CIRCULAR OF THE PEOPLE’S BANK OF CHINA ON RELEVANT ISSUES CONCERNING THE MARKET ACCESS OF FOREIGN-FUNDED FINANCIAL INSTITUTIONS AFTER THE PROMULGATION OF THE DETAILED RULES FOR THE IMPLEMENTATION OF THE REGULATIONS OF THE PEOPLE’S REPUBLIC OF CHINA ON THE ADMINISTRATION OF FOREIGN-FUNDED FINANCIAL INSTITUTIONS

20041217

The People’s Bank of China

Circular of the People’s Bank of China on Relevant Issues Concerning the Market Access of Foreign-funded Financial Institutions after
the Promulgation of the Detailed Rules for the Implementation of the Regulations of the People’s Republic of China on the Administration
of Foreign-funded Financial Institutions

YiFa [2002] No.22

January 29, 2002

The branch banks and business management departments of the People’s Bank of China:

The Regulations of the People’s Republic of China on the Administration of Foreign-funded Financial Institutions (hereinafter referred
to as the Regulations) have been promulgated by the State Council and shall come into force on February 1, 2002. The Detailed Rules
for the Implementation of the Regulations of the People’s Republic of China on the Administration of Foreign-funded Financial Institutions
(hereinafter referred to as the Detailed Rules) revised and promulgated by this bank shall also come into force soon. The relevant
issues concerning the market access of foreign-funded financial institutions after the implementation of the Detailed Rules are hereby
notified as follows:

Issues concerning the change of license for operation of financial business and the supplement of capital or operation fund

Where the application of the Regulations results in the change of business scope of foreign-funded financial institutions, all the
business foreign-funded financial institutions shall, according to the provisions of the Regulations and the Detailed Rules, take
the following documents to change the licenses for operation of financial business at the head office of the People’s Republic of
China: an application letter (indicating the changed matters) to the president of the People’s Bank of China signed by the board
chairman or president (general manager) of the foreign-funded institution with legal person status, the president (general manager)
of the branch of the foreign bank, an introduction letter issued by the branch of the People’s Republic of China of the place where
that institution is located, the duplicate of the license for operation of financial business of that institution, and the relevant
documents of approval of the People’s Bank of China (for alteration of registered capital or operation fund, business scope, etc.).
And after changing the license for operation of financial business, the institution shall make the registration of alteration with
the department of industry and commerce administration, and make public announcement according to the requirements.

Considering the different situations of foreign-funded financial institutions, the change of the license for operation of financial
business may be handled in the following ways:

For those that keep the current partial foreign exchange business and don’t expand the objects of the foreign exchange services, the
following way shall apply:

Solely foreign-funded and joint venture financial companies, and solely foreign-funded and joint venture banks shall, according to
Article 5 of the Regulations, namely “the registered capital shall be the paid-in capital”, adjust the paid-in capital to meet the
registered capital.

a. The institutions of which the paid-in capital has met the minimum limit for registered capital as provided for in Article 5 of
the Regulations and Article 31 of the Detailed Rules shall handle the matters such as changing the licenses and making the industry
and commerce registration, etc. before June 1, 2002.

b. The institutions of which the paid-in capital fails to meet the minimum limit for registered capital as provided for in Article
5 of the Regulations and Article 31 of the Detailed Rules shall, according to the relevant provisions of the Detailed Rules on
the change of capital, apply for increasing the capital to meet the registered capital and handle the matters such as changing the
licenses and making the industry and commerce registration, etc. before August 1, 2002.

The branches of foreign banks and the branches of solely foreign-funded and joint venture banks shall handle the matters such as changing
the licenses and making the industry and commerce registration, etc. before June 1, 2002.

For the foreign-funded financial institutions that expand their current partial foreign exchange business to comprehensive foreign
exchange business, they may not operate the comprehensive foreign exchange business until applying for increasing the capital and
completing the change of licenses and the procedures for industry and commerce registration, and:

a. The foreign-funded financial institutions that have already met the minimum limit of the operation fund or registered capital for
operating comprehensive foreign exchange business as provided for by Article 32 of the Detailed Rules shall complete the matters
such as changing the licenses and making the industry and commerce registration, etc. before June 1, 2002.

b. The foreign-funded financial institutions that fail to meet minimum limit of the operation fund or registered capital for operating
comprehensive foreign exchange business as provided for by Article 32 of the Detailed Rules shall, according to the relevant provisions
of the Detailed Rules on the alteration of capital or operation fund, apply for increasing the capital or operation fund and complete
the matters such as changing the licenses and making the industry and commerce registration, etc. before August 1, 2002.

For those that keep the current partial foreign exchange business and the partial Renmingbi business, the following way shall apply:

The foreign-funded financial institutions that have already met the minimum limit of registered capital or operation fund as provided
for by Article 33 of the Detailed Rules shall complete the matters such as changing the licenses and making the industry and commerce
registration, etc. before June 1, 2002.

The foreign-funded financial institutions that fail to meet the minimum limit of registered capital or operation fund as provided
for in Article 33 of the Detailed Rules shall, according to the relevant provisions of the Detailed Rules on alteration of capital,
apply for increasing the capital or operation fund and complete the matters such as changing the licenses and making the industry
and commerce registration, etc. before Aug.1, 2002.

For the foreign-funded financial institutions that expand their current partial foreign exchange business to comprehensive foreign
exchange business and keep the current partial Renmingbi business may operate the comprehensive business only after applying for
increasing the capital and completing the matters such as changing the licenses and making the industry and commerce registration,
etc. and:

a. The foreign-funded financial institutions that have already met the minimum limit of registered capital or operation fund as provided
for by Article 34 of the Detailed Rules shall complete the matters such as changing the licenses and making the industry and commerce
registration, etc. before June 1, 2002.

b. The foreign-funded financial institutions that fail to meet the minimum limit of registered capital or operation fund as provided
for by Article 34 of the Detailed Rules shall, according to the relevant provision of the Detailed Rules on alteration of capital,
apply for increasing the capital or operation fund and complete the matters such as changing the licenses and making the industry
and commerce registration, etc. before August 1, 2002.

The foreign-funded financial institutions wishing to apply for operating Remingbi business shall complete the matters such as changing
the licenses and making the industry and commerce registration, etc. before August 1, 2002.

II.

Issues concerning applying for the establishment of foreign-funded financial institution:

The application documents already submitted by the foreign-funded financial institutions shall still be valid. The relevant branches
and business management departments shall notify the foreign-funded financial institutions within their respective jurisdictions
that have submitted applications to adjust and supplement the application documents according to the relevant provisions of the Regulations
and the Detailed Rules and submit them to the head office of the People’s Bank of China, and to send copies to the branches of the
People’s Bank of China of their locations.

From Feb.1, 2002, the applicants that wish to apply for the establishment of foreign-funded financial institution shall, according
to the relevant provisions of the Regulations and the Detailed Rules, submit the relevant materials to the branches of the People’s
Bank of China of their locations, and those materials shall be submitted level by level to the head office of the People’s Bank of
China for examination and approval after passing the preliminary examination conducted by the branches of the People’s Bank of China
of their locations.

III.

Issues concerning the requirements for the report of the business types and the products and services thereof

Foreign-funded financial institutions shall, before May 1, 2002, report the business types they have already launched, and the names
and brief introductions of the products and services under the types to the branches of the People’s Bank of China of their locations.

The branches of the People’s Bank of China of their locations shall be responsible for gathering the documents reported by the foreign-funded
financial institutions within their respective jurisdictions and submitting those documents level by level to the head office of
the People’s Bank of China before June 1, 2002.

IV.

Issues concerning the grace period for meeting the relevant provisions of the Regulations and the Detailed Rules

The People’s Bank of China shall give a grace period of 6 months to the foreign-funded financial institutions that fail to meet the
relevant provisions of the Regulations and the Detailed Rules. The foreign-funded financial institutions shall meet the relevant
provisions before August 1, 2002. The foreign funded financial institutions that fail to meet the requirements of relevant provisions
before August 1, 2002 shall apply to the branches of the People’s Bank of China of their locations, explain the reasons for failing
to meet the requirements and estimate the time limit to meet the requirements.

The branches of the People’s Bank of China of their locations shall, after the preliminary examination, submit the applications to
the head office of the People’s Bank of China for examination and approval. For those that fail to meet the requirements as provided
for by the Regulations and the Detailed Rules and fail to file formal applications, the People’s Bank of China shall, regarding the
seriousness of the circumstances, take the supervision and control measures according to the relevant provisions of the Regulations.

Please transmit the aforesaid circular to the central branch banks of the People’s Bank of China within your respective jurisdictions,
and notify the business foreign-funded financial institutions within your respective jurisdictions about the relevant information.
As the Regulations and the Detailed Rules involve many fields and are so influential, the branches of the People’s Bank of China
shall report the problems encountered in the execution to the head office without delay.

The People’s Bank of China
2002-01-29

CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION CONCERNING TAX REFUND OF ENTERPRISES WITH FOREIGN INVESTMENT PURCHASING DOMESTIC EQUIPMENTS

The State Administration of Taxation

Circular of the State Administration of Taxation Concerning Tax Refund of Enterprises with Foreign Investment Purchasing Domestic
Equipments

GuoShuiHan [2002] No.97

March 11, 2002

The state tax bureaus of all provinces, autonomous regions, and municipalities directly under the Central Government, municipalities
separately listed on the State plan:

Recently, Letter Concerning Issues of Solving Value-added Tax Refund of Enterprises with Foreign Investment Purchasing Domestic Equipments
issued by the Ministry of Foreign Trade and Economic Cooperation (WaiJingMao ZiZongHan [2001] No.983 ) was received. It reflects
that during the course of handling tax refund procedures, some enterprises with foreign investment can not register for handling
tax refund because they can not provide the Copy of Project Approval Paper of the Ministry of Foreign Trade and Economic Cooperation.
It is known that according to the relevant laws and regulations, local competent departments in charge of foreign trade and economy
may examine and approve investment projects of enterprises with foreign investment except the circumstance that the Ministry of Foreign
Trade and Economic Cooperation examines and approves directly. Whereas the circumstances stated above, in order to facilitate handling
tax refund of purchasing equipments made in China of enterprises with foreign investment, the 5th Paragraph of Article 6 of Chapter
3 of the Circular of the State Administration of Taxation Concerning Printing and Distributing Measures for Trial Implementation
of Management of Tax Refund of Enterprises with Foreign Investment Purchasing Domestic Equipments (GuoShuiFa [1997] No.171), “Copy
of Project Approval Paper of the Ministry of Foreign Trade and Economic Cooperation”, is amended to be “Copy of Project Approval
Paper of the Ministry of Foreign Trade and Economic Cooperation or the Authorized Competent Departments thereof”, while other contents
remain the same.

Please implement as stated above.

