CIRCULAR OF THE MINISTRY OF FINANCE, PEOPLE’S BANK OF CHINA, AND CHINA SECURITIES REGULATORY COMMISSION CONCERNING THE CONFIRMATION OF THE QUALIFICATIONS OF THE MEMBERS OF THE BOOK-ENTRY T-BOND UNDERWRITING SYNDICATES

Circular of the Ministry of Finance, People’s Bank of China, and China Securities Regulatory Commission concerning the Confirmation
of the Qualifications of the Members of the Book-entry T-Bond Underwriting Syndicates

Cai Ku [2006] No. 84
September 29, 2006

The National Council for Social Security Funds, China Postal Savings and Remittance Bureau, each commercial bank, securities company
and insurance company:

In order to regulate the issuance of T-bonds and promote the sound development of the T-bond market, the task of forming book-entry
T-bond underwriting syndicates has been completed in line with the Measures for the Examination and Approval of the Qualifications
of the Members of the T-Bond Underwriting Syndicates ( No. 39 of the Ministry of Finance, People’s Bank of China and China Securities
Regulatory Commission) and the Circular of the Ministry of Finance, People’s Bank of China and China Securities Regulatory Commission
on Establishing the Book-entry T-Bond Underwriting Syndicates (Cai Ku [2006] No. 61).

By August 11, 74 institutions in total have submitted application materials, all of which satisfied the basic application requirements
and been accepted. The book-entry T-bond underwriting syndicate should be established in line with the principle of openness, fairness
and impartiality and the survival of the fittest based on keeping overall stability of the members. There may not be more than 60
members, of which the Class A members may not more than 20. Upon the consultation of the China Banking Regulatory Commission and
China Insurance Regulatory Commission, jointly with the Peoples’ Bank of China and China Securities Regulatory Commission, the Ministry
of Finance determined the following establishment plan:

You may not take the applicant institutions into consideration which were members of the book-entry T-bond syndicate for the year
of 2004 and of which the underwriting volume of T-bond for the whole year of 2005 is less than 1 billion Yuan.. According to this
requirement, 5 members of the original book-entry T-bond underwriting syndicate are not members of this underwriting syndicate any
more.

New applicant institutions, of which the underwriting volume of T-bonds for the whole year of 2005 (in accordance with the figure
verified by the Ministry of Finance) is more than 4 billion Yuan, should be included. According to this requirement, 6 new applicant
institutions are accepted as members of this underwriting syndicate.

In case of the new applicant foreign-funded banks, because the Regulation on the Administration of Foreign-funded Financial Institutions
is being amended, no new foreign-funded bank is accepted as the member of this T-bond underwriting syndicate.

The examination of the qualifications of Class A members is on the condition that the member should rank among the top 25 in the comprehensive
evaluation of the book-entry bond business in 2005. Other applicants applying for the qualifications of Class A members are regarded
as applicants for qualifications of Class B members.

It is hereby announced that, according to the aforesaid establishment plan, the Name List of the Members of the Book-entry T-Bond
Underwriting Syndicate (attached) was determined, and it is hereby promulgated.

Appendix: Name List of Members of the Book-entry T-Bond Underwriting Syndicate

The Ministry of Finance

The People’s Bank of China

The China Securities Regulatory Commission

September 29, 2006

Appendix

Appendix:

