CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION ON ENTRY INTO FORCE AND ENFORCEMENT OF THE AGREEMENT BETWEEN THE GOVERNMENT OF PEOPLE’S REPUBLIC OF CHINA AND THE GOVERNMENT OF BRUNEI DARUSSALAM FOR THE AVOIDANCE OF DOUBLE TAXATION AND PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME

Circular of the State Administration of Taxation on Entry into Force and Enforcement of the Agreement between the Government of People’s
Republic of China and the Government of Brunei Darussalam for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with
respect to Taxes on Income

Guo Shui Fa [2007] No.64

The state taxation bureaus and local taxation bureaus of all provinces, autonomous regions, municipalities directly under the Central
Government and the cities specifically designated in the state plan,

The Government of People’s Republic of China and the Government of Brunei Darussalam have officially signed the Agreement for the
Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income (hereinafter referred to as the Agreement)
on September 21, 2004. The foreign affairs departments of both governments have exchanged notes with each other on February 25th,
2005 and November 29th, 2006, respectively, confirming that the necessary legal procedures for entry into force have been accomplished.
Subject to the provision of Article 28 of the Agreement, the Agreement shall enter into force as of January 1, 2007. The State Administration
of Taxation has printed and distributed the text of the aforesaid Agreement to you in the “Guo Shui Han [2006] No. 1103” on October
8th, 2004. Please comply with and enforce it accordingly.

State Administration of Taxation

June 5, 2007

State Administration of Taxation
2007-06-05

CIRCULAR OF CHINA BANKING REGULATORY COMMISSION CONCERNING WHOLLY FOREIGN-FUNDED BANKS AND CHINESE-FOREIGN EQUITY JOINT BANKS TO CONDUCT THE BANK CARD BUSINESS

Circular of China Banking Regulatory Commission concerning Wholly foreign-funded Banks and Chinese-foreign Equity Joint Banks to Conduct
the Bank Card Business

Yin Jian Fa [2007] No. 49

All branches of China Banking Regulatory Commission,

In order to regulate the administration of bank card business of wholly foreign-funded banks and Chinese-foreign equity joint banks
and prevent the risks of bank card business, pursuant to the Regulations of the People’s Republic of China on the Administration
of Foreign-funded Banks, the Detailed Rules on the Implementation of the Regulations of the People’s Republic of China on the Administration
of Foreign-funded Banks and Measures for the Administration of the Bank Card Business, you’re hereby notified of the following issues
on wholly foreign-funded banks and Chinese-foreign equity joint banks to conduct the bank card business:

Wholly foreign-funded banks and Chinese-foreign equity joint banks may apply for conducting the bank card business as of the day when
the present Circular is printed and distributed.

The term “bank cards” as mentioned in the present Circular is classified into RMB cards and foreign currency cards as per different
currencies, including debit cards, quasi-credit cards and credit cards.

Quasi-credit cards and credit cards are referred to as credit cards in general.

Wholly foreign-funded banks and Chinese-foreign equity joint banks may, upon approval of China Banking Regulatory Commission (hereinafter
referred to as the CBRC), conduct the bank card business within the scope of its clients. An applicant shall satisfy the following
requirements:

(1)

Its capital adequacy ratio, asset quality and other main supervisory indicators are in conformity with the related provisions of the
CBRC;

(2)

It has management rules and risk management measures commensurate with its needs of conduction of bank card business;

(3)

It has established a computer system in conformity with the related business and technical standards and has the technical capability
to ensure the safety of the banking information within the territory of China;

(4)

It has technicians, managerial personnel and corresponding management institutions which can satisfying the needs of conduction of
bank card business; and

(5)

Other prudent conditions as requested by the CBRC.

If a wholly foreign-funded bank or Chinese-foreign equity joint bank plans to issue foreign currency cards, it shall have the qualifications
as approved by the foreign exchange administrative department of the State Council for conducting settlement of foreign exchange
and sale of foreign currencies.

A wholly foreign-funded bank or Chinese-foreign equity joint bank which plans to issue bank cards shall abide by the bank card business
and technical standards as formulated by the People’s Bank of China and meet the general requirements for the network of bank cards.

A wholly foreign-funded bank or Chinese-foreign equity joint bank which plans to conduct the bank card business shall apply to the
branch of the CBRC of the place where its headquarters is located by analogy to the application materials as stipulated in the Measures
for the Administration of Bank Card Business.

