On March 1, 2021, China’s first local legislation regarding personal bankruptcy, the Personal Bankruptcy Regulations of the Shenzhen Special Economic Zone came into force. The legislative purpose of the Personal Bankruptcy Regulations of the Shenzhen Special Economic Zone is to “reasonably balance the rights and obligations of debtors, creditors and other interested parties, promote the economic regeneration of debtors in good faith, and improve the socialist market economic system”.