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Chinese courts, banks to share defaulters information

Updated: Nov 3,2014 7:40 PM     XInhua

Chinese courts and banks will establish an information sharing system to punish court order defaulters and facilitate enforcement, the Supreme People’s Court (SPC) announced on Nov 2.

The SPC and the China Banking Regulatory Commission have jointly issued a circular on sharing such information online, and according to the circular, Chinese banks will take measures such as restrictions on loans and issuing credit cards to people who have defaulted on court orders.

The banks will also help the courts in information inquiry, fund freezing and seizing regarding such defaulters’ cases, the circular said.

However, the circular also stressed that such measures must be taken with due procedures and fund security being guaranteed.