The branch of the CBRC of the place where the headquarters of the wholly foreign-funded bank or Chinese-foreign equity joint bank
is located shall submit the application materials together with the examination opinions to the CBRC within 20 days as of the date
of receiving a complete set of application materials.

The CBRC shall, within 3 months after receiving the compete set of application materials submitted by the wholly foreign-funded bank
or Chinese-foreign equity joint bank to conduct bank card business, make a decision of approval or disapproval. In case it makes
a decision of disapproval, it shall give a written notification to the applicant and make an explanation.

If a wholly foreign-funded bank or Chinese-foreign equity joint bank, after getting the approval to conduct the bank card business,
needs to conduct the business of such new types of bank cards as quasi-credit cards or credit cards, it shall make application for
approval under the present Circular.

A wholly foreign-funded bank or Chinese-foreign equity joint bank shall, after getting the approval to conduct the bank card business,
report to the local institution dispatched by the CBRC the types of bank cards which it plans to conduct.

If a branch of a wholly foreign-funded bank or Chinese-foreign equity joint bank plans to conduct the bank card business upon authorization
of its headquarters, it shall, before conducting such business, report to the local institution dispatched by the CBRC the types
of bank cards which it plans to conduct upon the strength of the pertinent approval documents and the authorization of its headquarters.

The supervision and administration over the bank card business of wholly foreign-funded banks and Chinese-foreign equity joint banks
shall be subject to the related provisions on the administration of bank card business.

All related branches of the CBRC should promptly transmit the present Circular to your sub-branches and the foreign-funded institutions
of foreign-funded banks under your respective jurisdiction.

China Banking Regulatory Commission

June 6, 2007

China Banking Regulatory Commission
2007-06-06

INTERIM MEASURES FOR THE ADMINISTRATION OF THE ISSUANCE OF RMB BONDS IN HONG KONG SPECIAL ADMINISTRATIVE REGION BY FINANCIAL INSTITUTIONS WITHIN THE TERRITORY OF CHINA

Announcement No. 12, 2007 of the People’s Bank of China and the National Development and Reform Commission

The Interim Measures for the Administration of the Issuance of RMB Bonds in Hong Kong Special Administrative Region by Financial Institutions
Within the Territory of China have been formulated jointly by the People’s Bank of China and the National Development and Reform
Commission. They are hereby promulgated for entry into force.

People’s Bank of China

National Development and Reform Commission

June 8, 2007

Interim Measures for the Administration of the Issuance of RMB Bonds in Hong Kong Special Administrative Region by Financial Institutions
Within the Territory of China

Article 1

In order to further promote the development of RMB business in Hong Kong Special Administrative Region (hereinafter referred to as
Hong Kong) and regulate the issuance of RMB bonds in Hong Kong by financial institutions within the territory of China, the present
Interim Measures are formulated in accordance with the Law of the People’s Republic of China on the People’s Bank of China and other
relevant laws and administrative regulations.

Article 2

Financial institutions within the territory of China herein means the policy banks and commercial banks that are established within
the territory of the People’s Republic of China (excluding those in Hong Kong SAR, Macao SAR or Taiwan Area) according to relevant
laws.

Article 3

RMB bonds herein means the securities that are issued in Hong Kong by financial institutions within the territory of China, valued
by RMB, have a term of one year or more, and for which the principal and interests are repaid according to stipulation. The detailed
term for bond issuance may be determined in light of the macro economic and financial status of the Mainland and the convertibility
process of capital accounts.

Article 4

In the case of issuing RMB bonds in Hong Kong, a financial institution within the territory of China shall submit application materials
to the People’s Bank of China (PBC), and transmit a photocopy thereof to the National Development and Reform Commission (NDRC) as
well. The PBC shall, jointly with the NDRC, verify the qualification and scale of RMB bonds to be issued by financial institutions
within the territory of China in Hong Kong, and report the decision to the State Council.

Article 5

The State Administration of Foreign Exchange (SAFE) shall make registration and statistical monitoring upon the RMB bonds that are
issued in Hong Kong by financial institutions within the territory of China, check and ratify the repayment of principal and interests
by financial institutions within the territory of China as well.

Article 6

In the case of issuing RMB bonds in Hong Kong, a commercial bank shall satisfy the requirements as follows:

It has a sound corporate governance mechanism;

With adequacy ratio of the core capital not less than 4 percent;

It has had continuous profits for the last three years;

It has adequate reserves for loan losses;

Its risk surveillant indicator is consistent with the relevant provisions of the regulatory organ;

It has committed no major illegal or law-breaking act in the last three years; and

Other requirements as prescribed by the PBC.

