The establishment of the China Banking Regulatory Commission (CBRC) will be important for the safety, soundness and efficient functioning of the financial system in China, said CBRC at the press conference.

The objectives of CBRC is defined to protect the interests of depositors and consumers by prudential and effective supervision, and accordingly help increase the confidence among the public for the market.

CBRC should also promote the public understanding of modern finance by way of education, and try to reduce the financial crimes and keep the stability of the financial market.

(Xinhua News Agency May 29, 2003)