HCNN -China's Banks Collapse, Freezing Deposits and Forcing Desperate Account Holders to Fight Back

In April 2022, four rural banks in Henan province, namely Xinminsheng Village Bank in Yuzhou, Huimin Village Bank in Shangcai, Huanghuai Village Bank in Zhecheng, and New Oriental Village Bank in Kaifeng, suspended withdrawals for depositors due to financial pressure. This affected 400,000 depositors, involving at least 40 billion yuan in funds. In July of the same year, a large-scale protest by depositors demanding their rights erupted in Zhengzhou. The Chinese authorities later announced compensation of 50,000 yuan for the affected depositors, with payments for deposits exceeding 50,000 yuan being made in installments. However, to this day, a significant number of depositors have yet to receive any compensation.