Bicycle Theft and Locking Bikes in Beijing
Of course there is bike theft. In Beijing there is still some organized bike theft coming and taking all bikes in one road or some place. They are just put the bikes on a truck and open the locks at a secure place. Then the bikes are maybe even spray painted and sold in unknown places at about 100.-RMB. Before the Beijing Olympics a lot was stopped but still be careful to not lose your bike. Some suggestions are:
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If you have an old and dirty cheap bike a standard tiny lock could be enough. These bikes are not stolen as often as nice looking mountain bikes or road bikes
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If possible do not leave a nicer or expensive bike outside at night every night at the same place. Like at your apartment check for secured indoor bike parking or find some space in your apartment
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Always lock your bike with a good lock to something virtually non-movable
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Look for good locks in good bike shops. Do not use a cable lock that can easily be cut through with a cable cutter. Search for stable U-locks or massive chain locks depending how much weight you want to carry
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Do not fully trust a bike parking warden. He cannot be aware of everything or he might take bribes to pretend he did not see anything. Still always lock a nice bike to something virtually non-movable
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Accept the thought that there is a certain chance of your bike being stolen. This is the same all around the world