World News

22056 readers

39 users here now

Breaking news from around the world.

News that is American but has an international facet may also be posted here.

Guidelines for submissions:

Where possible, post the original source of information.
- If there is a paywall, you can use alternative sources or provide an archive.today, 12ft.io, etc. link in the body.
Do not editorialize titles. Preserve the original title when possible; edits for clarity are fine.
Do not post ragebait or shock stories. These will be removed.
Do not post tabloid or blogspam stories. These will be removed.
Social media should be a source of last resort.

These guidelines will be enforced on a know-it-when-I-see-it basis.

For US News, see the US News community.

This community's icon was made by Aaron Schneider, under the CC-BY-NC-SA 4.0 license.

founded 2 years ago

MODERATORS

[email protected]

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.

you are viewing a single comment's thread
view the rest of the comments

[–] [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.