thanks to the fallout from all of this craziness.


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14 Jul 2022, 1:58 pm

I would like to say that China's recent loan interruption for uncompleted residential flats is spreading. Under China's system, stopping the payment of loans directly almost means having a bankruptcy record.

However, as far as my city is concerned, it has actually fallen to the bottom, that is, half of the high. I guess there is no more room for decline.
The real foam is in the sub-first tier cities and non core areas of first tier cities.

The school district housing or the core areas of first tier cities will always maintain its value. Unless the school district system itself changes.

China's real estate is not even a market behavior, but involves the financial turnover of local governments. This is a 100% mine that will explode soon.
Look at what happened after Japan's Foam Burst.

However, will it explode before the mines in Europe or the United States?
The first one who can't hold on is the most miserable loser.
Survivors can last longer. But eventually there will be a time for liquidation.


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goldfish21
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15 Jul 2022, 10:55 am

The other part of this story that's interesting is the whole health code green/red thing.. people here who like to follow all sorts of internet conspiracy theories like to talk about China's social credit system being a blueprint for a global system of control.. and talk about how government(s) will have the power to just shut you out of society/monetary system/travel etc at the flip of a switch like that episode of Black Mirror. It's always seemed a little far fetched that things could go that route.. but here we are with China doing exactly that to their citizens on whatever whim they feel like doing it for.. so, maybe peoples fears stoked by internet folklore aren't completely unfounded here after all and maybe this is a system to contest/prevent from being implemented for the sake of personal security and privacy from an overreaching government.


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15 Jul 2022, 1:42 pm

goldfish21 wrote:
people here who like to follow all sorts of internet conspiracy theories like to talk about China's social credit system being a blueprint for a global system of control.

I have met a group of people on another international platform with more Chinese. They use "Chinese can obtain 'social credit points' by publishing positive information on the Internet" to cancel all things my compatriots say about China that are not in line with their cognition. :?
This looks like a cybernetic dehumanization.

However, this matter in this thread is shocking in China. This is definitely not our normal state.


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21 Jul 2022, 3:21 pm

https://weibo.com/7286955267/LBBILylZj#comment
Interestingly, Chinese Foreign Ministry spokesperson zhaolijian posted the following on July 10.

Quote:
Zhengzhou night view
Image

He seems to be making an implicit criticism.


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Cover your eyes, if you like. It will serve no purpose.

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Murihiku
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22 Jul 2022, 6:16 pm

^ What do you think he's criticising?

The photo looks quite nice, too.


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There's the rub, the task.


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SkinnedWolf
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22 Jul 2022, 6:20 pm

Murihiku wrote:
^ What do you think he's criticising?

The photo looks quite nice, too.

July 10 was one of the days when the riots took place. This was suppressed by the local government.

One possible explanation is that "night" is an image commonly used in Chinese to express the darkness of society.
The photo that look good still conform to the identity of the spokesman of the Ministry of foreign affairs, that is, to maintain the national image.

Another explanation is that prosperous cities are in contrast to the experiences of people.
Victims cannot find justice in the glorious city.


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Murihiku
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23 Jul 2022, 8:46 am

Oh okay, thanks. I thought that the Foreign Ministry might've been trying to criticise someone abroad. I probably should've paid more attention to the date, lol.

Here, if the government wanted to downplay a particular issue, they might announce a new investigation or policy, or promote a story on an entirely different topic. Posting a photo of the city in which protests are occurring – even a nice photo – could end up reminding people of the very story they're trying to suppress. Especially if that story has already gotten widespread media attention.

Do you think the Central Government will be able to stabilise the situation soon? The subprime mortgage crisis in the US hit the world economy hard, and I'd hate for something similar to happen in China.


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SkinnedWolf
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23 Jul 2022, 8:53 am

Murihiku wrote:
Do you think the Central Government will be able to stabilise the situation soon? The subprime mortgage crisis in the US hit the world economy hard, and I'd hate for something similar to happen in China.

The economic problem that China may ultimately have an impact on the world is the reshuffle of real estate - but my impression is that more analysts believe that this will lead to profits for other major economies, not the opposite.

There is not much direct connection between this incident and the real estate collapse. But I'm not sure whether this incident will cause more.

The reason why other economies suffer from the economic crisis in the United States is that the international market relies on US dollar settlement. As a result, the US printing money will devalue the foreign exchange held by other economies.


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Cover your eyes, if you like. It will serve no purpose.

You might expect to be able to crush them in your hand, into wolf-bone fragments.
Dance with me, funeralxempire. Into night's circle we fly, until the fire enjoys us.