One of every hundred working-age adults in China is broke, as China’s property bust and economic downturn worsen.
According to the Financial Times, local Chinese court records reveal that a record 8.5 million people have been blacklisted for bankruptcy. People in China who default on debts, whether business loans or mortgages, are put on an official blacklist that prevents them from buying plane tickets or using popular smartphone apps such as WeChat to pay for products and services.