How does China Deal with Debt Defaulters
China has come up with shocking was of dealing with debt defaulters. Here in Kenya, defaulters get listed on some website and the information is available on request. In China, it’s a different story altogether. Those who fail to repay their loans from banks get themselves blacklisted.
That is not enough, the names, national Identification (ID) numbers, home addresses, photos and amount owed is published on numerous channels such as online, newspapers, television, public lifts and screens on public transport among many other public places.
This is a new way in which China Deal with Debt Defaulters with the intention of shaming them. In the Southern City of Guangzhou, the bio- details of 141 defaulters have been displayed. The displayed is on public places such as media, on buildings and buses after the local courts requested that to be done.
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