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ANNOUNCEMENT NO.57, 2006 OF THE MINISTRY OF COMMERCE, THE MINISTRY OF PUBLIC SECURITY, THE GENERAL ADMINISTRATION OF CUSTOMS OF THE PEOPLE’S REPUBLIC OF CHINA

Announcement No.57, 2006 of the Ministry of Commerce, the Ministry of Public Security, the General Administration of Customs of the
People’s Republic of China

[2006] No.57

For purposes of further supporting investment of Chinese enterprises in Burma and Laos, developing the alternative planting of opium
poppy, and promoting development of alternative industry, related issues on administration of easy-made poison chemicals exported
to Burma and Laos are now ansnounced as follows:

1.

Exporters may export easy-made poison chemicals listed in Administrative Regulations on Easy-made Poison Chemicals to overseas enterprises
with Chinese capitals established in Burma and Laos and approved by administrative departments of Chinese government (hereinafter
referred to as overseas enterprises with Chinese capitals), after applying for “Export License of Articles and Technologies of Double
Purposes” in accordance with Administrative Regulations of Easy-made Poison Chemicals and Provisional Regulations for Administration
on Easy-made Poison Chemicals Exported to Specific Countries (Regions) (hereinafter referred to as Regulations).

2.

Exporters exporting easy-made poison chemicals of item 43 to 58 listed in Appendix 1 Category for Administration on Easy-made Poison
Chemicals Exported to Specific Countries (Regions) of the Regulations to overseas enterprises with Chinese capital may adopt annual
planning auditing system. Exporters shall submit export plan of above easy-made poison chemicals (including variety, quantity, user’s
name, purpose, port of declaration as well as means of transportation) exported to overseas enterprises with Chinese capital to provincial
departments of commercial administration in the fourth quarter. The provincial departments of commercial administration and departments
of public security will carry out preliminary examination and report to Ministry of Commerce. Ministry of Commerce will approve after
verifying together with Ministry of Public Security.

3.

Exporters shall apply for export permission before real export. Ministry of Commerce shall approved within the annual export planning
and inform the provincial departments of commercial administration of going through formalities of “Export License of Articles and
Technologies of Double Purposes” for enterprises to go through Customs procedures.

4.

Exporters shall set up export machine account of easy-made poison chemicals, recording export status to Burma and Laos and reserving
related documents for 2 years as least; meanwhile, exporters shall report export status of easy-made poison chemicals exported to
Burma and Laos of last year to Ministry of Commerce in the first quarter.

5.

Departments of commercial administration at different levels shall examine and supervise the export status of easy-made poison chemicals
together with departments of public security and customs, and report related results to Ministry of Commerce and transmit to Ministry
of Public Security and General Administration of Customs as well.

6.

For those violating related regulations on administration of easy-made poison chemicals or rules of this announcement, Ministry of
Commerce will require to rectify and improve during a certain time limit, and even cancel the approved annual plan and suspend accepting
application of new year’s annual plan in accordance with practical situation.

The Ministry of Commerce

The Ministry of Public Security

The General Administration of Customs

August 30, 2006



 
The Ministry of Commerce, the Ministry of Public Security, the General Administration of Customs
2006-08-30

 






CIRCULAR OF REGISTRATION BUREAU OF FOREIGN-INVESTED ENTERPRISE OF STATE ADMINISTRATION FOR INDUSTRY AND COMMERCE ON INITIATING THE NEW EDITION OF BUSINESS LICENSE FOR FOREIGN-INVESTED ENTERPRISE

Circular of Registration Bureau of Foreign-invested Enterprise of State Administration for Industry and Commerce on Initiating the
New Edition of Business License for Foreign-invested Enterprise

Gong Shang Wai Qi Zhu Han [2006] No. 28

Bureaus for Industry and Commerce in all provinces, autonomous regions, municipalities directly under the Central Government and cities
specially designated in the State plan:

