The State Council held an executive meeting Wednesday in Beijing, to discuss the cabinet's working priorities for the year, Xinhua reported Wednesday.

The meeting, presided over by Premier Wen Jiabao, also discussed the functions and institutional arrangement of the newly-established China Banking Regulatory Commission.

The meeting also 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 to promote rapid and sustainable economic growth.

• Accelerating economic structural adjustment and pushing forward western development, along with the renovation of dated industrial bases.

• 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 and strengthening overseas economic exchange and cooperation.

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

• Promoting the employment and re-employment work. Strengthening the construction of social security system.

• Accelerating scientific and educational development.

• Continuing to implement sustainable development strategies to promote the harmonious development of the economy, population, resources and environment.

• Strengthening democratic and legal systems and maintaining social stability.

• Strengthening national defense construction and promoting the reunification of the motherland. Strengthening diplomatic efforts.

• Improving the administrative management system and deepening organizational reform.

The conference called on all departments and local governments to do more this year in all fields.

As for the China Banking Regulatory Commission's functions, the meeting decided that the commission will supervise and manage banks, financial asset management companies, trust investment companies and other financial organizations.

(Xinhua News Agency April 3, 2003)