China has launched a special campaign that will last three months to crack down on crimes of illegal fund raising, according to a statement issued at an inter-ministerial joint conference Thursday.

Efforts should be made to intensify the supervision over the private financial activities, and local relevant authorities can pilot a register and monitoring system to monitor the sources and flows of the funds and the interest rates in such private financing activities, said Shang Fulin, the newly-appointed chairman of the China Banking Regulatory Commission (CBRC).

Usury activities and flowing of the credit funds from the banks and financial institutions to the private financing market should be strictly prohibited, Shang said.

Police will keep a close watch on possible offenses in real estate, energy, financial planning services, financing intermediary and equity investment, said Liu Jinguo, vice minister of public security.

The crackdown will be focused on frauds in the fund raising and illegal fund raising cases that involving pyramid schemes or online crimes, Liu said.

Moreover, efforts should be made to maximize the recovery of money involved in the cases, Liu said.

According to the statement issued at the conference, China had solved over 5,000 cases of crimes of illegal fund raising between 2008 and 2010, and 15 billion yuan (2.36 billion U.S. dollars) of the funds have been recovered.

However, the situation is still grave as the first nine months of this year have seen the investigations of 1,300 cases of similar offenses involving some 13.38 billion yuan, the statement said.

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