On The Standard Of "Public" In The Crime Of Illegally Absorbing Public Deposits

China's economy has come into a new normal state,the downward pressure on economic growth is enlarging.In the sea of opportunities,the risk of "illegal fundraising” is hiding everywhere.On the one hand,the small and medium-sized private enterprises are growing like the fire sparks on the grassland.However,these new emerging enterprises are very vulnerable,also facing with high threshold of financing,few channels of financing.So,it's very easy for them to hit the bottom line of” illegal deposits from the public”;On the other hand,cunning criminals hiding in the tide of Internet banking,they take use of the Internet and big data technology to commit the crime of “illegal deposits from the public”,causing serious property loses to the public,which leads to mass incidents in the society.The standard of “public" is abstract and vague,bound the development of small and medium-sized enterprises,also makes a lot of potential criminals to evade from the law.It is necessary to review the "public" standard to solve these serious problems in financial.To build a bright lighthouse for the small and medium-sized businesses.At the same time,leaving no hidden places for criminals to hide,so that they will be exposed.Chapter 1: The two main traditional ways to identify the “public”.This chapter contains two subchapters.First,the positive path,that is,define the "public" standard by give a definition about the meaning of “public”.There are four main views: the first point of view thinks target object must be “non-specific and open” and the amount means nothing in defining “public”.The second view is that the number should be defined as the standard.Because,only by depositing from large amount of people,can they get vast sums of money in a short period of time.The third view is that the "public" standard says the object of “Illegal absorption” must be non-specific and multitude.That is to say: “a specific majority of people “and “a few non-specific people “should be excluded.The fourth view is that "public" should refer to the majority of people or non-specific person(including the enterprises).According to this view,the object of the crime of illegally absorbing public deposits is enlarged.Followed by the negative path,that means,when talk about the extension of the crime of ‘illegally absorbing public deposits “,"friends or family" and "internal person" should be excluded from the category.Chapter 2:The five problems that existed in the traditional “public” identify standard.These are:(A)the traditional standard is abstract and fuzzy,leaving it hard to operating;(B)the traditional standard doesn't consist with the object of the crime of “illegal deposits from the public”;(C)the traditional standard does not match the characteristic of Direct Financing;(D)the standard of traditional conflict with the funding demands of modern fork enterprises;(E)the traditional standard is difficult to adapt to the challenges of financial innovation.Chapter 3:The introduction of the "public" standard in overseas law system and Reference by domestic scholar."non-specific majority" concept in the German criminal law and "non-specific and majority" concept in Japanese investment law are similar to the traditional "public" standard.When come to The United States,these similar behavior is identified as the investment contract,which belongs to the scope of the securities law regulation.On the problem of reference,Wei He and Lufeng Wang say that the concept of “non-specific “or “multitude” are coming from Japan or Taiwan region of China.Shanda Jin in chapter "crime of illegal deposits from the public" says that we should learn from American private equity financing,use the “system of safe harbor” for reference.There are two different kind of people can not be considered as Victim.The first one is who has known the “Necessary Information”;The second one is who has distinguished the risk of the investment and has promise to take the risk.Chapter 4:The improvement of the public standard conception.The author intend to explain the “public” by exploring the core of the crime and the,the Target object,which this crime is trying to protect.The author think that the public standard should be put in the financing supervision system.It can also learn from the concept of “qualified investors” in the securities market,those with the nature of the investment are excluded from the "public" category,aiming at respecting the freedom of the investors.And for those who give out his money without the investment nature,the criminal should protect them.On the basis of the concept of "relatives and friends" and "internal personnel",we should further clarify the connotation and extension of these two concepts.Therefore,establishing a reasonable self private financial system consistent,namely legal and illegal private equity(including illegal absorb public deposits,illegal fund-raising fraud,securities issued)-legitimate private lending system.