MEASURES OF THE GENERAL ADMINISTRATION OF CUSTOMS FOR NETWORKED SUPERVISION AND ADMINISTRATION OF PROCESSING TRADE ENTERPRISES

Decree No. 105 of the General Administration of Customs of the People’s Republic of China

No. 105

The Measures of the General Administration of Customs for Cyber-Supervision and Administration of Processing Trade Enterprises, which
were discussed and adopted at the executive meeting of the General Administration of Customs on May 30, 2006, are hereby promulgated,
and shall come into force on August 1, 2006. “Measures of the Customs of the People’s Republic of China on Applying Computer Networked
Surveillance to Processing Trade Enterprises” promulgated by the General Administration of Customs in its No. 100 Decree on March
19, 2003 shall be abolished simultaneously.

Mu Xinsheng, Director General

June 14, 2006

Measures of the General Administration of Customs for Networked Supervision and Administration of Processing Trade Enterprises

Article 1

For the purpose of regulating the customs’ administration of processing trade enterprises, these measures are formulated in accordance
with the provisions of the Customs Law of the People’s Republic of China and other relative laws, administrative laws and regulations.

Article 2

The customs’ networked Supervision and administration of processing trade enterprises refers to a mode of the customs’ supervision
and administration of processing trade by which the processing trade enterprises report to the customs the data of logistics, production,
operation, etc. meeting with the customs’ requirements via data exchange network or other computer network, and by which the customs
checks, calculates and verifies the data according to real objects.

Article 3

A processing trade enterprise conducting networked Supervision and administration (hereinafter referred to as networked-enterprise)
shall satisfy the following requirements:

To have qualifications for processing trade business;

To be registered with the customs;

To be a production enterprise.

These measures do not apply to the processing trade enterprises within the areas under the customs’ special supervision and administration
and bonded supervision and administration places.

Article 4

Any processing trade enterprise that needs networked Supervision and administration may submit an application to the authorized customs.
After examination and verification, the customs shall carry out networked Supervision and administration to the enterprise if it
meets the requirements as stipulated in Article 3 of these measures.

Article 5

A networked-enterprise shall conduct its identity attestation for networked Supervision and administration of processing trade before
reporting the data to the customs via the data exchange network or other computer networks.

Article 6

A networked-enterprise shall report to the authorized customs the inventory list of materials to be imported, finished products to
be exported and the corresponding number of the commodities needed for processing trade business. If necessary, corresponding materials
shall also be provided for confirming the number of the commodities according to the customs’ requirements.

The authorized customs shall, in light of the needs of supervision and administration and according to the requirements of the name
and code of the commodities, and calculation unit, merge the commodities subject to grade of material number with the commodities
subject to grade of item number or divide them, establishing a corresponding relationship of one-to-many or many-to-one.

Article 7

A networked-enterprise shall, before the import of the materials and the export of the finished products, go through separately record
and change formalities in the customs for the materials to be imported and the finished products to be exported.

A networked-enterprise shall go through record and change formalities for per- unit-cost according to relative rules of the General
Administration of the Customs.

Article 8

The customs shall, according to the materials for record submitted by the networked-enterprise, establish an electronic account and
carry out administration of the electronic account to the networked-enterprises. The electronic account includes electronic account
book and electronic handbook.

The electronic account book is an electronic account, regarding an enterprise as a unit, established by the customs for a networked-enterprise.
The networked-enterprise conducting the administration of electronic account book shall establish only one such account book. The
customs shall, according to the production status of the enterprise and the needs of the customs’ verification and administration,
set the period for the cancellation after verification, and carry out the administration of cancellation after verification to the
networked-enterprise conducting administration of electronic account book.

The electronic handbook is an electronic account, regarding the processing trade contract as a unit, established by the customs for
a networked-enterprise. The networked-enterprise conducting the administration of electronic handbook shall establish an electronic
handbook for each processing trade contract. The customs shall, according to the period of validity of the processing trade contract,
set the date for the cancellation after verification, and carry out the administration of periodic cancellation after verification
to the networked-enterprise conducting electronic handbook administration.

