Tags :Inclusive Finance

Newsflash

• Japan’s Self-Defense Forces Have Shifted Seriously To The Right, China Urges Thorough Investigation To Prevent Recurrence

  Mao Ning: This incident exposed the depth and harm of Japan's right-wing ideology and distorted view of history. According to reports, Japan’s National Defense University has a “routine” of collective visits to the Yasukuni Shrine every year. In 2024, a former senior Maritime Self-Defense Force official actually served as the Palace Secretary of the Yasukuni Shrine. This is the first time that a retired Self-Defense Force general has served as the highest position of the Yasukuni Shrine. The Self-Defense Forces have long invited far-right elements who are extremely anti-China to participate in teaching, and the training materials are full of content that distorts and beautifies the history of World War II aggression.

  The parents of the Self-Defense Forces officer who illegally broke into the Chinese Embassy said that he did not behave in extreme ways when he was growing up and studying in his hometown, and they had no idea why he did what he did. This person received a nine-month reserve cadre training course in the Self-Defense Forces. During this process, what ideas did the Self-Defense Forces instill in him and what kind of education did he receive? It deserves attention, investigation and reflection. The rightward shift of the Japanese Self-Defense Forces and the "remilitarization" of Japan deserve the high vigilance of the international community. China once again urges Japan to thoroughly investigate the incident and fundamentally prevent such incidents from happening again.

  Reporter’s question screen

  Reporter from the Iranian Audiovisual Organization: A report from Iran’s Ministry of Cultural Heritage, Tourism and Handicrafts shows that since the war began on February 28, Israel and the United States have attacked more than 130 historical sites and monuments and caused widespread damage, many of which are included in UNESCO’s relevant lists. Historical heritage is very important to ancient civilizations like China and Iran with a long history. These attacks on historical monuments run counter to China's global civilization initiative. What is China's position on these actions?

  Mao Ning: World cultural heritage is a precious wealth for all mankind. China deeply deplores the destruction of Iranian cultural relics and monuments during the war and urges all warring parties, especially the United States and Israel, to immediately and comprehensively cease military operations, start dialogue and negotiations as soon as possible, and end this war that should not have happened as soon as possible.

  "Beijing Daily" reporter: According to reports, the United States and Israel have recently attacked the Arak Heavy Water Plant, the Hundab Heavy Water Reactor, the Ardakan Yellow Cake Processing Plant, and the Bushehr Nuclear Power Plant in military operations. The US military is conducting exercises to seize and transfer Iran's enriched uranium stockpile by force. In addition, Iran submitted a working document on the prohibition of attacks on peaceful nuclear facilities and scientists to the upcoming 11th Review Conference of the Treaty on the Non-Proliferation of Nuclear Weapons, emphasizing that attacking nuclear facilities with force violates many international legal documents. What is China's comment on this?

  Mao Ning: Armed attacks on peaceful nuclear facilities that are subject to the safeguards and supervision of the International Atomic Energy Agency violate the purposes of the United Nations Charter, international law, and the Statutes of the International Atomic Energy Agency. It seriously affects the authority of the Treaty on the Non-Proliferation of Nuclear Weapons, weakens efforts to maintain the international nuclear non-proliferation system, and may have serious consequences for regional peace, security, and stability. China firmly opposes this, advocates peaceful resolution of the Iranian nuclear issue through political and diplomatic means, and calls on all parties to remain calm and restrained to avoid further escalation of tensions.

  The 11th Review Conference of the Treaty on the Non-Proliferation of Nuclear Weapons is about to be held. China is concerned about the negative impact of the military strikes by the United States and Israel. China is willing to work with all parties to continue to promote peace and negotiation with an objective and fair stance, support resolving the Iranian nuclear issue through dialogue and negotiation, effectively safeguard the international nuclear non-proliferation system, and promote peace and stability in the Middle East.

  Reporter’s question screen

  Reporter from Indonesia's Antara News Agency: The United Nations Interim Force in Lebanon was attacked for two consecutive days. Two Indonesian peacekeepers were killed and two others were injured in the attack. China plays an important role in UN peacekeeping operations. Does this incident raise serious concerns about the safety of peacekeepers? What measures can be taken to better ensure their safety?

  Mao Ning: We express our condolences for the death of the Indonesian peacekeepers who were attacked. Deliberate attacks on United Nations peacekeepers are a serious violation of international humanitarian law and Security Council Resolution 1701 and are absolutely unacceptable. The parties concerned should cease fire and cease fighting as soon as possible and take practical measures to ensure the safety of United Nations peacekeepers. China is also willing to play a constructive role in cooling down the situation and restoring peace and stability in the Middle East.