In accordance with the new Regulations on Administration of Registration of Companies, Registration Bureau of Foreign-invested Enterprise
of State Administration for Industry and Commerce makes some adjustments on part of the items and patterns in the business license
for foreign-invested enterprise. The new edition of Business License for Corporation changes “Operating Period” to “Business Period”,
and “Enterprise Type” to “Company Type”, cancels the item of “Branches” and adds 2 items of “Paid-up Capital” and “Stockholder (Initiator)”;
and the annual inspection time in the specification of the duplicate copy is changed to “March 1 to June 30”; and the pattern of
the duplicate copy is changed to A4. The new edition of Business License changes “Operating Period” to “Business Period”; the annual
inspection time in the specification of the duplicate copy is changed to “March 1 to June 30”; and the pattern of the duplicate copy
is changed to A4.

All authorized bureaus shall, after the exhaustion of the old edition of licenses, draw and initiate the new edition of Business License
for Foreign-invested Enterprise, and do well the linkage work between the old and new editions of Business Licenses. And the old
edition of licenses shall fall into disuse before March 1, 2007.

During the re-issuance of licenses, all authorized bureaus shall, in accordance with the provisions in the Implementation Opinions
on Relevant Issues concerning the Examination and Approval, Registration and Administration of Foreign-invested Companies (Gong Shang
Wai Qi Zi [2006] No. 81), adjust the company types of the existing foreign-invested companies and shall finish the aforesaid adjustment
before the end of the annual inspection on June 30, 2007.

Registration Bureau of Foreign-invested Enterprise of State Administration for Industry and Commerce

August 30, 2006



 
Registration Bureau of Foreign-invested Enterprise of State Administration for Industry and Commerce
2006-08-30

 






CIRCULAR OF THE MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION ON SEVERAL SPECIFIC POLICIES ON CONSUMPTION TAX

Circular of the Ministry of Finance and the State Administration of Taxation on Several Specific Policies on Consumption Tax

Cai Shui [2006] No. 125

The public finance departments (bureaus), the bureaus of state taxes of each province, autonomous region, municipality directly under
the Central Government, and city specifically designated in the state plan and the Bureau of Public Finance of Xinjiang Production
and Construction Corps:

After the release of the Circular of the Ministry of Finance and the State Administration of Taxation on Adjusting and Perfecting
Consumption Tax Policies (Cai Shui Zi [2006] No. 33 hereinafter referred to as the Circular), some regions have required to further
specify the range of taxation, tax basis and other issues concerning the taxable consumption goods. Therefore, upon study, we hereby
specify the relevant issues as follows:

1.

As for the Range of Taxation of Several Oil Products

(1)

Reformatted, topped oil, pentane base oil, light cracking raw material (decompressed diesel fuel VGO and atmospheric diesel fuel AGO),
heavy cracking raw material, hydro cracking tail oil, and arene raffinate oil are all light weight oil, thus shall belong to the
scope of taxation of naphtha according to the explanatory notes on the range of taxation of naphtha of the Circular.

(2)

Wax oil, bunker fuel oil, atmospheric heavy fuel oil, decompressed heavy fuel oil, 180CTS fuel oil, No.7 fuel oil, furfural oil, industrial
fuel, No.4-6 fuel oil and other major oil products, which are mainly used as fuel, shall belong to the scope of taxation of fuel
oil in according to the explanatory notes on the range of taxation of fuel oil of the Circular.

(3)

The raw materials of rubber filling oil and solvent oil belong to the scope of taxation of solvent oil according to the explanatory
notes on the range of taxation of solvent oil of the Circular.

(4)

The “mixed ” lubricating oil made by mixing plant basic oil, animal basic oil and mineral basic oil (or mineral lubricating oil),
without considering the proportion of the mineral basic oil (or mineral lubricating oil), all belong to the scope of taxation of
lubricating oil.

2.

