China to freeze bank accounts of defaulters

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China's Supreme People's Court (SPC) on Friday signed a memorandum of understanding with state-owned banks which allows bank accounts of those who default on a judicial execution to be investigated, frozen and transferred.

The SPC and headquarters of commercial banks will establish an exclusive channel to share namelists of the defaulters, according to the SPC.

Xi Xiaoming, vice president of the SPC, said the cooperation between courts and commercial banks will help address the difficulty courts face in enforcing judicial execution, and build a society-wide credit system.

It will also help creditors claim their rights and ensure the public's right to know, Xi added.

Xi said a network will be created in which courts at all levels can share information about defaulters with all commercial banks.

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