Cross posted from: https://feddit.de/post/11225617
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 placed debt defaulters on a blacklist and face severe restrictions on their daily activities. Approximately 8.3 million people, representing about 1% of China’s working-age adults, find themselves on this list. In case of unpaid debts, authorities seize a person’s income to cover the liabilities, leaving them with a meager allowance to meet their daily expenses.
They are also barred from high-speed rail and air travel or participating in leisure activities such as vacations. while some are even banned from employment as civil servants.
Non-compliance with these restrictions can lead to detention by authorities.
there is nothing socialist about the CCP. “Communism with Chinese Characteristics” is just capitalism.
I fully agree. One of my former colleagues once said that the only thing which is worse than the capitalism we have in the west is the early-stage capitalism in China.