CHINA Trends and Developments Contributed by: Haitao (Harry) Liu, King & Wood Mallesons
most important tools in transferring illicit funds, and the growth in its use is one of the motivations behind the 2024 judicial interpretation. China is a socialist market economy, a norm prob - ably novel and even unknown to most Western read - ers. A more readily graspable concept that illustrates the nature of the Chinese economy is that China has 55,542,300 privately owned enterprises, amounting to 96.37% of all the enterprises operating in China up to the end of 2024. An economy with such a large per - centage of privately owned enterprises, most of which are small and medium-sized, as well as one that lacks (or has historically lacked) a well-structured compli - ance policy and culture, will inevitably be troubled by white-collar crime and an ever-growing number of them. From the long-term perspective, dealing with white-collar crimes will never be an out-of-date topic and shall remain a strong responsibility of and severe task for the Chinese government.
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