China is getting tough on those who fail to pay their debts
It should accept that some of them also need help
THE CASE of Mr Ke, a carpenter from the eastern city of Taizhou who fell deep into debt, may one day be noted in histories of China’s financial evolution. On May 9th a local court announced that it had arranged for Mr Ke’s liabilities to be written off. This was made possible by what state media described as the country’s first ever regulations concerning the clearing of personal debt. Sadly, for now, they only apply in Taizhou.
This article appeared in the China section of the print edition under the headline “A way out”
From the June 1st 2019 edition
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