Chinese courts blacklist 9 mn defaulters; freeze USD 27 bn

Chinese courts have blacklisted over 9.59 million people for defaulting on loans and frozen USD 27.7 billion deposits owned by them by the end of 2017, China's Supreme People's Court (SPC) said today.

The defaulters have been restrained from purchasing more than 9.36 million plane tickets and 3.67 million high-speed train tickets by the end of 2017, the SPC said.

The SPC has cooperated with airlines and railway companies to bar those who default from purchasing tickets, based on ID card information and their passports.

Moreover, the SPC has also worked with banks to reject loan and credit card applications from people who have defaulted, state-run Xinhua news agency reported.

Courts nationwide had frozen deposits totalling more than 180 billion yuan (USD 27.7 billion) owned by defaulters, the SPC said.

People on the blacklist are also restricted from serving as corporate representatives or executives.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)