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<the Chinese worker makes a deposit in a bank > From what I've heard, banks make loans to friends and politically connected to invest in projects who also sipho
by vadym909 10y ago
<the Chinese worker makes a deposit in a bank >
From what I've heard, banks make loans to friends and politically connected to invest in projects who also siphon a lot of the money away- and when the project fails, the loans are written off. Which is why the public doesn't trust their money with the banks anymore.
- seanmcdirmid 10y agoYa, lending is very biased in china, especially from the big banks. Not just to connected peoples, but to zombie SOEs.
- fennecfoxen 10y agoThis is the sad thing about China's boom: it's paid for by the common worker, but it all ends up owned by the richest of the rich. It's a plutocrat's dream.
- caminante 10y agoYou'll "love" this [0]. Another top official in the Railways Ministry, Zhang Shuguang, was also sacked for corruption. Zhang was estimated to have misappropriated to his personal overseas accounts the equivalent of $2.8 billion. [0] https://en.wikipedia.org/wiki/High-speed_rail_in_China#Corruption_and_concerns https://en.wikipedia.org/wiki/High-speed_rail_in_China#Corru...