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- Xi Jinping
- zero-Covid policy
- China Banking and Insurance Regulatory Commission
The scandal drew national attention in China and protests by disgruntled customers in July were violently quashed. Authorities in Henan now say they have arrested 234 people and made progress recovering the funds.
The scandal has drawn national attention as Beijing is struggling to maintain economic growth in the face of President Xi Jinping's commitment to a zero-Covid policy that has prompted widespread lockdowns and a resulting economic slowdown.
At least 12 people have died following flash floods in the central Chinese province of Henan. Thousands more have been evacuated after the heaviest rains in decades.