China's Legislature to Discuss 3 Laws on Banking Business

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Last updated at: (Beijing Time) Friday, August 15, 2003

China's Legislature to Discuss 3 Laws on Banking Business

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China's national legislature, the Standing Committee of the National People's Congress (NPC), will discuss amendments to the central bank law and commercial bank law,and a new draft law on the supervision and management of banking businesses during a legislative session starting Aug. 22.

The agenda was adopted at Friday's meeting of the chairman and vice chairpersons of the NPC Standing Committee, presided over by Chairman Wu Bangguo.

The revisions and formulation of bank laws will provide a legalfoundation for China's reform of the financial and banking regulatory system, and safeguard the secure, steady and efficient operation of banks and financial institutions, senior lawmakers said at the Great Hall of the People.

They believed the legislation would help banks and financial businesses improve their capability to guard against financial crisis.

According to the agenda, the legislature will also hold the fourth hearing on the draft law on administrative license, which has been under heated debate for proposed large-scale cut of government powers.

Other major items to be discussed or awaiting approval at the meeting include the United Nations Convention Against Transnational Organized Crimes and State Council reports on the implementation of the national economic and social development plan and on the prevention and treatment of major contagious diseases.

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