民间融资的刑法规制及司法现状（英文版）

　　Nowadays in China， with the rapid development of the economy， various traditional or non traditional private financing methods are emerging in an endless stream， especially for a large number of small and medium-sized enterprises （SME） with poor credit standing and difficulty in borrowing from banks. Therefore， turning to private lending has become an inevitable choice （many large corporations are also often involved when they consider that the capital borrowed from bank is insufficient）. Although there is no lack of real business behavior during the course of private financing， often crowd-funding， there are quite a few people who commit crimes by using private fund-raising methods at the same time， among which fraudulent fund-raisings with Ponzi scheme elements came out one after another， involving numerous victims and huge quantity of money. It has become not only a legal but also a deep-seated social and political issue. .At present， the problems caused by fund-raising have crossed national borders and spread overseas. such as the Luckin Coffee scandal in the United States that has caused heated discussions. The results of this are discussions about the foreign legislative of restricting Chinese companies' overseas fund-raisings and local capital inflows into China， as well as speculation about how China will investigate and handle such cases. To be sure， China has always held a semi-repressive attitude towards private financing， resulting in the convictions for a large number of private fund-raising activities. As far as the current legislative and judicial situations are concerned， the convictions for some of the private fund-raising activities are appropriate and reasonable， while for others， there exists a high possibility of over-struck.

　　HAN， Yang （韩阳）， Professor of law， Beijing International Studies University（北京第二外国语学院）. Senior research fellow of Beijing Research Institute for International Service Trade and Cultural Trade （首都靠前服务贸易与文化贸易研究基地）. Council member of China Criminal Procedure Law Research Association. Ph.D in criminal procedure and justice， China University of Political Science and Law. Post-doctoral researcher at Chinese Academy of So Sciences （2007-2010）.Visiting scholar， Université Montesquieu - Bordeaux IV （2007）; visiting scholar， school of law， University of Oregon （2017-2018）. Titled with Beijing Youth Top Talent （2013-2015）.

PREFACE AND ACKNOWLEDGEMENTS
INTRODUCTION
CHAPTER 1 CHANGES IN CHINA'S PRIVATE FINANCING MODELS AND THE CONCERNING REGULATIONS
A． THE ANCIENT HEHUI MODEL IN CHINA
B． OVERALL PATHS AND REGULATIONS FOR THE DEVELOPMENT OF PRIVATE FINANCING IN CHINA
CHAPTER 2 ESTABLISHMENTS FOR ILLEGAL PUBLIC DEPOSIT ABSORBING AND FUND-RAISING FRAUD
A． PONZI SCHEME AND ILLEGALFUND-RAISING
B． LEGISLATIONS FOR ILLEGAL PUBLIC DEPOSIT ABSORBING AND FUND-RAISING FRAUD IN CHINA
1． A HISTORICAL PERSPECTIVE
2． STIPULATIONS FORILLEGAL PUBLIC DEPOSIT ABSORBING
3． REGULATIONS FOR FUND-RAISING FRAUD
C． A BRIEF SUMMARY： HIGHLY CONVERGENT REQUIREMENTS FOR CRIMINAL ELEMENTS OF THE TWO CHARGES
……
CHAPTER 3 PROOF RULES FOR IDENTIFICATION OF THE PURPOSE OF ILLEGAL POSSESSION FURTHER BLUR THE BOUNDARY BETWEEN TWO CRIMES
CHAPTER 4 DATA ANALYSIS： THE ADJUDICATION ATTITUDE AND TREND FOR ILLEGAL FUND-RAISING CASES
CHAPTER 5 THE INFLUENCE OF INVESTOR'S LEGAL STATUS DETERMINATION AND REMEDY ON JUDICIAL CONVICTION ATTITUDE IN ILLEGAL FUND RAISING CASES
CONCLUSION