Tuesday, 24 December 2013

Quote of the Day: Banking's for the Dogs

Yao Jingyuan criticizes China's banking industry
On Christmas Eve the former chief economist and spokesman of China's National Bureau of Statistics gave his predictions of the country's economy in 2014.

Yao Jingyuan estimated the mainland's economy grew 7.7 percent in 2013, but also added China's banking industry was like an automated system that even a canine could run it.

"Banking in China has become like a highway toll system," Yao said at a summit on China's economy on the weekend that was 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."

He added there were no real bankers in China, and that most of them had become "freeloaders" who enjoyed wide profit margins by taking advantage of the interest differences between deposits and loans.

What a statement for Yao to make!

Very surprising to hear this from someone formerly from the banking industry, or is he annoyed he didn't get a cut?

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