China violently suppresses protestors fighting to withdraw life savings

Chinese authorities brutally crushed a non-violent demonstration on Sunday by over 1,000 depositors fighting to withdraw their life savings from provincial banks Chinese banking regulators are investigating for “illegal financial activities.”

The protest was the latest demonstration in Zhengzhou, the capital city of Henan province, where four rural banks had millions of dollars’ worth of deposits frozen in April, reports CNN.

China’s banking regulator accused a major stakeholder in all four banks of selling deposit products to people outside their geographic region via third-party online platforms, which was banned in 2021 over fears they could be abused and increase risk in the financial sector.

Hundreds of protestors from across China arrived at the Zhengzhou branch of the People’s Bank of China, the country’s central bank, in early morning to avoid authorities who had been using COVID-19 protocols to block mass demonstrations.

The demonstrators occupied the building’s front steps and unfurled large signs, shouting “Henan banks, return my savings!” according to CNN.

They were careful to demonstrate patriotism with Chinese flags to make clear their picketing was directed at the local government, not Beijing, reports CNN.

Police began to assemble across the street, many in plainclothes. They reportedly charged the protesters at around 11 a.m., who responded by throwing bottles. Multiple protesters told CNN that security officers dragged protesters down stairs and beat those who resisted, to their shock.

"Why would government employees beat us up? We're only ordinary people asking for our deposits back, we did nothing wrong," said one woman, who told CNN she was pushed to the ground had her arm twisted by two security guards.

Later on Sunday, Henan province’s banking and insurance regulator said relevant departments were “accelerating” efforts to investigate the crisis and “protect the legal rights and interests of the broader public,” reports The Times of London.

Protests will likely continue as depositors desperately clamor to recover their savings.

"Being unemployed, all I can live on is my past savings. But I can't even do that now -- how am I supposed to (support my family)?" said Huang, a depositor from Wuhan who lost his job in medical cosmetology during the pandemic.

Sun, from Shenzan, says he is struggling to meet payroll for the over 40 employees at his machine factory without his deposit.

"The incident completely overturned my perception of the government. I've lived all my life placing so much faith in the government. After today, I'll never trust it again," he said.