Shanghai Mayor Sees Bankers Bereft of Conscience
Aug. 18 (Bloomberg) -- Shanghai Mayor Han Zheng has every end of fulfilling his mandate to agree to China’s financial capital to come upon Hong Kong, Singapore and Tokyo as preeminent in Asia, as large as bankers don’t get in the way.
“Financiers have the least morals in the world when it comes to making liquid assets,” Han, 55, said in an sound out. “By saying that, I would have offended many bankers and financiers, but this is my close experience.”
The mayor’s misgivings reproduction a wider dilemma for leaders in China, where a centuries-old Confucian disdain for the industrialist class gave way to direct hostility when the communists seized power in 1949. Han said that Shanghai needs to carry the “animal spirits” that led Western banks to take on too much belief risk, triggering $1.6 trillion in losses.
China’s command in April gave Shanghai until 2020 to become a wide-ranging finance hub , a role played by Hong Kong since Britain handed back the former colony 12 years ago. To get there, China needs to make tracks the currency convertible, achieve the legal system in line with global norms and cut taxes that are twin those in Hong Kong, Han said.
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