Defaults by Chinese borrowers have risen to a record high since the outbreak of the pandemic, highlighting the depth of the economic downturn and obstacles to a full recovery.
A total of 8.54 million people, most of them between the ages of 18 and 59, have been blacklisted by the Chinese authorities after failing to pay any outstanding payments ranging from mortgages to commercial loans.
That figure equates to about 1 percent of working-age Chinese adults, rising from 5.7 million defaulters in early 2020, while pandemic lockdowns and other restrictions have hampered economic growth and destroyed household income in China.
Source (Al-Arabiya.net Website, Edited)
