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 June 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: 997,823 shares of common stock,
$0.001 par value, as of August 14, 2003.


<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 SIX MONTHS ENDED JUNE 30, 2003 AND 2002
             (Amounts in thousands, except share and per share data)
<TABLE>
<CAPTION>

                                               Three Months Ended June 30,             Six Months Ended June 30,
                                            ----------------------------------     ----------------------------------
                                              2003        2002         2003         2003         2002         2003
                                            --------     --------     --------     --------     --------     --------
                                               RMB         RMB          US$          RMB          RMB          US$
<S>                                             <C>          <C>           <C>         <C>          <C>           <C>
NET SALES                                         --           --           --          444           --           54

COST OF SALES                                     --           --           --         (444)          --          (54)
                                            --------     --------     --------     --------     --------     --------
GROSS PROFIT                                      --           --           --           --           --           --

DEPRECIATION                                    (176)        (163)         (21)        (352)        (335)         (43)

SELLING, GENERAL AND
  ADMINISTRATIVE EXPENSES                     (7,473)      (2,722)        (903)      (9,888)      (5,649)      (1,194)



FINANCIAL INCOME, NET                             88          141           11          259          421           31

OTHER (EXPENSE)/INCOME, NET                      125       (4,940)          15           69       (4,549)           9
                                            --------     --------     --------     --------     --------     --------
LOSS FROM CONTINUING
  OPERATIONS BEFORE INCOME
  TAXES                                       (7,436)      (7,684)        (898)      (9,912)     (10,112)      (1,197)

INCOME TAXES                                      --           --           --           --           --           --
                                            --------     --------     --------     --------     --------     --------
LOSS FROM CONTINUING
  OPERATIONS                                  (7,436)      (7,684)        (898)      (9,912)     (10,112)      (1,197)

DISCONTINUED OPERATIONS
  Income from operations of
    discontinued supermarket
    segment (including gain
    on disposal of RMB327 in 2003),
    net of taxes of RMB0                         327           89           39          366          224           44
                                            --------     --------     --------     --------     --------     --------
NET LOSS                                      (7,109)      (7,595)        (859)      (9,546)      (9,888)      (1,153)
                                            --------     --------     --------     --------     --------     --------
Other comprehensive income/(loss):
  foreign currency translation
    adjustments                                   --            2           --           --          112           --
                                            --------     --------     --------     --------     --------     --------
COMPREHENSIVE LOSS                            (7,109)      (7,593)        (859)      (9,546)      (9,776)      (1,153)
                                            ========     ========     ========     ========     ========     ========
GAIN/(LOSS) PER SHARE: basic and diluted
   Continuing operations                       (8.88)       (9.17)       (1.07)      (11.83)      (12.07)       (1.43)
   Discontinued operations                      0.39         0.11         0.05         0.44         0.27         0.05
                                            --------     --------     --------     --------     --------     --------
                                               (8.49)       (9.06)       (1.02)      (11.39)      (11.80)       (1.38)
                                            ========     ========     ========     ========     ========     ========

WEIGHTED AVERAGE NUMBER
  OF SHARES OUTSTANDING                      837,823      837,823      837,823      837,823      837,823      837,823
                                            ========     ========     ========     ========     ========     ========
</TABLE>

See notes to condensed consolidated financial statements.


                                       2
<PAGE>


               CHINA RESOURCES DEVELOPMENT, INC. AND SUBSIDIARIES

                      CONDENSED CONSOLIDATED BALANCE SHEETS
                    AS OF JUNE 30, 2003 AND DECEMBER 31, 2002
             (Amounts in thousands, except share and per share data)
<TABLE>
<CAPTION>

                                                              June 30,    December 31,         June 30,
                                                                  2003            2002             2003
                                                                   RMB             RMB              US$
                                                  Notes    (Unaudited)          (Note)      (Unaudited)
<S>                                                             <C>              <C>                <C>
ASSETS
CURRENT ASSETS:
  Cash and cash equivalents                                     5,046            4,082              609
  Trading securities                                            1,050            1,185              127
  Inventories - finished goods                                     --              649               --
  Other receivables, deposits and prepayments                   1,513            6,916              183
  Short term loans receivable                                   1,272            3,498              154
  Amounts due from employees                                       --              190               --
                                                             --------         --------         --------
TOTAL CURRENT ASSETS                                            8,881           16,520            1,073
PROPERTY AND EQUIPMENT                              2           2,865            6,468              346
INVESTMENTS                                                    63,000           63,000            7,608
VALUE-ADDED TAX RECEIVABLE                                         --            3,124               --
                                                             --------         --------         --------
TOTAL ASSETS                                                   74,746           89,112            9,027
                                                             ========         ========         ========

