China is Launching a National System That Publicly Shames People Who Don’t Pay Off Bank Loans

China is creating a system that publicly shames people who default on their bank loans.

Developed by the Supreme People’s Court, the China Banking Regulatory Commission and the Communist Party’s Publicity Department, the system targeting laolai or “deadbeat borrowers” will be rolled out at the end of the year, Xinhua reported.

The policy, believed to boost “trustworthiness,” is merciless — failing to pay a bank loan will get one’s name blacklisted, and other data such as...

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