{"id":9351,"date":"2023-11-03T23:23:58","date_gmt":"2023-11-03T23:23:58","guid":{"rendered":"https:\/\/infundpros.com\/business\/chinas-fright-night-halloween-protests-and-cash-crunch-send-distress-signals-about-the-economy\/"},"modified":"2023-11-03T23:24:00","modified_gmt":"2023-11-03T23:24:00","slug":"chinas-fright-night-halloween-protests-and-cash-crunch-send-distress-signals-about-the-economy","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=9351","title":{"rendered":"China\u2019s fright night: Halloween protests and cash crunch send distress signals about the economy"},"content":{"rendered":"
\n

\n Editor\u2019s Note: Sign up for CNN\u2019s Meanwhile in China newsletter which explores what you need to know about the country\u2019s rise and how it impacts the world.\n<\/p>\n<\/p>\n

\n Young people used Halloween parades on the streets of China\u2019s richest city this week to dress up in costumes protesting the country\u2019s economic problems that were underscored by a record spike in borrowing costs for some banks.\n <\/p>\n

\n Thousands of revellers in Shanghai dressed in their Halloween finest to celebrate the Western holiday. There were traditional getups like Batman and princesses, but the crowd \u2014 and the Chinese internet \u2014 went wild for costumes offering scathing social commentary, particularly about the state of the world\u2019s second largest economy.\n <\/p>\n

\n Videos circulating on social media showed a man dressed as the Shanghai Composite Index, one of the world\u2019s worst performing stock markets this year, while holding a bunch of leeks.\n <\/p>\n

\n China has more than 220 million individual investors, and a common complaint is that they\u2019re being harvested like\u00a0leeks, a staple in the Chinese diet, by big companies and the government \u2014 and being played for suckers.\n <\/p>\n

\n
\n <\/source><\/source><\/source><\/source><\/picture>\n <\/div>\n<\/div>\n

\n The young man, whom CNN wasn\u2019t able to identify, seemed to be venting his distress at the fact that the Shanghai Composite Index has been on a steady slump, falling more than 10% in the past seven months. The video was circulated widely on social media platforms including Weibo, Douyin, and Xiaohongshu.\n <\/p>\n

\n \u201cThis is the scariest coser,\u201d a Weibo user commented, referring to a cosplayer \u2014 someone who dresses up as a character and also seeks to act the part.\n <\/p>\n

\n \u201cI don\u2019t want to see it. My heart is broken,\u201d another user said. \u201cThis is the most evil ghost in China!\u201d\n <\/p>\n

\n Global investors have dumped Chinese shares at an unprecedented pace in recent months. Foreign fund outflows via the Stock Connect\u00a0platform hit $22.1 billion between August 7 and October 19, the largest outflow the history of the trading link between mainland markets and Hong Kong.\n <\/p>\n

\n The Chinese economy has been dragged down by a number of challenges including a property market crisis, local government debt stress, rising US-China tension over technology and subdued global demand. Officials have tried various measures recently to boost markets and the economy, without much success.\n <\/p>\n

\n
\n \"SHANGHAI,<\/source><\/source><\/source><\/source><\/picture>\n <\/div>\n<\/div>\n

\n At the Halloween parade, many revellers vented their bitterness about the economy. One woman dressed up as a medical student, holding a begging bowl in her hands.\u00a0Another woman wore a sign saying \u201cliberal arts student,\u201d as she also carried a begging bowl and a sign asking for egg fried rice.\n <\/p>\n

\n
\n \"A<\/source><\/source><\/source><\/source><\/picture>\n <\/div>\n<\/div>\n

\n Unemployment among young people is so bad that the government has stopped publishing the data.\n <\/p>\n

\n \u201cI think people have suppressed their emotions for too long,\u201d Xiao Pan, a participant of the festivities in Shanghai, told CNN.\n <\/p>\n

\n \u201cSo when they find such a window, they want to express their true selves,\u201d he said. \u201cHalloween is an opportunity to express something without worrying about political risks.\u201d\n <\/p>\n

\n The Halloween celebrations coincided with another fright about the state of China\u2019s economy.\n <\/p>\n

\n On Tuesday, overnight borrowing costs for some Chinese banks briefly hit a record high of 50%, stirring up memories of a 2013 credit crunch when short-term borrowing rates surged to 30%, sending jitters through global markets.\n <\/p>\n

\n Yan Ziqi, chief fixed income analyst for Chinese broker Huaan Securities, said funding conditions had tightened because of a wave of government bond sales \u2014 which sucks money from markets \u2014 and tax payments due at the end of the month.\n <\/p>\n

