|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.
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?