China toughens crackdown on financial crimes

BEIJING -- China's judicial and procuratorial organs stepped up efforts in 2020 to crack down upon financial crimes and offences to provide legal guarantees for the finance sector, according to work reports of the Supreme People's Procuratorate (SPP) and the Supreme People's Court (SPC) unveiled Monday.

Amid toughened crackdown on financial scams and offences, 41,000 people were prosecuted last year, up 3.2 percent year on year, according to the SPP report submitted to the ongoing annual national legislature session for deliberation.

Procuratorates have worked with the securities regulator in exposing typical cases, and severely clamped down on financial cheating, market manipulation and insider trading to protect the interests of investors, read the report.

They have also enhanced crackdown on money laundering, prosecuting 707 people over related crimes last year, 4.7 times that in 2019, according to the SPP report.

The country adopted a zero-tolerance attitude toward crimes in the capital market, read the SPC report.