  15 seconds ago

• The Self-study Graduation Ceremony Of Hubei University Of Economics Was Held And More Than 300 Students Were Awarded Academic Qualifications

  Jingchu Net (Hubei Daily Net) News (Correspondent Bi Sheng Liu Wenxian) Spring cherry blossoms are like snow on the branches, and scholastic students are starting a new chapter. On the morning of March 29, there was thunderous applause and youthful excitement in the lecture hall of the Hubei University of Economics Library. The spring graduation ceremony of the 2025 Hubei University of Economics Higher Education Self-Study Examination was grandly held here. More than 300 graduate representatives, teachers, and family members gathered on the campus where cherry blossoms were in full bloom for a glorious appointment.

  The ceremony was hosted by Hubei University of Economics, co-organized by China University of Geosciences (Wuhan) and Wuhan University of Science and Technology, and hosted by Hubei Electronic Information College. Zhang Guoan, member of the Standing Committee of the Party Committee and Vice President of Hubei University of Economics, Wang Qizhi, Secretary of the Party Committee of the School of Continuing Education of Hubei University of Economics, Wuhan University of Science and Technology continued Cheng Hongfeng, deputy dean of the School of Education, Wang Xinxin, director of the Self-study Examination Office, and Zhao Junyi, deputy director, Tian Feng, site management director of the School of Distance and Continuing Education of China University of Geosciences (Wuhan), Liu Mingda, party branch secretary and president of Hubei Electronic Information College, and Chen Jian, deputy secretary of the party branch, attended. Luo Jie, deputy dean of the School of Continuing Education of Hubei University of Economics, Wang Danfeng, deputy secretary of the party committee and deputy dean, Ding Fang, deputy dean, and heads of relevant departments, as well as representatives of outstanding teachers from Hubei Electronic Information College attended the event. The graduation ceremony was hosted by Zhang Zhiwu, Dean of the School of Continuing Education of Hubei University of Economics.

  

  A message from Zhang Guoan, Member of the Standing Committee of the Party Committee and Vice President of Hubei University of Economics

  Zhang Zhiwu, Dean of the School of Continuing Education of Hubei University of Economics, presided over

  The ceremony kicked off with the solemn national anthem. Zhang Guoan expressed his warmest congratulations to the students who have successfully completed their studies! I would like to express my most heartfelt thanks to the teachers who have worked hard and dedicated themselves silently! I would like to express my highest respect to people from all walks of life who have always cared about and supported the development of school self-study examinations! He briefly introduced the school’s history, philosophy, characteristics, achievements, “new finance” reform and “double promotion” strategy, etc. He encouraged students with “five messages”: First, continue to study and be down-to-earth. Graduation is not the end of learning, but a new starting point. Second, we must aim high and never forget our original aspirations. Keep in mind the school’s motto of “being virtuous, knowledgeable, managing the world and benefiting the people”, and combine personal ideals with national development. Third, we must temper our character and shoulder our mission bravely. Have the courage to take responsibility, face challenges and maintain a proactive attitude. Fourth, we must unite knowledge and action, and act bravely and resolutely. Take "Three Haves and Three Realities" as the "coordinates" on the way forward, learn and solve problems through practical actions, and have the courage to face difficulties. Fifth, we must be grateful and repay the society. Give back to the society with practical actions, spread love and positive energy widely, remember the kindness of teachers and alma mater, continue to pay attention to the construction and development of alma mater, and go back to "home" often.

  Cheng Hongfeng, deputy dean of the School of Continuing Education of Wuhan University of Science and Technology, delivered a speech

  Liu Mingda, Secretary of the Party Branch and President of Hubei Electronic Information College, delivered a speech

  Chen Jian, deputy secretary of the Party Branch of Hubei Electronic Information College, informed about the decision of outstanding graduates and outstanding teachers in the spring of 2025

  At the meeting, Cheng Hongfeng, deputy dean of the School of Continuing Education of Wuhan University of Science and Technology, and Liu Mingda, secretary of the Party branch and president of Hubei Electronic Information College, delivered enthusiastic speeches respectively, speaking highly of the graduates' achievements and encouraging them to continue to carry forward the spirit of diligent study and courage to explore, to continue to pursue excellence in their future work and life, and to make greater contributions to society. Chen Jian, deputy secretary of the Party Branch of Hubei Electronic Information College, informed the Hubei Electronic Information College of the decision to select outstanding graduates and outstanding teachers in the spring of 2025.

  Outstanding graduates took the stage to receive awards

  Outstanding teachers came to the stage to receive awards

  Graduate representatives came to the stage to receive graduation certificates

  Subsequently, the ceremony entered the awarding and graduation certificate phase. Zhang Guoan, Zhang Zhiwu, Wang Qizhi, Cheng Hongfeng, and Tian Feng presented awards to outstanding graduates; Liu Mingda presented awards to outstanding teachers; Zhang Guoan, Zhang Zhiwu, Wang Qizhi, Cheng Hongfeng, Tian Feng, Liu Mingda, and Chen Jian presented graduation certificates to graduate representatives.

