PBOC increases its efforts to stem the flood of defaulting creditors

Credit vetting is the new buzzword in China. Even the Beijing municipal government published a black list last month as the scale of fraud and repayment evasion inexorably rises. With a liberated business press playing an important role, more and more outrageous scams are coming to light, revealing the ease with which white-collar criminals can milk Chinese banks of millions of yuan.

The Shenzhen City intermediate level people's court started to hear the fraud case involving Shenzhen Taiming Enterprises in August this year. Between 1995 and 1999 two brothers, Peng Haihuai and Gu Haisheng, set up 27 shell companies and opened 89 letters of credit with Shenzhen Development Bank and China's largest bank, the Industrial...

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