As for the issuance of RMB bonds in Hong Kong by a policy bank, it shall be handled by referring to the requirements for commercial
banks.

Article 7

The application materials for the issuance of RMB bonds by a financial institution shall include:

an application report concerning the issuance of RMB bonds;

the resolution of the board of directors on the approval of the issuance of RMB bonds or documents with equal legal force;

the scale and term of the bonds to be issued;

the introduction for collecting RMB bonds (with an attachment of issuance scheme);

financial statements of the financial institution within the territory of China for the last three years as audited by certified public
accountants, and the full text of audit opinions in written form;

legal opinions in written form as issued by attorneys;

the (duplicate) photocopy of the Enterprise Legal Person Business License, and the (duplicate) photocopy of the Financial Permit;
and

MEASURES FOR THE ADMINISTRATION OF FINANCIAL INSTITUTIONS’ REPORT OF TRANSACTIONS SUSPICIOUS OF FINANCING FOR TERRORIST PURPOSES

Decree No.1, 2007 of the People’s Bank of China

[2007]No.1

Under the Anti-Money Laundering Law of the People’s Republic of China, the Law of the People’s Republic of China on the People’s Bank
of China and other laws and regulations, the People’s Bank of China constituted the Measures for the Administration of Financial
Institutions’ Report of Transactions Suspicious of Financing for Terrorist Purposes have been adopted at the 13th executive meeting
on June 8th, 2007. They are hereby promulgated and shall enter into force as of the promulgation date.

President Zhou Xiaochuan

June 11, 2007

Measures for the Administration of Financial Institutions’ Report of Transactions Suspicious of Financing for Terrorist Purposes

Article 1

In order to monitor the activities of financing for terrorist purposes, prevent terrorism-oriented financing by means of financial
institutions and regulate financial institutions’ report of transactions suspicious of financing for terrorist purposes, the present
Measures are constituted under the Anti-Money Laundering Law of the People’s Republic of China, the Law of the People’s Republic
of China on the People’s Bank of China and other laws and regulations.

Article 2

The term “financing for terrorist purposes” as mentioned in the present Measures refers to the following behaviors:

to raise, possess or use funds or other forms of property by terrorist organizations or terrorists;

to assist terrorist organizations, terrorists, terrorism or terrorist criminal activities with funds or other forms of property;

to possess, use or raise funds or other forms of property for terrorist purposes or terrorist criminal activities;

to possess, use or raise funds or other forms of property for terrorist organizations or terrorists.

Article 3

The present Measures are applicable to the following financial institutions established within the territory of the People’s Republic
of China under law:

policy banks, commercial banks, rural cooperative banks, urban credit cooperatives and rural credit cooperatives;

securities companies, futures companies and fund management companies;

insurance companies and insurance assets management companies;

trust and investment companies, financial assets management companies, finance companies, financial lease companies, auto finance
companies and currency brokerage companies;

other financial institutions as determined and announced by the People’s Bank of China.

The present Measures are applicable to the report of transactions suspicious of financing for terrorist purposes by institutions conducting
remittance, payment and clearing business, fund sale business and insurance brokerage.

Article 4

The People’s Bank of China and the branches thereof shall conduct supervision and check over financial institutions’ report of transactions
suspicious of financing for terrorist purposes.

Article 5

The anti-money laundering monitoring and analysis center set up by the People’s Bank of China takes charge of accepting and analyzing
the report of transactions suspicious of financing for terrorist purposes.

If the anti-money laundering monitoring and analysis center finds out that the report of transactions suspicious of financing for
terrorist purposes submitted by a financial institution is incomplete or erroneous, it may send a notice of supplement or correction
to the financial institution, which shall make a supplement or correction within five workdays after accepting the notice.

Article 6

The report of transactions suspicious of financing for terrorist purposes sent by financial institutions their working personnel
for the purpose of fulfilling the obligation of combating financing for terrorist purposes and under law shall be protected by law.

Article 7

A financial institution shall submit to its headquarters the report of transactions suspicious of terrorist-oriented financing, which
shall submit the electronic form of the report to the anti-money laundering monitoring and analysis center within 10 days upon the
occurrence of the related incident or appoint another institution to do so. If a financial institution has no headquarters or it
is impossible for it to report suspicious transactions to the anti-money laundering monitoring and analysis center via its headquarters
or any other institution appointed by its headquarters, the reporting method shall be separately determined by the People’s Bank
of China.