The State Administration of Taxation
2002-03-11

(INTERIM) MEASURES ON THE ADMINISTRATION OF THE BUSINESS REGISTRATION FOR THE EXPORT OF GUIDED MISSILES AND RELATED ITEMS AND TECHNOLOGIES

20021112

The Ministry of Foreign Trade and Economic Cooperation

Decree of the Ministry of Foreign Trade and Economic Cooperation of the People’s Republic of China

No.29

According to the Regulation of the People’s Republic of China on Controlling the Export of Guide Missiles and Related Items and Technologies,
the (Interim) Measures of the People’s Republic of China on the Administration of the Business Registration for the Export of Guided
Missiles and Related Items and Technologies are hereby promulgated for taking effect as of the day of promulgation.

Minister of the Ministry of Foreign Trade and Economic Cooperation Shi Guangsheng

September 2, 2002

(Interim) Measures on the Administration of the Business Registration for the Export of Guided Missiles and Related Items and Technologies

Article 1

The present Measures have been formulated on the basis of the Regulation of the People’s Republic of China on Controlling the Export
of Guided Missiles and Related Items and Technologies for the purpose of regulating the business management order for the export
of guided missiles and related items and technologies and strengthening the administration of the export of guided missiles and related
items and technologies.

Article 2

Any business operator who is engaged in the export guided missiles and related items and technologies (hereafter “business operators”)
shall file an application to the Ministry of Foreign Trade and Economic Cooperation (hereafter “MOFTEC”) for registration according
to the provisions of the present Measures. No entity or individual may, without being registered, be engaged in the export of guided
missiles and related items and technologies.

Article 3

Any business operator that has met the conditions as listed below may file an application to the Department of Scientific and Technologic
Development and Technologic Export (hereafter “Department of Technology”) of the MOFTEC for registration.

Having obtained the approval of the MOFTEC and a qualifications certificate as an import and export enterprise or a certificate of
approval as an enterprise with foreign investment, and having obtained the business license issued by the administrative department
of commerce and industry;

Having passed the annual inspections of the administrative department of industry and commerce and the administrative department of
foreign trade and economic cooperation;

Having no record of criminal punishment imposed by the state or administrative punishment imposed by relevant departments for illegal
business activities during the recent three years;

Having knowledge of the performances, indicators and major purposes of use of the items and technologies under request;

Having a department or organ to be responsible for export and after-sales services.

Article 4

When applying for registration, the business operator shall fill in the application form true to the fact and submit the following
materials:

Application Form of the Registration for the Export Business Qulifications of Guided Missiles and Related Items and Technologies of
the People’s Republic of China (see Attachment I);

Business License of the Legal Person of an Enterprise (in photocopy);

Qualifications Certificate of the Import and Export Enterprise (in photocopy) or Approval Certificate of Enterprises with Foreign
Investment (in photocopy).

Article 5

The Department of Technology of the MOFTEC shall, within 10 workdays after receiving the registration application, decide whether
it shall be registered or not. If the application is registered, a Registration Certificate for the Export Business Qulifications
of Guided Missiles and Related Items and Technologies of the People’s Republic of China (hereafter “Registration Certificate”, see
Attachment II), on which the cachet “Special Cachet of the People’s Republic of China for Export Control” shall be affixed.

If the materials submitted by the business operator are not complete and supplements needed to be made, the limit of workdays for
registration shall be calculated as of the day when the materials are made complete.

Article 6

The Registration Certificate shall be valid to the registered business operators only, and it may not be forged, altered, lent, leased
or transferred.

Article 7

The Registration Certificate shall be valid for three years. If the business operator needs to continue to engage in the export of
guided missiles and related items and technologies, it shall have completed the change of Registration Certificates one month prior
to the expiration of the Registration Certificate.

Article 8

Where a business operator changes its name or an enterprise is merged or split, it shall inform the Department of Technology of the
MOFTEC in good time and return the original Registration Certificate. If it needs to continue to engage in the export of Guided Missiles
and Related Items and Technologies, it shall go through the registration formalities anew and obtain a new Registration Certificate.

Article 9

Where the Registration Certificate is damaged or lost, the business operator shall inform the Department of Technology of the MOFTEC
in good time and give a written explanation. If it needs to continue to engage in the export of guided missiles and related items
and technologies, it shall go through registration formalities anew and obtain a new Registration Certificate.

Article 10

When applying for certificates of approval for exporting guided missiles and related items and technologies, the business operator
shall present its Registration Certificate.

Article 11

In the export of guided missiles and related items and technologies, the registered business operator must rigidly abide by the relevant
laws, regulations and ministerial rules of the state concerning export control, and shall voluntarily accept the administration of
the MOFTEC.

Article 12

Any business operator who is unlawfully engaged in the export of guided missiles and related items and technologies without being
registered shall be dealt with according to the Regulation of the People’s Republic of China on Controlling the Export of Guided
Missiles and Related Items and Technologies as well as other relevant laws and regulations.

Article 13

If any business operator who intentionally conceals true facts or submits false information in the process of applying for registration
or obtains its Registration Certificate by other unfair means, the MOFTEC shall write off the Registration Certificate thereof and
impose a punishment of warning upon it.

Article 14

If any registered business operator violates any of the laws, regulations or ministerial rules of the state concerning export control
in the process of exporting guided missiles and related items and technologies, it may be punished according to relevant statutory
provisions and, at the same time, the MOFTEC may write off the registration thereof. After the registration is written off, the business
operator may not engage in the export of guided missiles and related items and technologies until it has gone through the formalities
of registration anew.

Article 15

The word “photocopy” as mentioned in the present Measures refers to the photocopy of the certificates to which the cachet of the issuing
authorities has been affixed.

Article 16

The power to interpret the present Measures shall remain with the MOFTEC.

Article 17

The present Measures shall enter into force as of the day of promulgation.

Annex:

I. Application Form of the Registration for the Export Business Qulifications of Guided Missiles and Related Items and Technologies
of the People’s Republic of China (omitted)

II. Registration Certificate for the Export Business Qulifications of Guided Missiles and Related Items and Technologies of the People’s
Republic of China (omitted)

The Ministry of Foreign Trade and Economic Cooperation
2002-09-02

CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION ON SORTING OUT AND CHECKING THE PREFERENTIAL POLICIES ON ENTERPRISE INCOME TAX AND THE IMPLEMENTATION THEREOF

The State Administration of Taxation

Circular of the State Administration of Taxation on Sorting out and Checking the Preferential Policies on Enterprise Income Tax and
the Implementation Thereof

GuoShuiFa [2002] No.127

September 30, 2002

In order to implement the requirements of the National Conference for Revenue Increase and Expenditure Reduction, carry out the uniform
deployment of the State Administration of Taxation and strengthen the administration on the collection of enterprise income tax,
we have decided to sort out and check the preferential policies on enterprise income tax and the implementation thereof. We hereby
give our notice as follows regarding the relevant work requirements:

The Significance to Fully Recognize the Sorting out and Checking of the Preferential Policies on Enterprise Income Tax and the Implementation
Thereof

The preferential policies on enterprise income tax are the incentive taxation measures made by the state according to the needs in
the continuing, healthy and stable development of national economy as well as the overall target of macro-economic control. To earnestly
implement the preferential policies on enterprise income tax, regulate and carry out the procedures for each link of the administration
of the preferential policies on enterprise income tax are the inevitable requirements for doing well in the administration of enterprise
income tax, guaranteeing the state macro-control policy to play its role, and promoting the continuing, healthy and stable development
of the national economy under new conditions. At present, the overall situation for the tax authorities at all levels to implement
the preferential policies on enterprise income tax is good. Basically, as required by the principle of administering tax by law,
they can earnestly ensure the uniform implementation of the preferential policies on enterprise income tax, resist the act of unauthorizedly
making preferential policies in violation of the uniform provisions, and continuously regulate the implementation procedures. However,
there are also some problems in the implementation of the policies. For example, unauthorized preferential policies on enterprise
income tax are make in some regions by exceeding of power, and in some regions the ascertainment of the qualification for a taxpayer
to enjoy the preferential policies are not strictly controlled, the approval procedures are not normative, and the follow-up administration
is not well done, and so on. Such problems have objectively led to the inconformity of the preferential policies on enterprise income
tax with the standard of implementation, and impacted the active functions of the state macro-control policy.

In order to follow the principle of administering tax by law, rectify and regulate the taxation order, ensure the reform of the system
for sharing revenue from income tax, and adapt to the needs in China’s accession to the WTO, the tax authorities at all levels must
adhere to the principle of administering tax by law, maintain the uniformity and the taxation policies and the regularity of implementation
of the policies. Meanwhile, they shall earnestly implement the requirements of the National Conference for Revenue Increase and Expenditure
Reduction, further strengthen their administration on tax collection, and guarantee the completion of the taxation task of the whole
year. To meet the above requirements, it is indeed necessary to carry out the work of sorting out and checking the preferential policies
on enterprise income tax, verify the taxpayers’ qualifications to enjoy the preferential policies, stop the income tax reduction
or exemption in excess of power, and regulate the procedures to implement the preferential policies. It is also an urgent task, therefore
the tax authorities at all levels shall undertake this task from the point of view of politics and overall situation, and earnestly
make achievements.

II.

Key Contents for Sorting out and Checking the Preferential Policies on Enterprise Income Tax and the Implementation Thereof

The main task is to sort out the regional preferential policies on enterprise income tax which are discretionally made in all places
out of the uniform taxation policies of the state, and to check whether the qualifications for the enterprise income tax payers to
enjoy the preferential policies and the procedures for the administration of tax reduction or exemption conform to the relevant provisions.
The main contents are as follows:

(a)

New- and high-tech enterprises. Whether the enterprises enjoying the preferences on tax reduction or exemption meet the conditions
for new- and high-tech enterprises, and whether they have passed the annual inspection according to the relevant provisions; whether
the new- and high-tech enterprises out of a national new- and high-tech industry development zone are enjoying the preferential policies
by taking the opportunity; whether the non-new- and high-tech enterprises within a national new- and high-tech industry development
zone are enjoying the income tax reduction or exemption; whether the period for tax reduction or exemption conforms to the relevant
provisions; whether the tax rates are implemented in accordance with the relevant provisions; and so on.

Whether the software enterprises hold the certifications issued by the relevant department; whether the tax authorities have participated
in the annual inspection; whether the proportion of technical professionals and that of sales income in the software enterprises
meet the stipulated conditions; whether the profit years of the software enterprises have been verified; whether the software enterprises
were established after July 1, 2000.

