China's top procuratorate urges strong stance on serious economic crimes

BEIJING -- China's Supreme People's Procuratorate (SPP) has urged procuratorial organs across the country to take a strong stance on serious economic crimes to contribute to a law-based business environment.

Crimes such as the smuggling of strategic minerals overseas should be cracked down on harshly to safeguard China's strategic interests, according to the SPP at a national conference of chief procurators on Monday.

It stressed the importance of coordinating work with the National Financial Regulatory Administration and other authorities to address illegal intermediary practices in the financial sector, and of handing down harsh punishments for crimes such as illegal fundraising and financial fraud to ensure the sound operation of the financial system and protect the safety of people's property.

The SPP called for more efforts to combat money laundering, with a focus on punishing such crimes conducted through underground banks or virtual currencies.

Coordination with the China Securities Regulatory Commission should also be strengthened to advance the rule of law in the capital market with harsh punishments for securities crimes such as financial fraud and market manipulation, the SPP said.