Protests erupted in Zhengzhou, the capital of central China’s Henan province, on July 10, as thousands of village bank depositors complained about a financial scandal at several rural banks. The rally sparked a standoff between protesters and police, and in a widely circulated video, protesters were also beaten by unidentified thugs in uniform. This brought the scandal involving several rural banks in Henan to the public’s attention. By April, many such banks in Henan Province had said depositors could not withdraw money, and closed their platforms for online withdrawals and transfers. At least a thousand customers began to travel to Zhengzhou hoping to solve the problem. Larger protests began in May. The continuing scandals in the fields of economy and finance have led many people to believe this is just the tip of the iceberg, with concerns about a domino effect.
— source wsws.org | 12 Aug 2022