To rejoice at calamity and be amused by misfortune – xing zai le huo – is the Chinese phrase for Schadenfreude. It aptly describes the response of many Chinese bankers to the global crisis.
For a decade, thousands of western bankers and financial officials have trooped through the halls of Chinese state-controlled banks to deliver lectures on risk management, corporate governance and sophisticated financial products.
They brought their cheque books and bought stakes in state-owned lenders of all shapes and sizes before helping them sell shares in Hong Kong and Shanghai.
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