Why are tanks deployed outside banks in China? Read Full Inside Story

Are the banks in China starting to get worse? Is China battling a banking crisis? Why are there tanks deployed outside the banks? Actually, a video has surfaced there, which is telling this story. Banks in China, which is facing a banking crisis, have frozen the accounts of customers. People have come out on the streets in protest against this. The situation is so bad that the government has had to deploy tanks outside the banks. According to media reports, demonstrations have turned violent in many places due to the ban on withdrawal of customers' money. It is being said that this crisis has been going on since April. For the past few days, there has been a lot of clashes between the police and bank customers in Henan province of China.

After people came out on the streets, the Chinese government has deployed tanks outside the banks. In these circumstances, people have started remembering the incident of June 4, 1989, when the Chinese government massacred its innocent civilians protesting on Tiananmen Square. Then a Chinese citizen came and stood in front of the army tank, the picture of which became popular as Tank Man. Now once again the Chinese government has deployed the tank in front of its citizens.

Why are tanks deployed?

According to reports, China is going through a banking crisis. Despite having such a large economy, banks in China do not have money to return their customers. There is a ban on the withdrawal of money from the banks of the common people. People are angry with this decision and are protesting everywhere. In such a situation, China has taken down the tanks on the streets against its common citizens. These tanks have been installed outside the banks of China so that the common people cannot reach the banks.

The bank had promised to return the money in installments, but…

This whole incident is being told in Henan province of China, where people are not being allowed to withdraw money from their accounts since April. People allege that they are not being allowed to withdraw their savings and their accounts have been frozen. Because of this, thousands of people demonstrated outside the bank.

The branch of Bank of China's Henan province has said that the bank will return their money to its customers in installments. The date of July 15 was fixed for the first installment of the money. The date has come and passed. Nobody got their money. After this, demonstrations in Henan province started turning violent. In such a situation, tanks were deployed outside the banks by the PLA, so that people could not reach the bank. The Chinese police are also trying to suppress the demonstration.

Watch Video:

The moment tanks were brought in to protect a bank in China after crisis hit the country.

This is coming on the heels of an announcement by the Henan branch of the Bank of China that depositors' funds are now 'investment products' and cannot be withdrawn pic.twitter.com/2l9q7LOuVr — The Quest Times (@thequesttimes) July 21, 2022

What happened that the banks are unable to return the money?

Now the real question is why the condition of Chinese banks is such that they are not able to return the money of the people. In April, the South China Morning Post revealed the bank scams in China in a report. According to the report, about $ 6 billion i.e. 47 thousand crore rupees are missing from Chinese banks. Banks have stopped giving money since April. However, the banks' argument is different. Banks say that due to system up-gradation, they are not able to give money.

Another reason is also being told about the stalled real estate business in China. Banks have given money to big property dealers, but they are not returning the money. It is being said that due to being close to the Xi Jinping government, banks are not even able to take action against him. Ordinary customers have to bear the brunt.

There are also reports of bad business and rising unemployment from China. Some reports, quoting Professor Zheng Yuhuang of Tsinghua University, have said that the year 2022 will be very difficult for China. According to Zheng, 4.60 lakh companies have been closed in China in the first three months of 2022, while 31 lakh business houses have been bankrupted. Eight crore youth are already unemployed, while crores of youth will complete their studies and look for jobs. These problems are a big challenge for the Jinping government.