China Has 8.6 Million Debt Evaders! Nationwide Debts; Those Owing Millions Prefer Prison

According to data cited by the Financial Times, nearly 8.6 million people in China have been blacklisted by the government this year for defaulting on mortgage and business loans, far higher than the 5.7 million at the beginning of 2020. Most of these people are between the ages of 18 and 59, accounting for 1% of China’s working population. The report points out that although the pandemic has ended, many of the debtors have seen their incomes decrease, and a considerable number have lost their jobs, leaving them unable to repay their debts and ultimately leading them to be blacklisted for credit violations.
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[woohan]

never borrow or loan to friends and family. never ends well.

[frankallen]

Damn dude, 8.6 million yuan that’s 1.2 million dollars! How the hell do you get in that type of debt without a real job? 😂

[proteus]

It's ridiculous that China has a banking system that allows people to accrue that much unsecured debt.

[postscript]

Why on earth would ANYONE think it is acceptable to have twelve credit cards? Good luck to her.

[ducknorris]

"a person without money is worse than a ghost".

[sammaier]

This guy has some rich friends and family

[ManfromNowhere]

Looks like the debt collectors may find themselves jobless soon, with no collection from bankrupt debt holders. Its a catch 22 situation.

[mikestewart]

"Corruption is RAMPANT in China!" -Victor Gao, August 2024 in front of a live international audience.

[cassavamellin]

“You got the wrong Chan, the other Chan owes the money”.

[jmj]

Small businesses there just going bankrupt . Unemployment real numbers probably around 25%

[The_Smirk]

If everyone have debt then no one has debt.

[sanjithsathinadhan]

If anyone spend more than they earn then being bankrupt is inevitable and just matter of time. Create a living on what you have and what you can earn, not on what you can borrow.

[tedzehnder]

It works out to less than one percent of the people in debt.That really isn`t too bad.
What is bad in the bankruptcy laws in China where debt hangs over people`s heads, sometimes through no fault of their own making.Chinese COVID policies, banks lending to everyone without them doing proper collateral assessment, developers of housing scamming home buyers.
If debts follow people forever or they get sent to jail, that person`s life is just about over and they won`t ever become an asset for the community in the future.One mistake should not define the person.

[MartiniBlankontherest]

It was so confusing with the title and then the guy at the beginning says "i owe 8.6mill" making it sound like "i'm one man and i owe so much money. The economy is struggling"😅

[tonyrome]

Living beyond ones means. The borrower is servant to the lender. Its biblical

[GabrielEddy]

Excellent reporting as always, China Observer

[jahleajahlou]

CCP prison is like saying sure take my kidneys, my liver, my lungs, my eyes, my stem cells, my blood and blood plasma.

[richsage]

Just totally irresponsible. In our country we have guidelines about how much you can borrow and loan agencies can be fjned if they are found to have not taken necessary steps to avoid the borrower from going into financial hardship

[namastewoke]

18 to 59. That is Wild to be in debt and just starting your life at 18. That's gotta be catastrophic for them. It's insane.

[vilena]

My mom didn't have a lot of red lines. Mixing money and friends/family....?
Unyielding.