As for the Definition of Reassembled and Refitted Vehicles

The reassembled and refitted vehicles refer to the special purpose vehicles (special type vehicles) whose vehicle category code (the
first digital number of the digital paragraph of the code for vehicle model or product type) is 5 and which are examined and approved
by development and reform commission at the provincial level and are reported to the National Development and Reform Commission for
record and listed in the Announcement of Vehicle Manufacturing Enterprises and Products as announced vehicles

3.

As for the Definition of Solid Wood Composite Floor

Solid wood composite floor takes wood as the raw material and is produced by planning or peeling the wood into veneers with certain
techniques, and then processes the multi-layer veneers with compregnating and composite techniques. Currently, the solid wood composite
floor mainly includes three-layer solid wood composite floor and multi-layer solid wood composite floor.

4.

As for ax Levy on Such Simple Processing of Purchased Lubricating Oil as Changing the Large-scale Packing to Small-scale Packing and
Labeling, etc.

Any entity or individual’s act of changing the large-scale packing of purchased lubricating oil to the small-scale packing by simple
processing or only labeling without any processing, shall be regarded as an act of production of taxable consumption goods. The entity
or individual shall pay consumption tax for the above-mentioned institutions. It is allowed to deduct the consumption taxes already
paid on purchased lubricating oil.

5.

As for the Calculation of the Deductible Volume of Consumption Tax Already Paid on the Purchased Naphtha That Is Used as Raw Materials
in the Production of Both Taxable Consumption Goods and Non-taxable Consumption Goods at the Same Time in the Same Production Process

In case any naphtha which is purchased or taken back from commissioned processing is used as raw materials in producing ethylene or
other chemical products, if both such non-taxable consumption goods as ethylene or other chemical products and such taxable consumption
goods as cracked gasoline may be produced at the same time in the same production process, the accounting formulas of the deductible
taxes already paid on the naphtha which is purchased or taken back from commissioned processing are as follows:

(1)

Purchased naphtha

Present deductible taxes already paid on purchased naphtha = present deductible quantity of purchased naphtha ￿￿yield ￿￿unit tax
of the purchased naphtha ￿￿30%

Yield = output of present taxable consumption goods ￿￿quantity of all raw materials put into the present production of taxable consumption
goods ￿￿100%

(2)

Naphtha taken back from commissioned processing

Present deductible taxes already paid on product oil of commissioned processing = present deductible taxes already paid on naphtha
of commissioned processing ￿￿yield

Yield = output of present taxable consumption goods ￿￿amount of all raw materials put into the present production of taxable consumption
goods ￿￿100%

The producing enterprises which use naphtha purchased or taken back from commissioned processing as raw material to produce ethylene
or other chemical products shall respectively account the annual average yield of 2003, 2004 and 2005 according to the above-mentioned
accounting formulas, and shall fill the annual average yield to the competent tax authorities for record.

6.

As for Disposal of Underpayment When the Deductible Consumption Taxes Already Paid on the Raw Materials Put into the Present Production
Is More Than the Present Taxable Consumption Taxes

In case the deductible consumption taxes already paid on the raw materials put into the present production is more than the present
taxable consumption taxes, and the column of overpaid consumption tax of the previous period is not added in the consumption tax
return, the deduction shall be applied in accordance with the amount of the present taxable consumption taxes, while the underpayment
shall be brought over to the application of deduction of the next period.

7.

As for the Medium or Light Commercial Passenger Vehicles and the Scope of Taxation

The commercial passenger vehicles with over 7 meters long (including 7 meters) and the number of seats from 10 to 23 (including 23)
are not within the scope of taxation of medium or light commercial passenger vehicles, thus no consumption tax may be collected thereon.

