The difference between life insurance and savings is that insurance (dividend) is guaranteed, dividend is higher than the bank's interest rate, and interest can be accumulated while saving. He only gives you a fixed interest rate. You can avoid taxes and save only a fixed interest rate every year. If the insurance company goes bankrupt, he will transfer the liability reserve to other life insurance companies, and the insured can also enjoy the benefits of the policy. If the bank goes bankrupt, it may not get its principal back. There are many closed financial institutions in China, such as Guangguotou. Huayin and so on. , but the closed banks are only issued by Shanghai. Please read the relevant information: Hainan Development Bank, referred to as Shanghai Development Bank for short, is a joint-stock bank headquartered in Haikou City, Hainan Province, China, which was closed by the People's Bank of China on June 1998. Hainan Development Bank opened in August 1995 with a registered capital of16.77 million yuan (including 30 million yuan in foreign currency). The bank is controlled by the Hainan provincial government and has 43 shareholders, including China North Industries Corporation, China Ocean Shipping Group Corporation and Beijing Capital International Airport. The bank was established by merging five trust and investment companies and raising equity from Chinese mainland. Hainan Development Bank does not only operate in Hainan Province. The bank set up two branches in Guangzhou on 1996 and Shenzhen on May 1998. 1997 The background of the collapse of Shanghai Pudong Development Bank, that is, before the merger of Shanghai Pudong Development Bank and the hosting of credit cooperatives, Hainan Province was established as a special economic zone, the economy began to develop rapidly, and the real estate industry also expanded on a large scale, which was accompanied by many financial institutions. However, it was not effectively monitored by the government, and the real estate industry was in a bubble./kloc-0 began to collapse in the middle and late 1990s, and there were a large number of banking financial institutions in Hainan Province. In this fierce market competition, all credit cooperatives have adopted high interest rates to attract deposits. Later, with the bursting of the real estate bubble, many credit cooperatives appeared a large number of non-performing assets, and the high interest promised to depositors also aggravated the operational difficulties of these credit cooperatives. 1997 12 16, the People's Bank of China announced the closure of five credit cooperatives in Hainan Province, and the creditor-debtor relationship was managed by Shanghai Development Bank. Of the remaining 29 credit cooperatives in Hainan Province, 28 were merged and issued to the sea. These 28 credit cooperatives and five closed credit cooperatives eventually led to the end of Shanghai Development Bank. After the closure of Shanghai Development Bank, Hainan Development Bank operated well at first. According to Hainan Yearbook (1997), the interest rate of Shanghai Pudong Development Bank is 90%, and there are no sluggish loans. Established correspondent bank relations with People's Republic of China (PRC), 36 banks and 403 overseas branches, and the scale of foreign exchange assets reached1.70 billion USD. Although 28 credit cooperatives merged and five credit cooperatives managed their debts, the strength of Shanghai Pudong Development Bank was strengthened-the equity capital of Shanghai Pudong Development Bank increased by 654.38+006 billion yuan, the balance of deposits was 4 billion yuan, and the liabilities were 5 billion yuan. However, because most of these credit cooperatives are non-performing assets, Shanghai Pudong Development Bank also bears a heavy burden. After the merger, the number of employees of Shanghai Pudong Development Bank soared to more than 3,000, several times that of the original. After the merger of Shanghai Pudong Development Bank and the credit cooperatives, one of them announced that only the principal and legitimate interests of depositors of the original credit cooperatives were guaranteed. Therefore, many depositors who used to receive more than 20% interest from credit cooperatives can only receive 7% interest after the merger. 1998 After the Spring Festival, the situation began to get worse. Many customers with due time deposits began to withdraw their principal and interest and transfer them to other banks, and said that they no longer trusted Haifa because of the lower interest. Subsequently, premature depositors began to withdraw their deposits in advance, and various urban legends appeared at the same time. Shanghai began to queue up to withdraw money before issuing various business outlets, which led to a large-scale run. Later, Shanghai Pudong Development Bank stipulated the number of withdrawals per week and the limit of each withdrawal, and gave priority to ensuring the payment of individual depositors. However, due to the serious problem of squeezing deposits, the number of times and the limit have changed again and again, which makes depositors get less and less money at one time and less and less times every month, which intensifies the dissatisfaction of individual depositors and makes it almost difficult for corporate depositors to get money from Shanghai. At this time, other businesses of the Shanghai Stock Exchange have been basically unable to carry out normally, and dealing with depositors squeezing deposits has almost become all the activities of the Shanghai Stock Exchange during this period. At the same time, due to the bursting of the real estate bubble, many loans in the Shanghai issuance account are also difficult to recover. Some business departments offer a deposit interest rate of 18% in order to reduce depositors' run and attract deposits at the same time, but few people are willing to deposit their deposits in Shanghai at this time. Seeing that it is unable to alleviate its predicament in Hainan Island, Shanghai Pudong Development Bank wants to use the power outside the island to help it recover. It set up a branch in Shenzhen on May 1998, but it didn't play a significant role. 1June 2, 9981day, the People's Bank of China issued an announcement: Because Hainan Development Bank could not pay off its debts due in time, according to the People's Bank of China Law of the People's Republic of China, the Company Law of People's Republic of China (PRC) and the Regulations of China People's Bank on the Management of Financial Institutions, the People's Bank of China decided to close Hainan Development Bank and stop all its business activities. Designate China Industrial and Commercial Bank to trust the creditor's rights and debts of Hainan Development Bank, and ensure the payment of its overseas debts and the principal and legitimate interest of domestic residents' savings deposits, and pay the remaining debts after they are paid off. It affected the bankruptcy of Hainan Development Bank and damaged Hainan's financial image. Shanghai Pudong Development Bank is the first bank in Chinese mainland to fail due to poor management after the founding of the People's Republic of China, and it is also the only one at present (in 2005). Now (in 2005), Hainan Province is the only province in Chinese mainland that has no local commercial banks and credit cooperatives (the original one was closed for rectification in 2002), and there are no non-bank financial institutions. Since then, Hainan's finance has continued to be weak, and banks and other financial institutions have become more cautious about business activities such as loan review. The People's Bank of China provided RMB 4 billion in refinancing to repay debts such as residents' savings and legitimate interest. Although Hainan Development Bank met the bankruptcy conditions when it was closed, it was not called bankruptcy due to the relevant provisions of the Bankruptcy Law of People's Republic of China (PRC), and the subsequent liquidation work was also different from the general bankruptcy liquidation. In 2000, China (Hainan) Reform and Development Research Institute submitted a report to Hainan Provincial Government, proposing to rebuild Shanghai Development Bank. At the end of 2003, the restructuring plan of Shanghai Development Bank was submitted to the People's Bank of China. The plan allows foreign investors to participate in shares, and the shareholders who have issued debts of more than 654.38+million yuan in Qianhai will take the form of debt-to-equity swap to convert debts into equity. But so far, the Shanghai issue has not been reorganized.