China handles 168,000 cases of financial crime in 2016

BEIJING- Chinese police closed 168,000 cases of financial crime and recovered 35.6 billion yuan ($5.2 billion) last year, the Ministry of Public Security announced on Monday.

According to the ministry, the frequency of financial crime is still high in China. Cases of illegal fund-raising, pyramid selling, online peer-to-peer fraud, securities and futures crime, counterfeit money and bank card fraud have infringed on the interests of investors and undermined market stability.

Credit card crime has surged in China, with more than 63,000 cases filed in 2016, accounting for one third of all financial crime.

Last year saw new methods of writing false value added tax invoices and defrauding export tax rebates. A case in East China's port of Xiamen involved nearly ten billion yuan, seriously disturbing national tax order.

The ministry pledges to continue to strike hard against financial crime and calls for the public to report any knowledge of financial crimes to public security authorities.