Easy to Deposit, Hard to Withdraw!

Author: Calvin

https://images1.epochhk.com/pictures/131715/1109-A11

The Central Bank of the Communist Party of China recently announced that, starting from July this year, a “large cash management” will be implemented in selected provinces, which means that both enterprises and individuals will be able to manage their cash flow. The CCP will tighten controls on deposits up to a certain limit. Analysts say that the Chinese people’s access to their own money is being controlled by layers of barriers, which is part of the CCP’s overall control over people’s accounts.

We added alt text to describe your image for people with vision impairments. If you'd like to change it, click this bar or right-click the image and select Edit Alt Text.

In terms of the amount of money to be managed, the cap is 500,000 yuan (RMB) (about $70,587) for public accounts. The private amount is 100,000 yuan (Hebei Province, about $14,117), 300,000 yuan (Zhejiang Province, about $42,352) and 200,000 yuan (Shenzhen City, about $28,235). Moreover, if you want to withdraw your money at or above the set cap, you have to make an appointment, register and get approval before you can do so. This is a full control of all income and expenditure in accounts above a certain amount. Additionally, when the CCP is running out of money, the Petty bourgeoisie and middle-class leeks will be cut again.

               The CCP’s large cash management plan for depositors was first proposed in November 2019. At the time, people overseas said "the CCP wants to take full control of the people's wallets"; After the Central Bank of China announced that it would start this project, it raised concerns, and overseas netizens tweeted, "CCP: my money is mine, or yours? How can you possess people’s money...? it's all my money.” 

       The netizen said. “I guess the routine is: Withdrawing more than the capped amount, people will need to get approval on how they would like to use their money, or limit the amount of money be withdrawn in a year; or for those individuals who have much more money, CCP will directly transfer the money and blame it for a bank’s internal personal misconduct.” In addition, you are not allowed to use money at your free will, because it is lying in your account, the CCP can “borrow” it from the bank without issuing the national debt, and even the interest is not paid, if you are lucky to get your money back at all.

Overall, it’s not your money and you are at CCP’s mercy once you give it to CCP’s banks. CCP controls the cash flow and deprives anyone of the natural right of owning any property.  From an economic point of view, this is a measure that violates the rules of the market economy and destroys the legal system of the market economy. 
Reference: http://news.creaders.net/china/2020/06/12/2234989.html
                    https://www.epochtimes.com/gb/19/11/8/n11642713.htm
 
2+
0 Comments
Inline Feedbacks
View all comments