(b)

Newly-established enterprises of the tertiary industry. Whether the enterprises of the tertiary industry which enjoy the preferential
policies on income tax meet the standards on newly-established enterprises; whether the newly-established financial, insurance and
real estate enterprises are included in the scope of tax exemption; whether the income from the operation of the means of production
in the agricultural production and service industry is under reduction or exemption of tax; whether the income of scientific research
entities or universities and colleges from technical consulting, development, service or transfer of technologies meet the policy
standards, and whether they are under the management by technology market; whether the income of the scientific research entities
or universities and colleges not meeting the conditions on preferences is under tax reduction or exemption; whether non-consulting
enterprises enjoy reduction of income tax in contrast with consulting enterprises; whether the period for tax reduction or exemption
conform to the relevant provisions; and so on.

(c)

Employment service enterprises. Whether the proportion of people given new jobs conforms to the relevant provisions; whether the above
said people exceed the scope stipulated in the present policies; whether any of the employment service employees holds his post in
more than one enterprise; whether the period for tax reduction or exemption conform to the relevant provisions; whether there is
any enterprise of false cessation of business or false new establishment enjoying repeated preferential policies; and so on.

(d)

School-run enterprises. Whether the enterprises enjoying income tax preferences meet the conditions for school-run enterprises; whether
they are invested and run by the school or affiliated to other enterprises or associated with other enterprises or individuals; whether
they are subject to contracted, leased or transferred operation; whether the schools are directly responsible for the operation and
management; how the income from operation is distributed; whether they are school-run plants or farms; whether income tax is reduced
or exempted from the income of the school publishing houses, stores or construction companies; whether the schools establishing the
enterprises are regular schools set up by the educational department; whether the ascertainment and annual inspection on the preferential
policies are regular, and whether the tax authority has participated in the annual inspection, and so on.

(e)

Enterprises of social welfare. Whether the proportion of disabled people given jobs conforms to the relevant provisions; whether the
disabled employees have their proper work positions; whether any of the disabled employees concurrently holds posts in more than
one enterprise; whether the name list of enterprise employees, the table of wages, the table of posts held by the disabled employees,
the appraisal of disability and the table on the use and distribution of profits and taxes are set up; whether they have been annually
inspected, and so on.

(f)

Other relevant preferential policies. It is emphasized to sort out and check the conditions for enjoying the preferential policies.

(g)

Whether the administration of tax reduction or exemption is included in the regular administration of income tax; whether the procedure
and scope of power for the administration of tax reduction or exemption conform to the relevant provisions in the Measures on the
Administration of Reduction or Exemption of Enterprise Income Tax (GuoShuiFa [1997] No.99); whether the statistics on tax reduction
or exemption in all places have been timely submitted; whether the income tax of the newly-established enterprises in former revolutionary
base areas, in areas of minority nationalities, in remote and border areas and poverty-stricken areas and that of the enterprises
established by the Central Government which enjoy tax reduction or exemption due to heavy natural disasters are reported to the State
Administration of Taxation pursuant to the scope of the approval power.

All provinces, autonomous regions, municipalities directly under the Central Governments and municipalities separately listed on the
State plan may, in combination with their respective local situations, increase and detail the above said key contents for sorting
out and checking the preferential policies.

III.

Overall Requirements for Sorting out and Checking the Preferential Policies on Enterprise Income Tax and the Implementation Thereof

(a)

The tax authorities shall strictly implement the state’s uniform preferential policies on enterprise income tax. The preferential
policies on income tax which are discretionally made by any local government in excess of its power and in violation of the state’s
uniform policies shall be immediately ceased from implementation, and the discretionally made preferential policies on income tax
which were cancelled in the last year shall not be recovered. The tax authorities shall, through normal avenues, request the local
governments to correct their discretionally made preferential policies on income tax. In case such policies cannot be corrected,
the tax authorities shall report to the financial and taxation departments under the State Council level by level. Any local government
that does not cease implementing its discretionally made preferential policies on income tax after the receipt of the present notice
shall be imposed on a circularized criticism and the persons involved shall be punished in accordance with the relevant provisions.

(b)

The leaders of the tax authorities at all levels shall pay sufficient attention to sorting out and checking the preferential policies
on enterprise income tax and the implementation thereof, and shall make uniform arrangements and considerate deployment as well as
take prompt measures and select excellent functionaries to do well in the relevant work. The tax authorities at all levels shall
earnestly undertake their responsibilities and carry out the whole-process administration, improve revenue by sorting out and checking
the preferential policies, and timely arrange the tax amount to be put into the state treasury. They shall also timely report the
problems in sorting out and checking the preferential policies to the State Administration of Taxation.

(c)

When sorting out and checking the preferential policies, the tax authorities shall strictly follow the principles of administering
tax by law and seeking truth from facts, and regard the present uniform policies and presently stipulated procedures as the basis.
The tax authorities shall guarantee the implementation of the preferential policies on income tax stipulated by the state, reduce
and exempt taxes in accordance with the law, and guarantee the taxpayers’ lawful rights and interests in respect of taxation. With
respect to the enterprises which are enjoying the preferential policies on income tax, the tax authorities shall strictly verify
one by one whether they meet the conditions for enjoying the income tax preferences, and shall cancel the qualification of those
unqualified to enjoy the preferential policies on income tax, and levy the reduced and exempted tax as well.

(d)

The work of sorting out and checking the preferential policies will be started in October and ended in the middle of December. After
the end of this work, the tax authorities shall carefully review the work they have done and make written reports, stating the measures
they have taken, the previous preferential policies on enterprise income tax, the problems existing in the implementation, methods
for improvement, and the actual effects they have made, and shall fill out the Statistics on Sorting out and Checking the Preferential
Policies on Enterprise Income Tax and the Implementation Thereof, which is attached to the present notice. The tax authorities shall,
by the end of December, submit the review reports and the statistics to the State Administration of Taxation in the form of official
documents.

Attachment:

Statistics on Sorting out and Checking the Preferential Policies on Enterprise Income Tax and the Implementation Thereof(Omitted)

The State Administration of Taxation
2002-09-30

THE NOTICE OF THE MINISTRY OF FOREIGN TRADE AND ECONOMIC COOPERATION AND THE NATIONAL BUREAU OF STATISTICS ON PRINTING AND ISSUING STATISTICAL SYSTEM OF DIRECT OVERSEAS INVESTMENT

