THE CASE of Mr Ke, a carpenter from the eastern city of Taizhou who fell deep into debt, may one day be noted in histories of Chinas financial evolution. On May 9th a local court announced that it had arranged for Mr Kes liabilities to be written off. This was made possible by what state media described as the countrys first ever regulations concerning the clearing of personal debt. Sadly, for now, they only apply in Taizhou.
Mr Kethe court did not reveal his full namehad fallen victim to fraud eight years ago. By last year the 54-year-olds debts totalled 480,000 yuan ($70,000), owed to three banks. But the court took account of Mr Kes predicament. He has no income, a home with only one room and less than 100 yuan in savingsthe equivalent…
Read the full article at: https://www.economist.com/china/2019/05/30/china-is-getting-tough-on-those-who-fail-to-pay-their-debts
