China to Debtors: Pay Up or Be Shamed
- 7 years ago
China to Debtors: Pay Up or Be Shamed
The reports said that China’s banking regulator, the Supreme Court
and the propaganda arm of the Communist Party had told local officials to complete the platforms by the end of the year and to make the public aware of the websites within two years.
Officials hope the new platforms will become a one-stop clearinghouse to help the local
authorities expose those names and pressure them to make good on their debts.
In others, local officials have worked with telecommunications companies to make sure those who
call an irresponsible debtor get a recording urging them to get their acquaintance to pay up.
SHANGHAI — Troubled by huge debts run up by big state companies
and politically connected local governments, China is taking steps instead to go after the little guys.
The reports said that China’s banking regulator, the Supreme Court
and the propaganda arm of the Communist Party had told local officials to complete the platforms by the end of the year and to make the public aware of the websites within two years.
Officials hope the new platforms will become a one-stop clearinghouse to help the local
authorities expose those names and pressure them to make good on their debts.
In others, local officials have worked with telecommunications companies to make sure those who
call an irresponsible debtor get a recording urging them to get their acquaintance to pay up.
SHANGHAI — Troubled by huge debts run up by big state companies
and politically connected local governments, China is taking steps instead to go after the little guys.