Chen Jinying pays the last 70,000 yuan ($10,824.50) of her 20.77 million-yuan in debt on Feb 5. [Photo/lsnews.com.cn]

Chen Jinying, a 90-year-old senior citizen from Lishui in East China's Zhejiang province, paid the last 70,000 yuan ($10,824.50) of her 20.77 million-yuan in debt on Feb 5 – the end of a decade of repayments, local media reported.

Renting premises, buying machines, hiring workers, about 30 years ago after retiring, Chen started her own business from scratch producing down products – padded jackets and other wearables filled with down feathers – usually lined with duck or goose down, to provide insulation.

At the height of her operations, her workshop earned over 10 million yuan a year. She was also enthusiastic about public welfare, donating more than 570,000 yuan and down products worth hundreds of thousands of yuan to charity.

In 2005, Chen invested more than 16 million yuan to build a new factory but then something unexpected happened and by September in 2011, her company has developed capital turnover problems.

At the time, Chen was advised to file for bankruptcy to avoid taking on debt, but she decisively refused. "I must pay back the money I owe to others," she vowed.

First, she transferred ownership of the new factory at the rock-bottom price of 9 million yuan and then she sold her two downtown houses, but there was still debt of more than 1.3 million yuan.

Chen decided to continue selling down jackets by herself, in order to pay off the remaining debt. Starting in 2012, she set up stalls at street sides and parks. Even in her eighties, she got up at 5 o'clock every morning to sell down jackets.

Chen's story has been reported by all over the media and she has been named as one of the country's top 10 most trustworthy people.

Touched by the sincerity of Chen, many businesses offered to help her sell down jackets online.

In January 2018, Chen paid off the bank loan of 550,000 yuan. A few days later, the 87-year-old donated down jackets worth more than 20,000 yuan to more than 140 elderly people at local nursing homes.

Chen is 90 years old this year. She has paid 20.77 million-yuan debt in the past 10 years. After she recently made her last repayment, she smiled like a child, declaring: "What a happy Spring Festival this year!"