  Qi Chenlu, outstanding graduate representative, delivered a speech

  Ke Qin, the outstanding teacher representative, gave a speech

  Qi Chenlu, the outstanding graduate representative, and Ke Qin, the outstanding teacher representative, made exchange speeches respectively.

  It is reported that organizing higher education self-study examination students to participate in the graduation ceremony is an important link for Hubei University of Economics to implement the fundamental task of cultivating moral character and strengthening ideological and political education. It is a major measure to deepen the reform of national higher education continuing education. It is a powerful starting point to enhance students' sense of identity, belonging and honor. It is an important way to carry forward the scholastic spirit and is of great significance to promoting the high-quality development of the school's continuing education. This graduation ceremony coincides with the school's 2025 Cherry Blossom Festival and Tangxun Lake Aesthetic Education Festival activities. The activities include "Sakura rhyme enlightens the mind, aesthetic education nourishes the heart", "Sakura Lake Sutra, intangible inheritance", "Sakura comes with appointment, youth travels together", "Sakura beauty ecology, carbon cable fashion" "Sakura has faith, love returns to Lake Sutra" With 7 major theme activities including "Sakura Welcome, Academic Activities", "Sakura Blossoms in the Clouds, Beautiful Lake", the school uses cherry blossoms as a medium to promote the construction of campus culture, implements the educational concept of "educating people with beauty, and educating people with culture". It also publicizes and promotes low-carbon concepts, integrates ecological civilization education into daily life, and implements it.

  Where the cherry blossoms are blooming, it is the right time to set sail. This ceremony, carrying hope and inheritance, not only brought a successful conclusion to the studies of all self-taught graduates, but also ignited their ambition to go to mountains and seas and make contributions. I hope that all graduates of the School of Economics will keep in mind the spirit of the school motto of "Being virtuous, knowledgeable, managing the world and benefiting the people", always maintain the innocence of the School of Economics, use innovation as the pen, use struggle as the ink, strive for self-improvement, work hard, and bloom brilliant flowers on the journey of Chinese modernization in the name of youth!

  23 seconds ago

• Britain's HS2 High-speed Rail Plans To Slow Down And Save Money, But The Three-year Construction Period Is Stuck In Construction Cost And Other Issues

  According to recent reports from many foreign media including the Financial Times, BBC and CNN, the UK plans to reduce the design speed of High Speed ​​2 (HS2) to save billions of pounds.

  According to the original design, the construction specification of the HS2 high-speed railway is that the train can reach a maximum speed of 360 kilometers per hour. However, based on technical limitations and construction cost considerations, the British government believes that if the original design is maintained, the new trains running HS2 must be sent to China for testing. Otherwise, they can only wait for the UK to build a dedicated test track, but this will significantly increase the construction cost.

  According to reports, the HS2 high-speed railway officially started construction in 2019. It is planned to start from London Euston Station (Euston), pass through Birmingham, Manchester, and finally reach Leeds. However, three years after the start of construction, the project fell into a quagmire of project delays, cost overruns and planning failures.

  

  A construction site of the HS2 high-speed railway. Financial Times

  The project was originally proposed with a budget of £37.5bn, but by 2020 forecasts show the project cost will reach £100bn. The soaring construction costs have led to calls within the British government for route reduction and opposition to the construction of high-speed rail. In 2021, some government MPs suggested reducing the design speed and cutting off the construction of the line to Leeds. In 2023, some people proposed to abandon the high-speed rail line in Manchester.

  A British transportation expert said that if the construction of the established high-speed rail line is reduced as recommended by MPs, it will seriously weaken the actual value and future economic benefits of the high-speed rail line. "It doesn't look cost-effective to just build the London to Birmingham high-speed rail line."

  British Transport Secretary Heidi Alexander recently stated that in order to control the soaring costs of the HS2 project, it is considering reducing the maximum design speed of the trains from the originally planned 360 kilometers/hour to 300 kilometers/hour. It is estimated that every 1 mile reduction in speed can save approximately £1 billion in infrastructure and vehicle operating costs.

  However, Alan Over, Director General of the Major Railway Project Group of the British Department of Transport, pointed out that the purpose of building expensive high-speed railways is to maximize train traffic per unit time. Reducing the speed means a significant reduction in the number of trains passing per hour, which will affect travel efficiency, lead to a reduction in the number of passengers and revenue, and ultimately lead to serious losses.

  According to reports, the construction of the HS2 high-speed rail line has always been one of the thorny issues for the British government. The government hopes that it will help economic recovery. However, subsequent construction and development have made it increasingly difficult to justify the HS2 high-speed rail line. At the same time, the overall construction costs of HS2 are rising, dampening public enthusiasm for major infrastructure projects.

  In response to the media, a spokesperson for the HS2 project admitted that "the overall construction situation of HS2 is unacceptable and requires re-planning." The spokesperson said, "The initial target cost of the project was too optimistic. When we started construction, the design was not yet mature. In addition, the relevant persons in charge of the HS2 project changed frequently, lacked technical research capabilities in key areas, and were passive when facing challenges, without the spirit of rising to the challenge."

