Chinese Debt Defaulters Hit Record High, Weighing on Growth
• A record 8.54 million Chinese borrowers are blacklisted for not paying their debts, according to a Financial Times report • Blacklisted borrowers in China are barred from activities like buying plane tickets, using mobile payments, and working for the government • The number of defaulters has jumped by about 50% since the pandemic began in early 2020 • More defaults could weigh on consumer spending and economic growth in China • US consumers also face financial pressures from high inflation and interest rates