Name List of Members of the Book-entry T-Bond Underwriting Syndicate

Sequential No.	Code	Institution Name	Sequential No.	Code	Institution Name
Members of Class A
1	1001	Industrial and Commercial Bank of China Company Limited	31	1055	Changsha Commercial Bank
2	1002	Agriculture Bank of China	32	1062	Wuxi Commercial Bank Ltd.
3	1003	Bank of China Co., Ltd.	33	1092	Zibo Commercial Bank
4	1004	China Construction Bank Corporation	34	1095	Luoyang Commercial Bank
5	1005	Bank of Communications Co., Ltd.	35	1106	Dongguan Commercial Bank
6	1006	China Citic Bank	36	1107	Ningbo Yinzhou Rural Cooperative Bank
7	1009	Hua Xia Bank Co., Ltd.	37	1108	Shanghai Branch of Hong Kong and Shanghai Banking Corporation Limited
8	1014	China Minsheng Banking Corp., Ltd.	38	1109	China Zheshang Bank Co., Ltd.
9	1015	Beijing Bank	39	2001	China Citic Jiantou Securities Co., Ltd.
10	1016	Shanghai Bank	40	2005	Haitong Securities Co., Ltd.
11	1017	Nanjing Commercial Bank	41	2006	Shanghai Securities Co., Ltd.
12	2000	China Galaxy Securities Co., Ltd.	42	2009	Guangfa Securities Co., Ltd.
13	2003	Guotai Junan Securities Co., Ltd.	43	2012	Shenyin & Wanguo Securities Co., Ltd.
14	2047	Citic Securities Co., Ltd.	44	2017	Bohai Securities Co., Ltd.
15	2072	BOC International (China) Limited	45	2021	Changjiang Securities Co., Ltd.
16	2078	Guohai Securities Co., Ltd.	46	2024	Huaxi Securities Co., Ltd.
17	4001	China Life Insurance (Group) Company	47	2041	Ping An Securities Co., Ltd.
Members of Class B			48	2048	Everbright Securities Co., Ltd.
18	1007	China Everbright Bank	49	2049	Guosenxin Securities Co., Ltd.
19	1010	Shanghai Pudong Development Bank	50	2050	China Merchants Securities Co., Ltd.
20	1011	Industrial Bank Co., Ltd.	51	2057	Orient Securities Company Limited
21	1012	China Merchants Bank Co., Ltd.	52	2059	China International Capital Corporation Limited.
22	1013	Shengzhen Development Bank	53	4003	Huatai Property Insurance Co., Ltd.
23	1020	Guangdong Development Bank Co., Ltd.	54	4004	PICC Holdings Company
24	1021	Tianjin Commercial Bank	55	4005	China Ping An Life Insurance Co., Ltd.
25	1022	Shijiazhuang Commercial Bank	56	5003	Changshu Rural Commercial Bank
26	1023	Hangzhou Commercial Bank Co., Ltd.	57	5011	Beijing Rural Commercial Bank
27	1030	Xi’an Commercial Bank	58	5014	Shanghai Rural Commercial Bank
28	1034	Kunming Commercial Bank	Special Members
29	1037	Ningbo Commercial Bank	59	5008	China Postal Savings and Remittance Bureau
30	1041	Huishang Bank	60	6036	National Council for Social Security Funds

CIRCULAR OF MINISTRY OF COMMERCE ON IMPLEMENTING THE PROJECT OF ENCOURAGING INVESTMENT IN CENTRAL-WESTERN REGION

Circular of Ministry of Commerce on Implementing “the Project of Encouraging Investment in Central-Western Region”

Shang Zi Fa [2006] No. 530
September 30, 2006

The competent departments of commerce in all provinces, autonomous regions, municipalities directly under the Central Government,
cities specifically designated in the state plan and Xinjiang Production and Construction Corps, state-level economic and technological
development zones, Haicang Taiwan Businessmen Investment Zone of Xiamen, Jinqiao Export-Oriented Processing Zone of Shanghai, Yangpu
Economic Development Zone of Hainan, Daxie Development Zone and Suzhou Indutrial Park of Ningbo:

For the purpose of implementing the strategic plan of the CPC Central Committee and the State Council for balanced development among
different regions and promoting the gradient transfer of international and eastern China open industries to the Central-Western region,
the Ministry of Commerce decides to implement “the Project of Encouraging Investment in Central-Western Region”.

The main tasks of “the Project of Encouraging Investment in Central-Western Region” are: to take effective measures to support the
geographically preponderant cities in the Central-Western region to create conditions for the gradient transfer of processing trade
from Eastern China; on the basis of state-level economic and technological development zones and advanced provincial ones in Eastern
China as well as in the Central-Western Region, to enhance the mutually beneficial cooperation, promote the industrial optimization
and upgrading of the East and support the provincial development zones in Central-Western Region to undertake the gradient transfer
of international and eastern China open industries; to strengthen the cooperation for promoting investment among the eastern, central
and western regions and give full play to the role of the state-level economic and technological development zones as demonstrator,
radiator and driver in the process of the industrial transfer.

The specific policies and measures of “the Project of Encouraging Investment in Central-Western Region” are as follows:

Support the State-Level Economic and Technological Development Zones in Central-Western Region to enhance the infrastructure construction.

The central government will continue to provide financial subsidies to the infrastructure projects in the state-level economic and
technological development zones, enlarge the scale of financial subsidies on the basis of the 2005 figure and include the development
of distribution facilities, public information platform of distribution, monitoring facilities for export-oriented processing and
online monitoring system of administration of processing trading into the scope of subsidizing interest payment of infrastructure
loans.

