中国人拒不还钱，竟然理直气壯。为什么？

Do you really know China’s NPL ratio?

When I was a junior officer at the People’s Bank of China in the 1980s, the bank was just being spun off from the Ministry of Finance. We occupied three floors in the Ministry‘s Soviet-style building in Sanlihe, Beijing. Also tucked inside was China Construction Bank, merely one floor - the most undesirable attic floor.

CCB was tiny because it was just a cashier for the ministry’s construction projects. And the People’s Bank was tiny for similar reasons. Loans to enterprises did not always have to be repaid. After all, only SOEs had access to bank credit, SME credit was an alien concept, and consumer finance did not exist.

Almost four decades on, the landscape is very different. But its socialist history has lingering effects on China’s credit market today. Some people just do not feel that a bank loan has to be repaid.

At YX Asset Recovery, our mission is to educate delinquent borrowers and restructure their debts. Luckily, laws and regulations are helping us. There is also a favourable cultural shift.