The Supreme People's Court did not approve the death sentence for Wu Ying, who was convicted of cheating investors out of several hundred million yuan.
After reviewing the Wu case, the supreme court remanded for retrial in the Zhejiang Higher People's Court, Xinhua was told Friday.
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Whether or not Wu Ying is actually guilty of financial fraud, I feel sorry for her. She is really the victim of one of the downsides of China's rapid economic growth. She has been raised in a culture and in an environment where happiness and success are increasingly judged in monetary and material terms.
Top court to review death penalty
China's top court on Tuesday issued a rare but much-awaited statement regarding the final review of a highly controversial death sentence imposed on a former billionaire.
Wu Ying used to be one of the richest women in China. Today the former billionaire is on death row.
In the eyes of many people, particularly the judge who threw out her appeal last month, Wu is a fraudster who swindled her friends and business partners out of 770 million yuan ($122 million).
Wenzhou to pilot private investment overseas
Wenzhou won Beijing's approval on Wednesday for a landmark financial pilot project that will allow residents of the coastal city to, among other things, invest privately overseas and set up loan companies.
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