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Inside China
SCMP Spotlight: death and debt in China
Sep 11, 2023
This podcast explores the lack of personal bankruptcy legislation in China and the impact it has on individuals struggling with debt. It discusses the need for a personal bankruptcy system to tackle social conflicts and alleviate heavy debt burdens. The podcast also highlights struggles with debt and bankruptcy in China's property crisis, as well as the challenges and issues surrounding personal bankruptcy, including declined applications and potential harassment from creditors.
11:03
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Quick takeaways
- China lacks a personal bankruptcy statute, hindering the recovery of individuals burdened by debt and impacting micro-businesses, entrepreneurship, and creativity.
- A personal bankruptcy law in China can contribute to common prosperity, reduce social conflicts, and provide a safety net for individuals with heavy debts or involved in social insurance.
Deep dives
Lack of Personal Bankruptcy Law in China
China lacks a personal bankruptcy statute, leaving individuals like Crystal unable to legally address their debt. Only Shenzhen has a pilot scheme for personal bankruptcy, but legal professionals argue for its extension nationwide. The absence of a personal bankruptcy law hinders the recovery of individuals burdened by debts and impacts micro-businesses, entrepreneurship, and creativity.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode