“A dog could run China’s banking system”

I wonder how far away the secret police are from arresting this brave fellow.

The former chief economist and spokesman of China’s National Bureau of Statistics estimated that the mainland’s economy grew 7.7 per cent in 2013, while also making a scathing criticism of China’s banking industry, likening it to an automated system that even a dog could successfully run.

“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.   

Someone will get upset over that…he will probably find himself up on charges sometime soon and shortly thereafter becoming an organ donor.

Apart from critising the banking system, Yao estimated that China’s GDP grew at 7.7 per cent in 2013, but added that the country’s economy would face several major issues in the near future.

Chief among these were an eventual economic downturn and a surplus of production in numerous service industries including steel, cement and shipbuilding – all of which suffered financial losses at the end of 2013 due to excess output.

Like it or not the world’s economic fortunes now hinge on China.


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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.

To read Cam’s previous articles click on his name in blue.

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