\n Some institutional investors then \u201cmisjudged\u201d the situation and <\/strong>significantly increased <\/strong>the short-term rates they were charging to avoid running short of cash themselves.\n <\/p>\n

\n Last week, China\u2019s legislature\u00a0approved\u00a0one trillion yuan ($137 billion) in sovereign bonds to fund rebuilding efforts after natural disasters and other infrastructure projects, <\/strong>some of which have already been issued. <\/strong>The issuance has increased the supply of governments bonds on the market, which can reduce the amount of money in circulation.\n <\/p>\n

\n Although most borrowers were unaffacted and the average overnight rates quickly fell back to their usual level of around 2.5%, the cash crunch was a sign of how frightened investors are about potential risks in the Chinese financial system.\n <\/p>\n

\n On Tuesday, official figures for October showed that the country\u2019s massive manufacturing sector had contracted again amid weak demand.\n <\/p>\n

\n The services and construction industries, also saw their weakest activity last month since China lifted its Covid-19 restrictions in December 2022.\n <\/p>\n

\n \u201cChina\u2019s economic outlook remains highly uncertain,\u201d Moody\u2019s Investors Service said in a report on Thursday.\n <\/p>\n

\n
\n \"China's<\/source><\/source><\/source><\/source><\/picture>\n <\/div>\n<\/div>\n

\n To address these challenges, President Xi Jinping hosted a key financial policy meeting this week to reiterate the need to resolve financial risks in the economy. It was the first such meeting held since 2017.\n <\/p>\n

\n According to a read-out released on Tuesday, Xi urged the ruling Communist Party to tighten oversight of financial institutions, including providing greater credit support to struggling firms and channeling more funds to strategically important industries.\n <\/p>\n

\n Policymakers also pledged to address the risks associated with smaller regional banks and local government financing vehicles.\n <\/p>\n

\n \u201cHidden economic and financial risks are still widespread,\u201d the readout said. \u201cFinancial chaos and corruption continues to occur, and financial supervision and governance is weak.\u201d\n <\/p>\n

\n Even China\u2019s spy agency, which is normally not involved in tackling financial risks, has pledged to \u201cproactively\u201d take part in protecting economic stability.\n <\/p>\n

\n On Thursday, the Ministry of State Security vowed to crack down on those who attempted to \u201cundermine global investor confidence in China\u201d by spreading negative views about the Chinese economy.\n <\/p>\n

\n \u201cThere are people who short China or talk down China. They are trying to undermine the global community\u2019s confidence in China and cause turbulence in our country\u2019s financial system,\u201d it <\/strong>said in a statement posted on its Wechat social media account.\n <\/p>\n

