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China to Crack Down on Illegal Fundraising Targetting the Elderly

via:凤凰网     time:2022/7/9 8:00:42     readed:191

Image Source: Visual China

Image Source: Visual China

Beijing, July 8 (TMTPOST) – China’s special task office dedicated to cracking down on scams targetting the elderly has held its third meeting at the China Banking and Insurance Regulatory Commission

Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said that the authorities will crack down harshly on illegal fundraising relating to the elderly care and pension. Guo also said that measures will be taken to educate the public to be vigilant of illegal fundraising and scams.

Chen Yixin, Secretary-general of the Central Political and Legal Affairs Commission, stated that efforts should be made to regulate fundraising activities involving the elderly and prevent scammers from grabbing the elderly’s pensions.

Chen gave four suggestions on the matter. First, he pointed out that the authorities should use information from the public and make sure each complaint should receive a thorough investigation.

Second, Chen proposed that existing issues must be adjusted and fixed properly.

Third, Chen stressed that it is very important for different government authorities and departments to collaborate with each other and share information, so as to effectively enforce law. Administrative units and the law enforcement should work together and crack down on illegal activities.

Fourth, Chen advised that efforts should be taken to ensure proper education of the public on the matter and make use of the media to prevent the elderly from falling prey to scams.

Lastly, Chen called for the establishment of a long-term mechanism.

Guo stressed that it is imperative for the public to undestand the importance of the crackdown and proactively stay away from illegal fundraising. The head of the banking and insurance regulatory body called on local authorities to dutifully play the role of oversight in the field and safeguard the elderly's pensions. He also called for furthering the reforms on pension-related finance by helping the eldely overcome the "digital gap" to enjoy safe and considerate financial services.

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