The Ministry of Finance

The State Administration of Taxation

August 30, 2006



 
The Ministry of Finance, the State Administration of Taxation
2006-08-30

 






CIRCULAR OF THE MINISTRY OF FINANCE, THE STATE ADMINISTRATION OF TAXATION OF THE PEOPLE’S REPUBLIC OF CHINA, ON THE RESOURCES TAX POLICIES ON VANADIUM ORES

Circular of the Ministry of Finance, the State Administration of Taxation of the People’s Republic of China, on the Resources Tax
Policies on Vanadium ores

Cai Shui [2006] No.120

Financial offices (bureaus) and local taxation bureaus of all provinces, autonomous regions, municipalities and cities specially designated
in the state plan, and financial bureau of Xinjiang Production and Construction Corps:

In accordance with Provisional Regulations on Resources Tax of the People’s Republic of China, relevant resources tax policies on
vanadium ores are announced as follows for purposes of promoting reasonable exploitation and utilization of vanadium ores.

1.

Units and individuals mining vanadium ores (including stone-like coal vanadium) shall pay resources tax in accordance with Provisional
Regulations on Resources Tax of the People’s Republic of China as well as other related regulations.

2.

The standard for the resources tax applicable to vanadium ores (including stone-like coal vanadium) shall be 12 Yuan per ton.

3.

This circular shall enter into force as of Sept.1, 2006.

Please abide hereby.

Ministry of Finance

State Administration of Taxation

August30, 2006



 
Ministry of Finance, State Administration of Taxation
2006-08-30

 






CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE ON RELEVANT ISSUES CONCERNING DOMESTIC DESIGNATED FOREIGN EXCHANGE BANKS’ HANDLING THE BUSINESS OF SOUTH KOREAN WON CONVERSION ACCORDING TO QUOTED FOREIGN EXCHANGE RATES

Circular of the State Administration of Foreign Exchange on Relevant Issues concerning Domestic Designated Foreign Exchange Banks’
Handling the Business of South Korean Won Conversion according to Quoted Foreign Exchange Rates

Hui Fa [2006] No. 45
August 30, 2006

Branch Bureaus and Departments of Foreign Exchange Control of the State Administration of Foreign Exchange in all provinces, autonomous
regions, and municipalities directly under the Central Government, Branch Bureaus of the State Administration of Foreign Exchange
in the cities of Shenzhen, Dalian, Qingdao, Xiamen and Ningbo, and all Chinese-funded designated foreign exchange banks:

In order to promote the economic and trade contacts between China and South Korea, to regulate the conversion of South Korean Won,
and to safeguard the order in the foreign exchange market, and in accordance with the provisions in the Circular of the People’s
Bank of China on Further Improving the Administration of Trading Prices in the Inter-bank Foreign Exchange Market and Quoted Foreign
Exchange Rates of Designated Foreign Exchange Banks (Yin Fa [2005] No. 250), a circular is hereby given on relevant issues concerning
domestic banks’ handling the business of South Korean Won conversion according to quoted foreign exchange rates as follows:

Article 1

All designated foreign exchange banks may, in accordance with the development needs and risk management capacities of their own and,
decide themselves the handling of South Korean Won conversion according to quoted foreign exchange rates (including spot foreign
exchange and cash) for their clients.

Article 2

The State Administration of Foreign Exchange shall conduct an administration of record on designated foreign exchange banks’ handling
South Korean Won according to quoted foreign exchange rates. Policy-related banks and nationwide commercial banks, when handling
the business of South Korean Won conversion according to quoted foreign exchange rates, shall go through at the same time the formalities
of record at the State Administration of Foreign Exchange, to which the performances of this business shall be submitted within the
last 15 work days of each quarter. Urban commercial banks, rural commercial banks, rural cooperative financial institutions and foreign-funded
banks, when handling the business of South Korean Won conversion according to quoted foreign exchange rates, shall go through at
the same time the formalities of record at the local Branch Bureaus (Departments of Foreign Exchange Control) of the State Administration
of Foreign Exchange, and submit to them the performances of this business within the last 10 work days of each quarter.

Article 3

Designated foreign exchange banks may decide themselves the trading prices of South Korean Won (spot foreign exchange and cash) against
the Renminbi according to the quoted foreign exchange rates to their clients, and may also directly negotiate trading prices with
their clients.