  Analysts point out that the proposal to reduce speeds may seem like a cost-saving expedient, but it touches on the core value proposition of the HS2 project - which is to bring high capacity and efficiency through high speeds. How to find a balance between huge sunk costs, lack of testing facilities and economic pressure will be one of the biggest challenges facing the "replanning" of the HS2 project.

  HS2 CEO Mark Wild said in a recent interview with the media that the project is not expected to be completed until after 2037. Despite the high cost, HS2 will eventually be regarded as a "transportation miracle" in the UK.

  Relevant people from the British Ministry of Transport pointed out that the current design speed of HS2 high-speed rail trains is 360 kilometers per hour, and special train speed measurement tracks and conditions must be ensured. "Otherwise, the design speed will be reduced, or the trains will be shipped to China and the existing mature high-speed tracks and technical equipment there will be used for testing." The person said, "China has the world's most advanced technical conditions for high-speed rail line construction and testing."

  The above-mentioned media previously reported that China has built the most extensive high-speed railway network in the world, achieved the highest level of modernization, established a world-leading high-speed railway technology system, and successfully opened the era of smart high-speed railways. China's high-speed railway construction companies are not only committed to breaking the boundaries of speed, endurance and civil engineering, but are also one of the first companies in the world to introduce autonomous (unmanned) train operation and advanced signal control technology. Today, China is testing a 450 km/h CR450 EMU train. Its actual operating speed can reach 400 km/h, which is 50 km/h faster than the Fuxing CR400 currently in operation.

  The Financial Times report also mentioned that the British government believes that if the HS2 high-speed train runs at a slower speed, there will be no need to face this situation (shipping the train to China for testing). According to reports, this reflects the embarrassing dilemma of the lack of corresponding technical research and testing facilities in the UK.

  55 seconds ago

• Private Bank Deposit Growth Rates Diverge, And Self-operated Platforms Become The Key To Breakthrough

  Since the fourth quarter of last year, regulatory authorities have continued to regulate the behavior of commercial banks in absorbing deposits through Internet third-party platforms and off-site. For small and medium-sized banks, especially non-Internet private banks, if they want to continue to achieve rapid growth in deposits, they must strengthen the construction of self-operated platforms.

  A reporter from the 21st Century Business Herald combed through the data of 17 private banks that have released financial reports (one has not released, and one has been in business for a short time) and found that the growth of bank deposits in 2020 has shown great differentiation: first, the growth rate of deposits of 17 banks has diverged; second, the gap between banks that opened in the same batch is widening; third, the gap between Internet-type banks and non-Internet-type banks is also widening.

  On January 15 this year, the Central Bank and the China Banking and Insurance Regulatory Commission officially jointly issued the "Notice on Matters Related to Regulating the Personal Deposit Business of Commercial Banks through the Internet", which regulates the personal deposit business of commercial banks through the Internet and requires local corporate banks to serve customers in the areas where they have established institutions. In 2021, the deposit gap between private banks is expected to further widen.

  Two negative growth

  In terms of deposit balance, as of the end of 2020, WeBank ranked first with a deposit balance of 262.829 billion yuan; MYBank ranked second with 164.689 billion yuan, nearly 100 billion yuan less than WeBank; Suning Bank ranked third with 57.294 billion yuan; followed by 8 banks with balances of more than 20 billion yuan.

  Comparing the deposit growth rates of 17 private banks in 2020, it was found that Xinwang Bank and Jincheng Bank's deposit growth rates were negative, -20.56% and -17.36% respectively; 5 banks' deposit growth exceeded 100% , respectively, MYBank, Zhongguancun (000931, Stock Bar) Bank, Huatong Bank, Xin'an Bank, and Yumin Bank; Zhongbang Bank and China Commercial Bank's deposit growth exceeded 50%, and the remaining eight grew below 50%.

  For Xinwang Bank and Jincheng Bank, the deposit growth rate of the two banks has been a "roller coaster" in the past two years: in 2019, Xinwang Bank's deposit growth rate was 95.95%, and Jincheng Bank's deposit growth rate was also as high as 92.12%.

  Xinwang Bank stated in its 2020 financial report that it expects the policy trend of strong financial supervision to continue in 2021, and that the bank's Internet deposit and Internet loan businesses are generally relatively standardized; Jincheng Bank stated that the bank actively consolidates the development foundation of deposit business, enriches funding source channels, and provides guarantee for asset business and liquidity risk management.

