New kinds of economic crimes risk stability of financial market, it says

The Ministry of Public Security will conduct a campaign against financial crimes that raise money from the public, including pyramid schemes, in a bid to safeguard economic security and social stability.

The campaign, which was launched on Tuesday, will last until the end of this year, the ministry said.

“We should assume our responsibility to target such crimes, and improve our investigative capabilities to prevent and resolve economic risks,” said Guo Shengkun, the public security minister, adding that major improvements should come before the opening of 19 th National Congress of the Communist Party of China later this year.

The action comes on the heels of a series of pyramid scams and other financial crimes nationwide that resulted in great financial losses and sparked demonstrations that aroused attention from the public and media at home and abroad.

One incident occurred on Monday, when Beijing police warned participants in an illegal gathering that shut down part of a major road.

Protesters complained that the government was unfairly targeting a charity. However, according to Beijing’s Public Security Bureau, participants in the protest had given money to Shanxinhui — a company in Shenzhen, Guangdong province — with the expectation of making a big profit. Shanxinhui is not a real charity, and has been accused of operating a