The Financial Times reports that since the onset of COVID-19, the number of borrowers in China has skyrocketed to a record high. From 743 thousand defaulters in 2020, the number surged to 6.4 million in 2021 and further to approximately 7.2 million in 2022. This data underscores the severity of China's economic downturn and the obstacles to its full recovery. According to Chinese court data, there are currently 8.5 million people blacklisted by regulatory agencies for failing to repay mortgages, business loans, and other debts, with ages ranging from 18 to 59. In less than three years, over 2.8 million people have become "bad debtors," accounting for about 1% of China's labor force, significantly higher than the 5.7 million during the early pandemic lockdown in 2020.
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