  The deposit growth rates of Fumin Bank and Sanxiang Bank were 1.25% and 0.69% respectively. Although they achieved growth, the growth rate was far lower than that of other banks with deposit growth. As far as Sanxiang Bank is concerned, the bank's personal deposits and corporate deposits grew at 18.17% and 5.41% respectively in 2020, but interbank deposits fell by 59.43%. As of the end of 2020, the bank's interbank deposit balance was 2.557 billion yuan, accounting for 5.87% of all deposits. At the same time, the bank reduced the balance of structural deposits to 0 yuan. The bank said the structural adjustment had achieved remarkable results.

  Among the five banks with a growth rate of more than 100%, MYbank, Zhongguancun Bank, Huatong Bank, and Xin'an Bank also saw rapid growth in deposits in 2019. Among them, Zhongguancun Bank, Huatong Bank, and Xin'an Bank have been open for a relatively short time; while Yumin Bank opened in September 2019, and last year was its first full fiscal year.

  Three kinds of differentiation

  In addition to the differences in the deposit growth rates of the 17 private banks mentioned above, there are two other differences: first, the gap between banks that opened in the same batch is widening; second, the gap between Internet banks and non-Internet banks is also widening.

  Take the first five banks that opened for business as an example: the deposit balances of WeBank and MYBank were 262.829 billion yuan and 164.689 billion respectively, while the deposit balances of Huarui Bank, Jincheng Bank, and China Commercial Bank were 27.435 billion yuan, 19.486 billion yuan, and 13.746 billion yuan respectively. The gap between the highest and the lowest was close to 20 times, and the deposit growth rates of WeBank and MYbank still maintained rapid growth.

  Among the second batch of private banks that opened, Suning Bank, Zhongbang Bank, Sanxiang Bank, Yilian Bank, Fumin Bank, and Blue Ocean Bank have surpassed Huarui Bank, Jincheng Bank, and China Commercial Bank that opened in the first batch.

  At the same time, among the second batch of private banks that opened, Suning Bank, Zhongbang Bank, and Yilian Bank also surpassed Fumin Bank and Xinwang Bank, which opened relatively early.

  For Internet-type banks, the gap between WeBank, MYBank, XinwangBank and Yilian Bank is also widening. WeBank’s deposit scale is nearly 100 billion yuan higher than that of MYBank; Xinwang Bank’s deposits are nearly 10 billion yuan higher than that of Yilian Bank, which opened later.

  3 companies’ deposits account for less than 60% of liabilities

  Judging from the ratio of deposits to liabilities, most of the 17 banks are between 70% and 90%, with Jincheng Bank the highest at 88.08%; however, there are also three banks with less than 60%, namely MYBank, Fumin Bank, and Xinwang Bank, all of which are Internet-type banks.

  According to regulatory requirements, the interbank liabilities of commercial banks cannot exceed 1/3. What is the interbank liabilities of the above three banks?

  MYbank's financial report shows that as of the end of 2020, its deposits and deposits from peers and other financial institutions were 101.117 billion yuan, accounting for 34.02% of total liabilities. At the same time, its balance of borrowed funds was 4.605 billion yuan, and the total proportion exceeded 1/3.

  Fumin Bank's financial report shows that as of the end of 2020, deposits and deposits from its peers and other financial institutions, funds borrowed from banks, and financial assets sold and repurchased totaled 9.474 billion yuan, accounting for 19.08% of the liability ratio, less than 1/3.

  Xinwang Bank disclosed that as of the end of 2020, its interbank liabilities were 12.503 billion yuan. Calculation shows that its interbank liabilities accounted for more than 1/3, at 35.17%.

  The loan-to-deposit ratio of three companies is higher than 100%

  From the perspective of deposit ratio, 3 of the 17 banks are higher than 100%, namely Yilian Bank, Fumin Bank, and Xinwang Bank. They are also Internet-type banks. Among them, Xinwang Bank is as high as 144.81%; while Merchant Bank is only 53.13%.

  As early as 2015, the Commercial Bank Law was revised, canceling the requirement that the loan-to-deposit ratio should not be higher than 75%, but at the same time changing the loan-to-deposit ratio from a statutory regulatory indicator to a liquidity monitoring indicator.

  In fact, when the loan-to-deposit ratio is too high, commercial banks may have certain liquidity risks.

  Yilian Bank stated in its financial report that during the reporting period, the bank increased its core liabilities by increasing its offline deposit business through its business department; absorbing deposits through self-operated platforms such as WeChat Bank and Yilian App to further expand the scale of self-operated customers and self-operated channel deposits; increasing the scale of deposits in the insurance industry; actively conducting peer credit cooperation with various financial institutions, obtaining financial support from financial institutions, and improving liquidity supply supplementary capabilities to manage liquidity risks.

  In this year’s first quarter report, Yilian Bank further disclosed that the bank’s liquidity gap ratio is currently higher than regulatory standards and its liquidity is in a safe zone. The bank's loan-to-deposit ratio further rose to 118.09% in the first quarter.

  Fumin Bank disclosed in its financial report that the bank regularly conducts liquidity risk stress tests every quarter and continuously improves stress testing methods. Currently, the bank's overall liquidity risk is controllable.

