I did not realize that China does not have a law for bankruptcy for individuals. One was put in place in 2007 for non state Enterprises. It is helpful to keep in mind that it took 100 years for the US to get a functioning bankruptcy system. Bankruptcy is mentioned in the US constitution, but vaguely.

With the low trust society in China, credit cards and bankruptcy are challenging issues.

An article I came across that mentioned this - Chinese credit card debt mounts from CNN. The lack of credit cards in China from what I have read has been a real problem for E-Commerce operations there that sell goods.

Labels: china's future