Article 9

A networked-enterprise shall report the data of the logistics, stock and production control of processing trade commodities and other
dynamic data meeting the needs of the customs supervision and administration.

Article 10

An authorized customs record system is carried out for outward-processing of a networked-enterprise. A processing trade enterprise
shall, before outward processing, register for a record in the authorized customs the name of the enterprise undertaking the outward-processing,
name of the commodities and turnover quantity.

Article 11

The customs may check the networked-enterprise by data verification and spot check in the factory. The check in the factory includes
special check and stock-taking check.

Article 12

A networked-enterprise may, upon approval by the authorized customs, handle duty repayment for domestic sales monthly. A networked-enterprise
shall handle duty repayment for domestic sales in the same month after selling processing trade commodities in domestic market.

Article 13

A networked-enterprise shall pay the interests of delayed payment of duties to the customs in accordance with rules after selling
the processing trade commodities in domestic market.

The starting date to pay the interests of delayed payment of duties shall be set according to the following measures:

For the enterprise conducting electronic handbook administration, the starting date shall be the date of the import of the first lot
of materials under the processing trade contract to which the materials or finished products for domestic sales are corresponding;

For the enterprise conducting electronic account book administration, the starting date shall be the latest date for cancellation
after verification of the electronic account book to which the materials or finished products for domestic sales are corresponding.
If the date for cancellation after verification is not available, the starting date shall be that of the import of the first lot
of materials in the electronic account book to which the materials or finished products for domestic sales are corresponding.

The expiry date to pay the interests of delayed payment of duties shall be the date that the customs issues the duty payment book.

Article 14

A networked-enterprise shall apply for verification within 30 days from the ending date set by the customs for cancellation after
verification. If the application for verification fails to be submitted with proper reasons within the time limit, the period may
be prolonged with the approval of the authorized customs, but the extension may not exceed 60 days.

Article 15

A networked-enterprise shall inform the customs before stock-taking. The customs may, integrating with the enterprise’s stock-taking,
carry out verification and cancellation.

The customs shall, while integrating the stock-taking to carry out the verification and cancellation, compare the calculation of the
electronic account with the real stock of the networked-enterprise and handle them separately as follows:

If the real stock is more than the calculation of the electronic account, the customs shall adjust current balance of the electronic
account according to real stock;

If the real stock is less than the calculation of the electronic account and the networked-enterprise may give proper reasons, the
customs shall order the networked-enterprise to apply for domestic dales to the shortage;

If the real stock is less than the calculation of the electronic account and the networked-enterprise fails to give proper reasons,
the customs may order the networked-enterprise to apply for domestic sales to the shortage, and may also punish it according to the
Implementation Regulations of the General Administration of Customs of the People’s Republic of China for Administrative Punishment.

Article 16

The customs may ask the networked-enterprise to provide margin or bank’s Letter of Guarantee as form of guarantee if the networked-enterprise
is in one of following circumstances:

The enterprise’s administrative classification is adjusted to a lower grade;

The data to the customs according to the facts has not been submitted;

Refuse to provide corresponding account book, bills and certificates and data while the customs is carrying out the verification and
cancellation;

Do not apply for the verification to the customs within the time limit;

Do not establish an account book according to the customs’ request, account management is in chaos or accounts are not in order.

Article 17

Whoever violates these measures and commits a crime of smuggling or violates the customs’ rules on supervision and administration
shall be handled by the customs according to relative provisions of the Customs Law of the People’s Republic of China and the Implementation
Regulations of the General Administration of Customs of the People’s Republic of China for Administrative Punishment. Whoever commits
a crime shall be ascertained criminal liabilities.

Article 18

For the purpose of these measures:

“Electronic account” refers to the electronic data base established by the customs for a networked-enterprise according to its application
for noting down the information of processing trade record, import and export, verification and cancellation and etc.

“Special check” refers to the verification carried out by the customs to a networked-enterprise on one or more contents in light of
the needs of verification and administration.

“Stock-taking check” refers to a mode of verification and administration that the customs carries out material objects verification
and data check to part of bonded commodities within a certain period while a networked-enterprise is conducting stock-taking.