  Xinwang Bank stated that in 2020, the bank continued to expand its sources of liabilities, optimize its liability structure, maintain reasonable liquidity emergency reserves based on business development, regularly conduct liquidity stress tests and liquidity emergency drills, and apply information systems to improve liquidity risk management capabilities and refinement. In 2020, the bank's liquidity risk appetite was reasonable, its management strategies, policies and procedures were appropriate, and no liquidity risk events occurred.

  In addition, judging from the latest situation in the first quarter of this year, the deposit balances of Yilian Bank and Zhongguancun Bank have increased and decreased, which may mean that the deposit situation of private banks will become more differentiated this year.

  1 hours ago

• Ms. Su, A 61-year-old Woman In Suzhou, Was Tricked Into Spending 160,000 Yuan In Her Live Broadcast Room. She Was Sentenced To Be Unable To Recover The Winnings.

  Ms. Su from Suzhou was induced by "rebates, gift items, and high-priced buybacks" in the live broadcast room. After spending more than 160,000 yuan on shopping, she encountered incorrect goods, and the promised rebates and buybacks were not fulfilled. She sued the merchant for fraud. After the first and second trials, the court finally ruled to revoke the contract and provide a full refund to the merchant. But it only won a verdict.

  Products purchased by women

  Live broadcast room "rebate repurchase", invested more than 160,000 yuan and found that the goods were not correct

  Ms. Su is 61 years old and lives in Suzhou City, Jiangsu Province. She said that she didn’t expect that she could be defrauded when buying things online, and she lost her pension money in this deception.

  According to Ms. Su, from August to October 2024, she had been watching and selling goods in the live broadcast room of a certain video platform "Huahaoyueyuan A". The main operator of this live broadcast room was Xianyou County Licheng Shimo Department Store (hereinafter referred to as "Shimo Store").

  Screenshot of live broadcast room

  "The anchor repeatedly promised in the live broadcast room that as long as you take photos of goods in the live broadcast room, you can enjoy subsidies. The more you buy, the more repurchase subsidies will be. Merchants will also repurchase the sold goods at a high price in November 2024. In addition, the anchor also displayed gold items many times, claiming that when you place an order, you will get a gold necklace and cash rebates, saying that 'if you grab it, you will earn it, and you will never have it again in this life. Such an opportunity', 'helping fans reduce stress and save tens of thousands of dollars a year'..." Ms. Su said that after the anchor's long-term promotion, she placed an order and waited for the rebates and gold items promised by the other party. "Even if I don't want the product, I can buy it back and cash it out from the merchant." In these short two months, she paid a total of more than 164,000 yuan in the live broadcast room.

  The order page provided by Ms. Su shows that on August 24, 2024, Ms. Su bought 100 strings of Xiuyu bracelets in the live broadcast room, and the price of each string was 138 yuan; on October 30, 2024, Ms. Su bought 10 bed brushes, and the price of a single bed brush ranged from 3,857 yuan to 39,948.99 yuan. According to statistics, Ms. Su spent a total of more than 164,000 yuan in this store.

  The order shows that a bed brush worth 39,000 yuan was purchased.

  Ms. Su said that the actual goods sent by the merchant were neither bed brushes nor Xiuyu bracelets. What she received were 863 bracelets. "At that time, I thought the other party would repurchase, so I didn't care about it."

  The actual arrival is 863 string bracelets

  The rights protection failed and the merchant was sued. The merchant denied fraud and did not admit that he had made any promises.

  "When the repurchase period promised by the merchant expired in November 2024, Shimo Commercial Bank did not repurchase in accordance with the previous oral agreement, and the so-called subsidies, rebates, and free goldware were not honored." Ms. Su said that she realized something was wrong and hurriedly contacted the merchant's customer service through the platform. She also called the host of the live broadcast room multiple times and asked the other party to refund the full payment. But no matter how Ms. Su communicated, the merchant refused to process the refund.

  In desperation, Ms. Su sued Shimo Trading Company to the People's Court of Xianyou County, Fujian Province, hoping to protect her legitimate rights and interests through legal channels.

  It is understood that the court held three hearings from April to August 2025.

  In court, Ms. Su said that she bought the bracelet because the merchant said it would provide rebates, gift items, and repurchase. She did not expect that the merchant had no integrity and did not fulfill the promotional promises of the live broadcast room. This is consumer fraud.

  Ms. Su made a clear request to the court to revoke the information network sales contract between her and Shimo Commercial Company in accordance with the law. She also requested the merchant to return the entire payment of 164,423.66 yuan she paid. The litigation costs in this case shall be borne by the merchant. She also expressed her willingness to return all the 863 bracelets she received to the merchants.

  In response to Ms. Su's prosecution, Shimo Commercial Firm firmly denied the existence of fraud, nor did it admit that it had ever made promises such as buybacks, rebates, and gift items.

