Decision of the Standing Committee of the National People's Congress on the Exercise of the Functions of Supervision and Control by the China Banking Regulatory Commission, Which Have Hitherto Been Exercised by the People's Bank of China

At its 2nd Meeting, the Standing Committee of the Tenth National People's Congress deliberated the Proposal Submitted by the State Council for Deliberation on the Exercise of the Functions of Supervision and Control by the China Banking Regulatory Commission, Which Have Hitherto Been Exercised by the People's Bank of China. In view of the fact that the Plan for Restructuring the State Council has been approved by the First Session of the Tenth National People's Congress and in order that the China Banking Regulatory Commission shall exercise the functions of supervision and control in accordance with law, the Standing Committee makes the following decisions:

1. The State Council shall, in accordance with the provisions in the Laws of the People's Republic of China on the People's Bank of China and on Commercial Banks and other relevant laws, which are currently in force, decide that the China Banking Regulatory Commission exercise the functions of examination and approval, supervision and control in respect of banks, financial assets management companies, trust investment companies, and other savings financial institutions, and other relevant functions, which have hitherto been exercised by the People's Bank of China.

2. The State Council shall lose no time in working out proposals on revising the Laws of the People's Republic of China on the People's Bank of China and on Commercial Banks and other relevant laws and submit them to the Standing Committee of the National People's Congress for deliberation.

This Decision shall go into effect as of the date of promulgation.

[[Category:Decisions of the Standing Committee of the National People's Congress of the People's Republic of China|Exercise of the Functions of Supervision and Control by the China Banking Regulatory Commission, Which Have Hitherto Been Exercised by the People's Bank of China]]