Creditors' exemption from debts means that creditors give up their creditor's rights, thus eliminating contractual relations and other debt relations. There are different theories about the nature of exemption. One theory holds that exemption is a contract.
Legal basis: Civil Code of People's Republic of China (PRC).
Article 667 A loan contract is a contract in which the borrower borrows money from the lender, repays the loan at maturity and pays interest.
Article 668 A loan contract shall be in written form, unless otherwise agreed between natural persons.
The contents of a loan contract generally include terms such as loan type, currency, purpose, amount, interest rate, term and repayment method.