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)
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

Topic |   China economy
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)
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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