Financial Crime in China: Developments, Sanctions, and the by Hongming Cheng

By Hongming Cheng

Given China's fast improvement, many observers assert that global monetary development and key fiscal symptoms at the moment are looking on the rustic by myself, together with the customers of the greenback, the Euro, oil costs, commercial commodities, worldwide fairness markets and bond costs. nonetheless, China faces a few significant social and monetary demanding situations that may undermine destiny development, corresponding to normal corruption, monetary crime, and the relative loss of the guideline of legislations.

Financial Crime in China builds upon unique learn into the subject and gives a never-before-seen examine the systemic unfold of state-controlled corruption in the shape of financial institution fraud, securities fraud, insider buying and selling, and Ponzi schemes. Cheng offers an actual photograph of monetary crime in China by way of opting for the most recent manifestations, examining empirical information and case reviews, and drawing conclusions concerning the beginning, features, dynamics, and developmental good points of economic illegal activity within the context of political economy. 

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Extra info for Financial Crime in China: Developments, Sanctions, and the Systemic Spread of Corruption

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For example, third-generation Prime Minister Li Peng is the son of an early (prior to 1949) military leader of the CCP and an adopted son of Communist China’s first prime minister, Zhou Enlai. Zeng Qinghong, a member of both the third- and the fourth-generation leadership teams, is the son of Zeng Shan, a revolutionary and Communist China’s first minister of commerce. 3 A number of provincial, municipal, military, and business leaders have also been chosen from this layer. These powerful individuals, joined by other members of the elite class, control China’s major political and economic resources, wealth, and opportunities.

Among the high-profile, former SOE executives believed to have fled overseas is Gao Yan, former CEO of the China State Power Corporation (CSPC), the largest SOE in the country at that time. Gao had held two highlevel positions prior to running the SPC: governor of Jilin Province and CCP leader of Yunnan Province. He had also served as deputy manager 34 FINANCIAL CRIME IN CHINA in the CSPC’s regional branch in Jilin, his home province. He is believed to have been mentored and promoted by former prime minister Li Peng, who controls the nation’s power and energy sector.

In addition to middle-class workers, the poor, the unemployed, housewives, and elderly people have also been lured by these speculative promotions, which promise significant returns for home-based stock trading. 47 million shareholders in the Shanghai and Shenzhen stock markets, which is almost 10 percent of the Chinese population. Almost half of the respondents in my study reported they are presently shareholders or have been in the past. 18 FINANCIAL CRIME IN CHINA The vast majority of Chinese shareholders are unsophisticated lowermiddle- and lower-class people who are easily duped by fraudsters.

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