Illegal fundraising cases drop in China for 3 consecutive years

BEIJING -- Cases of illegal fundraising have decreased in China for three consecutive years, and so has the amount of money and people involved, according to a recent cross-ministry meeting.

The relevant meeting ascribed the progress to the country's continued efforts in cracking down on related crimes, in particular those concerning elderly care.

It, however, warned of growing risks as online cases, which are murkier and more hazardous, are causing greater difficulties for regulators.

The country must remain iron-fisted in dealing with illegal fundraising crimes, especially those involving amounts over 100 million yuan (about $14.52 million) or lasting for more than five years, according to the meeting.

Efforts should also be made to improve monitoring and warning systems concerning illegal fundraising cases to better protect the public and make the public more aware of potential risks, it added.

China has placed a priority on fending off and defusing financial risks, with multiple measures being taken in recent years. For example, it has formed a financial-risk disposal mechanism headed by major local Party and government officials, and established provincial-level committees to defuse financial risks.

The 2023 government work report also underscored that the country should effectively prevent and defuse "major economic and financial risks" throughout the year.