2002120420030101The Ministry of Foreign Trade and Economic Cooperation, the National Bureau of Statisticsepdf/e03121.pdfA5direct overseas investment, investment, statistics, scope of statistics, statistical data, statistical institute, statistician, form
of statistical statemente03121The Notice of the Ministry of Foreign Trade and Economic Cooperation and the National Bureau of Statistics on Printing and Issuing
Statistical System of Direct Overseas InvestmentWai Jing Mao He Fa [2002] No. 549December 4, 2002The Foreign Trade and Economic Commission and the Bureau of Statistics of every province, autonomous region and municipality directly
under the Central Government and cities specifically designated in the state plan, the enterprises under the Central Government:In order to scientifically and efficiently organizing the statistical work of the direct overseas investment nationwide, accurately,
timely and entirely reflecting the actual conditions of the direct overseas investment of our country, and to ensure accurate, timely
and entire of the statistical information and to strengthen the overseas investment of our enterprises through macro-dynamic supervision,
to provide with a basis for the administrations of governments at all levels to control the conditions, make the policy, guide the
work and establish the mechanism of alarm beforehand to the items of capital of our country, Statistical System of Direct Overseas
Investment formulated by the Ministry of Foreign Trade and Economic Cooperation and the National Bureau of Statistics are hereby
printing and issuing, please carry out graveness.Informs specially.Appendix: Statistical System of Direct Overseas InvestmentThe Ministry of Foreign Trade and Economic CooperationThe National Bureau of StatisticsDecember 4, 2002Appendix:Statistical System of Direct Overseas InvestmentPart I General InstructionChapter I General ProvisionsArticle 1 This system is formulated in accordance with the Statistical Law Of the People’s Republic of China and the regulations on the implementation
of this law for the purpose of accurately, timely and entirely reflecting the actual conditions of the direct overseas investment
of our country, scientifically and efficiently organizing the statistical work of the direct overseas investment nationwide, and
fully exerting the function through enquiry and supervision.Article 2 “The direct overseas investment” mentioned in this system refers to the economic activities which is embodied by the investment made
by the domestic enterprises (hereinafter referred to as the domestic investing entities) in cash, or in the form of material objects
or intangible capital, etc in a foreign country or in the regions of Taiwan, Hong Kong and Macao, and which is centered on the operation
and management power of the foreign (or overseas) enterprises.Article 3 The basic mission of statistics of the direct overseas investment is to provide an comprehensive picture of the direct overseas investment
of our country entirely, accurately and timely through statistical investigation, statistical analysis and offering of statistical
data, so as to prepare basis on which cadres of different levels and relevant organs may get a knowledge of the statistics, make
policies and establish a nationwide pre-warning system of capital project.Article 4 This system is applicable to administrative departments engaged in the direct overseas investment of China, and to the domestic investing
entities engaged in the direct overseas investment ratified (or filed for record) by the State Council or by departments authorized
by the State Council.Article 5 The statistics of direct overseas investment shall be subject to a unified leadership, administration at different levels, and level-by-level-up
submission.1)The Ministry of Foreign Trade and Economic Cooperation (hereinafter referred to as MOFTEC) as required by the National Bureau of Statistics
of China, shall be responsible for the statistics of the direct overseas investment throughout the country, for the administration
of the statistics of the direct overseas investment made by the foreign economic and trade commissions (or departments, or bureaus)
(hereinafter referred to as the administrative departments of foreign economic and trade at the provincial level) of provinces, autonomous
regions, municipalities under the Central Government, and municipalities separately listed on the State plan, and by the enterprises
managed by the Central Government, for the drawing up and collection of statistical data on the direct overseas investment throughout
the country.2)Administrative departments of the foreign economic and trade at the provincial levels shall be responsible for the statistics of the
direct overseas investment in the corresponding administrative regions, for the administration of the statistics of the direct overseas
investment made by the domestic investing entities (excluding the enterprises managed by the Central Government in the corresponding
administrative regions, same below) in the corresponding administrative regions, for the drawing up and collection of statistical
data on the direct overseas investment in the corresponding administrative regions and submit them to MOFTEC.3)Domestic investing entities shall be responsible for the management of the statistics of the direct overseas investment made by their
units, for the collection of the statistical data on the enterprises which they directly invest in accordance with the format regulated
by this system, and for the drawing up and collection of statistical data of their units to be submitted to the administrative departments
of foreign economic and trade at the provincial level and to MOFTEC.Chapter II Scopes of Statistics and Its Main ContentsArticle 6 Scopes of the statistics of direct overseas investment mainly involve the foreign corporate enterprises and non-corporate enterprises
(hereinafter referred to as foreign enterprises) established by domestic investing entities through direct overseas investment.Foreign Enterprises, according to the way they are established, mainly fall into the following types: subsidiary companies, affiliated
companies and branches.Article 7 Contents covered in the statistics of the direct overseas investment are mainly as follows: basic conditions of the domestic investing
entities; major economic activities of the foreign enterprises; conditions of the proportions of the investment, income distribution
and exchanges in other forms between the investing entities at home and foreign enterprises; and main economic exchange between the
foreign enterprises and the inside part of China, etc.Article 8 Indicators covered in the statistics of direct overseas investment are as follows: amount of contractual investment capital; actual
investment capital; amount of capital directly invested abroad; investment income; total capital; total indebtedness; rights and
interests of the owners; paid-up capital; income out of sales (operations); total amount of benefits; capital counter-invested into
the domestic investing entities by the foreign enterprises; and capital invested by the foreign enterprises in the enterprises within
the territory of PRC.Other norms include the following: total values of the freights imported from China; total values of the freights exported by China;
total values of the materials, products and technology provided by foreign enterprises to the domestic investing entities; total
values of the materials, products and technology provided by the domestic investing entities to the foreign enterprises; quantities
of resource products returned to China; exports enacted by the direct overseas investment; and the number of the personnel by the
end of the fiscal year, etc.Chapter III Submission, Management and Issuance of Statistical DataArticle 9 Statistical data is a general term of the statistical information indicating the development of the direct overseas investment obtained
through statistical methods and in the form of figures, including figures of statistics, statements of statistics and reports of
analysis, etc.Article 10 This system searches and collects, and sorts out statistical data by means of filling in statistical statements regularly. Investigation
reports are divided into yearly statements and seasonal statements.Article 11 Channels for submission of the statements of the direct overseas investment:1)Domestic investing entities managed by the Central Government shall submit the statistical statements directly to MOFTEC;2)Other domestic investing entities shall submit the statistical statements to the administrative department of the foreign economic
and trade at the provincial level;3)Administrative departments of the foreign economic and trade at the provincial level shall collect the statistical statements of the
corresponding administrative regions and report to MOFTEC, and meanwhile send the statistical statements to the statistical departments
at the same level; and4)MOFTEC shall, after collecting the statistical statements of the direct overseas investment throughout the country, send the statistical
statements to the National Bureau of Statistics.Article 12 Basic units shall establish and improve the system of underwriting the statistical data. Statistical statements shall not be sent
out until they are signed by the person held responsible and the tabulator of the units and are sealed by the units.Article 13 Units shall, in accordance with law, establish a system for the examination and verification, enquiry, secrecy, transmission, and
filing, etc of the statistical documents, and shall inspect the quality of the statistical data, so as to avoid re-statistics, lack
of statistics, or false statistics. In case of errors in the statistics, they shall be timely reported in a written form to the next
higher statistical administrative departments for correctness.Article 14 Statistics data used in the management of business and made publicly known shall be based on the statistical data issued by MOFTEC
and National Bureau of Statistics of China.Article 15 Statistical data classified, as “confidential” State secrets shall be kept secret. Statistical institutions and statistical workers
shall not disclose the business secrets of the units under investigation, which they learn in the statistical investigation.Chapter IV Statistical Institutions and StatisticiansArticle 16 Units shall, in accordance with the needs of the missions of statistical investigation and the amount of the statistics, design statistical
institutions, designate persons responsible for the statistics, and prepare full-time statisticians or appoint part-time statisticians.Article 17 Units shall stabilize their statistical departments and statisticians. Where statisticians shift to other work units or resign shall
undergo procedures for the transference of their work under the supervision by the person held responsible of the statistical institutions.Article 18 Main functions and responsibilities of the statistical institutions are as follows:1)Organizing, collaborating the statistics of the corresponding units and all the other units in the corresponding administrative region,
fulfilling the statistical investigation missions of the corresponding units, searching and collecting, arranging, and timely and
accurately providing statistical data;2)Conducting statistical analysis on the conditions of the direct overseas investment made by the corresponding units and the corresponding
administrative region, and exercising supervision over statistics;3)Being in charge of the training of the statisticians of the corresponding units and the corresponding administrative regions; and4)Managing the statistical data of the corresponding units.Article 19 Statisticians shall be armed with the professional knowledge needed for the statistical work.Article 20 Statistical institutions, persons in charge and statisticians of the statistical institutions shall enjoy the rights and bear the
obligations as stipulated by the Statistical Law of PRC and the regulations on the implementation of this law.Chapter V Rewards and PenaltiesArticle 21 Each institution shall regularly offer encouragements and rewards to the units and individuals who have made outstanding achievements
in the statistics of the direct overseas investment; whereas each institution shall criticize and assist the units and individuals
whose achievements in the statistics of the direct overseas investment are not satisfactory, and if the case is serious, administrative
sanctions shall be held for the persons in charge.Article 22 Any statistical institutions or statisticians that meet one of the following circumstances shall be rewarded:1)Excelling in fulfilling the statistical missions, and in guaranteeing the accuracy and timeliness of the statistical data;2)Making great achievements in statistical analysis, statistical prediction, and statistical supervision;3)Sticking to seeking truth from facts, performing the work lawfully, and combating against the actions which are in violation of the
statistical system; and4)Revealing and reporting actions which are in violation of the rules and regulations on statistics.Article 23 Any institutions or statisticians that meet one of the following circumstances shall be given administrative sanctions:1)Making false statistical entries or hiding the truth in the statistical entries;2)Forging or juggling the statistical entries; and3)Refusing to submit or repeatedly delaying the statistical data.Article 24 If any person held responsible of each unit incites or forcibly order the statistical institutions or statisticians to juggle or make
up forged statistical data; he shall be given administrative sanctions.If any person held responsible of each unit retaliates against the statisticians who refuse to prepare counterfeited statistical data
or resist doing so, he shall be given administrative sanctions.Article 25 Any statistician who steals or reveals the statistical data classified as “confidential” State secret, he shall be handled according
to the relevant laws.Chapter VI Supplementary ProvisionsArticle 26 Each unit may, in accordance with the prescription of this system, formulate rules for its implementation, and submit them to the
Ministry of Foreign and Trade for records.Article 27 If the expiration date occurs to be the national holiday, the time period for the presentation of the statistical statements shall
be extended accordingly.Article 28 Statistical codes of countries (or regions) used in this system shall be based on the Statistical Codes of Countries (or Regions)
drawn up by the General Customs Administration.Codes of units as a legal person shall be filled up and reported on the basis of the Certificate of Codes of Units as a Legal Person
issued by technology supervising departments at various levels.Classification of trades to which domestic investing entities belong shall be determined according to the prescription of the Classification
of the National Economic Trades ( GB/T 4754-2002); classification of trade of foreign enterprises shall be determined in light of
the above stipulation.Article 29 This system shall be subject to the interpretation of MOFTEC.Article 30 This system shall enter into force as of January 1, 2003.Part II Forms of Statistical Statementshtm/e03121.htm

No.

post_titles of statements

Periodicals of statements

Scopes of investigation

Submitting date and submitting methods

Submitting units

1.Comprehensive statements

FDI201

Statements of the basic conditions of domestic investing entities

Yearly

Basic conditions of domestic investing entities owning overseas enterprises within the administrative regions

Reported to Ministry of Foreign Economic and Trade by the end of June after a fiscal year; conveyed online

To the administrative departments of foreign economic and trade at the provincial levels

FDI202

Statements of basic conditions and operation activities of the overseas enterprises

Yearly

Basic conditions and operation activities of overseas enterprises owned by the domestic investing entities

Ditto

FDI203

Statements of basic conditions of proportions of the investment, income distribution and exchanges in other forms between the investing
entities at home and enterprises abroad

Yearly

Basic conditions of the proportion of the investment, income distribution and other economicexchanges between the domestic investing
entities in the administrative region and each overseas enterprise owned by the said domestic investing entities

Ditto

FDI204

Statements of basic conditions of the economic exchange between the overseas enterprises and China

Yearly

Basic conditions of the exchange between each overseas enterprise owned by the domestic investing entities and the inside part of
China

Ditto

FDI205

Seasonal statements of the statistics of the direct overseas investment

Seasonal

(contractual or actual) conditions of investment by each overseas enterprise owned by the domestic investing entities in the administrative
region

Submitted to Ministry of Foreign Economic and Trade; conveyed online

Ditto

2. Statements of units at the basic level

FDI301

Statements of basic conditions of the domestic investing entities

Yearly

Basic conditions of the domestic investing entities which own overseas enterprises

Submitted to the administrative departments of foreign economic and trade at the provincial level or to the Ministry of Foreign Economic
and Trade prior to 20 June after the fiscal year; conveyed online

The domestic investing entities

FDI302

Statements of basic conditions and operation activities of the overseas enterprises

Yearly

Basic conditions and operating activities of each overseas enterprise owned by the domestic investing entities

Ditto

FDI303

Statements of basic conditions of proportions of the investment, income distribution and exchanges in other forms between the investing
entities at home and enterprises abroad

Yearly

Basic conditions of proportions of investment, income distribution, and other economicexchanges between the domestic investing entities
and each overseas enterprise owned by the said domestic investing entities

Ditto

FDI304

Statements of basic conditions of the economic exchange between the overseas enterprises and China

Yearly

Basic conditions of the exchange between each overseas enterprise owned by the domestic investing entity and the inside part of China

Ditto

FDI305

Seasonal statements of the statistics of the direct overseas investment

Seasonal

(contractual or actual) conditions of investment by each overseas enterprise owned by the domestic investing entities

CIRCULAR OF THE MINISTRY OF FINANCE ON DISTRIBUTING THE INTERIM MEASURES FOR ACCOUNTING PROCESS OF TAKING UP BUSINESSES RELATED TO FINANCING OF RECEIVABLE CREDITOR’S RIGHTS BETWEEN ENTERPRISES AND FINANCIAL ORGANIZATIONS LIKE BANKS

The Ministry of Finance

Circular of the Ministry of Finance on Distributing the Interim Measures for Accounting Process of Taking up Businesses Related to
Financing of Receivable Creditor’s Rights between Enterprises and Financial Organizations like Banks

CaiKuai [2003] No. 14

May 15, 2003

Financial Offices (Bureaus) of Provinces, autonomous regions, municipalities directly under the Central Government and municipalities
separately listed on the State plan, relevant ministries and commissions of the State Council and relevant enterprises:

In order to regulate the accounting process of financing businesses between enterprises and financial organizations like banks, Interim
Measures for Accounting Process of Taking up Businesses Related to Financing of Receivable Creditor’s Rights between Enterprises
and Financial Organizations like Banks has been printed and now is distributed to you. Please do comply with it. Please feed back
the problems presented in the implementation to the Ministry of Finance as soon as possible.

