No Money Is Yours! Money Control Amplifies Authorities’ Power.Chinese Economy Like Casino Capitalism

Debit card transactions are currently limited to ￥5,000 per day. People are frustrated that they can earn money but can't spend it. They are all becoming cogs in a planned economy.
The worst thing is that the ￥5,000 cap applies to all the off-counter transactions, including online banking, mobile banking, online quick payment, sales terminal POS machines, ATMs, and payment platforms such as Alipay and WeChat. People say we can't live like this anymore.
Netizens have confirmed that even their salary cards, which are obviously debit cards, have a limit of ￥2,000 imposed by their banks. A social media influencer had his card frozen due to exceeding the ￥5,000 limit. Completing a purchase for a mobile phone on the largest Chinese online shopping sites Taobao requires instalment payments. Buying a car requires endless trips to the bank. In the case of illness and the need to stay in hospital, a deposit of at least a few thousand USD is required in advance. Making an appointment with the bank to get the cash out takes time, and by the time the money is in hand, the ill person may have already died several days ago.
Many online forums are expressing frustration and criticism towards the Chinese government for mismanaging banks and scrutinising the wallets of ordinary citizens.
Netizens said, “We earn our own money, but we can't spend it freely. Whose money is it? Who has the final say?” A Chinese lawyer stated that this practice violates the rights of depositors to do what they want with their savings deposits.
When people are forced to manage their money according to the will of the authorities, it amplifies the control that they have over their citizens. Over time, people's money may unknowingly stop belonging to them and instead become assets of the mastermind behind the scenes, turning them into cogs in a planned economic system.
#chinaeconomy #moneycontrol
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[ef]

It's horrifying to know, your hard earned money saved in the "bank", could all disappeared without a trace.

[robertfraser]

If this does not finally make the people in China snap, I don't know what will.

[noniboo]

People will start going underground using cash only. There's always someone smart enough who will figure out how to work around the banking system.

[andrewsparkinson]

It comes down to honesty, can you trust the Chinese government’s intentions.

[alvinlee]

And that's why there was report of people in power keeping money in their house instead of bank

[melquisedecrivers-suarez]

Once you give up your freedom for a little comfort you endup loosing both. It takes a lot of courage to stand up, and many have paid with their life our freedom

[jwarmstrong]

One of the favorite saying by politicians : I only want to help you - they never say when the government taxes 50% you are not working for yourself any more

[chrisleaf]

In China, people who were richer beyond our wildest dreams lost everything because for some reason they got on the wrong side of the government officials there.

Suddenly, someone worth $10 billion for example was charged with "corruption" or "tax evasion", lost their freedom and have everything taken away from them via a huge fine that equalled or exceeded their net worth.

Same thing happens in Russia or any autocratic country.

[chowwuikeung]

Nowadays, whenever I heard something bad happening in china, I think to myself, how would the ccp make it even worse. Keeps surprising me every time.

[aliadat]

As a foreigner working in China, you need to spend 3 complete days when you want to transfer money to other international bank. Western Union only works for receiving and not sending. When foreigners leave China, they could only carry 5K USD cash in their pockets. Exchanging 100$ bill to yuan will be slaped back to your face because you don't have a chinese bank account. Money in mainland easy peasy, money out Big NO!

[thelion]

This problem is beginning to happen worldwide as banks are failing.

[neilcalonia]

In China, you can make a deposit transaction even without an account...but when it comes to withrawing a savings, ..a ton of documents will not suffice.

[embun]

In China every things are controlled and own by CCP (Central Chinese Communist Party); cannot own land (No Fee simple) houses or apartments are build on lease land (50 years), all money, private or personal funds in the banks are controlled by CCP. Most transactions aren't using paper currency (RMB), they use eYuan (digital currency). It makes easier for CCP & Central Banks to confiscate, to rob or limit the transactions. Note: this will happen also in USA (digital $) in the near future, step by step as promoted by socialist democrats. Note: Biden refuses to sign House Senate bill to ban ESG (Environment Social Government).

[tildoyagins]

If the people in charge are making this decision things must be in dire straights in the background.

[socialnginrin]

If all the CCP citizens are owned by the state, then that means their property also belongs to the state :/ I feel bad for all of them.

[flaviohaggis]

if you see a sudden huge uptick in the economy in the coming days, prepare for trouble.
that's what happens before the cannons start talking.

[biboydoce]

If you cannot get it and spend it, it is not your money anymore.

[ヘスリングマイク-ji]

The￥5, 000 cap is reason enough to want to take your money out of China.

[aguspermana]

makes medical care and medication free.

but make the bureaucracy so complicated that by the time care are expended the patient either heal themselves or died a year ago.

[craigkdillon]

We had this once. It is called serfdom.