China to fight economic crimes

Beijing, Jan 24 (IANS) Chinese procurators pledged to crack down on economic crimes as the country embraces a “new normal” of slower growth but of high quality.

Procurators will play an active role in regulating internet finance, and fighting securities and futures-related crimes, Xinhua news agency reported citing a statement released on Saturday after a national meeting of chief procurators from across the country together in Beijing.

Chinese authorities have announced a campaign to regulate internet finance, which is growing rapidly but threatens social stability due to illegal activity.

Political and legal work departments at all levels will cooperate with banking regulatory authorities to establish a monitoring and warning system against financial risks and enhance information sharing among different regions and departments, according to the statement.

Procurators also vowed to protect the legitimate rights of state-owned enterprises, private businesses, small and micro companies, and foreign-funded enterprises equally to encourage business vitality.

Efforts will continue to fight infringement of intellectual property rights and crimes involving environmental destruction, according to the statement.

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