Industries across the board are in a severe recession. Physical stores and shopping centres are shutting down en masse, and many business owners are drowning in debt, constantly harassed by banks for payments. When they can’t repay their loans, these entrepreneurs are branded untrustworthy, becoming judgment defaulters. Once on this blacklist, they can’t take out loans, use public transportation, take planes, ride high-speed trains, or stay in hotels. Their business activities are severely restricted, leaving them with almost no way to move forward.
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2024 China Misery Index: Middle-Class Can’t Survive, Nationwide Debt Looms
