According to data cited by the Financial Times, nearly 8.6 million people in China have been blacklisted by the government this year for defaulting on mortgage and business loans, far higher than the 5.7 million at the beginning of 2020. Most of these people are between the ages of 18 and 59, accounting for 1% of China’s working population. The report points out that although the pandemic has ended, many of the debtors have seen their incomes decrease, and a considerable number have lost their jobs, leaving them unable to repay their debts and ultimately leading them to be blacklisted for credit violations.
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