A Global Consumer Default Wave Is Just Getting Started (2)

Like millions of people around the world, Zhang Chunzi borrowed money she thought she’d be able to repay before the coronavirus changed everything.

Now laid off from her job at an apparel exporter in Hangzhou -- one of China’s most prosperous cities -- the 23-year-old is missing payments on 12,000 yuan ($1,700) of debt from her credit card and an online lending platform operated by Jack Ma’s Ant Financial. “I’m late on all the bills and there’s no way I can pay my debt in full,” Zhang said.

Her story is playing out in similar ways across China, where ...