| As one of the financial crimes of fraud, the crime of fraud on letter of credit (L/C fraud) is legalized on the base of making effective punishment on the offences via letter of credit which emerges rampantly after the opening-up and reform. Because the letter of credit itself has stronger professional characteristics and the legislation of L/C fraud belongs to"urgent legislation", a huge divergence in the understanding and application of the crime exists in the circle of theory. And such divergence will definitely throw the judicial practice circle into confusion when dealing with such cases. Though the research on L/C fraud has been done by domestic scholars, the whole situation, with limited research subjects and a unitary mode of research, as far from satisfactory; therefore it is necessary to do further research on the crime. This article discusses the penalty provisions and the components of the crime of L/C fraud from the two aspects, the interpretation and evaluation of the article, or in other words, from the two aspects, what law is and what it ought to be. The purpose of this article is to clarify the misunderstanding about the crime and to provide useful references and suggestions for the future legislative revision based on the deficiencies of the provisions of the crime.When explaining the crime of L/C fraud, the article first expounds a prerequisite question, the objectivism position of its explanation. After the question is clear, the article gives explanations to Article 195, Article 199, and Article 200 of Criminal Law with the theories of the constitution of Crime and situation of Crime. Though there are different views on the object of this crime in the theory circle, basically they all adopt the statement way of the object of the statutory offense, which is neither exact nor in accordance with the legislative reality of the crime of L/C fraud. Instead, the statement way of interpreting the object of the crime as the setting orders of L/C and the...
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