On The Crime Of Illegally Absorbing Public Deposits

With the further development of reform and opening up and the transformation of China’s economic system,the private economy has developed rapidly,and the private operators have more and more strong desire for funds.On the other hand,with the improvement of economic level,the social public has accumulated more and more idle funds.Therefore,large-scale and diversified fund-raising behaviors appear in the society.However,due to the relatively strict financial supervision system and high financing standards in China,many operators break the supervision restrictions,collect funds illegally and even commit criminal activities.In this context,the crime of illegal collection of public deposits came into being and became a common crime to regulate illegal fund-raising activities.This paper will analyze and expound the crime of illegal collection of public deposits from the following four parts:The first part introduces the legislative and judicial status of the crime of illegally absorbing public deposits.At present,China has made provisions on the nature,characteristics and punishnent standards of this crime through a number of legislations,but the relevant legislation still fails to clearly define this crime and distinguish such concepts as illegal absorption of public deposits,illegal fund-raising and fund-raising fraud,etc.The judicial application is not operable and practical,it’s difficult to adapt to the needs of social development.The second part is to analyze the elements of the crime of illegally absorbing public deposits and explain the relevant disputes on the elements.This paper discusses the objective elements of crime,the subjective and objective elements of crime,aiming to have a clear understanding of the definition,so as to achieve the unity of law application eflfect.The third part expounds the judicial practice of the crime of illegally absorbing public deposits.Mainly to discuss and distinguish this crime with private lending,trust management,equity-based crowd-funding.In addition,this part will also analyze the difference of elements of criminal establishment between this crime and fraud in financing,issue stocks,corporate debt or company bond without approval,to clear whether it’s a crime or not a crime as well as the relation and distinction between this crime and the other crimes.The fourth part is the limit and reduction application of the crime of illegally absorbing public deposits,aiming at how to improve it from the aspects of legislation and s0 on,50 as to adapt it to the requirements of social and economic development,It is suggested to clarify the applicable standards of law,timely improve the laws and regulations related to private financing,and insist on the unification of the interpretation of this crime and judicial practice.