Article 4

This Circular shall come into force as of the date of issuance. All Branch Bureaus, after receiving this Circular, shall immediately
transmit it to the urban commercial banks, rural commercial banks, rural cooperative financial institutions and foreign-funded banks
within the jurisdictions of their own.



 
State Administration of Foreign Exchange
2006-08-30

 






CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE ON RELEVANT ISSUES CONCERNING THE ADMINISTRATION OF FOREIGN EXCHANGE ON FUND MANAGEMENT COMPANY’S OVERSEAS INVESTMENT IN SECURITIES

Circular of the State Administration of Foreign Exchange on Relevant Issues concerning the Administration of Foreign Exchange on Fund
Management Company’s Overseas Investment in Securities

Hui Fa [2006] No. 46
August 30, 2006

Branch offices and foreign exchange control departments of the State Administration of Foreign Exchange in all provinces, autonomous
regions and municipalities directly under the Central Government, branch offices in the cities of Shenzhen, Dalian, Qingdao, Xiamen
and Ningbo:

In order to meet the reasonable demands of domestic individual residents and institutions in overseas financial investment and assets
management, and to regulate the administration of foreign exchange on fund management company’s overseas investment in securities,
and in accordance with the spirit of the Announcement of the People’s Bank of China [2006] No. 5, a circular is hereby given on relevant
issues as follows:

Article 1

Where a fund management company handles the overseas investment in securities, it shall in advance obtain an approval, and obtain
a qualification in dealing with foreign exchange business, and a quota of overseas investment in securities from the local branch
offices or foreign exchange control departments (hereinafter referred to as the foreign exchange bureau) of the State Administration
of Foreign Exchange. And a fund management company may also apply for a qualification in dealing with foreign exchange business when
it applies for a quota of overseas investment in securities.

Article 2

A fund management company may apply for dealing with part or all of these foreign exchange businesses as follows:

(1)

Foreign exchange assets management;

(2)

Foreign exchange capital investment;

(3)

Foreign exchange inter-bank borrowings;

(4)

Status enquiry and advisory services;

(5)

Other businesses approved by the State Administration of Foreign Exchange.

A fund management company’s dealing with the businesses of foreign exchange assets management and foreign exchange capital investment
shall be in line with the relevant prescriptions of China Securities Regulatory Commission (hereinafter referred to as the CSRC).

Article 3

A fund management company shall apply to the local foreign exchange bureau for a qualification in dealing with foreign exchange business
with these documents as follows:

(1)

An application in written form covering the basic situation of the company, the internal organizational structure, r￿￿sum￿￿s and
relevant qualification certificates of the company’s higher managements in foreign exchange business, the feasibility analysis for
dealing with foreign exchange business, service conditions etc.;

(2)

A duplicated copy of the original copy of the Corporation License for Fund Management Company issued by the CSRC;

(3)

The company’s internal control management system and risk prevention measures in foreign exchange business;

(4)

The company’s financial statement of the previous year audited by an accounting firm, and a capital assessment report audited by
an accounting firm for the company which was established less than 1 year ago;

(5)

Other documents required by the foreign exchange bureau.

The local foreign exchange bureau shall, within 20 work days as of the date of receiving the complete application documents, give
an opinion of first instance in accordance with the Code of Procedure on Examining and Verifying the Fund Management Company’s Market
Access to Foreign Exchange Business (See Annex 1), and submit them, in accordance with the procedures, to the State Administration
of Foreign Exchange, which shall, within 20 work days as of the date of receiving the complete application documents, make a decision
of approval or rejection; and if approved, a License for Foreign Exchange Operation in Securities Business shall be issued.

