The number of debtors has grown in the country since the start of the pandemic and has reached record levels.
In China, the official lists of debtors on loans and mortgages include about 8.54 million people, which is 1% of the country's able-bodied population, writes the Financial Times.
According to data from the beginning of 2020, this figure was almost one and a half times less.
The consequences of the debt crisis could seriously affect the country's economy. Consumer demand due to the growth of debt in China is struggling to recover. The newspaper notes that the country has no mechanisms that could mitigate the situation. For example, there is no law on bankruptcy of individuals in China.
Blacklisted debtors cannot buy airline tickets or use mobile payments, which further hampers consumption.
In Russia, GDP growth may exceed 3% at the end of the year.