A Study On The Legal Responsibility Of Chinese Private Financing

Folk financing is an ancient way of financing, to which much more attention is paid nowadays with the development of our national economy. But the existing law does not clearly prescribe for the legality of folk financing and the liability of unlawful folk financing. Due to imperfections of the legal liability system, the quantity of various kinds of debt disputes and criminal cases concerning folk financing has dramatically increased. Therefore further research into folk financing legal liability system is of critical importance to our country’s folk financing legislation and judicial practice.This paper firstly introduces the definition, characteristics, types to reveal the nature of folk financing, analyzes the necessity of folk financing andxisting problems, and concludes that the existence of folk financing has certain rationality. Then this paper summarizes and reviews status quo of folk financing in our legal liability system, ranging from civil responsibility, administrative responsibility to criminal responsibility and pointes out the deficiency in our country’s folk financing legal liability system. Finally, this paper puts forward some improvement suggestions on our country’s folk financing legal liability system. Only perfect folk financing legal liability system can better folk financing for China’s socialist modernization construction...