Top leaders including Jiang Zemin, Hu Jintao, Li Lanqing, Wu Bangguo, Wen Jiabao, Jia Qinglin, Zeng Qinghong, Huang Ju, Wu Guanzheng, Li Changchun and Luo Gan were present. A total of 2,899 deputies attended the meeting.

The deputies heard the Report on the Implementation of the 2002 Plan for National Economic and Social Development and on the 2003 Draft Plan for National Economic and Social Development, delivered by Zeng Peiyan, minister in charge of the State Development Planning Commission; and the Report on the Implementation of the Central and Local Budgets for 2002 and on the Draft Central and Local Budgets for 2003, delivered by Xiang Huaicheng, minister of finance.

They also heard a report on government agency reform submitted by the State Council, China's cabinet, which was presented by Wang Zhongyu, state councilor and secretary-general of the State Council.

According to Zeng, China's top planner, the national economy continued to grow rapidly in the past year, and the main targets set for the macroeconomic control were smoothly realized.

Last year, China achieved new progress in readjustment of industrial structure, development of export-oriented economy, progress and innovation of science and technology, social undertakings, as well as environmental improvement in some key areas, the minister said.

The development of the western region was accelerated. The national revenue increased by 15.4 percent, according to the official.

Minister Zeng proposed major targets for 2003 as an around seven percent economic growth, an increase of 8 million and above jobs in cities, a registered unemployment rate of 4.5 percent, a one percent rise in the general price level of consumer goods, and an increase of seven percent in total imports and exports volume.

In his report, Xiang Huaicheng, the top financier, said the central and local budgets were satisfactorily implemented. In 2002, China generated 10.2398 trillion yuan in GDP, an eight percent rise over the previous year. In 2002, the central check left a deficit of 309.8 billion yuan, which is equivalent to the figure approved by the 5th Session of the 9th NPC. Meanwhile, the local revenue and expenditure was in balance.

This year, the minister of finance proposed, China will uphold the policy of expanding domestic demand and continue to implement the proactive fiscal policy in a bid to promote the sustained, rapid and sound development of the national economy in light of the requirements for building a well-off society in an all-round way. The deficit for 2003 is budgeted to be 319.8 billion yuan, 10 billion more than in 2002, he said.

Meanwhile, China will further increase funding for agriculture, science and technology, education, social security undertakings, development of the western region, and improvement of people's life. This year, the government will issue 140 billion yuan construction state bonds.

When explaining a draft plan on the reform of the State Council, State Councilor Wang Zhongyu said the agency institutional reform is made to cope with the demands for improving the socialist market system and promoting political restructuring, further changing the functions of the government, readjusting and improving the layout of government departments, and enhancing the administrative level of the government, in order to build a standardized, well-coordinated, fair and transparent, and clean and highly-efficient political managerial system.

According to the draft plan, the State Council will set up a "State Council commission on the supervision of state-owned properties"; reorganize the State Development Planning Commission into the "State Commission for Development and Reform"; establish the "Commission on the Supervision and Management over China's Bank Business" and the "Ministry of Commerce"; found the "State Administration for Food and Drug Control"; rename the current State Family Planning Commission as "State Population and Family Planning Commission".

Moreover, the existing State Economic and Trade Commission and Ministry of Foreign Trade and Economic Cooperation would not to be retained.

After the new round of restructuring, the State Council will have 28 ministerial departments, apart from the State Council General Office, according to the state councilor.

At the meeting, the deputies approved, by voting, a resolution on the setting-up of nine special committees of the 10th NPC, the method on the composition personnel for these special committees, and the name list of the chairperson, vice-chairpersons, and members of the Committee of Finance and Economy of the 10th NPC.

The meeting was presided over by Li Tieying, and attended by Ding Shisun, Cheng Siwei, Yu Junbo, Wang Yunlong, Li Keqiang, SongZhaosu, Zhang Gaoli, Qian Yunlu, and Cao Bochun.

(Xinhua News Agency March 6, 2003)