Courts to intensify efforts in fight against economic crimes

Move comes in the wake of sharp rise in financial offenses last year

China's courts pledged to intensify efforts to uphold market order through the rule of law, targeting activities that disrupt the socialist economy as economic crimes surge.

The Supreme People's Court reported a sharp rise in economic crimes last year, with bid-rigging cases jumping 56.6 percent compared to the previous year. Other crimes also saw significant year-on-year increases, including copyright infringement (47.5 percent), loan fraud (33.9 percent), counterfeit trademarks (26.3 percent), illegal business operations (23.9 percent), the production and sale of fake goods (18.8 percent), and contract fraud (18.1 percent).

"The trends in these cases demand our utmost attention," Zhang Jun, president of the Supreme People's Court, said during a national conference of chief judges on Monday. "While we must address the tangible financial damages caused by these illegal activities, it is even more critical to focus on their social harm and impact on market order."