Article 8

In suspicion of any client, fund, transaction or potential transaction involved in any terrorism, terrorist criminal activities,
terrorist organization, or of any person conducting financing activities for terrorist purposes, a financial institution shall submit
a report of transactions suspicious of financing for terrorist purposes, irrespective of whether the amount of funds or the value
of the property involved is huge. A report of suspicious transactions shall be submitted under, but not limited to, any of circumstances
as follows:

any client suspicious of raising or attempting to raise funds or property of other forms for any terrorist organization, terrorist
or crime of terrorist activities;

any client suspicious of providing or attempting to provide funds or other forms of property for any terrorist organization, terrorist,
person conducting financing activities for terrorist purposes or terrorist criminal activities;

any client suspicious of preserving, managing, operating funds or other forms of property for any terrorist organization or terrorists,
or attempting to do so;

any client or his/its trading counterpart suspicious of being a terrorist organization, terrorist or person conducting financing activities
for terrorist purposes;

any fund or any other form of property suspicious of being sourced from or being about to source from any terrorist organization,
terrorist or person conducting financing activities for terrorist purposes;

any fund or property of other forms suspicious of being used or being about to be used for financing for terrorist purposes, crime
of terrorist activities or any other terrorist purposes, or being used by any terrorist organization, terrorist or person conducting
financing activities for terrorist purposes;

other circumstances under which the financial institution and its working personnel have good reasons to suspect that any fund, property
of other forms, transaction or client is involved in terrorism, terrorist criminal activities, terrorist organization, terrorist
or personnel conducting financing activities for terrorist purposes.

Article 9

If any financial institution discovers or has good reasons to suspect that any client or his/its trading counterpart is in relation
to any of the following lists, it shall promptly file a report of suspicious transactions with China Anti-money Laundering Monitoring
and Analysis Center and the local branch of the People’s Bank of China, and take measures under law as required by the related competent
department:

list of terrorist organizations or terrorists as announced by the related department or institution of the State Council;

list of terrorist organizations or terrorists as announced by judicial authorities;

list of terrorist organizations or terrorists as listed in any decision of the Security Council of the United Nations; or

list of other terrorist organization suspects or terrorist suspects that must be paid attention to as required by the People’s Bank
of China.

If there is any other provision on the monitoring of above-mentioned lists in any law or administrative regulations, such provision
shall prevail.

Article 10

Financial institutions may refer to the Measures for the Administration of the Financial Institutions’ Report of Large-sum Transactions
and Suspicious Transactions (Decree No.2, 2006 of the People’s Bank of China) and other related provisions for the specific report
elements, report form and requirements for filling in such reports.

Article 11

If any financial institution violates the present Measures, it shall be imposed upon a punishment by the People’s Bank of China under
the provisions of Article 31 and Article 32 of the Anti-Money Laundering Law of the People’s Republic of China. And the People’s
Bank of China shall make suggestions to China Banking Regulatory Commission, China Securities Regulatory Commission or China Insurance
Regulatory Commission to take any of the following measures in light of different circumstances:

to order the financial institution to stop its business for internal rectification or revoking its business license;

to disqualify the directly liable directors, senior managers and other persons of the financial institution from their posts or to
forbid them to work in the financial industry;

to order the financial institution to impose disciplinary punishment upon the directly liable directors, senior managers and other
persons.

If any branch of the People’s Bank of China at the county (municipal) level finds out any financial institution in violation of the
present Measures, it shall report to the branch of the People’s Bank of China at the next higher level, which shall give a punishment
or make a suggestion under the provision of the preceding paragraph.

Article 12

The Provisions of the People’s Bank of China on the Procedure of Administrative Punishment (Decree No.3, 2001 of the People’s Bank
of China) shall be abided by the People’s Bank of China or any of its branches at or above the county (municipal) level when imposing
any administrative punishment upon any financial institution.

Article 13

When implementing work of preventing and combating financing for terrorist purposes and fulfilling such obligations as establishing
and perfecting inner control system, identifying clients’ identity, keeping clients’ identity-related materials and confidentiality,
etc., financial institutions shall be governed by the related provisions on anti-money laundering

Article 14

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

People’s Bank of China
2007-06-11

12Page 2 of 2

Insurance

CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION CONCERNING REFUND OF TAXES LEVIED ON PURCHASE OF DOMESTIC EQUIPMENT BY CONSTRUCTION...