Yao Jingyuan: A Dog Could Run China’s Banks
Yao Jingyuan, former spokesman and chief economist of the National Bureau of Statistics, has denounced China’s banking industry as “an automated system that even a dog could successfully run.” Jeremy Blum at South China Morning Post reports:
“Banking in China has become like a highway toll system,” Yao Jingyuan said at a Saturday summit on China’s economy held at Nanjing University. “Banks charge every time money goes through them.
“With this kind of operational model, banks will continue making money even if all the bank presidents go home to sleep and you replaced them by putting a small dog in their seats.”
Yao added that there were no longer any real bankers in China, and that most bankers had become “freeloaders” who latched onto the wide profit margin they could enjoy by taking advantage of interest differences between deposits and loans. [Source]
Click through for more on banking in China, via CDT.