The meeting also discussed the functions and institutional arrangements of the newly established China Banking Regulatory Commission and examined the draft regulation for traditional Chinese medicines.

The State Council will give priority to the following 12 items this year:

Continuing the policy of expanding domestic demand;

Accelerating economic structural adjustment and pushing forward western development;

Developing agriculture and the rural economy and increasing farmers' incomes;

Deepening economic restructuring and continuing to regulate market economic order.

Continuing to expand opening up to the world;

Increasing revenue and reducing expenditure to ensure the completion of the year's financial budget;

Strengthening the social security system;

Accelerating scientific and educational development;

Continuing the sustainable development strategies;

Strengthening democratic and legal systems and maintaining social stability;

Strengthening national defence construction and promoting the reunification of the motherland;

Improving the administrative management system and deepening organizational reform.

The meeting decided that the China Banking Regulatory Commission will supervise and manage banks, financial asset management companies, trust investment companies and other financial organizations.

(China Daily April 3, 2003)