\n \u201cNational security agencies should crack down and punish illegal and criminal activities in the financial sector that endanger national security,\u201d it added.\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Editor\u2019s Note: Sign up for CNN\u2019s Meanwhile in China newsletter which explores what you need to know about the country\u2019s rise and…<\/p>\n","protected":false},"author":1,"featured_media":9352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-9351","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nChina\u2019s fright night: Halloween protests and cash crunch send distress signals about the economy | inFundPros<\/title>\n<meta name=\"description\" content=\"Editor\u2019s Note: Sign up for CNN\u2019s Meanwhile in China newsletter which explores what you need to know about the country\u2019s rise and how it impacts the world.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=9351\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China\u2019s fright night: Halloween protests and cash crunch send distress signals about the economy | inFundPros\" \/>\n<meta property=\"og:description\" content=\"Editor\u2019s Note: Sign up for CNN\u2019s Meanwhile in China newsletter which explores what you need to know about the country\u2019s rise and how it impacts the world.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/infundpros.com\/?p=9351\" \/>\n<meta property=\"og:site_name\" content=\"inFundPros\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-03T23:23:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-03T23:24:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/11\/231102105828-03-halloween-costumes-china.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Press Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Press Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/infundpros.com\/?p=9351#article\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/?p=9351\"},\"author\":{\"name\":\"Press Room\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\"},\"headline\":\"China\u2019s fright night: Halloween protests and cash crunch send distress signals about the economy\",\"datePublished\":\"2023-11-03T23:23:58+00:00\",\"dateModified\":\"2023-11-03T23:24:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/infundpros.com\/?p=9351\"},\"wordCount\":994,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/infundpros.com\/?p=9351#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/infundpros.com\/?p=9351\",\"url\":\"https:\/\/infundpros.com\/?p=9351\",\"name\":\"China\u2019s fright night: Halloween protests and cash crunch send distress signals about the economy | inFundPros\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/#website\"},\"datePublished\":\"2023-11-03T23:23:58+00:00\",\"dateModified\":\"2023-11-03T23:24:00+00:00\",\"description\":\"Editor\u2019s Note: Sign up for CNN\u2019s Meanwhile in China newsletter which explores what you need to know about the country\u2019s rise and how it impacts the world.\",\"breadcrumb\":{\"@id\":\"https:\/\/infundpros.com\/?p=9351#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/infundpros.com\/?p=9351\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/infundpros.com\/?p=9351#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/infundpros.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"China\u2019s fright night: Halloween protests and cash crunch send distress signals about the economy\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/infundpros.com\/#website\",\"url\":\"https:\/\/infundpros.com\/\",\"name\":\"Fintech Advance\",\"description\":\"Latest Finance and Tech News and Updates\",\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/infundpros.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/infundpros.com\/#organization\",\"name\":\"Fintech Advance\",\"url\":\"https:\/\/infundpros.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"width\":409,\"height\":70,\"caption\":\"Fintech Advance\"},\"image\":{\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\",\"name\":\"Press Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"caption\":\"Press Room\"},\"sameAs\":[\"https:\/\/infundpros.com\"],\"url\":\"https:\/\/infundpros.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"China\u2019s fright night: Halloween protests and cash crunch send distress signals about the economy | inFundPros","description":"Editor\u2019s Note: Sign up for CNN\u2019s Meanwhile in China newsletter which explores what you need to know about the country\u2019s rise and how it impacts the world.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/infundpros.com\/?p=9351","og_locale":"en_US","og_type":"article","og_title":"China\u2019s fright night: Halloween protests and cash crunch send distress signals about the economy | inFundPros","og_description":"Editor\u2019s Note: Sign up for CNN\u2019s Meanwhile in China newsletter which explores what you need to know about the country\u2019s rise and how it impacts the world.","og_url":"https:\/\/infundpros.com\/?p=9351","og_site_name":"inFundPros","article_published_time":"2023-11-03T23:23:58+00:00","article_modified_time":"2023-11-03T23:24:00+00:00","og_image":[{"width":800,"height":450,"url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/11\/231102105828-03-halloween-costumes-china.jpg","type":"image\/jpeg"}],"author":"Press Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Press Room","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/infundpros.com\/?p=9351#article","isPartOf":{"@id":"https:\/\/infundpros.com\/?p=9351"},"author":{"name":"Press Room","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff"},"headline":"China\u2019s fright night: Halloween protests and cash crunch send distress signals about the economy","datePublished":"2023-11-03T23:23:58+00:00","dateModified":"2023-11-03T23:24:00+00:00","mainEntityOfPage":{"@id":"https:\/\/infundpros.com\/?p=9351"},"wordCount":994,"commentCount":0,"publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"articleSection":["Business"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/infundpros.com\/?p=9351#respond"]}]},{"@type":"WebPage","@id":"https:\/\/infundpros.com\/?p=9351","url":"https:\/\/infundpros.com\/?p=9351","name":"China\u2019s fright night: Halloween protests and cash crunch send distress signals about the economy | inFundPros","isPartOf":{"@id":"https:\/\/infundpros.com\/#website"},"datePublished":"2023-11-03T23:23:58+00:00","dateModified":"2023-11-03T23:24:00+00:00","description":"Editor\u2019s Note: Sign up for CNN\u2019s Meanwhile in China newsletter which explores what you need to know about the country\u2019s rise and how it impacts the world.","breadcrumb":{"@id":"https:\/\/infundpros.com\/?p=9351#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/infundpros.com\/?p=9351"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/infundpros.com\/?p=9351#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/infundpros.com\/"},{"@type":"ListItem","position":2,"name":"China\u2019s fright night: Halloween protests and cash crunch send distress signals about the economy"}]},{"@type":"WebSite","@id":"https:\/\/infundpros.com\/#website","url":"https:\/\/infundpros.com\/","name":"Fintech Advance","description":"Latest Finance and Tech News and Updates","publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/infundpros.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/infundpros.com\/#organization","name":"Fintech Advance","url":"https:\/\/infundpros.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","width":409,"height":70,"caption":"Fintech Advance"},"image":{"@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff","name":"Press Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/person\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","caption":"Press Room"},"sameAs":["https:\/\/infundpros.com"],"url":"https:\/\/infundpros.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/9351","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9351"}],"version-history":[{"count":1,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/9351\/revisions"}],"predecessor-version":[{"id":9353,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/9351\/revisions\/9353"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/media\/9352"}],"wp:attachment":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}