(Adopted at the 2nd Session of the Standing Committee of the Tenth National People's Congress on April 26, 2003)
The 2nd Session of the Standing Committee of the Tenth National People's Congress has deliberated the Proposal of the State Council for Deliberation on China Banking Regulatory Commission's Exercise of the Regulatory Functions That Used to be Exercised by the People's Bank of China. In accordance with the structural reform plan of the State Council approved by the 1st Session of the Standing Committee of the Tenth National People's Congress, and to ensure that China Banking Regulatory Commission performs the regulatory functions according to law, it is hereby decided as follows:
1.The State Council shall, in accordance with the present Banking Law of the People's Republic of China , the Law of the People's Republic of China on Commercial Banks, and other relevant laws, determine that China Banking Regulatory Commission shall perform the functions that used to be performed by the People's Bank of China, such as examination and approval, supervision and administration of the banks, financial assets management companies, trust and investment companies, and other financial institutions providing deposit services, and other relevant functions.
2.The State Council shall lose no time in presenting proposals for modification of the Banking Law of the People's Republic of China , the Law of the People's Republic of China on Commercial Banks , and other relevant laws, and submit such proposals to the Standing Committee of the National People's Congress for deliberation.
This Decision shall come into force on the day of promulgation.
