SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB


[X]     Quarterly report pursuant to section 13 or 15(d) of the Securities
        Exchange Act of 1934

        For the quarter period ended September 30, 2003
                                     ------------------

[ ]     Transition report pursuant to section 13 or 15(d) of the Securities
        Exchange Act of 1934

        For the transition period from ___________ to _____________


                        CHINA RESOURCES DEVELOPMENT, INC.
               (Exact Name of registrant as Specified in Charter)

         Nevada                         0-26046                  87-02623643
(State or other Jurisdiction     (Commission File Number)     (IRS Employer
      of incorporation)                                      Identification No.)

                     Room 2105, West Tower, Shun Tak Centre,
                  200 Connaught Road C., Sheung Wan, Hong Kong
                          Telephone: 011-852-2810-7205
                        (Address and telephone number of
                          principal executive offices)

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such requirements
for the past 90 days.

                           Yes       X        No
                                   ------           ------

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date: 1,143,823 shares of common
stock, $0.001 par value, as of November 14, 2003.

<PAGE>

FORWARD-LOOKING STATEMENTS

         This report contains statements that constitute forward-looking
statements. Those statements appear in a number of places in this report and
include, without limitation, statements regarding the intent, belief and current
expectations of the Company, its directors or its officers with respect to the
Company's policies regarding investments, dispositions, financings, conflicts of
interest and other matters; and trends affecting the Company's financial
condition or results of operations. Any such forward-looking statement is not a
guarantee of future performance and involves risks and uncertainties, and actual
results may differ materially from those in the forward-looking statement as a
result of various factors. The accompanying information contained in this
report, including without limitation the information set forth above and the
information set forth under the heading, "Management's Discussion and Analysis
of Results of Operations and Financial Condition," identifies important factors
that could cause such differences. With respect to any such forward-looking
statement that includes a statement of its underlying assumptions or bases, the
Company cautions that, while it believes such assumptions or bases to be
reasonable and has formed them in good faith, assumed facts or bases almost
always vary from actual results, and the differences between assumed facts or
bases and actual results can be material depending on the circumstances. When,
in any forward-looking statement, the Company, or its management, expresses an
expectation or belief as to future results, that expectation or belief is
expressed in good faith and is believed to have a reasonable basis, but there
can be no assurance that the stated expectation or belief will result or be
achieved or accomplished.

                                       2

<PAGE>
                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

               CHINA RESOURCES DEVELOPMENT, INC. AND SUBSIDIARIES

               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
                    COMPREHENSIVE INCOME/(LOSS) (UNAUDITED)
     FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
             (Amounts in thousands, except share and per share data)

<TABLE>
<CAPTION>
                                               Three Months Ended September 30,               Nine Months Ended September 30,
                                            ---------------------------------------        -------------------------------------
                                               2003           2002          2003            2003           2002           2003
                                            ---------        -------      ---------        -------        -------        -------
                                               RMB             RMB           US$             RMB            RMB            US$
<S>                                         <C>              <C>          <C>              <C>            <C>            <C>
NET SALES                                         853             --            103          1,297             --            157

COST OF SALES                                    (761)            --            (92)        (1,205)            --           (146)
                                            ---------        -------      ---------        -------        -------        -------
GROSS PROFIT                                       92             --             11             92             --             11

DEPRECIATION                                     (202)          (185)           (25)          (554)          (520)           (67)

SELLING, GENERAL AND
  ADMINISTRATIVE EXPENSES                     (17,097)        (2,457)        (2,065)       (26,985)        (8,106)        (3,259)


FINANCIAL INCOME, NET                              87            137             11            346            558             42

OTHER (EXPENSE)/INCOME, NET                     1,084           (169)           131          1,153         (4,718)           139
                                            ---------        -------      ---------        -------        -------        -------
LOSS FROM CONTINUING
  OPERATIONS BEFORE INCOME
  TAXES                                       (16,036)        (2,674)        (1,937)       (25,948)       (12,786)        (3,134)