Attachment: Interim Measures for Accounting Process of Taking up Businesses Related to Financing of Receivable Creditor’s Rights between
Enterprises and Financial Organizations like Banks is enclosed Attachment:Interim Measures for Accounting Process of Taking up Businesses Related to Financing of Receivable Creditor’s Rights between Enterprises
and Financial Organizations like Banks

To regulate the accounting process of financial businesses between enterprises and financial organizations like banks, provisions
on accounting process of associated businesses are enacted herein:

The accounting principles of financing of receivable creditor’s rights

Enterprises sell to financial organizations like banks receivable creditor’s rights generating from sale contracts for providing services.
The principle that quality overweighs form should be taken into account for accounting, the economic nature of business being fully
considered. The selling of receivable creditor’s rights is valid and related profit and loss must be confirmed when there is clear-cut
evidence seeing associated dealing actually meets the requirements of confirming sale. For instance, when the risk and payment related
to receivable creditor’s rights in effect has been transferred. Otherwise, it should be regarded as the loan with a pledge of receivable
creditor’s rights and correspondent accounting treatment should be complied with.

II.

Accounting treatments of the loan with a pledge of receivable creditor’s rights

If enterprises give banks receivable creditor’s rights generating from sale contracts for providing services as a pledge for the loan,
the risk and payment associated with receivable creditor’s rights are not transferred. Under this circumstance, it is still the enterprise
that owns receivable creditor’s rights and it is responsible for gathering payment from customers and bears the possible risks of
receivable creditor’s rights. Meanwhile, the enterprise should regularly pay the loan as well as its interest back to the financial
organizations like banks.

When the loan is obtained with a pledge of receivable creditor’s rights, the enterprise should debit the received payment against
the item of bank account, the actually paying commission charge against the item of financial expense and credit the principles and
interest to items of short-term loan etc.

When receiving the payment from customers, the enterprise should debit the payment against the items such as cash and bank account
and credit to the item of receivable account.

As for the interest of loan generating in the enterprise and the accounting treatments of the principles and interest of the loan
paid by the enterprise to financial organizations like banks, the associated regulations of loan in Enterprise Accounting System
should be complied with.

Since the above-mentioned risk and payment related to receivable creditor’s rights as a pledge do not change substantially, the enterprise
should consider the situation of the debtor and reasonably withdraw bad debt reserves of receivable creditor’s rights as the pledge
in accordance with the provisions in Enterprise Accounting System. The selling withdrawal, selling discount and bad debt associated
with receivable creditor’s rights as the pledge should be dealt with in accordance with the provisions in Enterprise Accounting System.

The enterprise should have record books for future reference. All the issues such as account value, pledge term and payment of receivable
creditor’s rights as the pledge should be particularly recorded.

III.

Accounting treatment related to the selling of receivable creditor’s rights.

(I)

Accounting treatments concerning the selling of receivable creditor’s rights un-attached right of recourse

Enterprises sell to financial organizations like banks receivable creditor’s rights generating from sale contracts for providing services.
If no right of recourse is validly mentioned in the contract signed between the enterprises, debtors and banks, that is to say, financial
organizations are not enpost_titled to seek for compensation from the enterprise that sold receivable creditor’s rights when the withdrawal
of the creditor’s receivables cannot be fulfilled at term, the risk in the selling of receivable creditor’s rights is totally undertaken
by financial organizations like banks. Under that circumstance, the accounting treatment should comply with the following provisions.

An enterprise should, in accordance with the contract signed between the enterprise and a financial organization like bank, debit
the received amount against the item of bank account, the predicted sum of selling withdrawal and selling discount (including cash
discount, the same below) presented in the contract against the item of other account receivables, the withdrawn bad debt reserve
of receivable creditor’s rights against the item of bad debt reserve, the amount of related due commission charge against the item
of financial expense, and credit the account value of selling receivable creditor’s rights to the item of account receivables while
debit the balance against the item of extra expense—the financing loss of receivable creditor’s rights or credit the item of extra
income—the financial proceeds of receivable creditor’s rights.

When the practically-generating selling withdrawal and selling discount associated with the selling of receivable creditor’s rights
equals to the amount that have been booked in the item of other receivables, the enterprise should debit the practical amounts of
selling withdrawal and selling discount against the items such as major business income (cash discount should be debit against the
item of financial expense, the same below), value-added tax which can be reduces or charged against the item of paying tax—paying
value-added tax (sale tax ) and credit the predicted selling withdrawal and selling discount associated with the sold creditor’s
rights of receivables that have been booked in the item of other account receivables to the item of other receivables. If there is
balance between the amounts of selling withdrawal and selling discount that practically generated and are related to receivable creditor’s
rights as well as the amounts booked in the item of other account receivables, the accounting treatments should be adopted in accordance
with the above provisions. What’s more, the amounts of selling withdrawal and selling discount paid to the financial organizations
like banks as the counterbalance should be booked in the items such as other account receivables or bank account and the amounts
of selling withdrawal and selling discount obtained from the financial organizations like banks should be booked in the items like
other account receivables or bank account.

The provisions in Enterprise Accounting System and other related rules of accounting should be complied with when the above selling
withdrawal and selling discount of the enterprise belong to the future item in balance sheet.

(II)

Accounting treatments related to the selling of receivable creditor’s rights attached right of recourse

If right of recourse is validly mentioned in the selling process of receivable creditor’s rights, that is, financial organizations
have the right to seek for compensation from the enterprise that sold receivable creditor’s rights or the enterprise is obliged to
buy back from the financial organizations like banks a portion of receivable creditor’s rights at an agreed price in accordance with
the agreement when the withdrawal of the creditor’s receivables cannot be fulfilled at term, the risk in the selling of receivable
creditor’s rights is totally undertaken by the enterprise that sold receivable creditor’s rights. Under that circumstance, the accounting
treatment about the loan obtained with the pledge of receivable creditor’s rights in the provision should be complied with.

IV.

Accounting treatments on discount of receivable creditor’s rights

According to the agreement signed between an enterprise and a financial organization like a bank, if the discount of receivable creditor’s
rights is actually in effect, its accounting treatment should comply with the relevant provisions on the discount of notes receivable
in Enterprise Accounting System.

The exposure of the selling and financing businesses based on receivable creditor’s rights

An enterprise should expose the details of these businesses in the annotations of the accounting report forms if the above-mentioned
businesses such as selling business and financing business are based on receivable creditor’s rights. The details include:

(I)

The main contents of the selling and financing agreements signed between the enterprise and the financial organization like a bank.

(II)

The basic situations of receivable creditor’s rights concerning the selling and financing business, including amount, term, and distilled
bad debt reserve.

(III)

The details of the loan obtained with receivable creditor’s rights as the pledge, such as the amount of the loan, interest rate, term,
the account value of receivable creditor’s rights as the pledge and etc.

(IV)

The amounts of current net profit and loss influenced by the selling of receivable creditor’s rights

(V)

The account value, the received amounts after discount and the discount term of the discounted creditor’s rights of receivables.

The Ministry of Finance
2003-05-15

LETTER OF CHINA BANKING REGULATORY COMMISSION CONCERNING APPROVING KVB KUNLUN NEW ZEALAND LIMITED TO ESTABLISH BEIJING REPRESENTATIVE OFFICE

Letter of China Banking Regulatory Commission concerning Approving KVB KunLun New Zealand Limited to Establish Beijing Representative
Office

KVB KunLun New Zealand Limited,

The letter which was signed by Mr. Stefan Liu and Mr. Comelis J Keyser, your executing directors, and was addressed to this Commission
about an application for establishing Beijing Representative Office has been received.

You are hereby approved to establish a representative office in Beijing, whose Chinese name is “%˾”
and whose English name is “KVB KunLun New Zealand Limited Beijing Representative Office” and whose address is No. 1 Zuojiazhuang,
Chaoyang District, Beijing according to the Measures on the Administration of Foreign-funded Financial Institutions’ Representative
Offices in China (Order No. 8,2002 of the People’s Bank of China) (hereinafter referred to as these Measures). This Representative
Office is limited to deal with the consultation, liaison, market investigation as well as other non-business activities concerning
the foreign exchange brokerage business within China standing for KVB KunLun New Zealand Limited.

According to Article 10 of the Measures on the Administration of Foreign-funded Financial Institutions’ Representative Offices in
China, upon approval, Mr. Stefan Liu is granted to have the qualifications as the chief executive officer of this Representative
Office.

China Banking Regulatory Commission

February 28, 2006

China Banking Regulatory Commission
2006-02-28

INTERIM PROVISIONS ON THE ESTABLISHMENT OF PRINTING ENTERPRISES WITH FOREIGN INVESTMENT

The General Administration of Press and Publication, the Ministry of Foreign Trade and Economic Cooperation

Decree of the General Administration of Press and Publication of the People’s Republic of China and the Ministry of Foreign Trade
and Economic Cooperation

No.16

The Interim Provisions on the Establishment of Printing Enterprises with Foreign Investment are hereby promulgated for Implementation
as of the day of promulgation.

Director of the General Administration of Press and Publication: Shi Zongyuan

Minister of the Ministry of Foreign Trade and Economic Cooperation: Shi Guangsheng

January 29, 2002

Interim Provisions on the Establishment of Printing Enterprises with Foreign Investment

Article 1

The present Provisions have been formulated in accordance with the Law of the People’s Republic of China on Chinese-foreign Equity
Joint Ventures, the Law of the People’s Republic of China on Chinese-foreign Cooperative Enterprises, the Law of the People’s Republic
of China on Enterprises with Foreign Investment and the Regulation on the Administrations of the Printing Industry for the purpose
of being further adapted to the demand of the reform and opening to the outside world, strengthening the administration of printing
enterprises with foreign investment, and promoting the healthy development of the printing industry of our country.

Article 2

The present Provisions shall be applicable to the enterprises with foreign investment established within the territory of the People’s
Republic of China.

The term “printing enterprise with foreign investment” as mentioned in the present Provisions shall refer to the Chinese-foreign joint
printing enterprises (including equity joint ventures and cooperative enterprises) jointly established by foreign institutions, corporations
or enterprises (hereinafter referred to as foreign investors for short) and Chinese corporations or enterprises on the basis of equality
and mutual benefit or solely printing enterprises with foreign investment.

Article 3

It is permitted by the State to establish Chinese-foreign joint printing enterprises that are engaged in the printing of publications,
printed matters for packaging decorations and other printed matters, and to establish solely enterprises with foreign investment
that are engaged in the printing and management of printed matters for packaging decorations.

Article 4

The printing enterprises with foreign investment shall, in their printing and management activities, abide by the laws and regulations
of China, accept the supervision and administration of the departments in charge of printing and may not impair the social public
interests.

The normal management activities of the printing enterprises with foreign investment and the lawful rights and interests of the investors
shall be protected by the Chinese Laws.

Article 5

The investment of the Chinese side by means of state-owned assets (including investment on the basis of assessment and as the condition
of cooperation) shall be subject to the approval of relevant departments in-charge, and an appraisal shall be made concerning the
state-owned assets to be used as investment according to the relevant provisions regarding the appraisal of state-owned assets.

