China’s penalty for bad debts: no fast trains or flash hotels

China’s penalty for bad debts: no fast trains or flash hotels
Become a delinquent debtor in the people's republic and you can kiss goodbye to taking the fast train anywhere. (Image: Depositphotos)
The Wall Street Journal
By Brian Spegele, with assistance from Grace Zhu and Zhao Yueling Qin Huangsheng once imagined a better life in the city when she left her home village to become a factory worker at age 16. Now, in her early 40s, she has US$40,000 (NZ$67,600) in personal debt and a base salary of US$400 a month.Debt collectors are hounding her. She is also blocked from buying tickets on China’s high-speed rail, just one of the penalties the government is increasingly imposing on people who don’t pay their bills.On the ageing slow trains sh...

More World

Boeing’s most relatable problem: finding a parking spot
World

Boeing’s most relatable problem: finding a parking spot

About 200 fully or mostly finished jets are idle while they await interiors, engines.

Miner Anglo American swings to net loss on US$1.6b impairment
World

Miner Anglo American swings to net loss on US$1.6b impairment

The mining group said underlying earnings fell 3% to $5 billion.

Fortescue’s annual iron-ore shipments roughly flat
World

Fortescue’s annual iron-ore shipments roughly flat

About 191 million tonnes has been shipped in the past 12 months.

ANZ admits 'unacceptable failure' as bond probe continues
Finance

ANZ admits 'unacceptable failure' as bond probe continues

Regulator is investigating the bank over its bond turnover data.

AAP 25 Jul 2024