China pledges greater effort to crack down on financial crime
China's judicial authorities vowed to do more to combat financial crimes in the coming year, as the economy slows and leaders remain concerned that financial risks might lead to higher unemployment and social unrest.
Chief prosecutor Cao Jianming said in his annual report to the country's top legislature on Sunday that his department would prioritize investigations into finance, securities and insurance to "guarantee a healthy development of capital market." The Supreme People's Procuratorate plans to tackle financial crimes involvin illegal fundraising to protect the public and focus on contract fraud crimes to establish a "fair and orderly environment of market competition", he said.
The government has launched investigations involving some of the nation's largest financial firms following a stock market collapse last year that erased $5 trillion in value. Regulators in Beijing also have also targeted the booming online loan industry by investigating one of the largest P2P brokers, Ezubao.