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SPC expands limits on debt defaulters
http://www.ecns.cn/2015/07-22/173991.shtml
Jul 22nd 2015, 00:46
Chinese debt defaulters who failed to obey court rulings will no longer be able to take high-speed trains in China, as the Supreme People's Court (SPC) announced Tuesday that it has raised the spending limits posed on debt defaulters. The change will take effect Wednesday.
According to the SPC's statement, the new amended regulation will cover not only "luxury" consumption such as air travel, but also include expenses such as high-speed train travel.
Debt defaulters are not allowed to travel in "G" trains, the fastest and most expensive trains in China, or in first class in other high-speed trains, the statement read. Other forbidden consumption items including spending on star-rated hotels, night clubs and golf courses.
Going on vacation, purchasing non-business related vehicles and renting high-end offices are also not allowed.
Debt default has been a chronic problem in Chinese society. In order to pressure defaulters to fulfill their obligations, the SPC created a blacklist of "dishonest people" in 2013 and a blacklist of "dishonest" enterprises in 2014.
Over 83,000 names on the blacklist of individuals have been made public.
Liu Guixiang, chief of the enforcement bureau of the SPC, said at the annual legislative session in 2014 that the largest amount of a company debt exceeded 350 million yuan ($57 million) and one person had failed to pay 380 million.
China bars defaulters from taking high-speed trains
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