Friday, April 19, 2024

China’s Punishment for for over 8 million People With Bad Debts: No Fast Trains or Nice Hotels

Living under a communist party rule!

"8.3 million
The number of delinquent debtors on China’s publicly available government blacklist—an increase of nearly 50% since late 2019. Beijing is seizing debtors’ salaries, restricting their plane and high-speed train travel, and banning purchases of expensive insurance policies. Authorities can detain the noncompliant. Many families, worried about the crackdown, are being more conservative with their money—which doesn’t help China’s economic growth. Beijing prohibits most people from declaring bankruptcy."

China’s Punishment for People With Bad Debts: No Fast Trains or Nice Hotels - WSJ Beijing’s crackdown on millions of delinquent debtors makes catching up on unpaid bills a slog

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