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
  Accounts payable                                                 --              256               --
  Other payables and accrued liabilities            3           3,932            8,984              475
  Current portion of capital lease                                146               --               18
  Income taxes                                                     --               50               --
  Amounts due to related companies                                366              366               44
                                                             --------         --------         --------
TOTAL CURRENT LIABILITIES                                       4,444            9,656              537
Capital lease net of current portion                              392               --               47
                                                             --------         --------         --------
TOTAL LIABILITIES                                               4,836            9,656              584
                                                             --------         --------         --------

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 - 837,823 shares
     in 2003 and 2002                                               7                7                1
Additional paid-in capital                                    169,052          169,052           20,417
Reserves                                                       28,028           28,028            3,385
Accumulated deficit                                          (127,338)        (117,792)         (15,379)
Accumulated other comprehensive gains                             158              158               19
                                                             --------         --------         --------
TOTAL SHAREHOLDERS' EQUITY                                     69,910           79,456            8,443
                                                             --------         --------         --------

TOTAL LIABILITIES AND SHAREHOLDERS'
  EQUITY                                                       74,746           89,112            9,027
                                                             ========         ========         ========
</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.

                                       3
<PAGE>

               CHINA RESOURCES DEVELOPMENT, INC. AND SUBSIDIARIES

           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                 FOR THE SIX MONTHS ENDED JUNE 30, 2003 AND 2002
                             (Amounts in thousands)

<TABLE>
<CAPTION>

                                                                   Six months ended June 30,
                                                           ---------------------------------------
                                                             2003            2002            2003
                                                           -------         -------         -------
                                                             RMB              RMB             US$

<S>                                                          <C>           <C>                 <C>
Net cash provided by/(used in) operating activities          1,119         (11,067)            135
                                                           -------         -------         -------
INVESTING ACTIVITIES
  Purchases of property and equipment                         (402)            (11)            (48)
  Proceeds from disposal of property and equipment             151              --              18
  Repayment of principal of capital leases                     (98)             --             (12)
  Advances of short term loans to third parties                 --         (12,190)             --
  Repayment of short term loans from third parties              --          20,352              --
                                                           -------         -------         -------
Net cash (used in)/provided by investing activities           (349)          8,151             (42)
                                                           -------         -------         -------

Net cash provided by discontinued operations                   194             170              23
                                                           -------         -------         -------

NET INCREASE/(DECREASE) IN CASH AND CASH
   EQUIVALENTS                                                 964          (2,746)            116

Cash and cash equivalents, at beginning of period            4,082           7,627             493
                                                           -------         -------         -------
Cash and cash equivalents, at end of period                  5,046           4,881             609
                                                           =======         =======         =======

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



See notes to condensed consolidated financial statements.

                                       4
<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 six-month periods
         ended June 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$1.00 = RMB8.28 quoted by the People's Bank of China as at June 30,
         2003. No representation is made that the RMB amounts could have been,
         or could be, converted into US$ at that rate.

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

2.       PROPERTY AND EQUIPMENT

                                                         June 30,   December 31,
                                                           2003         2002
                                                          ------       ------
                                                           RMB           RMB

         At cost:
           Buildings                                         536          4,260
           Machinery, equipment and motor vehicles         3,914          4,144
           Fixtures and furniture                            219            219
                                                          ------         ------
                                                           4,669          8,623

         Accumulated depreciation                         (1,804)        (2,155)
                                                          ------         ------
                                                           2,865          6,468
                                                          ======         ======

         As at June 30, 2003, property and equipment included a leased motor
         vehicle with cost and accumulated depreciation of RMB1,039 and RMB25,
         respectively.


                                       5
<PAGE>

3.       OTHER PAYABLES AND ACCRUED LIABILITIES

                                                     June 30,     December 31,
                                                         2003             2002
                                                          RMB              RMB

         Advances from a company owned by a former
          vice president                                    -            3,710
         Accrued salaries of a director                 1,412            1,488
         Other payables                                   821            1,674
         Accrued liabilities                            1,699            2,112
                                                       ------          -------
                                                        3,932            8,984
                                                       ======           ======

4.       TRADING SECURITIES

         Included in other income/(expenses) for the six months ended June 30,
         2003 and 2002 are unrealized gains/(losses) on trading securities of
         RMB798 (US$96) and (RMB4,700) (US$568) , respectively. Included in
         other income/(expenses) for the three months ended June 30, 2003 and
         2002 are unrealized gains/(losses) on trading securities of RMB949
         (US$115) and (RMB4,430) (US$535), respectively.