Provide policy-based loans for the infrastructure construction of state-level economic and technological development zones in the
Central-Western region and some provincial development zones. China Development Bank will cooperate with Ministry of Commerce in
granting policy-based loans of 15 billion yuan respectively for the infrastructure construction, development planning, environment
improvement, energy conservation and key topic research of the state-level economic and technological development zones in the Central-Western
region and some provincial development zones with good potential and distinctive geographical advantage.

II.

Support “the Project of Encouraging Investment in Central-Western Region” by Special Fund for Foreign Trade Promoting

Include “the Project of Encouraging Investment in Central-Western Region” into the scope of National Foreign Trade Development Foundation
and enlarge the scale of special fund for foreign trade promoting in the Central-Western region correspondingly. Encourage the competent
departments of commerce in the Central-Western region to use the special fund for foreign trade promoting and that for international
market development of the small and medium-sized enterprises and enhance the support for “the Project of Encouraging Investment in
Central-Western Region”.

III.

Carry out Personnel Training for the Gradient Transfer of Industries of the Central-Western Region

Support the state-level economic and technological development zones in the Central-Western region to annually train about 100 thousand
qualified technicians (50000 ones for Central China and Western China respectively), in accordance with the Interim Measures for
the Administration of Special Fund of Business Personnel Training (Shang Cai Fa [2006] No.281) distributed by Ministry of Commerce
and Ministry of Finance and based on the actual needs of the reception of gradient transfer of industries in the Central-Western
region. State-level economic and technological development zones in the Central-Western region shall work out annual technician training
plans according to the practical needs, and those which meet the requirements of national financial subsidies, will be subsidized.

For the purpose of strengthening the cooperation among the eastern, central and western regions, the Ministry of Commerce will organize
the state-level economic and technological development zones in Eastern China to train management personnel and professionals for
those in the Central-Western region, as well as for some export-oriented processing zones and provincial development zones, and provide
financial support for the training, which will involve administration of state-owned assets, social security fund management, finance
and taxation management, investment attraction, land planning, environment protection, energy conservation and the development and
management of the service industry, etc.

The Ministry of Commerce will organize various business personnel training courses and train talents that are much needed in the Central-Western
region.

IV.

Make the Central China Trade and Investment Expo a Success

The relevant ministries and commissions including the Ministry of Commerce will enhance cooperation with the six provinces in Central
China, i.e. Shanxi Province, Henan Province, Anhui Province, Hubei Province, Hunan Province and Jiangxi Province, and, by accentuating
their distinctive features, strengthen investment attraction, jointly build a cooperation platform of investment and trade for “the
Project of Encouraging Investment in Central-Western Region” and make it a grand gathering of displaying the investment environment
of the six provinces, promoting the gradient transfer of industries, expanding domestic and foreign trade and cultivating tourism
as the pillar industry.

Carry out Various Investment Attraction Activities and Promote the Gradient Transfer of Industries

Make full use of the bilateral and multilateral investment promotion mechanism and create more international exchanges of the Central-Western
region; promote the cooperation of the investment attraction organizations among the eastern, central and western regions and support
them to jointly carry out various investment attraction activities.

Promote the state-level economic and technological development zones of the eastern, central and western regions to sign contracts
of gradient transfer of industries for investment promoting and of industrial parks for mutual benefit and cooperation and take various
measures to facilitate their implementation; provide financial support for the investment attraction activities and overseas publicity
work of the Central-Western region in Eastern China, which are organized by China Council for International Investment Promotion
and Investment Promotion Agency of Ministry of Commerce.

Build a public information service platform of investment promoting for the “Project of Encouraging Investment in Central-Western
Region” to provide information service for the interactive cooperation among the eastern, central and western regions.

VI.

Promote Cooperation among the Eastern, Central and Western Regions and Build a Fast Channel of Distribution for the “Project of Encouraging
Investment in Central-Western Region”

Support the Central-Western region to improve port infrastructure and complete the construction of e-port and promote the optimized
allocation of port resources; encourage coastal cities including Shanghai, Guangzhou, Xiamen and Tianjin to strengthen cooperation
in customs clearing through EDI.

Take effective measures to promote the cooperation between the six provinces in Central China and economic development zones in Yangtze
River Delta, Pearl River Delta, Pan-Bohai Region and Southern Fujian, build fast channels of distribution, expedite customs clearance
and promote the construction of modern distribution system that connects east and west, north and south with a view to giving full
scope to the central status of Central China in transportation and distribution.

VII.

Elevate the Capacity of the Central-Western region of Developing High-End Service Industry

Support the Central-Western region to create conditions to accept the offshore outsourcing business of multinational corporations.
Establish service outsourcing bases in cities in the Central-Western region which meet the requirements of outsourcing.

VIII.

Promote the Central-Western Region to Undertake Overseas Contracted Projects and Labour Service Cooperation

Combine the advantage of East China in developing international market and that of the Central-Western region in human resources and
promote cooperation between the Eastern and Central-Western regions in international labour service cooperation and overseas project
contracting.

Encourage the establishment of labour export bases in the central-western areas which are rich in human resources and provide guidance
and financial support for the training of the exported labour.

IX.

Support Energy Conservation in the Central-Western Region

Conduct pilot work of building renewable resource recycling system in key cities of the six provinces in Central China and some western
provinces and, in accordance with relevant regulations, provide financial support for the state-level economic and technological
development zones in the Central-Western region.

Strengthen the free flow of goods and trade in the countryside of the Central-Western region and its informationalization and promote
the building of New Socialist Countryside in the Central-Western region.

Take the tasks as follows in the Central-Western region as priority: to establish countryside business information service centre,
employ part-time township business information assistant, cultivate the ability of core households in the countryside to apply basic
business information and establish business information service system of farm and sideline produce market.

In terms of building and transforming national and interregional wholesale farm produce market and cultivating large enterprises of
farm produce distribution, adopt a policy favourable to the Central-Western region, moderately relax the control of market access,
increase the number of pilot markets and enterprises and raise the standards of financial support.

Ministry of Commerce
2006-09-30

CIRCULAR OF THE MINISTRY OF FINANCE ON PRINTING AND DISTRIBUTING OF FINAL FINANCIAL AND ACCOUNTING STATEMENTS OF ENTERPRISES ABROAD FOR THE YEAR 2006

Circular of the Ministry of Finance on Printing and Distributing of Final Financial and Accounting Statements of Enterprises Abroad
for the Year 2006

Cai Qi [2006] No.341

Relevant departments under the Central Committee of the CPC, relevant ministries and commissions of and relevant institutions directly
under the State Council, General Office of the Standing Committee of National People’s Congress, General Office of the CPPCC, Higher
People’s Courts, Higher People’s Procuratorates, relevant mass organizations, Xinjiang Production and Construction Corps, departments
(bureaus) of the public finance of all provinces, autonomous regions, municipalities directly under the Central Government and cities
specifically designated in the state plan, and relevant enterprises directly under the Central Government:

For the purpose of ensuring correct formulation of accounting statements of enterprises abroad for the year 2006 and keeping breast
in a timely manner of the financial conditions and operating results of state-owned enterprises (administrative organs) abroad, the
Ministry of Finance hereby prints and distributes the Final Financial and Accounting Statements of Enterprises Abroad for the Year
2006 to you all, and related matters are notified as follows:

This set of statements shall apply to state-owned enterprise groups abroad invested and established outside the territory of the People’s
Republic of China or in Hong Kong and Macao Special Administrative Regions, domestic investment entities that have established enterprises
abroad or administrative organs abroad outside the territory of China or in Hong Kong and Macao Special Administrative Regions and
enterprises abroad directly invested and controlled by the domestic investment entities as mentioned above.

The state-owned enterprise groups abroad refer to China Merchant Group Co., Ltd Hong Kong, China Travel Service (Holdings) Hong Kong
Limited, China Resources (Holdings) Co., Ltd, Macao Nam Kwong (Group) Company Limited and relevant local enterprise groups abroad.

Finance and insurance enterprises abroad are not within the scope of filling-in of this set of statements prescribed in the Circular
herein.

II.

This set of statements shall be submitted to a higher body by the state-owned enterprise groups abroad and domestic investment entities
after consolidation or collection of all the accounting statements and materials of enterprises abroad. All state-owned enterprise
groups abroad and domestic investment entities shall, in accordance with the requirements as prescribed in this Circular, carry out
in a serious manner the arrangement and organization of accounting statements of their subordinate enterprises abroad.

III.

The statements of enterprises abroad for the year 2006 of all state-owned enterprise groups abroad and domestic investment entities
shall be filled in on the basis of final accounting results and relevant documents on December 31, 2006. In addition, the work of
typing, examination and approval, and collection shall be done in a serious manner so as to ensure the authenticity, completeness
and legitimacy of the data.

IV.

