China blacklisted over 9 million loan defaulters

Resham Gupta
Last Updated: Jan 14 2018 14:48

BEIJING- China has blacklisted over 9.59 million people for defaulting on loans, China’s Supreme People’s Court (SPC) said on Saturday.

The court also froze $27.7 billion in deposits owned by the defaulters and stopped them from buying more than 9.36 million plane tickets and 3.67 million high-speed train tickets by the end of 2017.

Taking further action, the SPC also rejected loans and credit card applications of those who defaulted.