On the afternoon of September 22nd, the State Council Information Office held a series of themed press conferences on "High-Quality Completion of the 14th Five-Year Plan," introducing the achievements of financial industry development during the 14th Five-Year Plan period. At the conference, Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), revealed that regarding bond market financial fraud, EVERGRANDE and its auditing institution were issued the largest fines in history of 41.75 billion yuan and 3.25 billion yuan, respectively.
Wu Qing stated that over the past five years, the environment facing capital markets has undergone complex and profound changes. External input risks and challenges have been turbulent, while domestic risks in certain sectors have "come to light." As a convergence point and sensitive area for various risks, capital markets have borne the brunt of these challenges. The CSRC has consistently adhered to steady progress while balancing development and security, strengthening regulatory defenses and maintaining risk bottom lines.
Wu Qing introduced that during the 14th Five-Year Plan period, there has been a significant enhancement in the effectiveness and deterrent power of regulatory enforcement. He mentioned focusing on violations such as financial fraud that investors deeply despise, targeting both "main culprits" and "accomplices," systematically constructing a comprehensive, multi-dimensional punishment and prevention system, and resolutely dismantling fraud "ecosystems."
For example, regarding bond market financial fraud, EVERGRANDE and its auditing institution were issued the largest fines in history of 41.75 billion yuan and 3.25 billion yuan, respectively. The case also involved simultaneous accountability for third-party cooperation in fraud in the Yuebo Power case.
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