China and Australia are growing closer and closer as Asian economies boom, and it looks like the countries have found some more common ground: bank bashing.
Evidently, our Chinese friends hate on banks as much as we do. A study from research firm East & Partners has pointed out that both countries have four major banks, and both countries make a national pasttime of lambasting the big four.
Playing on bank hatred to score political points is hardly the sole territory of Wayne Swan, either. Chinese Premier Wen Jiabao in April accused the major banks of making money "far too easily", and said the four bank monopoly should be broken up.
China seems to have pipped us on lending competition, though. Whereas the Aussie big four account for nearly 87% of the mortgage market, China's majors snag a paltry 43%. But the Chinese majors make this count. IN 2011, they posted a 20% return on equity, compared to 15% RoE for the Australian majors.
Bank bashing is fairly common the world over, but East & Partners has pointed out that bank hatred in the US and UK was spurred by collapses. China and Australia share the dubious distinction of hating our major banks because they're strong and successful.