Hey its mike chen, so plastic surgery is a
pretty big thing in asia and among asians.
Nowadays a lot of people in asia are going
under the knife to look like just another
kpop star or their favorite female actor and
all that is pretty much getting out of hand
with parents in korea even putting away a
plastic surgery fund for their kids and thats
a whole other story well get to another time.
But a woman in china has found another use
for plastic surgery, to escape debt.
According to reuters, in order to escape a
debt of 25 million yuan or close to 4 million
dollars, a 59-year old woman from the central
Chinese city of Wuhan named Zhu Najuan fled
to shen zhen and when the police finally caught
up to her, they were suprised to see that
instead of a 59 year old woman, Zhu Najuan
had turned herself into someone who looked
more like a 30 year old.
According to China’s state run xin hua news
agency, the police we astonished and said
We were very surprised at the scene," the
official Xinhua news agency quoted a policeman
as saying.
"She looked in her thirties and was different
from the photos we had."
You know this is not a really bad idea right?
I mean if you are a criminal, just run up
a lot of debt and then change the way you
look, i mean there are so many people in china
and we all have black hair, similar build,
you know im really suprised that the cops
actually 
found her.
But all jokes aside, this news actually forshadows
a much bigger problem.
China’s debt crisis.
So here’s what’s going on, china is trying
to become more of a credit society but the
thing is, this is a relativly new concept
to chinese people.
Now getting a personal loan for a car or house
sounds pretty everyday here in the US but
but in china this only became available in
2014 after the Chinese government opened up
regulation on personal finance.
This opened up a whole new market for easy
but very very expensive loans.
This was very bad for china because most chinese
never even used a credit card and now they
can easily take out loans but at rificulous
rates like 36%.
And the thing is people dont even have to
go to banks to get these loans, they are offered
everywhere.
For example, people hoping to get the newest
smartphone are offered a home loan on the
spot with the promise of a small upfront payment.
And now just a few years later, household
debt, which is estimated to have reached around
50 percent of gross domestic product last
year, more than doubled in less than a decade.
Also whats scary is that until rcently, china
doeesnt even have its own credit rating system
so imagin a socitey with personal loans offered
everywhere, super high interest and no way
to measure whether a person is likly to pay
the loan back.
No wonder people are changing their faces
to run away from their dept, there was another
report of a father who couldnt pay back his
debt and resorted to selling his son and this
probebly will most likly get worse before
it gets better.
