China’s Supreme People’s Procuratorate Directs Stricter Action Against Serious Economic Crimes

Beijing, January 20. The Supreme People’s Procuratorate (SPP) of China has instructed procuratorial organs across the country to adopt a strict stance against serious economic crimes. The goal is to contribute to fostering a law-based business environment.

During a national conference of chief procurators held on Monday, the SPP emphasized the need for severe crackdowns on crimes such as the smuggling of strategic minerals abroad to safeguard China’s strategic interests.

The SPP underscored the importance of coordinating with the National Financial Regulatory Administration and other relevant bodies to address illegal intermediary activities in the financial sector. It also stressed the necessity of imposing severe punishments for crimes like illegal fundraising and financial fraud to ensure the sound operation of the financial system and protect the safety of people’s assets.

The SPP called for increased efforts to combat money laundering, focusing particularly on punishing such crimes conducted through underground banks or virtual currencies.

It was clarified by the SPP that coordination with the China Securities Regulatory Commission should also be strengthened. By imposing harsh punishments for securities-related crimes such as financial fraud and market manipulation, the rule of law in the capital market is to be advanced.