Article 19

The interpretation of the said measures shall be vested in the General Administration of Customs.

Article 20

These measures shall be implemented on August 1, 2006. The Measures of the General Administration of Customs for Networked Supervision
and Administration of Processing Trade Enterprises promulgated by the General Administration of Customs in its No. 100 Decree on
March 19, 2003 shall be abolished simultaneously.

General Administration of Customs
2006-06-14

REPLY OF THE STATE COUNCIL ON THE DECISION THAT THE CONVENTION OF UNIFYING SEVERAL RULES ON INTERNATIONAL AIR TRANSPORT APPLIES TO HONG KONG SPECIAL ADMINISTRATIVE REGION

Reply of the State Council on the Decision That the Convention of Unifying Several Rules on International Air Transport Applies to
Hong Kong Special Administrative Region

Guo Han [2006] No.92

Civil Aviation Administration of China and Ministry of Foreign Affairs,

The State Council agrees on the decision made on February 28, 2005 by the Standing Committee of the National People’s Congress of
the People’s Republic of China on approving that the Convention of Unifying Several Rules on International Air Transport applies
to Hong Kong Special Administrative Region, and the specific formalities shall be conducted by the Ministry of Foreign Affairs.

The State Council

September 7, 2006

State Council
2006-09-07

CIRCULAR OF THE MINISTRY OF FINANCE & THE STATE ADMINISTRATION OF TAXATION ON ADJUSTING THE STANDARD OF THE TAXABLE AMOUNT OF COAL RESOURCE TAX OF SICHUAN PROVINCE

Circular of the Ministry of Finance & the State Administration of Taxation on Adjusting the Standard of the Taxable Amount of
Coal Resource Tax of Sichuan Province

Cai Shui [2006] No.136

The public finance department and the local taxation bureau of Sichuan Province:

It is decided upon deliberation that the standard of the taxable amount of coal resource tax of your province will be increased to
2.5 yuan per ton as of September 1, 2006.

Please abide hereby.

Ministry of Finance

State Administration of Taxation

September 15, 2006

Ministry of Finance, State Administration of Taxation
2006-09-15

MEASURES FOR ADMINISTRATIVE PUNISHMENT HEARINGS OF THE CUSTOMS OF PEOPLE’S REPUBLIC OF CHINA

General Administration of Customs

Order of the General Administration of Customs

No.145

The Measures for Administrative Punishment Hearings of the Customs of People’s Republic of China , which were adopted through discussion
at the executive meeting of the General Administration of Customs on December 27, 2005, are hereby promulgated, and shall come into
force as of March 1, 2006.

Director General of General Administration of Customs, Mu Xinsheng

January 26, 2006

Measures for Administrative Punishment Hearings of the Customs of People’s Republic of China

Chapter I General Provisions

Article 1

The present Measures are formulated according to the Administrative Punishment Law of the People’s Republic of China, Regulation
of the People’s Republic of China on the Implementation of Customs Administrative Punishment and the provisions of other relevant
laws and administrative regulations with the view of regulating the procedures of hearings on customs administrative punishment,
and protecting the lawful rights and interests of citizens, legal persons and other organizations.

Article 2

The present Measures shall be applicable to the hearings upon the application of the parties before the custom making a decision on
administrative punishment.

Article 3

The customs shall, before making any decision of administrative punishments such as suspension of relevant businesses, suspension
of practice in customs declaration, revocation of customs registration, cancellation of qualification on the practice of customs
declaration, and imposing a fine of more than RMB 10,000 Yuan upon a citizen, or imposing a fine of more than RMB 100,000 Yuan upon
any legal person or other organization, confiscation of the relevant goods, articles, smuggling means of transport, and etc., notify
the parties of their rights to request for holding hearings; if the parties request for a hearing, the customs shall organize it.

Article 4

The principle of openness, fairness, justness, and convenience for the people shall be followed for the hearings of customs administrative
punishment. The hearings of customs administrative punishment shall be held openly, unless any state secret, business secret or
personal privacy is involved.

