07-11-2022, 08:55 PM
Members of a criminal gang accused of taking control of local banks have been arrested in central China after rare protests over alleged financial corruption sparked violent clashes between customers and authorities.
China's rural banking sector has been hit hard by Beijing's efforts to rein in a property bubble and spiraling debt, in a financial crackdown that has had ripple effects across the world's second largest economy.
The slowdown forced four banks in Henan province to freeze all cash withdrawals since mid-April, leaving thousands of small savers without funds and sparking sporadic demonstrations.
In one of the largest such rallies yet, hundreds gathered Sunday outside a branch of the People's Bank of China in Henan's capital Zhengzhou demanding their money, according to multiple witnesses who declined to be named.
Protesters held banners accusing local officials and police of corruption, calling on the central government to give severe punishment to those responsible, video footage verified by AFP showed.
Footage of Sunday's rally showed protesters throwing objects, while one participant told AFP that demonstrators were hit and injured by unidentified men.
Another video verified by AFP showed a man with a swollen eye saying he had been beaten by gangsters and dragged onto a bus by police.
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China's rural banking sector has been hit hard by Beijing's efforts to rein in a property bubble and spiraling debt, in a financial crackdown that has had ripple effects across the world's second largest economy.
The slowdown forced four banks in Henan province to freeze all cash withdrawals since mid-April, leaving thousands of small savers without funds and sparking sporadic demonstrations.
In one of the largest such rallies yet, hundreds gathered Sunday outside a branch of the People's Bank of China in Henan's capital Zhengzhou demanding their money, according to multiple witnesses who declined to be named.
Protesters held banners accusing local officials and police of corruption, calling on the central government to give severe punishment to those responsible, video footage verified by AFP showed.
Footage of Sunday's rally showed protesters throwing objects, while one participant told AFP that demonstrators were hit and injured by unidentified men.
Another video verified by AFP showed a man with a swollen eye saying he had been beaten by gangsters and dragged onto a bus by police.
- More -