财务造假综合惩防体系不断深化 法治护航资本市场健康发展

Core Viewpoint - The Chinese regulatory authorities are intensifying efforts to combat financial fraud in the capital market through a comprehensive accountability system, emphasizing collaboration among multiple departments to enhance enforcement and deterrence [1][4][5]. Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) held a meeting with various departments to discuss the advancement of a comprehensive system to prevent and punish financial fraud [1]. - Since the implementation of the "Comprehensive Prevention and Punishment Opinions" on July 5, 2024, a multi-faceted accountability system has been established, integrating administrative enforcement, criminal punishment, civil recovery, and integrity constraints [1][2]. - The Supreme People's Procuratorate (SPP) reported that from 2024 to November 2025, 191 individuals were prosecuted for financial fraud, with a 21% increase in prosecutions from January to November 2025 compared to the previous year [2]. Group 2: Impact on Market Integrity - Financial fraud undermines the integrity of the market, as accurate financial information is crucial for investment decisions. Misleading financial statements can severely distort investor behavior and disrupt market order [4][5]. - The meeting underscored a "zero tolerance" policy towards financial fraud, aiming to create a market environment where fraudulent activities are deterred through high costs and continuous pressure [5][6]. Group 3: Future Directions - The SPP plans to enhance criminal accountability for financial fraud, improve case handling standards, and strengthen inter-departmental cooperation to better protect investors' rights and support high-quality development of the capital market [3][5]. - The goal is to establish a market ecosystem where fraud is not only discouraged but also unthinkable, promoting a culture of integrity within the capital market [6].