INCOME TAXES                                       --             --             --             --             --             --
                                            ---------        -------      ---------        -------        -------        -------
LOSS FROM CONTINUING
  OPERATIONS                                  (16,036)        (2,674)        (1,937)       (25,948)       (12,786)        (3,134)

DISCONTINUED OPERATIONS

  Income from operations of discontinued
    supermarket segment (including gain
    on disposal of RMB327 in 2003),
    net of taxes of RMB0                           --             88             --            366            312             45
                                            ---------        -------      ---------        -------        -------        -------

NET LOSS                                      (16,036)        (2,586)        (1,937)       (25,582)       (12,474)        (3,089)
                                            ---------        -------      ---------        -------        -------        -------
Other comprehensive income/(loss):
  foreign currency translation
    adjustments                                    (4)            (3)            (1)            (4)           109             (1)
                                            ---------        -------      ---------        -------        -------        -------
COMPREHENSIVE LOSS                            (16,040)        (2,589)        (1,938)       (25,586)       (12,365)        (3,090)
                                            =========        =======      =========        =======        =======        =======
GAIN/(LOSS) PER SHARE: basic and
  Diluted
   Continuing operations                       (15.56)         (3.19)         (1.88)        (28.75)        (15.13)         (3.47)
   Discontinued operations                         --           0.10             --           0.41           0.37           0.05
                                            ---------        -------      ---------        -------        -------        -------
                                               (15.56)         (3.09)         (1.88)        (28.34)        (14.76)         (3.42)
                                            =========        =======      =========        =======        =======        =======

WEIGHTED AVERAGE NUMBER
  OF SHARES OUTSTANDING                     1,030,345        837,823      1,030,345        902,702        837,823        902,702
                                            =========        =======      =========        =======        =======        =======
</TABLE>

See notes to condensed consolidated financial statements

                                       3
<PAGE>
               CHINA RESOURCES DEVELOPMENT, INC. AND SUBSIDIARIES

                      CONDENSED CONSOLIDATED BALANCE SHEETS
                 AS OF SEPTEMBER 30, 2003 AND DECEMBER 31, 2002
             (Amounts in thousands, except share and per share data)
<TABLE>
<CAPTION>
                                                          September 30,    December 31,    September 30,
                                                                   2003            2002             2003
                                                          -------------    ------------    -------------
                                                                    RMB             RMB              US$
                                                  Notes     (Unaudited)          (Note)      (Unaudited)
<S>                                               <C>          <C>             <C>               <C>
ASSETS
CURRENT ASSETS:
  Cash and cash equivalents                                      12,249           4,082            1,479
  Trading securities                                                749           1,185               90
  Trade receivables                                                 277              --               34
  Inventories - finished goods                                        -             649               --
  Other receivables, deposits and prepayments                       790           6,916               95
  Short term loans receivable                                     1,113           3,498              135
  Amounts due from employees                                         --             190               --
                                                               --------        --------          -------
TOTAL CURRENT ASSETS                                             15,178          16,520            1,833
PROPERTY AND EQUIPMENT                              3             2,679           6,468              324
INVESTMENTS                                                      48,000          63,000            5,797
VALUE-ADDED TAX RECEIVABLE                                           --           3,124               --
GOODWILL                                                          5,865              --              708
                                                               --------        --------          -------
TOTAL ASSETS                                                     71,722          89,112            8,662
                                                               ========        ========          =======

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
  Accounts payable                                                  154             256               19
  Other payables and accrued liabilities            4             4,196           8,984              507
  Current portion of capital lease                                  140              --               17
  Income taxes                                                       --              50               --
  Amounts due to related companies                                  366             366               44
                                                               --------        --------          -------
TOTAL CURRENT LIABILITIES                                         4,856           9,656              587
Capital lease net of current portion                                365              --               44
                                                               --------        --------          -------
TOTAL LIABILITIES                                                 5,221           9,656              631
                                                               --------        --------          -------

