No online shopping, travel: China's punitive measures for debt defaulters
Image Credit: business times
Despite unparalleled economic growth in the first quarter of 2024, China has been battling a rapidly escalating personal debt crisis. Over the past five years, China's household debt has surged by 50%, reaching an estimated total of US$11 trillion. This is largely attributed to a sustained housing boom, in which people have borrowed heavily to invest in multiple properties. In response to the escalating debt crisis, the government has implemented strict penalties for people who fail to repay their debts.