Abstract: The article 176 of Criminal Law of P. R. C. (Amendment VIII) regulates the crime of the illegal absorption of public-savings, but the high-pressure attacks always produce an undesired performance. This paper argues that we shall take the so-called illegal absorption of public-savings as a new kind of securities which meets the “investment contract” features and hence put it into the scope of regulation of Securities Law of the P. R. C. (revised in 2014). At current stage, the practical approach is to expressly provide the standard for “other securities approved by the State Council” and use administrative power to promote market innovation. We shall strengthen civil liability for the protection of public investors to regulate the illegal absorption of public-savings.