SHAREHOLDERS' EQUITY
  Preferred stock, authorized -
    10,000,000 shares in 2003 and 2002
      Series B preferred  stock,  US$0.001  par value:
        Authorized - 320,000 shares
        Issued and outstanding - 320,000 shares
          in 2003 and 2002                                            3               3               --
  Common stock, US$0.001 par value:
   Authorized - 200,000,000 shares
   Issued and outstanding - 1,143,823 shares
     in 2003 and 837,823 shares in 2002                               9               7                1
Additional paid-in capital                                      181,681         169,052           21,942
Reserves                                                         28,028          28,028            3,385
Accumulated deficit                                            (143,374)       (117,792)         (17,316)
Accumulated other comprehensive gains                               154             158               19
                                                               --------        --------          -------
TOTAL SHAREHOLDERS' EQUITY                                       66,501          79,456            8,031
                                                               --------        --------          -------

TOTAL LIABILITIES AND SHAREHOLDERS'
  EQUITY                                                         71,722          89,112            8,662
                                                               ========        ========          =======
</TABLE>

Note: The balance sheet at December 31, 2002 has been derived from the audited
financial statements at that date but does not include all of the information
and footnotes required by accounting principles generally accepted in the United
States of America for complete financial statements.

See notes to condensed consolidated financial statements.

                                       4
<PAGE>
               CHINA RESOURCES DEVELOPMENT, INC. AND SUBSIDIARIES

           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
                             (Amounts in thousands)
<TABLE>
<CAPTION>
                                                          Nine months ended September 30,
                                                          -------------------------------
                                                            2003        2002        2003
                                                          -------     -------     -------
                                                            RMB         RMB          US$

<S>                                                        <C>        <C>           <C>
Net cash provided by/(used in) operating activities         1,562     (14,611)        188
                                                          -------     -------     -------
INVESTING ACTIVITIES
  Purchases of property and equipment                        (418)        (25)        (50)
  Proceeds from disposal of property and equipment            151          --          18
  Repayment of principal of capital leases                   (118)         --         (14)
  Advances of short term loans to third parties                --     (12,190)         --
  Repayment of short term loans from third parties            159      22,048          19
                                                          -------     -------     -------
Net cash (used in)/provided by investing activities          (226)      9,833         (27)
                                                          -------     -------     -------

FINANCING ACTIVITIES
  Proceeds from issuance of common stock                    6,637          --         802
                                                          -------     -------     -------

Net cash provided by/(used in) discontinued operations        194        (353)         23
                                                          -------     -------     -------

NET INCREASE/(DECREASE) IN CASH AND CASH
   EQUIVALENTS                                              8,167      (5,131)        986

Cash and cash equivalents, at beginning of period           4,082       7,627         493
                                                          -------     -------     -------
Cash and cash equivalents, at end of period                12,249       2,496       1,479
                                                          =======     =======     =======

Non-cash investing activities:
  Property and equipment acquired by capital lease            637          --          77
                                                          =======     =======     =======

Business acquisition:
  Fair value of assets acquired                             6,197          --         748
  Liabilities assumed                                        (203)         --         (24)
                                                          -------     -------     -------
  Common stock issued                                       5,994          --         724
                                                          =======     =======     =======
</TABLE>

See notes to condensed consolidated financial statements.

                                       5
<PAGE>
               CHINA RESOURCES DEVELOPMENT, INC. AND SUBSIDIARIES

        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                  (Amounts in thousands, except per share data)

1.       BASIS OF PRESENTATION

         The accompanying unaudited condensed consolidated financial statements
         have been prepared in accordance with accounting principles generally
         accepted in the United States of America for interim financial
         information and with the instructions to Form 10-QSB and Item 310(b) of
         Regulation S-B. Accordingly, they do not include all of the information
         and footnotes required by accounting principles generally accepted in
         the United States of America for complete financial statements. In the
         opinion of management, all adjustments (consisting of normal recurring
         accruals) considered necessary for a fair presentation have been
         included. Operating results for the three-month and nine-month periods
         ended September 30, 2003, are not necessarily indicative of the results
         that may be expected for the year ending December 31, 2003.

