US EditionChinese borrowers default in record numbers as economic crisis deepens
- Chinese borrowers are defaulting at a record level, with 8.54 million people blacklisted for missing payments, posing a risk to the world economy.
- The economic crisis in China is exacerbated by the surge in defaults, increased household debt, and high youth unemployment.
- Proposed personal bankruptcy laws to provide relief for individual insolvencies are unlikely to be implemented due to lack of financial transparency and fear of corruption exposure.
10 Articles
10 Articles
Chinese Borrowers Default in Record Numbers
“Defaults by Chinese borrowers have surged to a record high since the outbreak of the coronavirus pandemic, highlighting the depth of the country’s economic downturn and the obstacles to a full recovery,” the Financial Times reports.
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Рекордное с момента начала пандемии коронавируса число китайцев — более 8 миллионов человек — не смогло заплатить по кредитам, что подчеркнуло глубину экономического спада в Китае. Об этом сообщает Financial Times (FT). По данным китайских судов, около 8,54 миллиона человек в возрасте от 18 до 59 лет официально занесены властями в черный список после неуплаты платежей по различным займам, начиная от ипотечных до бизнес-кредитов. Как уточняет изд…
A total of 8.54 million people, between 18 and 59 years old, are officially blacklisted by the authorities after failing to make payments from real estate mortgages to commercial loans. And the State blocks their every action
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- 43% of the sources are Center
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