Date
16 October 2017

Records of credit defaulters to be exposed, Xinhua says

The Supreme People’s Court has signed a memorandum with the People’s Bank of China allowing the records of loan defaulters to be shared with financial institutions and other relevant parties, Xinhua news agency reported on Thursday, citing a statement from the high tribunal. The central bank’s credit reference center will include default records in credit reports on groups and individuals shared with financial institutions, thus influencing their loan decisions. Government departments, industry associations and civil service units will also have access to these reports as references for defaulters’ financial and employment requests, restricting the defaulters’ activity in government procurements, tenders, administrative approvals and loans until they comply with court orders and settle their obligations, the report said.

– Contact HKEJ [email protected]

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