         The balance sheet at December 31, 2002 has been derived from the
         audited financial statements at that date but does not include all of
         the information and footnotes required by accounting principles
         generally accepted in the United States of America for complete
         financial statements. For further information, refer to the
         consolidated financial statements and footnotes thereto included in the
         Company's annual report on Form 10-KSB for the year ended December 31,
         2002.

         For the convenience of the reader, amounts in Renminbi ("RMB") have
         been translated into United States dollars ("US$") at the rate of
         US$1.00 = RMB8.28 quoted by the People's Bank of China as at September
         30, 2003. No representation is made that the RMB amounts could have
         been, or could be, converted into US$ at that rate.

         Certain comparative amounts have been reclassified to conform with the
         current period classifications.

2.       SHAREHOLDERS' EQUITY

         On July 15, 2003, options to purchase 160,000 shares of the Company's
         Common Stock for US$2.95 per share were exercised and the Company
         issued 160,000 shares for US$472. On August 18, 2003, the board of
         directors granted options to certain employees to purchase 46,000
         shares of the Company's Common Stock at an exercise price of US$7.165,
         exercisable from August 19, 2003 until August 19, 2006. On August 20,
         2003, the options to purchase the 46,000 shares of the Company's Common
         Stock for US$7.165 per share were exercised and the Company issued the
         shares for US$330.

3.       PROPERTY AND EQUIPMENT
<TABLE>
<CAPTION>
                                                    September 30,    December 31,
                                                             2003            2002
                                                           ------          ------
                                                              RMB             RMB
<S>                                                         <C>             <C>
         At cost:
           Buildings                                          536           4,260
           Machinery, equipment and motor vehicles          3,930           4,144
           Fixtures and furniture                             219             219
                                                           ------          ------
                                                            4,685           8,623

         Accumulated depreciation                          (2,006)         (2,155)
                                                           ------          ------
                                                            2,679           6,468
                                                           ======          ======
</TABLE>

                                       6
<PAGE>

         As at September 30, 2003, property and equipment included a leased
         motor vehicle with cost and accumulated depreciation of RMB1,039
         (US$125) and RMB75 (US$9), respectively.

4.       OTHER PAYABLES AND ACCRUED LIABILITIES

<TABLE>
<CAPTION>
                                                    September 30,    December 31,
                                                             2003            2002
                                                            -----           -----
                                                              RMB             RMB
<S>                                                         <C>             <C>
         Advances from a company owned by a former
          vice president                                       --           3,710
         Accrued salaries of a director                     1,507           1,488
         Other payables                                       734           1,674
         Accrued liabilities                                1,955           2,112
                                                            -----           -----
                                                            4,196           8,984
                                                            =====           =====
</TABLE>

5.       TRADING SECURITIES

         Included in other income/(expenses) for the nine months ended September
         30, 2003 and 2002 are unrealized gains/(losses) on trading securities
         of (RMB50) (US$6) and (RMB2,007) (US$242), respectively. Included in
         other income/(expenses) for the three months ended September 30, 2003
         and 2002 are unrealized gains/(losses) on trading securities of
         (RMB748) (US$90) and RMB5,992 (US$724), respectively.

6.       DISPOSITION OF ASSETS

         Pursuant to an agreement dated April 22, 2003, the Company disposed of
         its entire interest in Zhuhai Zhongwei Development Company Ltd.
         ("Zhuhai Zhongwei") to a third party affiliated with a former vice
         president. The Company recognized a gain of approximately RMB327
         (US$39) from the disposition which was recorded in the second quarter
         of 2003. The sales price was RMB6,000 (US$725) and was fully settled by
         offsetting against amounts due to a company owned by the former vice
         president. As a result of the disposition, the Company has ceased
         supermarket operations. The carrying amount of the major classes of
         assets and liabilities included in the disposal include cash of
         RMB1,725 (US$208), inventories of RMB679 (US$82), other receivables,
         deposits and prepayments of RMB205 (US$25) and trade and other payables
         and other liabilities of RMB1,036 (US$125).