  Courts at both levels found fraud and ordered the merchant to refund the full amount

  The merchant argued that the sales contract between the two parties had been fulfilled, the goods had been delivered, the payment had been settled, the rights and obligations of the contract had been terminated, and there was no prerequisite for revocation. At the same time, it was claimed that Ms. Su's purchase was in large quantities and in high amounts, and was a wholesale purchase business, not an ordinary consumer. Moreover, the seven-day no-reason return period had exceeded, and she had no right to request a refund.

  After hearing the case, the People's Court of Xianyou County, Fujian Province held that Shimo Trading Company did not truly and fully disclose product information during the live broadcast. The anchor used inducing language to make Ms. Su fall into the misunderstanding that she could get rebates, gift items, and high-price repurchases. The actual delivered goods were seriously inconsistent with the order markings and promotional content, which constituted fraud in the legal sense.

  The first-instance judgment of the court revoked the sales contract between the two parties, and the merchant returned the payment of 164,423.66 yuan to Ms. Su within ten days of the judgment taking effect. Ms. Su returned 863 bracelets in the same period, and the case acceptance fee was borne entirely by the merchant.

  After the verdict of the first instance was announced, Shimo Trading Company was dissatisfied and appealed to the Putian Intermediate People's Court of Fujian Province. It insisted that the transaction was the true intention of both parties and that the merchant did not commit fraud. It requested that the verdict be changed to reject all Ms. Su's claims.

  The second-instance court held that the first-instance judgment clearly identified the facts and applied the law correctly, rejected the appeal, and upheld the original judgment.

  Ms. Su's son Qi Fen (pseudonym) told the Chinese Business Daily Dafeng News reporter that after a year of time-consuming and labor-intensive litigation, he unexpectedly only won a verdict. "In February this year, the execution judge gave feedback on the situation: the legal representative of the company is an old man over 70 years old, with only 100 yuan in his bank account and no other property."

  Market supervision: All store operators complained against have lost contact

  After combing through, Qi Fen also found that in addition to the more than 164,000 yuan in the above-mentioned judgment, his mother also made three purchases at the platform stores "Agarwood Heritage Family" and "Wanxin Wenwan", one for more than 3,800 yuan, and the other for more than 2,400 yuan. They entered Kamiqiao, Licheng City, Xianyou County respectively. The jewelry store and Xiaobing Department Store in Xianyou County also had an order originally placed at the "Wanxin Wenwan" store. Later, the customer service of the store asked to scan the QR code on WeChat to pay. "Through inquiry, it was found that the amount paid by WeChat was more than 14,000 yuan, and it went to the account of Chenyuge Arts and Crafts Store in Bangtou Town, Xianyou County."

  Qi Fen said that considering the issue of legal fees, he only filed lawsuits against the companies that had been defrauded the most. For the remaining companies, he chose to complain to the local 12315 consumer hotline in Fujian.

  The reporter saw from the receipt given by the Xianyou County Market Management Bureau that after investigation and visits by law enforcement officers, the operators of Licheng Kamiqiao Jewelry Store in Xianyou County and Xiaobing Department Store in Xianyou County were not contacted, and law enforcement officers also did not find these two companies. For the transaction of scanning the QR code to pay for the Chenyuge Arts and Crafts Store in Bangtou Town, Xianyou County, the operator admitted that he had received 14,422 yuan, but did not know the specific circumstances. He claimed that he was helping Queyue Department Store in Licheng County, Xianyou County to collect the payment on his behalf. After verification by the regulatory authorities, Xianyou County Licheng Queyue Department Store did not operate at the registered office location, and the operator lost contact.

  The Xianyou County Market Management Bureau has listed the above three missing companies on the list of operating abnormalities.

  Ms. Su was not alone in being deceived. There were 31 people who had the same experience as her. "We added each other on WeChat because we were deceived. After getting to know each other, the vast majority of people who were deceived did not dare to tell their families, so that their family members would not be able to defend their rights if they knew about it. They could only admit that they were unlucky." In some screenshots of the chats provided by Ms. Su, some of the deceived people were unwilling to accept the deception, and they could not sleep at night and were in fear all day long. Some people also said that they reported it to the police behind their families' backs, but the police regarded it as a dispute and ignored it.

  WeChat chat screenshot

  Ms. Su wants to know if these merchants are selling goods online without supervision and their offline addresses have not been traced. Can they be cheated? How should everyone protect their own rights and interests?

