Academic Journal of Humanities & Social Sciences, 2024, 7(11); doi: 10.25236/AJHSS.2024.071113.
Tianhuan Ni1,2
1Northwest University of Political Science and Law, Xi'an, Shaanxi, 710000, China
2Washington University in St. Louis, University City, MO, 63130, USA
In the post-pandemic era, China's socio-economic development has significantly slowed down. The downturn in the real estate and stock markets has led to a substantial shrinkage in personal assets, and individuals' debt repayment capacity has significantly declined. As a result, the proportion of non-performing assets related to personal loans in banks and financial companies has been steadily increasing. However, due to the lack of a personal bankruptcy system in the current bankruptcy regime, personal debt recovery rates remain low, and self-employed individuals lack institutional protection when participating in the market economy, which is unfavorable for the healthy development of the overall economy. Therefore, there is an urgent need to improve the personal bankruptcy system.
Personal bankruptcy system; Credit reporting system; Property declaration; Centralized processing of personal debt
Tianhuan Ni. Construction of Personal Insolvency System in China: Difficulties and Possibilities. Academic Journal of Humanities & Social Sciences (2024) Vol. 7, Issue 11: 86-91. https://doi.org/10.25236/AJHSS.2024.071113.
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