85% Indians trust government, 55% favour autocracy: Pew survey

More than four-fifths of Indian citizens trust their government, but interestingly, a majority of Indians also support military rule and autocracy, a latest Pew survey said on Tuesday.

"In India, where the economy has grown on average by 6.9 per cent since 2012, 85 per cent (of people) trust their national government," Pew Research said in a report based on its survey on governance and trust among key countries across the world.

Notably, in India, which has strong democratic credentials since the last seven decades, according to Pew, a majority (55 per cent) of its people support autocracy in one way or the other.

In fact, more than one-fourth (27 per cent) of them want a strong leader.

Nearly half of Russians (48 per cent) back governance by a strong leader, but rule by a strong leader is generally unpopular, it said.

A global median of 26 per cent say a system in which a strong leader can make decisions without interference from parliament or the courts would be a good way of governing.
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Chinese regulators to rein in $3 trillion shadow banking industry

As a flood of unregulated cash swirls through the Chinese economy, Beijing has been taking aim at the trust companies whose unrestrained lending practices are worrying regulators.

The trusts, at the heart of a vast shadow banking industry, are being pressured to step up compliance and background checks, and are being pushed towards greater transparency.

But the fast-growing 20 trillion yuan ($3 trillion) industry, whose lending operations are cloaked behind opaque structures, will be tough to rein in, according to employees at some trusts.

A regulatory sanction against one trust, Shanghai International Trust, and a legal case against another, National Trust, offer rare insights into the industry, and reveals just how hard it will be to police it.

Shanghai Trust was fined 200,000 yuan for selling a product that violated leverage rules, according to a regulator's notice in January. Regulators provided no further details about the case. Under these rules, property developers are only allowed to borrow up to three times their existing net assets.
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