Such comparison doesn’t mean higher profitability of Chinese enterprises, as a large amount of costs was not reflected in cost, but in profit. For instance, bonus, employees’ pensions, health, R&D and advertisement expenditures should have been cost items, but they were covered by profits. If such artificially high profits of enterprises were paid out as dividends, enterprises could not survive and develop.
How do you react to the criticism that supervision has become too strong – and is partly why European banks are so weak compared with their US peers. Do you think that’s true? The profitable US banks are in any case leaving European banks further behind. I find that idea quite amusing.