7.       BUSINESS ACQUISITION

         On August 29, 2003, the Company acquired a100% equity interest in
         Isense Limited, a Hong Kong company ("Isense"), for total consideration
         of US$724 (the "Purchase Consideration"). The Company has satisfied the
         Purchase Consideration by issuing 100,000 shares of the Company's
         unregistered restricted common stock to the former sole equity owners
         of Isense. The acquisition has been accounted for as a purchase and
         goodwill (all of which is expected to be tax deductible) of RMB5,865
         was recorded on acquisition. The results of operations of Isense have
         been included in the condensed, consolidated financial statements since
         the date of acquisition.

         The following table summarizes the estimated fair values of the assets
         acquired and the liabilities assumed at the date of the acquisition.
         The allocation of the purchase price is subject to refinement.

<TABLE>
<CAPTION>

                                        RMB             US$
                                     ------          ------
<S>                                   <C>               <C>
         Current assets                 332              40
         Goodwill                     5,865             708
         Current liabilities           (203)            (24)
                                      -----             ---
         Net assets acquired          5,994             724
                                      =====             ===
</TABLE>

         The Company acquired Isense to provide advertising, promotion and
         public relations services in Hong Kong and mainland China to both local
         and international customers.

8.       INVESTMENTS
                                                        RMB        US$
                                                       ------     -----

         Cost method investments comprise:

         Investment in Hainan Sundiro
           Motorcycle Co., Ltd (Sundiro)
           at December 31, 2002                        63,000     7,609

         Valuation allowance for the
           nine months ended September 30, 2003        15,000     1,812
                                                       ------     -----
                                                       48,000     5,797
                                                       ======     =====

                                       7
<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

         NET SALES AND GROSS PROFIT

         Sales for the nine months ended September 30, 2003 consisted of trading
of copper of RMB1,058,000 (US$128,000) with zero gross profit margin, and
revenues from our advertising and public relations services of RMB239,000
(US$29) with gross profit margin of 38%. Net sales from supermarket operations
included in discontinued operations totaled RMB1,758,000 (US$212,000) and
RMB5,479,000 (US$662,000) for the nine months ended September 30 2003 and 2002,
respectively. Profit from discontinued supermarket operations is reported net of
income tax expense, if any.

         Sales for the third quarter of 2003 consisted of trading of copper of
RMB614,000 (US$74,000) with zero gross profit margin, and revenues from our
advertising and public relations services of RMB239,000 (US$29) with gross
profit margin of 38%.

         Since its establishment in late 1999, the contribution of supermarket
operations to the Company's profitability has been insignificant. The Company
sold the equity interest in its supermarket subsidiary in April 2003. The
disposition is expected to improve operating and management efficiency, allowing
management to focus on exploring other investment opportunities.

         SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

         Selling, general and administrative expenses increased by RMB18,879,000
(US$2,280,000) or 233% to RMB26,985,000 (US$3,259,000) for the nine months ended
September 30, 2003 from RMB8,106,000 (US$979,000) for the nine months ended
September 30, 2002. The increase was primarily attributable to the write off of
VAT receivables of RMB3,124,000 (US$378,000), the provision made on loan
receivable and interest from an unaffiliated third party of RMB2,684,000
(US$324,000) and impairment loss on investment of RMB15,000,000 (US$1,812,000).
The increase was partially offset by a reduction of salary to the Company's CEO
by approximately RMB954,000 (US$115,000) and the reduction of legal and
professional fees in 2003.

         Selling, general and administrative expenses increased by RMB14,640,000
(US$1,768,000) or 596% to RMB17,097,000 (US$2,065,000) for the third quarter of
2003 from RMB2,457,000 (US$297,000) for the third quarter of 2002. The increase
was primarily attributable to impairment loss on investment of RMB15,000,000
(US$1,812,000) provided in the third quarter of 2003. The increase was partially
offset by a reduction of legal and professional fees in 2003.

