Credit: Shanghai cracks down on debtors

People with poor credit records and who ignore court orders for more than six months will be barred from purchasing property, securing bank loans and getting employment, the Shanghai Higher People's Court has announced.

The new blacklist of the city's credit and banking system will help businesses and banks reduce their risks.

To implement the verdicts the courts will work with Shanghai's credit system and ensure violators are blacklisted and refused credit.

The Shanghai Morning Post reports Shanghai Higher People's Court signed an agreement with the Credit Information Services Co, a firm funded by the Shanghai municipal government, in 2004 to hold the credit records of over 4 million people - a quarter of the city's population.

Post: 8/10 more later tonight Sydney time