August 24, 2017 / 8:12 AM / 2 years ago

China issues draft rules on illegal fundraising activities

BEIJING, Aug 24 (Reuters) - China’s state council law office said on Thursday that it has issued draft rules against illegal fundraising activities.

All parties involved should bear the losses from illegal fundraising, said the law office, adding that local governments should take measures to maintain social stability while addressing illegal fundraising.

Chinese authorities vowed in April to step up a crackdown on illegal funding scams, after reporting 5,197 new criminal cases last year involving 251.1 billion yuan ($36.5 billion), state media reported.

More than 30 percent of illegal fundraising cases were related to private investment and financial intermediaries, including unlicensed investment advisers and providers of third-party wealth management products. (Reporting by Beijing Monitoring Desk; Editing by Jacqueline Wong)

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