Article 6

The following conditions shall be satisfied in the establishment of a printing enterprise with foreign investment:

The Chinese and foreign investors that apply for establishing a enterprise with foreign investment shall be legal persons that can
independently assume civil liabilities and shall have been directly or indirectly engaged in printing or the management thereof.

A foreign investor shall meet any of the following requirements:

It can provide internationally advanced ways of printing management and experiences;

It can provide internationally advanced printing technologies and equipment; or

It can provide fairly strong financial support.

The form of business of the printing enterprise with foreign investment that is applied to be established shall be a limited liability
company.

The registered capital of a printing enterprise with foreign investment that is engaged in the printing of publications or printed
matters for packaging decorations shall not be less than 10 million yuan; the registered capital of a printing enterprise with foreign
investment that is engaged in the printing of other printed matters shall not be less than 5 million yuan.

The Chinese party to a Chinese-foreign joint printing enterprise that is engaged in the printing and management of publications or
other printed matters shall occupy a controlling or leading position. In particular, the chairman of the board of a Chinese-foreign
joint printing enterprise that is engaged in the printing of publications shall be a Chinese, and there shall be more Chinese members
than foreign ones in the board of directors.

The term of business operation shall, as a general principle, be longer than 30 years.

In the examination and approval of the establishment of printing enterprises with foreign investment, the applicant shall, apart from
satisfying the provisions ass mentioned in the preceding paragraph, be in conformity with the State plans concerning the total quantity,
structure and distribution of printing enterprises.

Article 7

To establish a printing enterprise with foreign investment, the applicant shall first file an application to the provincial administrative
department in charge of press and publication of the place where the enterprise is to be located, and submit the following documents:

An application for establishing a printing enterprise with foreign investment;

A project proposal and project feasibility study report signed by the legal representatives of all investors. The project proposal
shall clearly specify the following matters:

Names and addresses of all the investors;

The name, legal representative, domicile, scope of business, registered capital and total investment of the printing enterprise with
foreign investment that is applied for establishment;

The ways of investment contribution and the amount of investment of all the investors.

The registration certificates (in photocopy), identification certificates of the legal representatives (in photocopy) and certificates
of credit standing of all the investors;

Confirmation documents issued by the state-owned assets administrative department for the appraisal reports concerning the state-owned
assets to be contributed.

The provincial administrative department in charge of press and publication shall, within 10 working days from receiving all the required
documents, propose its initial opinions and submit them to the General Administration of Press and Publication for approval.

Article 8

When submitting the application to the General Administration of Press and Publication for approval, the provincial administrative
departments of press and publication shall submit the following documents:

The documents of the applicants for establishment;

The initial opinions of the provincial administrative departments of press and publication;

Other documents as required by laws, regulations or rules of the General Administration of Press and Publication.

The General Administration of Press and Publication shall, within 30 working days from receiving all the required documents, make
a written decision whether to approve or disapprove.

Article 9

After receiving the approving documents of the General Administration of Press and Publication, the applicants shall file an application,
according to the provisions of laws or regulations, to the administrative department in charge of foreign trade and economic cooperation
of the province, autonomous region, municipality directly under the Central Government or municipalities separately listed on the
State plan of the place where the enterprise is to be established, and shall submit the following documents:

The applicants’ documents of application for establishment and the approving documents of the General Administration of Press and
Publication;

The contracts and articles of incorporation that have been signed by the legal representatives of all the investors or by the representatives
authorized thereby;

The names of the members to the board of directors of the printing enterprise with foreign investment that is to be established and
the letters of appointing directors issued by all investors;

The notices of advance approval of enterprise names issued by the administrations for commerce and industry;

Other materials as required by laws, regulations or rules of the administrative departments in charge of foreign trade and economic
cooperation.

The administrative department in charge of foreign trade and economic cooperation of the provinces, autonomous regions, municipalities
directly under the Central Government and the municipalities separately listed on the State plan shall be enpost_titled to approve the
establishment of printing enterprises with foreign investment whose total investment is below 30 million US dollars and which intend
to engage in the printing or management of printed matters for packaging decorations. They shall decide in written form within 30
working days after receiving all the documents whether to approve or disapprove. Where the application is approved, an “Approval
Certificate of Enterprises with Foreign Investment” shall be issued, and the application shall be filed to the Ministry of Foreign
Trade and Economic Cooperation (hereinafter referred to as the MOFTEC) for archivist purposes.

As for the application for establishing a printing enterprise with foreign investment that plans to engage in the printing or management
of publications or other printed matters and whose total investment is above 30 million US dollars (including 30 million US dollars),
the administrative department in charge of foreign trade and economic cooperation of the provinces, autonomous regions, municipalities
directly under the Central Government and municipalities separately listed on the State plan shall propose initial opinions within
10 working days after receiving all the documents and submit them to the MOFTEC for examination and approval.

Article 10

When submitting applications to the MOFTEC for examination and approval, the administrative departments in charge of foreign trade
and economic cooperation of the provinces, autonomous regions, municipalities directly under the Central Government and municipalities
separately listed on the State plan shall submit the following documents:

The applicants’ application documents for establishment;

The initial opinions of the administrative departments in charge of foreign trade and economic cooperation of the provinces, autonomous
regions, municipalities directly under the Central Government and municipalities separately listed on the State plan;

Other documents as required by laws, regulations or rules of the MOFTEC.

The MOFTEC shall, within 30 working days after receiving all the documents as required, decide in written form whether to approve
or disapprove. Where approval is granted, an “Approval Certificate of Enterprises with Foreign Investment” shall be issued.

Article 11

The applicants who have obtained approval for establishment shall apply to the provincial administrative department in charge of press
and publication for a “License for Engagement in Printing” by showing the approving documents of the General Administration of Press
and Publication and the “Approval Certificate of Enterprises with Foreign Investment”, and shall apply for a “License for Engagement
in Special Trades” and a business license according to the relevant provisions of the Regulation on the Administration of the Printing
Industry.

Article 12

No printing enterprise with foreign investment may establish any branch organization.

Article 13

Where any existing Chinese-foreign joint printing enterprise applies for concurrently engaging in the printing or management of publications,
printed matters for packaging decorations or other printed matters, or any existing printing enterprise with foreign investment merges
any other printing business operators, or any printing business operator is newly established as a result of consolidation or split,
it shall obtain the approval of the departments of foreign trade and economic cooperation after obtaining the approval of the General
Administration of Press and Publication, and shall go through corresponding alteration registration procedures.

With regard to other alteration issues, the parties concerned shall obtain the approval of the original approving authorities according
to the existing provisions and go through the corresponding alteration procedures. If any of the major registration issues such as
the change of the names of the enterprises, the change of legal representatives or persons-in-charge, the domicile or site of business,
or proportion of share holding is involved, or if the printing business operation is terminated, such alteration registrations shall
be filed to the General Administration of Press and Publication for archivist purposes.

Article 14

Where the term of business operation of any printing enterprise with foreign investment expires and the term needs to be extended
due to special circumstances, an application shall be filed within 180 days prior to the expiration of the term of business operation
and shall be submitted to the original approving authorities for examination and approval.

Article 15

A printing enterprise with foreign investment that is established upon approval shall finish the relevant registration procedures
within the time limit as prescribed by the approving authorities. In case it fails to finish the procedures, it may, upon the verification
of the approving authorities, be revoked.

Article 16

The administrative departments in charge of press and publication on the county level and above shall give punishment, on the basis
of the Regulation on the Administration of the Printing Industry, to the printing enterprises with foreign investment that have been
unlawfully established and engaged in the printing business activities.

Where any of the administrative department in charge of foreign trade and economic cooperation on various levels violates the present
Provisions by unlawfully approving the establishment or alteration of any printing enterprise with foreign investment that does not
meet the requirements, the relevant persons-in-charge and those who are held responsible shall be subject to investigations for assuming
liabilities.

Article 17

The present Provisions shall be applicable by reference to the printing enterprises established within the Mainland of China by investors
from the Hong Kong Special Administrative Region, the Macao Special Administrative Region and Taiwan.

Article 18

The printing enterprises with foreign investment established upon the ratification of relevant authorities prior to the implementation
of the Regulation on the Administration of the Printing Industry which took force on May 1, 1997 shall, after obtaining the consent
of the General Administration of Press and Publication upon examination, exchange their License for Engagement in Printing Business
at the provincial administrative departments in charge of press and publication. In particular, those enterprises with foreign investment
that are engaged in the printing of publications and that apply for expanding their investment scales or for extending the term of
business shall meet the requirements of Article 6 of the present Provisions. Those printing enterprises with foreign investment
established upon the approval made according to the Regulation on the Administration of the Printing Industry subsequent to May 1,
1997 shall, within 180 days after the implementation of the present Provisions, exchange their Licenses for Engagement in Printing
Business at the provincial administrative departments in charge of press and publication

Article 19

The power to interpret the present Provisions shall remain with the General Administration of Press and Publication and the Ministry
of Foreign Trade and Economic Cooperation.

Article 20

The present Provisions shall enter into force as of the date of promulgation.

The General Administration of Press and Publication, the Ministry of Foreign Trade and Economic Cooperation
2002-01-29

MEASURES FOR THE ADMINISTRATION OF THE REPRESENTATIVE OFFICES STATIONED IN THE MAINLAND OF CHINA BY LAW FIRMS OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION AND THE MACAO SPECIAL ADMINISTRATIVE REGION

The Ministry of Justice

Order of the Ministry of Justice of the Republic of China

No.70

The Measures for the Administration of the Representative Offices Stationed in the Mainland of China by Law Firms of the Hong Kong
Special Administrative Region and the Macao Administrative Region have been approved at the executive meeting of the Ministry of
Justice on Feb. 20, 2002 and are hereby promulgated, and shall come into force on April 1, 2002.

Minister of the Ministry of Justice Zhang Fuseng

March 13, 2002

Measures for the Administration of the Representative Offices Stationed in the Mainland of China by Law Firms of the Hong Kong Special
Administrative Region and the Macao Special Administrative Region

Chapter I General Provisions

Article 1

In order to regulate the establishment of the representative offices stationed in the mainland of China (hereinafter referred to as
the representative offices) by law firms of the Hong Kong SAR and the Macao SAR (hereinafter referred to as the law firms of Hong
Kong and Macao) and the legal services they provide, these Measures have been formulated according to the provisions of the Regulations
on the Administration of the Representative Offices Stationed in China by Foreign Law Firms.

Article 2

These Measures shall be applicable to the activities of law firms of Hong Kong and Macao of establishing representative offices and
engaging in legal services.

Article 3

The representative offices and the representatives thereof shall be under the protection of the state laws when engaging in legal
services according to the provisions of these Measures.

