Authorizing Banks to Write off Bad Debts is Just One of the CCP’s Ways to Steal the Country’s Wealth

During a live broadcast on September the 10th, the New Federal State of China’s Fay Fay Show explained the phrase “write-off”, a keyword often appearing in the news about China Minsheng Bank, meaning that, after reconciliation, the accounts to be directly erased from the bank revenues and statements. The Fellow-fighter explained that Minsheng Bank, a nominally private bank, would also be subject to direct government intervention. Meaning it would have to write off bad and doubtful debts as long as the State Council directs the bank to do so.

The State Council is in the hands of Wang Qishan (王岐山), Chen Yuan (陈元), and other Chinese kleptocrat families. If Wang Qishan or Chen Yuan took 1 trillion yuan from Minsheng Bank and did not intend to return it, they can simply just decide to determine that the 1 trillion yuan is bad debt and needs a write-off in the name of the State Council and Minsheng Bank would have to follow the order. This money and account will then just disappear from the Minsheng Bank system and the National Treasury. That means the money the Chinese people have worked so hard to earn and earnestly keep in the bank is then blatantly stolen. Even worse, according to the relevant regulations, banks can write off the relevant accounts without providing specific reasons. That means that as long as they think the debt is bad or doubtful, they can write it off without any explanation.