HomeInternational NewsMillions of Chinese blacklisted for debts as loan default hits record

Millions of Chinese blacklisted for debts as loan default hits record

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Millions of Chinese 'blacklisted' for debts as loan default hits record  high: Report
  1. Millions of Chinese borrowers face blacklisting due to unpaid debts linked to the COVID-19 pandemic and strict lockdowns.
  2. Economic challenges and high unemployment contribute to a growing population burdened with debt.
  3. Blacklisted individuals encounter obstacles in securing loans and face restrictions in various economic activities such as using toll roads, buying airline tickets, and making mobile payments.
  4. Reasons for high debt include increased borrowing, faster consumption growth compared to income, and limited understanding of borrowing risks and costs among mainland Chinese people.
  5. The collapse of the real estate industry and disrupted cash flows among private enterprises intensify the debt crisis, impacting wealth and the ability to fulfill mortgage payments.

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