         FINANCIAL INCOME, NET

         Net financial income decreased by RMB212,000 (US$26,000) or 38.0 % to
RMB346,000 (US$42,000) for the nine months ended September 30, 2003 from
RMB558,000 (US$67,000) for the nine months ended September 30, 2002. The
decrease was primarily attributable to the decrease in short term loans to
unaffiliated third parties.

         Net financial income decreased by RMB50,000 (US$6,000) or 36.5% to
RMB87,000(US$11,000) for the third quarter of 2003 from RMB137,000 (US$17,000)
for the third quarter of 2002. The decrease was primarily attributable to the
decrease in short term loans to unaffiliated third parties.

         OTHER (EXPENSE)/INCOME, NET

         Other income, net for the nine months ended September 30, 2003
primarily consisted of a net gain on trading of marketable securities of
RMB1,135,000 (US$137,000) and gain on disposal of fixed assets of RMB25,000
(US$3,000). Net income/(expenses) for the nine months ended September 30, 2002
represented a net loss on trading of marketable securities of RMB4,839,000
(US$584,000) offset by arrangement fee income on short term loans of RMB119,000
(US$14,000).

         Other income, net for the third quarter of 2003 and 2002 primarily
consisted of a net gain/(loss) on trading of marketable securities.

                                       8
<PAGE>

         INCOME TAXES

         It is management's intention to reinvest all income attributable to the
Company earned by its operations outside the US. Accordingly, no US corporation
income taxes are included in these consolidated financial statements.

         Under the current laws of the BVI, dividends and capital gains arising
from the Company's investments in the BVI are not subject to income taxes and no
withholding tax is imposed on payments of dividends to the Company.

         NET LOSS

         Net loss, which increased by RMB13,450,000 (US$1,624,000) and
RMB13,108,000 (US$1,583,000) for the three months and nine months ended
September 30, 2003, respectively, was primarily attributable to impairment loss
on investment of RMB15,000,000 (US$1,812,000) which was partially offset by a
reduction of salary of the Company's CEO and legal and professional fees in
2003.

         LIQUIDITY AND CAPITAL RESOURCES

         The Company's primary liquidity needs are to fund operating expenses
and to expand business operations. The Company has financed its working capital
requirements primarily through internally generated cash.

         The Company had a working capital surplus of approximately
RMB10,322,000 (US$1,247,000) as of September 30, 2003, compared to that of
approximately RMB6,864,000 (US$829,000) as of December 31, 2002. Net cash
provided by operating activities for the nine months ended September 30, 2003
was approximately RMB1,562,000 (US$188,000), as compared to net cash used in
operating activities of RMB14,611,000 (US$1,765,000) for the corresponding
period in 2002. Net cash inflows/outflows from the Company's operating
activities are attributable to the Company's net loss and changes in operating
assets and liabilities. Net cash provided by investing activities for the nine
months ended September 30, 2002 was primarily attributable to advances and
repayments of short term loans to/from third parties.

         Except as disclosed above, there have been no other significant changes
in financial condition and liquidity since the fiscal year ended December 31,
2002. The Company believes that internally generated funds will be sufficient to
satisfy its anticipated working capital needs for at least the next twelve
months.

         MARKET RISK AND RISK MANAGEMENT POLICIES

         All of the Company's sales and purchases are made domestically and are
denominated in RMB. Accordingly, the Company and its subsidiaries do not have
material market risk with respect to currency fluctuation. As the reporting
currency of the Company's consolidated financial statements is also RMB, there
is no significant translation difference arising on consolidation. However, the
Company may suffer exchange loss when it converts RMB to other currencies, such
as the Hong Kong Dollar or United States Dollar.

