Legal basis:
Article 266 of the Criminal Law: whoever defrauds public or private property in a relatively large amount shall be sentenced to fixed-term imprisonment of not more than three years, criminal detention or public surveillance, and shall also or only be fined; If the amount is huge or there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than three years but not more than ten years and shall also be fined; If the amount is especially huge or there are other especially serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than 1 years or life imprisonment, and shall also be fined or confiscated. Where there are other provisions in this Law, such provisions shall prevail.
Explanations of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues Concerning the Specific Application of Laws in Handling Criminal Cases of Fraud
Article 1 Whoever swindles public or private property in an amount of more than 3, yuan, 3, yuan, 1, yuan and 5, yuan shall be deemed as "a large amount", "a huge amount" or "a particularly huge amount" as stipulated in Article 266 of the Criminal Law respectively.
the higher people's courts and people's procuratorates of all provinces, autonomous regions and municipalities directly under the central government may, in combination with the economic and social development of the region, jointly study and determine the specific amount standards implemented in the region within the scope of the amount specified in the preceding paragraph, and report them to the Supreme People's Court and the Supreme People's Procuratorate for the record.