5.       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) of which RMB5,095
         (US$615) was offset against amounts due to a company owned by the
         former vice president. The remaining RMB905 (US$109) is due from the
         purchaser. As a result of the disposition, the Company has ceased
         supermarket operations.

6.       SUBSEQUENT EVENTS

         On July 15, 2003, options to purchase 160,000 shares of the Company's
         Common Stock for RMB24.4 (US$2.95) per share were exercised and the
         Company issued 160,000 shares for RMB3,908 (US$472).

                                       6
<PAGE>


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

         NET SALES AND GROSS PROFIT

         Sales for the six months ended June 30, 2003 consisted of trading of
copper with zero gross profit margin. There were no sales of copper in the
second quarter of 2003. Net sales from supermarket operations included in
discontinued operations totaled RMB1,758,000 (US$212,000) and RMB1,782,000
(US$215,000) for the second quarter of 2003 and 2002, respectively. Profit from
discontinued supermarket operations is reported net of income tax expense, if
any.

         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 RMB4,239,000
(US$512,000) or 75.0% to RMB9,888,000 (US$1,194,000) for the first half of 2003
from RMB5,649,000 (US$682,000) for the first half of 2002. The increase was
primarily attributable to the valuation allowance on VAT receivables of
RMB3,126,000 (US$378,000) and the provision made on loan receivable and interest
from an unaffiliated third party of RMB2,684,000 (US$324,000) provided in the
first half of 2003. 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 RMB4,751,000
(US$574,000) or 174.5% to RMB7,473,000 (US$903,000) for the second quarter of
2003 from RMB2,722,000 (US$329,000) for the second quarter of 2002. The increase
was primarily attributable to the valuation allowance on VAT receivables of
RMB2,737,000 (US$331,000) and the provision made on loan receivable and interest
from an unaffiliated third party of RMB2,684,000 (US$324,000) provided in the
second quarter of 2003. The increase was partially offset by a reduction of
salary to the Company's CEO by approximately RMB382,000 (US$46,000) and the
reduction of legal and professional fees in 2003.

         FINANCIAL INCOME, NET

         Net financial income decreased by RMB162,000 (US$20,000) or 38.5% to
RMB259,000 (US$31,000) for the first half of 2003 from RMB421,000 (US$51,000)
for the first half of 2002. The decrease was primarily attributable to the
decrease in short term loans to unaffiliated third parties.

         Net financial income decreased by RMB53,000 (US$6,000) or 37.6% to
RMB88,000(US$11,000) for the second quarter of 2003 from RMB141,000 (US$17,000)
for the second 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 first half of 2003 primarily consisted of a
net gain on trading of marketable securities of RMB38,000 (US$5,000) and gain on
disposal of fixed assets of RMB25,000 (US$3,000). Net income/(expenses) for the
first half of 2002 represented a net loss on trading of marketable securities of
RMB4,700,000 (US$568,000) offset by arrangement fee income on short term loans
of RMB119,000 (US$14,000).

         Other income, net for the second quarter of 2003 primarily consisted of
a net gain on trading of marketable securities of RMB97,000 (US$12,000) and gain
on disposal of fixed assets of RMB25,000 (US$3,000). Net income/(expenses) for
the second of 2002 represented a net loss on trading of marketable securities of
RMB5,100,000 (US$616,000) offset by arrangement fee income on short term loans
of RMB119,000 (US$14,000).

                                       7
<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.

         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 RMB4,437,000
(US$536,000) as of June 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 six months ended June 30, 2003 was approximately RMB1,119,000
(US$135,000), as compared to net cash used in operating activities of
RMB11,067,000 (US$1,337,000) 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 six months ended June 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 June 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 June 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 RMB1,050,000 (US$127,000). 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.

         SUBSEQUENT EVENTS

         On July 15, 2003, options to purchase 160,000 shares of the Company's
Common Stock for RMB24.4 (US$2.95) per share were exercised and the Company
issued 160,000 shares for RMB3,908,000 (US$472,000).

                                       8
<PAGE>


ITEM 3.  CONTROLS AND PROCEDURES

         On August 14, 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.



                                       9
<PAGE>


                           PART II - OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDINGS:

         On June 17, 2003, 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. The Company is seeking
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 the Company. The defendant failed to file a
defense to the action and the Company is now seeking a judgment by default. The
Company is unable to predict whether it will be able to collect upon any
judgment that may be entered.

ITEM 2.  CHANGES IN SECURITIES:

         NONE

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

         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 June 30, 2003, the Company filed no
         current report on Form 8-K.



                                       10
<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.





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



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



                                       11