         The Company's interest income is sensitive to changes in the general
level of RMB interest rates. In this regard, changes in RMB interest rates
affect the interest earned on the Company's cash equivalents. At September 30,
2003, the Company's cash equivalents are primarily RMB, Hong Kong Dollar and
United States Dollar deposits with financial institutions, bearing market
interest rates without fixed term.

         At September 30, 2003, the Company had short-term investments in
trading securities in the Hong Kong and United States stock markets with a total
market value of RMB749,000 (US$90,000). These investments expose the Company to
market risks that may cause the future value of these investments to be lower
than the original cost of such investments.

                                       9
<PAGE>

ITEM 3.  CONTROLS AND PROCEDURES

         On November 12, 2003, the Company's management concluded its evaluation
of the effectiveness of the design and operation of the Company's disclosure
controls and procedures. As of the Evaluation Date, the Company's Chief
Executive Officer and its Chief Financial Officer concluded that the Company
maintains disclosure controls and procedures that are effective in providing
reasonable assurance that information required to be disclosed in the Company's
reports under the Securities Act of 1934 (Exchange Act) is recorded, processed,
summarized and reported within the time periods specified in the SEC's rules and
forms, and that such information is accumulated and communicated to the
Company's management, including its Chief Executive Officer and its Chief
Financial Officer, as appropriate, to allow timely decisions regarding required
disclosure. The Company's management necessarily applied its judgment in
assessing the costs and benefits of such controls and procedures, which, by
their nature, can provide only reasonable assurance regarding management's
control objectives. There have been no significant changes in the Company's
internal controls or in other factors that could significantly affect these
controls subsequent to the Evaluation Date.

                                       10
<PAGE>

                           PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS:

         On June 17, 2003, Billion Luck Company Limited, a wholly owned
subsidiary of the Company, initiated a lawsuit in the High Court of the Hong
Kong Special Administrative Region, Court of First Instance, under the caption
"Billion Luck Company Limited and Lee Kwong Yin." Billion Luck sought to recover
approximately US$322,085, plus interest at the rate of 10% from May 27, 2003,
arising out of the defendant's default under a loan agreement and related
promissory note in favor of Billion Luck. The defendant failed to file a defense
to the action and Billion Luck sought a judgment by default.

         On August 12, 2003, the High Court of the Hong Kong Special
Administrative Region adjudged that the defendant pay to Billion Luck
approximately US$322,085 due to the defendant's default under a loan agreement
and promissory note. The Company is unable to predict whether it will be able to
collect upon the award of the Court.

ITEM 2.  CHANGES IN SECURITIES:

         On July 15, 2003, options to purchase 160,000 shares of the Company's
Common Stock for US$2.95 per share were exercised and the Company issued 160,000
shares for US$472,000. On August 18, 2003, the board of directors granted
options to certain employees to purchase 46,000 shares of the Company's Common
Stock at an exercise price of US$7.165, exercisable from August 19, 2003 until
August 19, 2006. On August 20, 2003, the options to purchase the 46,000 shares
of the Company's Common Stock for US$7.165 per share were exercised and the
Company issued the shares for US$330,000.


ITEM 3.  DEFAULTS UPON SENIOR SECURITIES:

         NONE

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS:

         NONE

ITEM 5.  OTHER INFORMATION:

         NONE

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K:

10.17    Acquisition  Agreement dated August 25, 2003 by and among the
         Registrant,  Isense Limited, Ngan Chiu Wai Jenny and Kwok Kwan Hung.

31.1     CEO Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
         of 2002.

31.2     CFO Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
         of 2002.

32.1     CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
         of 2002.

32.2     CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
         of 2002.

         During the three months ended September 30, 2003, the Company filed no
current report on Form 8-K.

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<PAGE>

                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                   CHINA RESOURCES DEVELOPMENT, INC.





November 14, 2003                  By:/s/ Ching Lung Po
                                      --------------------------------------
                                      Ching Lung Po, Chief Executive Officer



                                   By:/s/ Tam Cheuk Ho
                                      -------------------------------------
                                      Tam Cheuk Ho, Chief Financial Officer

                                       12