There may be a difference in the system of bribes used between Chinese and Westerners.
The way Americans bribe people, is buy paying someone or giving that person a gift in hopes that they would do something specific for them. Chinese bribe you, by throwing money at you, and you’ll naturally know what to do.
Now, China lacks a system to prevent bribery like there are in Western countries, but I’m sure if the environment allowed, the true nature of greed would show regardless of geographical origins.
Greed is what got the US housing market into the situation it was in. Banks (legitimate, and quasi-legitimate), mortgage lenders, all wanted to make money off of people who weren’t even qualified to buy a home. They convinced people that by getting a variable mortgage rate loan, that they could easily refinance it with a fixed-rate loan later on. Besides, the housing prices kept on rising, so people needed to buy a house while everything was already expensive, before it gets ridiculously expensive to even buy in the future! (Let’s not forget though, it was also the greed of people who wanted home ownership so bad that got themselves into this mess.) Then, when the housing value was so much lower compared to what was owed, people walked away.
Similarly, many Chinese (individuals, companies, and some state organizations) have been lured to put their money into illegitimate banks offering higher interest rates.
…blamed the ripple effect of financial trouble in Wenzhou on certain non-financial enterprises that, in search of easy money, borrowed from banks or private lenders and then re-loaned that money to other firms or speculators at higher rates.
Yet, with all the borrowing and lending going on, there are many business borrowers that are walking away from their debts.
Sounds like a cluster-f*ck? Sounds like protests are in order.