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Credit card defaults in China mark the beginning of a global consumer debt crisis

Commuters wait for a train after Wuhan’s subway reopened yesterday. The Chinese economy is picking up pace slowly but consumer debt defaults are on the rise due to the prolonged lockdown. Reuters
Commuters wait for a train after Wuhan’s subway reopened yesterday. The Chinese economy is picking up pace slowly but consumer debt defaults are on the rise due to the prolonged lockdown. Reuters

Like millions of people around the world, Zhang Chunzi, 23, borrowed money she thought she’d be able to repay before the coronavirus pandemic changed everything.

Now laid off from her job at an apparel exporter in Hangzhou – one of China’s most prosperous cities – Ms Zhang is missing payments on 12,000 yuan (Dh6,210) of debt from her credit card and an online lending platform operated by Jack Ma’s Ant Financial.

READ FULL ARTICLE: https://www.thenational.ae/business/money/credit-card-defaults-in-china-mark-the-beginning-of-a-global-consumer-debt-crisis-1.998569

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