  Lawyer’s statement:

  Winning the lawsuit but not getting the money back, the lawyer analyzes the criminal and civil boundaries of the live broadcast "rebate gift device" scam

  Zhao Liangshan, senior partner of Shaanxi Hengda Law Firm and a well-known public interest lawyer, believes that from a legal perspective, the reason why this incident is more likely to constitute civil fraud than a crime of fraud is mainly because the merchant used "rebates, gift items, and high-price repurchases" as bait in the live broadcast room to induce Ms. Su to purchase goods that were not of the correct quality and failed to fulfill their promises. This behavior is consistent with According to the elements of fraud stipulated in the Civil Code, the court ruled to cancel the contract and issue a full refund, and the law was accurately applied. The core of the crime of fraud lies in the purpose of illegal possession. In this case, the merchant actually delivered 883 string bracelets, which gave the appearance of a transaction, and the subjective purpose of illegal possession is difficult to directly prove. Therefore, there are currently great legal obstacles in determining the crime of fraud.

  Zhao Liangshan said that if you want to convert civil disputes into criminal liability, the key is to supplement evidence to prove the purpose of illegal possession. Victims can collect evidence such as the merchant's inability to perform the contract (such as no actual operation, broken capital chain), transfer of property after payment or squandering, and refusal to perform refund obligations. At the same time, the total losses of 31 victims can be collected to form an evidence chain of public fraud. In this way, they can complain to the public security organs and promote the filing of a criminal case in accordance with the relevant provisions of Article 266 of the Criminal Law on the crime of fraud, and then recover the stolen money.

  Zhao Liangshan suggested that in view of this, on the path of rights protection, it is recommended to use civil execution guarantees as the basis, supplemented by criminal accountability. On the one hand, continue to advance the execution procedures of civil cases, apply to add actual controllers and shareholders of businesses as persons subject to execution, and try to make up for losses as much as possible; on the other hand, submit complete evidence materials to the public security organs and try to initiate criminal investigations. Through parallel criminal and civilian methods, we can protect our legitimate rights and interests to the greatest extent, and at the same time curb this type of live broadcast fraud.

  Huashang Daily Dafeng News reporter Miao Qiaoying editor Li Jing

  1 hours ago

• The Development Of Private Banks Encounters Challenges, And Hexun Focuses On Declining Depositor Confidence And Operational Problems

  Recently, some private banks have notified depositors that online channels such as mobile banking apps have opened deposit certificate issuance services; many private banks also use eye-catching large characters to indicate "Our bank has participated in deposit insurance" on various online channels. One of the reasons behind the seemingly ordinary promotional activities may be closely related to the recent decline in the confidence of some customers in the online deposit products of private banks.

  Savers' concerns are not groundless. Affected by the recent turmoil over deposits in rural banks in some areas, depositors have given up on higher interest returns and withdrawn unexpired time deposits from these private banks, instead depositing them in major state-owned banks with lower interest rates. Some depositors also said that they will carefully choose Internet deposit channels from various financial institutions in the future.

  In recent years, problems such as the slowdown in performance growth of private banks and frequent changes in executives and shareholders have become factors of concern for savers. In fact, it has only been more than seven years since the birth of private banks in New China. Compared with traditional banks, due to their late start, lack of offline outlets, low brand awareness, and gradual tightening of regulatory policies, the liabilities of these banks have continued to increase, and their liquidity risk pressure has increased. Some banks have even taken desperate measures to expand business in other places or engage in illegal related-party transactions.

  Various phenomena reflect that the daily operational security of small and medium-sized financial institutions has become an important reference for financial consumers to pay attention to and make decisions. It is true that it is understandable for depositors to withdraw their deposits out of concern, but they should also remain calm when looking at the daily operating issues of financial institutions, and should avoid listening to unreliable rumors, which may cause unnecessary personal financial losses or even lead to greater risks.

  The deposit insurance system has been running smoothly since its implementation seven years ago. The principal and interest of deposits of individuals, enterprises and other entities are within the scope of protection. Even deposits that exceed the maximum repayment limit of 500,000 can also resolve risks through market-oriented means of financial institutions, so that the safety of personal deposits is further protected. The full payment of personal depositors' deposits at Baoshang Bank is a typical example.

  As regulatory authorities have intensified their efforts to "precisely dismantle" key high-risk financial institutions in recent years, the number of high-risk small and medium-sized financial institutions in my country has dropped significantly. According to central bank data, as of the end of 2021, the total assets of 316 high-risk institutions accounted for only 1% of the total assets of the banking industry. It can be said that the safety of bank deposits of the vast majority of people can withstand the test of time.

  The guarantee of the system is indeed the basis for the safe and stable operation of my country's financial institutions. However, in order to dispel customers' doubts to a greater extent and gain broader trust from customers, small and medium-sized financial institutions such as private banks have a long way to go. On the one hand, small and medium-sized financial institutions such as private banks should further straighten out shareholder equity and related relationships, and create stable and efficient management teams; on the other hand, small and medium-sized financial institutions such as private banks should solidly prepare basic liabilities, innovate products and service forms within the scope of regulatory policies, increase cooperation with other banks and other financial institutions, implement differentiated development strategies, increase the supply of high-quality services, and thereby enhance customer stickiness.

  1 hours ago