![]() ![]() They operate shadow banking themselves, selling products the government doesn’t want them to or which are too new to have rules. (They say a small dog could occupy the chairman’s seat and every bank would make as much money.) Banks promote scams for third parties. The central government put a floor under interest rates, allowing banks to make money automatically. ![]() The rules are ignored, and the government intervenes often and often bizarrely. He provides a western journalist’s perspective on a complex economy.Chinese finance is amorphous. An Australian whose parents forced Chinese on him as a child, McMahon was drawn to China repeatedly until he moved there for good. Whereas news items offer financial analysis, ratios, percentages, projections and bottom lines (none of which can be trusted), Dinny McMahon derives insight from repeated personal visits, interviews and knowledge of current affairs as a financial reporter for pretty much all his adult life. ![]() The gigantic difference between China’s Great Wall of Debt and everything else you read about China in the financial press is this comes from decades of following developments from the inside. ![]()
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