“Our banks earn profit too easily—because a small number of large banks have a monopoly position”
– Wen Jiabao
When China’s premier said this recently it was taken as a signal that financial reform is finally on the agenda. But his comments are misleading. The big four state commercial banks now command less than 50 per cent of banking assets compared with 75 per cent 20 years ago. The inevitable defaults from the 2008 stimulus program will eventually force the system to take a major write-off. These banks neither enjoy a monopoly position nor earn excessive profits.
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