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Last updated at: (Beijing Time) Saturday, August 23, 2003

China's Top Legislators Debate on Draft Laws of Administration, Banking

China's top legislators Friday debated on a draft law on administrative licenses and other three draft laws on banking.


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China's top legislators Friday debated on a draft law on administrative licenses and other three draft laws on banking.

Wu Bangguo, chairman of the National People's Congress (NPC) Standing Committee, said Friday at the ongoing NPC Standing Committee session that the draft law on administrative licenses aims at standardizing government conducts and guaranteeing the rights of Chinese citizens.

This was the fourth times the draft law has been submitted for examination by the NPC Standing Committee.

Qiao Xiaoyang, vice chairman of the NPC Law Committee, said the law on administrative licenses will help push the government to shift its functions, redress unhealthy conduct and build a clean government.

The draft law spells out the liability for compensation of administrative organs when they cause damages to citizens while exercising their power under the administrative license.

The three draft banking laws, including amendments of the central bank law and the commercial bank law and a new law on supervision and management of banks, aim to retool the supervision and operational mechanisms of China's banking sector.

According to the draft law on supervision and management, China will extensively borrow from the internationally accepted core principles formulated by the Basle Committee on Banking Supervision. The People's Bank of China (PBOC), China's central bank, will play a greater role in implementing monetary policies, macro-control and defusing risks in the financial sector.

Under the draft central bank law, the PBOC acquires responsibilities to monitor the operation of China's financial market, exercise macro-control and promote the coordinated development of the market.


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