At the end of June, China had 14.43 million people who were listed by the courts as “persons who have lost credibility”, the equivalent of just over 1 per cent of the total population, official data showed. Most were placed on the blacklist due to unpaid debts. Photo: Bloomberg
At the end of June, China had 14.43 million people who were listed by the courts as “persons who have lost credibility”, the equivalent of just over 1 per cent of the total population, official data showed. Most were placed on the blacklist due to unpaid debts. Photo: Bloomberg

China court approves personal bankruptcy ruling that could pave the way for further debt cases

  • A court in Wenzhou, Zhejiang province, says a local man only has to repay 1.5 per cent of his 2.14 million yuan (US$300,000) of debt to creditors
  • China is in the process of establishing personal bankruptcy rules amid a surge in the household debt-to-gross domestic product ratio

Topic |   China economy
At the end of June, China had 14.43 million people who were listed by the courts as “persons who have lost credibility”, the equivalent of just over 1 per cent of the total population, official data showed. Most were placed on the blacklist due to unpaid debts. Photo: Bloomberg
At the end of June, China had 14.43 million people who were listed by the courts as “persons who have lost credibility”, the equivalent of just over 1 per cent of the total population, official data showed. Most were placed on the blacklist due to unpaid debts. Photo: Bloomberg
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