49,553 prosecuted for financial crime in China since January 2017

BEIJING - Procuratorates across China in the past 18 months charged 49,553 people suspected of having committed financial crime, according to the Supreme People's Procuratorate (SPP).

The suspects were implicated in 30,570 cases of financial crime.

The SPP also summarized five new financial crime trends:

-- Concealed and disguised in new ways. Securities market crimes were hidden behind the use of comprehensive trading advantages, while illegal fundraising often took the form of legitimate financial services.

-- Securities crimes usually involve a large number of small investor victims, while victims in illegal fundraising often suffer heavy losses.

-- Illegal fundraising often uses the internet to sell so-called financial products, in addition to a combination of online lending platforms and physical service centers.

-- Groups involved in financial crimes may look like large companies with branches around the country, making them highly deceptive.

-- Collaboration between people inside and outside financial institutions.