Article 4

A fund management company shall apply to the local foreign exchange bureau for a quota of overseas investment in securities with
these documents as follows:

(1)

An application covering the basic situation of the applicant, the investment quota to be applied for, the fund type to be established
(open/close), the quantum of the fund to be issued, capital resources and a investment plan, and a model of the written agreement
to be concluded with the investors;

(2)

A License for Foreign Exchange Operation in Securities Business or the application documents prescribed in Article 3 of this Circular;

(3)

Documents or relevant evidentiary materials issued by the CSRC to approve its business of overseas investment in securities;

(4)

The company’s financial statement of the last year audited by an accounting firm;

(5)

Other documents required by the foreign exchange bureau.

The local foreign exchange bureau shall, within 20 work days as of the date of receiving the complete application documents, give
an opinion of first instance in accordance with the Code of Procedure on the Foreign Exchange Business of the Fund Management Company’s
Overseas Investment in Securities (See Annex 2), and submit them, in accordance with the procedures, to the State Administration
of Foreign Exchange, which shall, within 20 work days as of the date of receiving the complete application documents, make a decision
of approval or rejection; and if approved, an investment quota and fund quantum shall be clearly defined.

Article 5

A fund management company shall, with the relevant approval documents issued by the foreign exchange bureau, open a self-owned foreign
exchange capital account at a designated foreign exchange bank to deposit the foreign exchange capital and earnings of this company
hereof, and report to the local foreign exchange bureau for records within 5 work days as of the opening of the account hereof.

The scope of receipts of the self-owned foreign exchange capital account of a fund management company is: the remitted foreign exchange
capital, earnings from foreign exchange business and other foreign exchange receipts approved by the foreign exchange bureau, and
the scope of expenditures is: foreign exchange settlement, current expenses and capital account expenditures approved by the foreign
exchange bureau.

Article 6

A fund management company shall, with the approval documents of investment quota issued by the foreign exchange bureau, open a foreign
exchange account for overseas investment in securities to deposit the raised capital and subscription, redemption, dividend and other
foreign exchange capitals, and report to the local foreign exchange bureau for records within 5 work days as of the date of the opening
of this account hereof.

The scope of receipts of the foreign exchange account for overseas investment in securities of a fund management company is: capitals
raised from domestic individual residents and institutions, capitals drawn from domestic custody accounts, capitals remitted by domestic
individual residents and institutions for subscription of funds, and other foreign exchange receipts approved by the foreign exchange
bureau, and the scope of expenditures is: capitals drawn to domestic custody accounts, capitals for paying the investors dividends
and redemptions, and other foreign exchange expenditures approved by the foreign exchange bureau.

Article 7

A fund management company shall, after obtaining the investment quota approved by the foreign exchange bureau, conclude a custody
agreement with a domestic custodian and open a domestic custody account to custody all its assets for overseas investment in securities.
And a domestic custodian shall accord with the conditions prescribed by China Banking Regulatory Commission.

A fund management company shall, within 5 work days as of the date of the opening of this account hereof, file with the local foreign
exchange bureau for records the opening of this account hereof and the custody agreement.

The scope of receipts of a domestic custody account is: capitals drawn from the foreign exchange account for overseas investment in
securities of a fund management company, capitals drawn from an overseas foreign exchange settlement account, and other foreign exchange
receipts approved by the foreign exchange bureau, and the scope of expenditures is: capitals drawn to an overseas foreign exchange
settlement account, capitals drawn to the foreign exchange account for overseas investment in securities of a fund management company,
capitals for paying the investors dividends and redemptions, capitals for paying the custodian fees, management fees and fees for
various kinds of formalities, and other expenditures approved by the foreign exchange bureau.

Article 8

A domestic custodian shall open an overseas foreign exchange settlement account for a fund management company at an overseas custodian
agency, which is used in capital settlement business with the overseas securities registration and settlement institutions etc.,
and file with the State Administration of Foreign Exchange the opening of this account hereof within 5 work days as of the date of
the opening of this account hereof.

