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People's Daily Online>>China Society

Death penalty in fraud crimes divides public (3)

By Yang Jingjie (Global Times)

13:20, January 20, 2012

He also said that the capital sentence should be abolished for economic offences that pose no threat to personal safety.

"The law should protect people's basic rights which definitely include the right to life, and that right cannot be measured by any economic losses as long as the offence has not caused any casualties," Chen said, adding that it was also time to abolish the crime of illegal fundraising in the Criminal Law.

A commentary on sohu.com said many people had hoped that a pardon to Wu Ying's death sentence would signal the recognition of informal lending by authorities.

According to a survey by the China Oriental Culture Broadcast Institute (COCBI), which was carried out among 1,206 businesses during last autumn, 42.7 percent admitted that they had used informal lending, with 55.6 percent of those involved hailing from Zhejiang.

Bai Chengyu, secretary-general of the China Association of Microfinance, said that illegal fundraising became a prominent issue last year due to the government's tight control on credit to curb inflation.

"What's more, the China Business News commented that the flourishing of 'underground finance' came as a result of banks' preference to give loans to State-owned enterprises, thereby setting higher thresholds for private enterprises."

Bai said there is still insufficient government supervision over private financing despite its long existence.

In the coastal city of Wenzhou, nearly 100 local tycoons reportedly fled abroad to avoid repaying their debts, which had accumulated to more than 10 billion yuan in bank loans or shadow loans last year.

In Anyang, about 30,000 people gathered at the local train station on New Year's Day to protest against an insufficient crackdown on illegal fundraising, after an investment guarantee company reportedly disappeared with about 40 billion yuan collected from locals.

According to the COCBI survey, 73.6 percent of respondents viewed informal lending positively, and 40.3 percent believed it should be monitored by authorities.

Zhu Shanshan contributed to this story

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Leave your comment8 comments

  1. Name

hill at 2012-02-1492.234.205.*
The verdict is too harsh .Death penalty spurs more criminal acts .Never stops it .Death penalty should be abolished .
hill at 2012-02-1492.234.205.*
The verdict is too harsh .Death penalty spurs more criminal acts .Never stops it .Death penalty should be abolished .
Gary at 2012-01-21125.237.207.*
If this type of crime was punishable by death then there would be very much less crime in the western countries. I still do not agree however, and there must be another way
Sam Teng at 2012-01-21175.136.180.*
Death penalty for serious crimes has been a hot debate and many countries have different views. Even in the US, not all the states impose death penalty. Very often, it had been argued on humanitarian grounds. I would say that if the crime resulted in premeditated murder or death of the victims, death penalty should be imposed as the last resort. This will serve as a deterrent for would be offenders. There is no right or wrong in death penalty. It depends on the circumstances of the crime and the situation of the country or state at that moment. Protection and fairness to the innocent victim should be of paramount importance.
Fat-Chun Leung Ki at 2012-01-20188.61.105.*
After 1949 revolution, China needed very severe laws to discourage frauds and other serious crimes. Such crimes were rampant. Some of the criminals,who committed serious frauds, were caught and were put to death by the people"s courts. More than 60 years have since passed and Chinese society has changed tremendously and the criminal laws need to be brought up to date, making the legal system more aligned with the mainstream of international legal practices. Take the case of Bernard Madoff, just as an example. He who ran a ponzi scheme defrauded billions of US dollars from the US public. The US Supreme Court did not condemn him to death but 150 years in prison. In most modern societies, death sentence is regarded as a cruel and revengeful mean to wreak justice. Without condoning serious crimes, death penalty should be resorted to for frauds when the crimes committed seriously endanger public peace and security.
  

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