Hundreds more arrested in China’s rural banking scandal

Chinese minister hopes Philippines will revive talks on oil, gas deals in South China Sea

Without weakening one another’s claims in the disputed waterway, a Chinese minister expressed hope for the resumption of discussions with the Philippines on oil and gas exploitation in the South China Sea.

Last weekend in Manila, Liu Jianchao, the chief of the Communist Party’s international liaison department, told reporters that if both parties displayed “some type of flexibility,” the negotiations may move forward.
“It seems that there are some legal barriers or legal factors that are standing in the way of a final consensus,” said Liu, who previously served as the Chinese ambassador to the Philippines.

Hundreds more arrested in China’s rural banking scandal

A month after hundreds of depositors staged one of the greatest protests the nation has seen since the epidemic started to voice their outrage over their lost investments, police in China have detained 234 suspects who are allegedly connected to a rural banking scam.
Since April, four rural banks in the Henan region of central China have frozen millions of dollars’ worth of deposits, causing agony for hundreds of thousands of clients in a market already weakened by harsh Covid lockdowns.
In a statement released on Monday, police in the Henan province’s Xuchang city said that “great progress” had been achieved in recouping costs and that the investigation into the incident was continuing.
According to the report, a criminal organization headed by the alleged mastermind, Lv Yi, took over four rural banks, including Yuzhou Xinminsheng Village Bank, by promising depositors yearly returns of up to 18%.
Over the past two months, distressed depositors have held a number of protests in Zhengzhou, the provincial capital of Henan, to demand their cash back, but their cries have gone unanswered.

Guatemala support for Taiwan will not stop ‘reunification’ of China and Taiwan, says China

Taiwan President Tsai Ing-wen meets Guatemala’s Foreign Minister Mario Bucaro in Taipei© Reuters/TAIWAN PRESIDENTIAL OFFICE
Guatemalan support for Taiwan won’t prevent China and Taiwan from “reunifying,” a spokesman for the Chinese foreign ministry said on Tuesday.
Zhao claimed during a routine press briefing in Beijing that Taiwan’s Democratic Progressive Party was “politically manipulating” nations that had diplomatic links to Taiwan.
Mario Bucaro, the foreign minister of Guatemala, declared on Tuesday that his nation would “always support Taiwan.”


By: Miss Cherry May Timbol – Independent Reporter

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