China’s Banking System Is Short on Cash: Gordon Chang

In this photo released by Yang on July 10, 2022, people hold banners stage a protest at the branch of China's central bank in Zhengzhou in central China's Henan Province. A large crowd of angry Chinese bank depositors faced off with police on July 10, some reportedly injured as they were roughly taken away, in a case that has drawn attention because of earlier attempts to use a COVID-19 tracking app to prevent them from mobilizing. AP Photo/Yang

China is going through a systemic debt crisis because of a lack of liquidity, according to China expert and author Gordon Chang.

In comments to NTD, the sister media outlet of The Epoch Times, he noted that 400,000 depositors reportedly weren’t allowed by some banks in China’s Henan Province to withdraw money.