Article 4

The representative offices and the representatives thereof shall, when engaging in legal services, observe the laws, regulations and
rules of the State, scrupulously abide by the professional ethics and practice discipline of lawyers, and may not harm the State
safety and the public interests.

Article 5

The law firms of Hong Kong and Macao shall bear civil liabilities for the legal services conducted in the mainland of China by their
respective representative offices and the representatives thereof.

Chapter II Establishment, Alteration and Cancellation of Representative Offices

Article 6

Law firms of Hong Kong and Macao shall obtain the approval of the judicial administrative department under the State Council (hereinafter
referred to as the Ministry of Justice) to establish representative offices and send representatives in the mainland of China.

Law firms, other organizations or individuals of Hong Kong and Macao may not engage in legal services in the name of consultative
companies or other post_titles in the mainland of China.

Article 7

Law firms of Hong Kong and Macao applying for establishing representative offices and sending representatives shall meet the following
conditions:

the law firm shall has already legally practiced in the Hong Kong SAR or the Macao SAR, and hasn’t been punished for violation of
professional ethics and practice disciplines;

the representatives of the representative office shall be practicing lawyers and the members of the lawyers’ association of the Hong
Kong SAR or the Macao SAR, and have been practicing for not less than 2 years outside the mainland of China, and haven’t been given
criminal punishment or been punished for violation of professional ethics and practice disciplines; among whom, the chief representative
shall has practiced outside the mainland of China for not less than 3 years, and shall be the partner or personnel of the same position
of that law firm;

there is the actual need to establish representative offices in the mainland of China to carry out legal services.

Article 8

Law firms of Hong Kong and Macao applying for establishing representative offices in the mainland shall submit the following documents
and materials to the judicial department (bureau) of the province, autonomous region or municipality directly under the central government
of the place of domicile of the representative office to be established:

application form signed by the main principal of the law firm for establishing the representative office and sending representatives.
The name of the representative office to be established shall be “Representative Office Stationed in *** (name of the mainland city)
by *** Law Firm (the Chinese name of that law firm)”;

certifications of the legal establishment of that law firm in its respective special administrative region;

partnership agreement or articles of association of establishment of that law firm and the list of the principals or partners;

authorization letters of that law firm to its representatives of the representative office, and the affirmation letter affirming that
the chief representative to-be is the partner or the personnel of the same position of that law firm;

certifications of the lawyer practice qualification of the representatives of the representative office which prove that the chief
representative to-be has practiced for not less than 3 years outside of the mainland of China and the other representatives to-be
have practiced outside the mainland of China for not less than 2 years;

certifications issued by the lawyers’ association of the special administrative region where that law firm is located of the membership
in the lawyers’ association of the representatives to-be of that representative office;

certifications issued by the body of lawyer administration of the special administrative region where that law firm is located showing
no criminal punishment and punishment for violation of professional ethics and practice discipline of that law firm and its representatives
to-be.

The documents and materials listed in the preceding paragraph shall have the notarization certification given by the authorized notary
of Hong Kong or the notarization agency of Macao.

The documents and materials submitted by that law firm shall be in triplication and be bound into book forms separately, where the
documents and materials are written in foreign languages, Chinese versions shall be attached.

Article 9

The judicial department (bureau) of the province, autonomous region or municipality directly under the Central Government shall finish
the examination in 3 months from the day of receiving the application documents and materials, and shall submit the examination opinions
together with the documents and materials to the Ministry of Justice for examination and verification. The Ministry of Justice shall
make the decision in 6 months, and issue the practice licenses to the representative offices approved to be established, and issue
the practice certificates to the representatives thereof; and for those law firms rejected from approval, reasons shall be explained
in written form.

Article 10

The representative office and the representatives thereof shall, taking the practice license and the practice certificates, go through
the procedures for registration at the judicial department (bureau) of the province, autonomous region or municipality directly under
the Central Government of the place of domicile of the representative office, and only after that may it carry out the legal services
as prescribed in these Measures. The representative office and its representatives shall make the registration once every year.

The judicial department (bureau) of the province, autonomous region or municipality directly under the Central Government shall handle
the registration procedures in 2 days from the day of receiving the application for registration.

Article 11

The representative office shall, according to the provisions of the relevant laws and administrative regulations, go through the procedures
for taxation, bank and foreign exchange, etc.

Article 12

Where a law firm of Hong Kong or Macao needs to alter the name of its representative office or reduce the representatives, it shall
submit in advance the application form signed by its main principal and the relevant documents and materials to the judicial department
(bureau) of the province, autonomous region or municipality directly under the Central Government of the place of domicile of the
representative office, and take back the practice certificates of the personnel who are no longer the representatives upon the ratification
of the Ministry of Justice.

Where the representative office is merged, split or it adds new representatives, it shall go through the procedures for approval according
to the provisions of these Measures on the establishment of representative office.

Article 13

Where the representative of a representative office is in any of the following situations, the Ministry of Justice shall revoke the
practice approval and withdraw his (her) practice certificate, and the judicial department of the province, autonomous region or
municipality directly under the Central Government shall write off the practice registration:

the practice qualification of lawyer submitted according to the provisions of item 5) of Article 8 of these Measures becomes invalid;

the qualification of representative is cancelled by the law firm of Hong Kong or Macao to which the representative belongs;

the practice certificate or the practice license of the representative office to which the representative belongs is revoked according
to law.

Article 14

Where a representative office is in any of the following situations, the Ministry of Justice shall cancel the practice approval and
withdraw its practice license, and the judicial department (bureau) of the province, autonomous region or municipality directly under
the Central Government shall write off its practice registration:

the law firm of Hong Kong or Macao to which the representative office belongs is disbanded or written off;

the law firm of Hong Kong or Macao to which the representative office belongs applies for the writing-off of it;

having lost the conditions as prescribed in Article 7 of these Measures;

the practice license has been revoked according to law.

The representative office written off according to the provisions of the preceding paragraph shall be liquidated according to law;
and its property may not be transferred to the outside of the mainland of China before all its debts have been paid off.

Chapter III Business Scope and Rules

Article 15

A representative office and its representatives may only engage in the following activities excluding the legal affaires of the mainland
of China:

providing to the parties with the legal consultancy and the consultancy of relevant international treaties and international customs
of the Hong Kong SAR, the Macao SAR and other countries excluding China where the lawyers of that law firm have been approved to
engage in lawyer practice;

accepting the entrustment of the parties or the law firms of the mainland of China to handle the legal affaires of the areas where
the lawyers of that law firm have been approved to engage in lawyer practice;

representing the parties of the Hong Kong SAR or the Macao SAR to entrust law firms of the mainland of China to handle legal affaires
of the mainland;

keeping long term of entrustment with the law firms of the mainland of China to handle legal affaires through signing contracts;

providing the information related to the affection of the legal environment of the mainland of China.

The representative office may, according to the terms of the agreement with the law firms of the mainland of China, present direct
requirements to the lawyers of the law firms of the mainland.

The representative office and the representatives thereof may not engage in other legal services or other business activities other
than those provided for in the first and second paragraphs of this Article.

Article 16

A representative office may not employ the practicing lawyers of the mainland of China; and the assisting personnel employed may not
provide legal services to the parties.

Article 17

A representative office and its representatives may not conduct the following acts in their practice:

providing false evidence, hiding the facts or threatening, luring others to provide false evidence, hide the facts, and hindering
the opposite parties from legally obtaining the evidence;

taking advantage of the legal services to accept money and goods or other benefits from the parties;

disclosing the business secrets or personal privacy of the parties.

Article 18

The representatives of a representative office may not hold the post or hold the concurrent post of representative in two or more
representative offices.

Article 19

The time of the representatives of a representative office residing in the mainland of China may not be less than 6 months every year;
those residing for less than 6 months shall not be registered for the next year.

Article 20

A representative office may collect fees from the parties when providing the legal services as prescribed by these Measures. And the
fees collected must be settled in the mainland of China.

Chapter IV Supervision and Administration

Article 21

The Ministry of Justice shall be responsible for the supervision and administration of the representative offices and their representatives.

The judicial department (bureau) of the province, autonomous region or municipality directly under the Central Government shall conduct
supervision and administration to see whether the representative offices established within their respective administrative areas
and the representatives thereof are conducting the legal services according to law.

Article 22

A representative office shall submit the copies of the practice license and the practice certificates of its representatives, and
the following materials for annual examination of the last year to the judicial department (bureau) of the province, autonomous region
or municipality directly under the Central Government before March 31 of each year for the annual examination:

the status of the legal services carried out, including the handling of the legal affaires entrusted to the law firms of the mainland
of China;

the annual financial statements of the representative office audited by accounting firms or auditing firms, and the vouchers of settlement
and tax payment according to law in the mainland of China;

changes of the representatives and the employed assisting personnel of the mainland of China of the representative office;

residing status in the mainland of China of the representatives of the representative office;

registration of the representative office and its representatives;

other status about the performance of the obligations as prescribed in these Measures.

The judicial department (bureau) of the province, autonomous region or municipality directly under the Central Government shall, after
making the annual examination of the representative offices established in their respective administrative areas, submit the examination
opinions to the Ministry of Justice for record.

Article 23

The judicial department (bureau) of the province, autonomous region or municipality directly under the Central Government shall collect
fees for the registration of the representative offices and the representatives thereof, and shall collect fees for the annual examinations
of the representative offices, and must execute the charging standard for the law firms and practicing lawyers of the mainland of
China ratified by the price administrative department under the State Council, and all the fees collected must be turned in to the
State Treasury.

Where the judicial department (bureau) of the province, autonomous region or municipality directly under the Central Government imposes
the administrative punishment of fines according to law, the method of separation of decision of fines and collection of fines shall
be adopted according to the provisions of the relevant laws and administrative regulations; and all the fines collected and the illegal
gains confiscated according to law must be turned in to the State Treasury.

Chapter V Legal Responsibilities

Article 24

If a representative office or a representative harms the State safety, public security or public administration order, the criminal
responsibilities shall be investigated, and the practice license of that representative office or the practice certificate of that
representative shall be revoked by the Ministry of Justice; where the circumstance is not serious enough for criminal punishment,
the punishment of public security management shall be given according to law, and the practice license of that representative office
or the practice certificate of that representative shall be revoked by the Ministry of Justice.

Article 25

If a representative office or a representative, in violation of the provisions of Article 15 of these Measures, illegally engages
in the legal services or other business activities, the judicial department (bureau) of the province, autonomous region or municipality
directly under the Central Government shall order the stop of business; where the circumstances are serious, the practice license
of that representative office or the practice certificate of that representative shall be revoked by the Ministry of Justice.

Where anyone commits the illegal acts listed in the preceding paragraph, the judicial department (bureau) of the province, autonomous
region or municipality directly under the Central Government shall confiscate the illegal gains, and shall impose on the chief representative
and other directly responsible representatives a fine of not less than 50,000 Yuan but not more than 200,000 Yuan.

