【正确答案】Commercial bankers, nostalgic for the days when corporate customers still belonged to them rather than the capital markets, have for some time gazed longingly at China. Under sanction from regulators, Chinese hanks pay 2% for deposits, lend at a bit more than 6%, and that is that. Loan losses are high, but the spreads are so large that with any semblance of credit discipline there should be room for profits. It is rather like what was once fondly referred to in New York as 3—3—3 banking: pay 3%, charge 3% more, and get out of the office (and on the golf course) by 3p.m. Change, however, is on its way. Capital markets activity is growing and, according to recent research from two prominent academics, there may even be flickers of interesting activity in unregulated and hitherto unwatched corners of China's economy, where companies are recycling vast profits made abroad.