BEIJING (Sputnik) — The authorities have solved 154 cases since the start of the campaign and busted 192 "underground banks," that had sought to circumvent government limits on transferring money abroad.
The campaign against the use of offshore companies was initiated by the ministry and supported by the People's Bank of China and the country's State Administration of Foreign Exchange.
The ministry said illegal banking activities had decreased but were still "rampant" and the government would keep up its efforts to address the issue.
The crackdown focused mainly on cross-region and cross-border underground banks.
