In the 1990s, the state banks shoveled those deposits to inefficient state companies. The end result was a large number of nonperforming loans. Andy Xie
Motivational, Inspirational, Funny Quotes
![[Even developed, energy-efficient economies like Japan and South Korea are feeling oil's bite. Growth in Korea is likely to be at least 20% below what the Ministry of Finance and Economy was targeting at the beginning of the year, economists estimate. In Japan, $60 oil for 12 months could shave half a percent off GDP growth in an economy that had recently begun to perk up, according to Reiji Takeishi, a senior fellow at the Fujitsu Research Institute in Tokyo. The oil-price hikes so far, estimates Morgan Stanley economist Andy Xie, mean the Asia-Pacific region is spending 1.2% more of its total GDP on oil imports than it did last year.] There's no question that oil is the strongest headwind for growth now, ... This is a very delicate moment, no doubt about it. - Andy Xie Quotes](/pic/img/img.php?text=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&author=ICBBbmR5IFhpZSAgICA=&num=8 "[Even developed, energy-efficient economies like Japan and South Korea are feeling oil's bite. Growth in Korea is likely to be at least 20% below what the Ministry of Finance and Economy was targeting at the beginning of the year, economists estimate. In Japan, $60 oil for 12 months could shave half a percent off GDP growth in an economy that had recently begun to perk up, according to Reiji Takeishi, a senior fellow at the Fujitsu Research Institute in Tokyo. The oil-price hikes so far, estimates Morgan Stanley economist Andy Xie, mean the Asia-Pacific region is spending 1.2% more of its total GDP on oil imports than it did last year.] There's no question that oil is the strongest headwind for growth now, ... This is a very delicate moment, no doubt about it. - Andy Xie Quotes")
