Beijing, Jan 5. (PTI)
The booming Chinese economy is also triggering soaring economic crimes, including corruption and money laundering, the State media reported on Thursday.
According to the State Administration of Industry and Commerce, Chinese authorities tackled some 8,233 commercial bribery cases in 2006, triple the number a year previously. The cases involved $185 million, up 60 per cent year on year.
The term "economic crime" is a catchall covering everything from bribery and fraud to pyramid selling, money laundering and illicit stock market deals.
Investigators dealt with food safety cases, fake advertising for medical treatment, cosmetics, and health food, branding issues, pyramid selling and commercial bribery, Xinhua news agency reported.
Official statistics show that authorities solved 2.28 million cases of economic wrongdoing in 2006 in the industrial and commercial sector, up 33 per cent on 2005, and recovered $4.83 billion.
"China has seen an increasing number of economic crimes in recent years, especially in fields such as intellectual property infringement and money laundering," assistant minister of public security, Zheng Shandong said.
"These crimes distort market competition and damage the economy", Zheng said.
http://www.hindu.com/thehindu/holnus/003200701050313.htm
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