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A bank employee counts out 100 yuan notes at a bank in Shanghai on Aug. 8, 2018. (Johannes Eisele/AFP via Getty Images) Recently, a number of private real estate companies in mainland China went bankrupt, and Chinese state media blamed the problem on illegal loans by private banks.
Some financial commentators believe that private banks will become targets for suppression under communist leader Xi Jinping’s regime.
China’s state outlet Economic Daily published a op-ed on Oct. 15, claiming that many private banks have recently been fined by regulatory authorities for “violations of laws and regulations.” The article criticized some private banks for blindly seeking large borrowers to lend a large amount of loans, which could have unintended consequences; lending to real estate projects in violation of regulations; and the largest shareholders excessively intervening in the operation and management of the banks.
The article states that the reasons why private banks have conducted business in violation of laws and regulations are “not only related to the inadequate supervision and the profit-seeking nature of private capital, but also related to some of the disadvantages of private banks.” However, the article also emphasizes that “disadvantages” is not an excuse for illegal operations. It states that private banks must adhere to a baseline of risk; ensure that systemic and regional financial risks do not occur; ensure the safe and efficient operation of the financial market and overall stability; and complement state-owned banks and joint-stock commercial banks.
The article warns that the relevant regime departments must be alert to the “barbaric growth” of some private banks to effectively prevent financial risks. It also urges departments to guide banks to return to their original purpose of serving weak links in the real economy, and conduct in-depth investigations into constraints of the development of private banks, and introduce more targeted solutions to gradually alleviate the obstacles of capital replenishment policy.
Law Ka-chung, a Hong Kong economist and former chief economist of the Hong Kong branch of the Bank of Communications, told Radio Free Asia (RFA) that the Chinese regime wants to target certain people and businesses, and hopes to reduce the […]
Too Few Are Telling the Truth
Not long ago, conservative media was not beholden to anyone. Today, most sites are stuck on the Big Tech gravy train.
I’ll keep this short. The rise of Pandemic Panic Theater, massive voter fraud, and other “taboo” topics have neutered a majority of conservative news sites. You’ll notice they are very careful about what topics they tackle. Sure, they’ll attack Critical Race Theory, Antifa, and the Biden-Harris regime, but you won’t see them going after George Soros, Bill Gates, the World Economic Forum, or the Deep State, among others.
The reason is simple. They are beholden to Big Tech, and Big Tech doesn’t allow certain topics to be discussed or they’ll cut you off. Far too many conservative news outlets rely on Google, Facebook, and Twitter for the bulk of their traffic. They depend on big checks from Google ads to keep the sites running. I don’t necessarily hold it against them. We all do what we need to do to survive. I just wish more would do like we have, which is to cut out Big Tech altogether.
We don’t get Google checks. We don’t have Facebook or Twitter buttons on our stories. We don’t have a YouTube Channel (banned), and Instagram profile (never made one), or a TikTok (no thanks, CCO). We’re not perfect, but we’re doing everything we can to not owe anything to anyone… other than our readers. We owe YOU the truth. We owe YOU the facts that others won’t reveal about topics that others won’t tackle. And we owe America, this great land that allows us to take hold of these opportunities.
Like I said, I don’t hold other conservative sites under too much scrutiny over their choices. It’s easy for people to point fingers when we’re not the ones paying their bills or supporting their families. I just wish there were more who would break away. Today, only a handful of other major conservative news outlets have broken away from the Big Tech teat. Of course, we need help.
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We know we could make a lot more money if we sold out like so many “conservative” publications out there. You won’t find Google ads on our site for a reason. Yes, they’re lucrative, but I don’t like getting paid by minions of Satan (I don’t like Google very much if you couldn’t tell).
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JD Rucker – EIC