Article 26

If a representative office is in any of the following situations, the judicial department (bureau) of the province, autonomous region
or municipality directly under the Central Government shall give warnings to it and order it to correct the act within a time limit;
where the circumstances are serious, the judicial department (bureau) of the province, autonomous region or municipality directly
under the Central Government shall order the stop of business; if no correction is made within the time limit, the Ministry of Justice
shall revoke its practice license:

employing practicing lawyers of the mainland of China, or its assisting personnel employed engaging in the legal services;

the fees collected for the legal services haven’t been settled within the mainland of China;

failing to submit the materials for the annual examination on time, or failing the annual examination.

Where anyone commits the illegal acts listed in item 2) of the preceding paragraph, the judicial department (bureau) of the province,
autonomous region or municipality directly under the Central Government shall impose a fine of not less than 1 time but not more
than 3 times the sum of settlement in the mainland of China.

Article 27

If a representative office or a representative is in any of the following situations, the judicial department (bureau) of the province,
autonomous region or municipality directly under the Central Government shall give it warnings and confiscate the illegal gains;
where the circumstances are serious, the business shall be ordered to be stopped in a time limit, and a fine of not less than 20,000
Yuan but not more than 100,000 Yuan shall be imposed:

holding the post or holding the concurrent post of representative in two or more representative offices;

disclosing the business secrets or personal privacy of the parties;

taking advantage of the legal services to accept money and goods or other benefits from the parties.

Article 28

If a representative office which has been written off transfers its property outside the mainland of China before its debts are paid
off, the judicial department (bureau) of the province, autonomous region or municipality directly under the Central Government shall
order it to return the transferred property to pay the debts; if the representative office seriously damages the interests of others
and constitutes a crime, the chief representative and other directly responsible personnel shall be investigated for criminal responsibilities;
where the circumstances are not serious enough for criminal punishment, the judicial department (bureau) of the province, autonomous
region or municipality directly under the Central Government shall impose a fine of not less than 50,000 Yuan but not more than 300,000
Yuan on the representative office, and shall impose a fine of not less than 20,000 Yuan but not more than 100,000 Yuan on the chief
representative and other directly responsible personnel.

Article 29

If the representative of a representative office provides false evidence, hides the facts or threatens, lures others to provide false
evidence or hide the facts, the criminal responsibilities shall be investigated according to the relevant provisions of the Criminal
Law, and the practice certificate shall be revoked by the Ministry of Justice.

Article 30

If a law firm, lawyer or other organization, individual of Hong Kong or Macao engages in legal services in the mainland of China without
authorization, or a representative office or the representative of which the practice approval has been cancelled continues to engage
in legal services in the mainland, the judicial department (bureau) of the province, autonomous region or municipality directly under
the Central Government shall ban it according to law and confiscate the illegal gains, and shall impose a fine of not less than 50,000
Yuan but not more than 300,000 Yuan.

Article 31

If the practice license of a representative office has been revoked according to law, the law firm of Hong Kong or Macao to which
the representative office belongs may not apply for establishing representative office in the mainland of China for 5 years; if the
practice certificate of the representative of a representative office has been revoked according to law, that representative may
not be the representative of a representative office in the mainland for 5 years.

If the representative of a representative office has been given criminal penalty for harming the State safety, public security or
public administration order, the law firm to which that representative office belongs may not apply for establishing a representative
office in the mainland of China any longer, and that representative may not be the representative of a representative office in the
mainland for the lifetime.

Article 32

If the working personnel of the judicial administrative department has committed any of the following acts, the responsible personnel
in charge and the other directly responsible personnel shall be given the administrative punishment of a demerit for the record,
a special demerit for the record or demotion:

failing to check and examine the certification and materials of the representative offices to be established and of the representatives
to-be according to the conditions as provided for by these Measures;

failing to register or make the annual examination of the representative offices according to the provisions of these Measures;

failing to collect the fees according to the charging items and charging standard as provided for by the State.

Article 33

Where the working personnel of the judicial administrative department has committed any of the following acts, the responsible personnel
in charge and other directly responsible personnel shall be given the administrative punishment of demotion, removal or dismissal:

issuing the practice license or practice certificate to the representative office to be established or the representative to-be that
fails to meet the conditions as provided for by these Measures;

taking advantage of the post to accept money and goods and seeking private profits;

failing to cancel or withdraw the practice license or practice certificate of the representative office or representative that should
be cancelled, or, against the provisions of these Measures, failing to write off the practice registration that should be written
off;

failing to issue the receipts of fines for the fines collected according to law or failing to fill in the sum of fines according to
the facts;

failing to execute the system of separation of collection and turning in of fines, or failing to turn in all the fees collected, fines
collected and illegal gains confiscated to the State Treasury.

failing to investigate into and punish the acts of the representative offices and the representatives thereof that violate the provisions
of these Measures;

10)

having other acts of poor execution of law or abusing of powers thus to cause serious consequences.

If anyone commits any of the above mentioned violations of law thus to cause serious losses to the public property and the interests
of the State and people, and constitutes a crime, the criminal responsibilities shall be investigated.

Chapter VI Supplementary Provisions

Article 34

These Measures shall enter into force on April 1, 2002. The representative offices and the representatives thereof that have been
approved by the Ministry of Justice to start practice on a trial basis shall apply for going through the procedures for examination
and approval according to the provisions of these Measures in 90 days from the day on which these Measures come into force.

The Ministry of Justice
2002-03-13

CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE ON THE RELEVANT ISSUES CONCERNING THE SUPERVISION OF INSURANCE FOREIGN EXCHANGE BUSINESS

The State Administration of Foreign Exchange

Circular of the State Administration of Foreign Exchange on the Relevant Issues Concerning the Supervision of Insurance Foreign Exchange
Business

HuiFa [2002] No.85

September 3, 2002

The branches and the foreign exchange adminsitration departments of the State Administration of Foreign Exchange in all provinces,
autonomous regions and municipalities directly under the Central Government, branches of Shenzhen, Dalian, Qingdao, Xiamen and Ningbo:

In order to enhance and regulate the foreign exchange supervision of insurance business in China, cooperate in the promulgation and
implementation of the “Interim Provisions on the Foreign Exchange Control of Insurance Business”, improve the construction of supervising
contingent of foreign exchange in the insurance business in foreign exchange bureaus, we hereby give our notice on the relevant issues
as follows pursuant to the spirit of the National Meeting on Foreign Exchange Control that all branches should “setup relevant offices
and posts for control in the insurance foreign exchange business”:

All branches shall, in line with the actual situation of their respective localities on the foreign exchange supervision of insurance
business, and according to the requirements of the SAFE, clarify and set up the posts for the supervision of the insurance foreign
exchange business, and appoint full-time employees.

II.

The main duties of all branches and sub-branches in the supervision of the insurance foreign exchange business include: daily supervision
on the approval of market access and withdrawal of foreign exchange business for the branches of local insurance companies, on the
opening and use of foreign exchange accounts of such branches, and on their foreign exchange receipts and expenditures as well as
their receipt and payment of foreign exchange; daily supervision on the preliminary examination, etc. on market access of foreign
exchange business for insurance companies as legal person institutions and of the branches of foreign-funded insurance companies;
supervision on the opening and use of foreign exchange accounts under other insurance items, foreign exchange receipts and expenditures
as well as the settlement, selling and payment of foreign exchanges.

III.

All branches shall, before September 15, 2002, submit their respective name lists of the offices to which the supervision posts of
the insurance foreign exchange business belong and of the employees involved as well as their telephone numbers in writing to the
Current Account Management Department under the State Administration of Foreign Exchange.

Tel: 68402281

Fax: 68402272

The State Administration of Foreign Exchange
2002-09-03

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Divorce

THE PROVISIONS OF THE GENERAL ADMINISTRATION OF CUSTOMS OF PEOPLE’S REPUBLIC OF CHINA ON IMPLEMENTING THE RULES OF ORIGIN...

REPLY OF THE STATE ADMINISTRATION FOR INDUSTRY AND COMMERCE ON THE ISSUE OF WHETHER THE BRANCH OF A ENTERPRISE...

CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION CONCERNING TAX REFUND OF ENTERPRISES WITH FOREIGN INVESTMENT PURCHASING DOMESTIC EQUIPMENTS

(INTERIM) MEASURES ON THE ADMINISTRATION OF THE BUSINESS REGISTRATION FOR THE EXPORT OF GUIDED MISSILES AND RELATED ITEMS AND TECHNOLOGIES

CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION ON SORTING OUT AND CHECKING THE PREFERENTIAL POLICIES ON ENTERPRISE INCOME TAX AND THE IMPLEMENTATION THEREOF

THE NOTICE OF THE MINISTRY OF FOREIGN TRADE AND ECONOMIC COOPERATION AND THE NATIONAL BUREAU OF STATISTICS ON PRINTING AND ISSUING STATISTICAL SYSTEM OF DIRECT OVERSEAS INVESTMENT

CIRCULAR OF THE MINISTRY OF FINANCE ON DISTRIBUTING THE INTERIM MEASURES FOR ACCOUNTING PROCESS OF TAKING UP BUSINESSES RELATED TO FINANCING OF RECEIVABLE CREDITOR’S RIGHTS BETWEEN ENTERPRISES AND FINANCIAL ORGANIZATIONS LIKE BANKS

LETTER OF CHINA BANKING REGULATORY COMMISSION CONCERNING APPROVING KVB KUNLUN NEW ZEALAND LIMITED TO ESTABLISH BEIJING REPRESENTATIVE OFFICE

INTERIM PROVISIONS ON THE ESTABLISHMENT OF PRINTING ENTERPRISES WITH FOREIGN INVESTMENT

MEASURES FOR THE ADMINISTRATION OF THE REPRESENTATIVE OFFICES STATIONED IN THE MAINLAND OF CHINA BY LAW FIRMS OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION AND THE MACAO SPECIAL ADMINISTRATIVE REGION

CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE ON THE RELEVANT ISSUES CONCERNING THE SUPERVISION OF INSURANCE FOREIGN EXCHANGE BUSINESS

CONSTITUTION ACT, 1982 – page 22

CONSTITUTION ACT, 1982 – page 21

CONSTITUTION ACT, 1982 – page 20

CONSTITUTION ACT, 1982 – page 19

CONSTITUTION ACT, 1982 – page 18

CONSTITUTION ACT, 1982 – page 17

CONSTITUTION ACT, 1982 – page 16

CONSTITUTION ACT, 1982 – page 12

CONSTITUTION ACT, 1982 – page 11

CONSTITUTION ACT, 1982 – page 10

CONSTITUTION ACT, 1982 – page 9

CONSTITUTION ACT, 1982 – page 8

CONSTITUTION ACT, 1982 – page 7