China continues to build its legal arsenal as it develops. In recent years, there have been many advances in the legal treatment of personal bankruptcies. The central government wants to set up a “bankruptcy system personnel，个人破产制度” to create a better environment for economic activity. Several courts have already had to judge cases of personal bankruptcy in China, but specific laws were lacking.
Shenzhen, which has already served as a pilot city, is the first city to test these provisions since April. Hong Kong’s neighbour includes 1.236 million individual entrepreneurs out of 3.298 million registered companies.
7 May 2020