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No online shopping, travel: China's punitive measures for 'blacklisted' debt defaulters (www.newsbytesapp.com)

submitted 6 months ago by [email protected] to c/[email protected]

14 comments fedilink hide all child comments

Cross posted from: https://feddit.de/post/11225617

Over the past five years, China's household debt has surged by 50%, reaching an estimated total of US$11 trillion. This is largely attributed to a sustained housing boom, in which people have borrowed heavily to invest in multiple properties.

In response to the escalating debt crisis, the government has placed debt defaulters on a blacklist and face severe restrictions on their daily activities. Approximately 8.3 million people, representing about 1% of China's working-age adults, find themselves on this list. In case of unpaid debts, authorities seize a person's income to cover the liabilities, leaving them with a meager allowance to meet their daily expenses.

They are also barred from high-speed rail and air travel or participating in leisure activities such as vacations. while some are even banned from employment as civil servants.

Non-compliance with these restrictions can lead to detention by authorities.

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[–] [email protected] 1 points 6 months ago

I fully agree. One of my former colleagues once said that the only thing which is worse than the capitalism we have in the west is the early-stage capitalism in China.