China intensifies punishment for credit defaulters

Updated 2018-03-16 22:40:00 Xinhua

China Friday announced plans to increase sanctions for credit defaulters.

Defaulters will be restricted from real estate transactions, as well as taking planes and trains, according to plans posted on the National Development and Reform Commission (NDRC) website.

Under the plans jointly issued by the NDRC, Supreme People's Court and other government departments, individual defaulters as well as legal representatives and chief executives of companies that default, will be prevented from participating in judicial sales of real estate or obtaining land from the government.

Starting in May, defaulters, including people responsible for fiscal fund embezzlement and taxation illegal practices as well as those default loans of international financial institutions, will be placed on a blacklist that stops them taking planes and buying train tickets with great comfort for one year, according to the plans.

This came amid the country's efforts to build a social credit system. An open national credit information online platform is already in place where honest people and enterprises are honored while poor credit performers like defaulting debtors and taxpayers are blacklisted.

According to the plans released Friday, the blacklist will also include trouble-makers, including those smoking on airplanes and convicted of spreading false rumors of terrorist threats, who will be banned from taking planes for one year.

People that endanger railway transport safety and evade train fare, as well as producers and sellers of fake train tickets will be restrained from purchasing train tickets for 90 days or 180 days.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 17 2018 15:36:22

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16October 17 2018 15:36:22

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 17 2018 15:36:22

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords