Chinese Economics Thread

[coolgod]

I repeat the content of another reply:
A few days ago，the frozen bank account was suddenly unsealed for half an hour without warning,then some money was withdrawn.

There is no reasonable explanation for this matter so far,there are suspicions that the government is helping those involved in the case to move their assets.
Then after the central government issued a warning,some depositors' health codes are marked in red again.

A series of coincidences add up to no coincidence.

By the way, it is very common to trick depositors into buying financial products in China,once the problem occurs, the bank will immediately throw the responsibility to the salesman.

The core of this series of problems is that regulation is completely out of control,many wrong practices have not been corrected for many years.

Where is your evidence that some money was withdrawn from the frozen account and that such an act was local corruption? If someone was able to withdraw money and was helped by the government secretly, why would they make such information public? Financial regulation for shadow banking and fintech is a difficult thing, all around the world, this it isn't a China unique problem. Crypto scams wiped out many investors recently, do you see those people illegally protesting outside the regional Federal Reserve Bank?

 

[zhangjim]

So you know which account was unsealed and for how long but not how much was withdrawn? What’s your source? Do you ever blame yourself for buying these risky financial assets?

Where is your evidence that some money was withdrawn from the frozen account and that such an act was local corruption?

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It's good to watch more news,I'm glad my memory didn't go wrong.

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Two depositors extracted 140000 yuan and 270000 yuan respectively. I hope this is really just an app bug, but who knows?

This is a major trust crisis, and any superposition of "accidents" is fatal. The worst result happened yesterday.

 

[coolgod]

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It's good to watch more news,I'm glad my memory didn't go wrong.

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Two depositors extracted 140000 yuan and 270000 yuan respectively. I hope this is really just an app bug, but who knows?

This is a major trust crisis, and any superposition of "accidents" is fatal. The worst result happened yesterday.

I repeat the content of another reply:
A few days ago，the frozen bank account was suddenly unsealed for half an hour without warning,then some money was withdrawn.

There is no reasonable explanation for this matter so far,there are suspicions that the government is helping those involved in the case to move their assets.

Your links doesn't support your argument at all, the linked source said in 2019 there was a bug in someone's account and their account mysterious increased in a large sum cash then decreased. Yes, we know the app is run by scammers, scammers software has bugs, shocking news I know!

Your linked source also said someone discovered a bug in the app where people can supposedly take some money out of the frozen accounts, then the bank figured out the bug and stopped it.

How does any of the two scenarios support your original argument, you and others like you are just spreading fear, uncertainty and doubt.

 

[Sleepyjam]

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It's good to watch more news,I'm glad my memory didn't go wrong.

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Two depositors extracted 140000 yuan and 270000 yuan respectively. I hope this is really just an app bug, but who knows?

This is a major trust crisis, and any superposition of "accidents" is fatal. The worst result happened yesterday.

It actually said that the withdraw was open to all for 40 minutes not just to that particular account. You made it sound like only that particular account was unsealed. Some people were lucky to withdrawn some money some weren’t when interviewed.

 

[zhangjim]

Your links doesn't support your argument at all, the linked source said in 2019 there was a bug in someone's account and their account mysterious increased in a large sum cash then decreased. Yes, we know the app is run by scammers, scammers software has bugs, shocking news I know!

Your linked source also said someone discovered a bug in the app where people can supposedly take some money out of the frozen accounts, then the bank figured out the bug and stopped it.

How does any of the two scenarios support your original argument, you and others like you are just spreading fear, uncertainty and doubt.

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It seems that someone knew the news in advance.
There seem to be too many "mistakes" and "bugs".

 

[coolgod]

Millionaire Chinese investors scheming on how to get Chinese taxpayers to bailout their "high interest" investment out. I would not be surprised if zhangjim is also paid to spread these FUD. Paying water army posters is a small cost compared to the tens of millions they lost to the scams.

 

[manatee988]

Can anyone translate the pictures. Google translate doesn't do a very good job.

 

[coolgod]

Can anyone translate the pictures. Google translate doesn't do a very good job.

The first two photos are from some ppl in the henan telegram chat group, goal is to blackmail central chinese government and people by holding protest with english signs and sending video to foreign media.
The third photo is about how to scheme and force government to bail them out by allying with the "middle class", i.e., the protest organizers are multi-millionaires who lost to the investment scam.
The fourth photo shows the organizers (fat cats) knows they are deliberating muddying the waters, since the regular deposit of the working class is covered by chinese regulators (like most country deposit insurance), but their high-interest investment products are not. So they mislead the normal depositors (i.e., less than 500k Yuan in deposit accounts) through lies to get them to protest with them, even though the regular depositors will get their money back.
The fifth photo shows these millionaires from across the country admitting their losses are in the tens of millions yuan.
The sixth photo is a contract signed by these investors when they purchased their investment products, which are nothing like that of a deposit account.

 

[Sleepyjam]

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Millionaire Chinese investors scheming on how to get Chinese taxpayers to bailout their "high interest" investment out. I would not be surprised if zhangjim is also paid to spread these FUD. Paying water army posters is a small cost compared to the tens of millions they lost to the scams.

Makes sense since he claims to be a local from Henan whose family got financially scammed. He also claims to see too many things without results I guess that means he wants compensation.

 

[hullopilllw]

Can anyone run me through on the Henan bank case ? Is this a case of mutual fund failing, but investors are demanding the banks to pay their capital instead ?

But how serious is this to cause a protest ? There are funds failing all the times, doesn't have to be fraud, investors have to read the prospectus carefully know the investment objective and risks.

Unless these funds are falsely promoted as deposit-level safe, I don't see how 9-10% yield funds can be considered totally safe by risk-averse investors. There should a reason why they are only available by these unknown local banks.