People commute during the morning rush hour before the opening session of the National People's Congress (NPC) in Beijing on May 22, 2020. – China took the rare move of not setting an annual growth target this year after the coronavirus battered the world's second-largest economy and ravaged global growth, Premier Li Keqiang said on May 22. (Photo by NICOLAS ASFOURI / AFP)
People commute during the morning rush hour before the opening session of the National People's Congress (NPC) in Beijing on May 22, 2020. – China took the rare move of not setting an annual growth target this year after the coronavirus battered the world's second-largest economy and ravaged global growth, Premier Li Keqiang said on May 22. (Photo by NICOLAS ASFOURI / AFP)

China’s banking system begins to crack at its grass roots as two bank runs take place within a week

  • Local governments and police in both Hebei and Shanxi provinces were forced to intervene after rumours concerning Baoding Bank and Yangquan Commercial Bank
  • China is hoping to rely on its small lenders amid the fallout from the coronavirus to provide funds to small factories and farmers

People commute during the morning rush hour before the opening session of the National People's Congress (NPC) in Beijing on May 22, 2020. – China took the rare move of not setting an annual growth target this year after the coronavirus battered the world's second-largest economy and ravaged global growth, Premier Li Keqiang said on May 22. (Photo by NICOLAS ASFOURI / AFP)
People commute during the morning rush hour before the opening session of the National People's Congress (NPC) in Beijing on May 22, 2020. – China took the rare move of not setting an annual growth target this year after the coronavirus battered the world's second-largest economy and ravaged global growth, Premier Li Keqiang said on May 22. (Photo by NICOLAS ASFOURI / AFP)
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