China blacklists 9.59 mn loan defaulters, freezes deposits worth $27.7 bn

China's rocket forces conducted two tests late last year of a newChinese courts have blacklisted over 9.59 million people for defaulting on loans and frozen $27.7 billion deposits owned by them by the end of 2017, China’s Supreme People’s Court (SPC) said on Saturday. The defaulters have been restrained from purchasing more than 9.36 million plane tickets and 3.67 million high-speed train tickets by the end of 2017, the SPC said. The SPC has cooperated with airlines and railway companies to bar those who default from purchasing tickets, based on ID card information and their passports. Moreover, the SPC has also worked with banks to reject loan and credit card applications from people who have defaulted, state-run Xinhua news agency reported. Courts nationwide had frozen deposits totalling more than 180 billion yuan ($27.7 billion) owned by defaulters, the SPC said. People on the blacklist are also restricted from serving as corporate representatives or executives.

Source: Business Standard