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

China Daily (Hong Kong) - - CHINA - By ZHANG YAN zhangyan1@chi­

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

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