The Final Financial and Accounting Statements of Enterprises Abroad for the Year 2006 shall be filled in and typed separately for
each enterprise with U.S dollars as the unit of amount. Where other foreign currencies are to be converted into U.S. dollars, the
middle price of the exchange rates of the functional currency declared by the local bank thereabout on December 31, 2006 against
U.S dollars shall be complied with.

This set of statements shall serve as the uniform format of final accounting statements submitted to competent financial authorities
by enterprises abroad. Departments (bureaus) of the public finance of all provinces, autonomous regions, municipalities directly
under the Central Government and cities specially designated in the state plan, departments (entities) directly under the Central
Government and relevant enterprises directly under the Central Government shall, on the basis of errorless examination and verification
of the data of statements of enterprises abroad under their jurisdiction, submit one copy of the following materials to the Enterprise
Department of the Ministry of Finance before July 31, 2007. Enterprises directly under the Central Government shall, while submitting
this set of statements to the Ministry of Finance, submit another copy to the State-owned Assets Supervision and Administration Commission
of the State Council. The specific contents to be submitted are listed as follows:

Collective Accounting Statement (with “1000 U.S. dollars” as the unit of amount). It shall be bound in order of the statement cover,
the tree derivation of enterprises within the scope of compilation (not required of local enterprises), the main form, the attached
table, the table of basic conditions of enterprises abroad, the analytical statement of changes of the number of enterprises within
the scope of compilation. Signature and official seal shall be essential herein.

Notes to the Accounting Statements. See Appendix 3 for details, concrete contents and requirements thereof.

Directions of Financial Conditions, which mainly include the following contents:

(1)

The scope of consolidation or collection of accounting statements of enterprises abroad, the changes of the number of enterprises
in the year 2006 and the causes thereof;

(2)

The basic conditions of production and operation of enterprises abroad;

(3)

The realization and distribution of profits;

(4)

The increase and decrease and turnover of capital;

(5)

Brief analysis of the assets quality of enterprise abroad, such as analysis of the age of accounts receivable and analysis of income
from investment.

(6)

Significant financial transactions of enterprises abroad such as heavy losses of assets, the tendering of external guarantee, transactions
involving unsettled lawsuits and arbitration, mortgage of property and risk businesses beyond the authorized scope of business.

(7)

The tax policy and adjustment of tax payment of the country (region) where the enterprise abroad locates, and

(8)

Other transactions that have significant influences on the financial conditions, operational results and cash flow of the enterprise
as well as other matters that need elaboration and reflection.

Soft disks of collective data and separate data for each enterprise (with U.S. dollar as the unit of amount).

VI.

The software of data processing of the Final Financial and Accounting Statements of Enterprises Abroad for the Year 2006 shall be
separately distributed later.

All entities and regions, where any question emerges in the process of the formulation and submission of the statements, shall contact
the Enterprise Department of the Ministry of Finance in a timely manner.

Appendix:

(1)

Final Financial and Accounting Statements of Enterprises Abroad for the Year 2006 (Omitted)

(2)

Descriptions to the Formulation of Final Financial and Accounting Statements of Enterprises Abroad for the Year 2006 (Omitted)

(3)

Synopsis of the Notes to the Accounting Statements (Omitted)

The Ministry of Finance of the People’s Republic of China

September 30, 2006

The Ministry of Finance
2006-09-30

Estate Tax

CIRCULAR OF THE STANDARDIZATION ADMINISTRATION OF CHINA ON THE RELEVANT ISSUES CONCERNING THE IMPLEMENTATION OF THE TWO NATIONAL STANDARDS...

SUPPLEMENTARY CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION ON IMPLEMENTING RECORD-KEEPING ADMINISTRATION SYSTEM OF RELEVANT DOCUMENTS FOR TAX REFUND...

CIRCULAR OF THE MINISTRY OF FINANCE, PEOPLE’S BANK OF CHINA, AND CHINA SECURITIES REGULATORY COMMISSION CONCERNING THE CONFIRMATION OF THE QUALIFICATIONS OF THE MEMBERS OF THE BOOK-ENTRY T-BOND UNDERWRITING SYNDICATES

CIRCULAR OF MINISTRY OF COMMERCE ON IMPLEMENTING THE PROJECT OF ENCOURAGING INVESTMENT IN CENTRAL-WESTERN REGION

CIRCULAR OF THE MINISTRY OF FINANCE ON PRINTING AND DISTRIBUTING OF FINAL FINANCIAL AND ACCOUNTING STATEMENTS OF ENTERPRISES ABROAD FOR THE YEAR 2006

CONSTITUTION ACT, 1982 – page 22

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