Chinese government clamping down illegal financial activities
ANBOUND
The Supreme People's Court has issued "several suggestions on the further improvement in trials of financial crime“, which explicitly proposes the need of trouncing and rectifying some undesirable trends such as illegal financial activities conducted under the name of “financial innovation" as a disguise of financial risk and bypass financial regulations, institutional arbitrage, and illegal fundraising scams that attract the savings of the general public. The government will strongly prosecute illegal criminal activities conducted under the name of financial innovation and internet finance as the law obliged.