China's top legislature Tuesday (Oct. 28th) passed two laws on road transportation safety and on security investment funds, and removed Tian Fengshan from his post of minister of land and resources and appointed Sun Wensheng as the new minister.

The fifth meeting of the 10th National People's Congress (NPC) Standing Committee, which was held from Oct. 23 to Oct. 28, also approved the decision to turn government loans, which the central government borrowed from the People's Bank of China before 1995, into tradable treasury bonds.

The law on road transportation safety, which has been deliberated by the NPC Standing Committee four times, will take effect as of May 1, 2004.

The law on security investment funds, which has been submitted to the NPC Standing Committee for deliberation three times, will go into effect on June 1, 2004.

The meeting approved four reports presented by the Internal and Judicial Affairs Committee, Financial and Economic Committee, Education, Science and Technology committee, Agricultural and Rural Committee respectively on the deliberation results of the bills proposed by representatives in the first meeting of the 10th NPC.

During the meeting, the NPC Standing Committee also deliberated the draft laws on the People's Bank of China, commercial banks and banking supervision.

Wu Bangguo, chairman of the Standing Committee of the NPC, presided over the closing ceremony of the meeting.

Yang Jingyu, chairman of the NPC Law Committee, gave a lecture on the constitution and its amendment afterwards.

Editor: Wing