In Australia:
There are now only eight AA-rated banks in the world, and the Australian domestic brand names of CBA, NAB, ANZ and Westpac account for half.
Before the financial crisis engulfed the world there were 20 AA-banks.
The robust state of Australia’s banking system has been applauded globally and used as a benchmark for regulatory reform.
In China:
China’s banks are veering out of control. The half-reformed economy of the People’s Republic cannot absorb the $1,000bn (£600bn) blitz of new lending issued since December.
Money is leaking instead into Shanghai’s stock casino, or being used to keep bankrupt builders on life support. It is doing very little to help lift the world economy out of slump.
China’s resort to speculation, protectionism, quasi-price controls and depreciation of its currency are hardly signs of a competitive economy. More like a fairly desperate attempt to avoid market and political reforms.