Acute needs to strengthen financial regulation

The Henan Provincial Finance Regulation Bureau issued a notice on its official website on Monday, promising to pay those who had put their money into four local banks and were unable to withdraw it later. Those who deposited less than 50,000 yuan ($7,424) will get their money first, while those who deposited more will get it a little later.

A day earlier, the police in Xuchang city, Henan province, had said they had caught another batch of suspects who had grabbed money from the banks illegally, and more suspects were being hunted down.

While the crackdown against suspects shows the authorities' determination to fight crimes, the payment to victims shows how the authorities care about people's interests.

It is more than unfortunate that those who deposited their money, lured by the promise of higher interest, cannot withdraw it any more. Justice will be done only after the suspects are caught and given due penalty after a fair trial and those who lost their money get it back.

According to the National Bureau of Statistics, the average disposable income per person in China in 2021 was 35,128 yuan. By that standard, 50,000 yuan is a large amount.

Of course, the authorities won't get that money out of thin air. The money comes from taxpayers, who have their own families to support and dreams to pursue.

Therefore, to compensate the victims using taxpayers' money should only be a temporary measure. Finding the suspects, ensuring a fair trial, and getting the swindled money back is of utmost importance.

Relevant authorities should act more efficiently and catch the culprits as soon as possible, and avoid such incident from happening again.