The scope of receipts of an overseas foreign exchange settle account is: capitals drawn from a domestic custody account, capitals
acquired through the sale of various kinds of overseas financial assets, dividend distribution and interest receipts and other receipts
approved by the foreign exchange bureau, and the scope of expenditures is: capitals drawn to a domestic custody account, capitals
for purchasing various kinds of overseas financial assets, capitals for paying relevant fees, and other expenditures approved by
the foreign exchange bureau.

Article 9

A fund management company may remit out and remit in the balance between the subscription and redemption of open funds through a
domestic custody account, and the accumulated net remit-out amount of a fund management company shall not exceed the investment scale
calculated on the basis of the investment quantum approved by the foreign exchange bureau.

Article 10

The subscription of funds by a domestic individual resident and institution shall be handled through banks with the written agreements
concluded between it and a fund management company. An individual, when subscribing funds, shall use its foreign exchange deposit
in a domestic bank rather than directly using foreign currency cash, and a domestic institution shall not subscribe funds with debt
foreign exchange capitals.

Article 11

The foreign exchange capitals acquired by a domestic individual resident and institution from the redemption and dividend of funds
shall undergo the formalities of withdrawal and transfer at a bank with a payment order from a fund management company, and be transferred
to its foreign exchange deposit account. An individual shall not directly draw cash or foreign exchange settlement from its foreign
exchange account for overseas investment in securities. The foreign exchange capitals acquired by a domestic institution from the
redemption and dividend of funds shall be transferred to its former foreign exchange account by a bank.

Article 12

A domestic custodian shall, in accordance with the prescribed pattern (See Annexes 1, 2 and 3), submit data to the State Administration
of Foreign Exchange within 7 work days after the end of each month, and conduct submission on international receipts and expenditures
in accordance with relevant prescriptions.

Article 13

The foreign exchange bureau of where a fund management company is located shall monthly tabulate and submit to the State Administration
of Foreign Exchange the openings and cancellations of the self-owned foreign exchange accounts, foreign exchange accounts for overseas
investment in securities, domestic custody accounts of the fund management companies within the jurisdiction of its own.

Article 14

A fund management company and bank in violation of the prescriptions in this Circular shall be punished by the foreign exchange bureau
in accordance with the Foreign Exchange Control Regulations of the People’s Republic of China and relevant administrative regulations
on foreign exchange. With regard to a domestic custodian in a gross violation, a fund management company may be instructed by the
foreign exchange bureau to change the custodian hereof; and with regard to a fund management company in a gross violation, the foreign
exchange bureau may cancel its investment quota or revoke its License for Foreign Exchange Operation in Securities Business.

Article 15

This Circular shall come into force as of the date of promulgation. All branch offices and foreign exchange control departments,
after receiving this Circular, shall timely redistribute this Circular to the central branch offices within their jurisdictions,
and redistribute this Circular and the annexed lists to the fund management companies and designated foreign exchange banks within
their jurisdictions. And if problems occur in the implementation, the State Administration of Foreign Exchange shall be timely informed.

Annexes

(1)

Code of Procedure on Examining and Verifying the Fund Management Company’s Market Access to Foreign Exchange Business (omitted)

(2)

Code of Procedure on the Foreign Exchange Business of the Fund Management Company’s Overseas Investment in Securities (omitted)

Annexed Lists

(1)

Monthly Report on Overseas Investment in Securities by Qualified Domestic Institutional Investor (I)

(2)

Monthly Report on Overseas Investment in Securities by Qualified Domestic Institutional Investor (II)

(3)

List on Capital Remit-outs and Remit-ins by Qualified Domestic Institutional Investor



 
State Administration of Foreign Exchange
2006-08-30

 






CONSTITUTION ACT, 1982 – page 22

NOTES (1) The enacting clause was repealed by the Statute Law Revision Act, 1893, 56-57 Vict., c. 14 (U.K.). It read as...

CONSTITUTION ACT, 1982 – page 21

CONSTITUTION ACT, 1982 – page 20

CONSTITUTION ACT, 1982 – page 19

CONSTITUTION ACT, 1982 – page 18

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