Chapter II Organs and Personnel to Organize Hearings

Article 5

The hearings on the cases of customs administrative punishment shall be organized by the department for the trial of customs administrative
punishment cases. The hearings involving punishment on intellectual property rights cases shall be organized by the department of
legal affairs of the customs; the hearings involving punishment on qualifications cases shall be organized by the department of the
customs that makes the decision on qualification punishment.

Article 6

A presider and a clerk shall be designated to organize the hearing, and if necessary, another one up to four hearing members may
be designated to assist the presider to organize the hearing.

In case of the hearing involves any professional customs knowledge, the hearing organization organ may invite the relevant experts
of the customs business to act as a hearing member..

Article 7

A hearing presider shall perform the following functions:

Determining to postpone or suspend the hearing;

Asking questions on the facts of the case, the basis to make the administrative punishment, and the reasons thereof;

Requiring the participants in the hearing to provide or supplement evidence;

Presiding over the hearing procedures and maintaining the hearing order, and stopping acts in violation of the hearing disciplines;
and

Determining whether the relevant witnesses or authenticators may take part in the hearing.

Article 8

In case any presider, hearing members or clerk has any of the following circumstances, he shall withdraw by himself, and the parties
and their agents also have the right to apply for their withdrawal:

He is the investigator of the case;

He is a close relative of any of the parties concerned or the investigators of the case;

He has acted as a witness or authenticator of the case; or

He has an interest relationship with the handling result of the case.

The preceding provisions shall be applicable to interpreters and authenticators.

The withdrawal of any hearing member, clerk, interpreter, or authenticator shall be determined by the presider; the withdrawal of
the hearing presider shall be determined by the person-in-charge of the hearing organization organ, if the hearing presider is the
person-in-charge of the hearing organization organ, his withdrawal shall be determined by the person-in-charge of the customs that
holds the hearing.

Chapter III Rights and Obligations of the Participants and Other Personnel in the Hearing

Article 9

The participants in the hearing include the parties and their agents, the third party and its/his agent, and the case investigators;
other personnel shall include witnesses, interpreters, and authenticators.

Article 10

The parties shall enjoy the following rights:

Taking part in the hearing by using the languages of their own nationalities;

Applying for or giving up the hearing;

Applying for not holding the hearing in public;

Entrusting an attorney or other personnel to act as the agent for the hearing;

Making statements, arguments, presenting proof, and making cross-examination; and

Referring to and making modifications on the hearing records, and confirming them through signature.

Article 11

Any citizen, legal person, or other organization that has direct interests relationship with the handling result of a case may attend
the hearing as a third party if he/it requests.

Article 12

The parties and the third party may entrust one or two agents to attend the hearing. The agents shall enjoy the equal rights with
the principal within the delegated power, and perform equal obligations.

Article 13

In case any party or third party entrusts any agent to attend the hearing, he/it shall submit the power of attorney to the customs
before the hearing is held. The following matters shall be specified in the power of attorney:

The brief information of the principal and its/his agent;

The power of agency of the agent;

The starting and ending time for the power of agency; and

The date of entrustment and the seal of the principal.

In case any principal cancels the entrustment in advance, it/he shall notify the hearing organization organ in written form.

Article 14

The case investigators shall refer to the staff members of the customs who undertake investigations and gather evidence for administrative
punishment cases and attend the hearings thereof.

During the course of hearings, the case investigators shall state the illegal facts of the parties, and show the evidence thereof,
describe the decision on administrative punishment to be made, and the legal basis thereof, and make cross-examination and argument
with the parties.

Article 15

Upon the approval of the hearing presider, the case investigators, the parties, and the third party may request the witnesses to attend
the hearing, and provide the witnesses’ basic information one day before the hearing is held.

Article 16

The customs shall retain the interpreters for participants and other personnel in the hearings who are not familiar with the local
language.

Where there is necessity to make an authentication concerning the professional technical issues, the customs shall hand them over
to the customs laboratory test authentication organ or entrust other organs recognized by the state to make an authentication. Upon
the approval of the hearing presider, the parties and their agents, the third party and his/its agents, and case investigators may
request the authenticators to attend the hearing.

Article 17

The parties and their agents, the third party and its/his agent, case investigators, witnesses, interpreters, and authenticators shall
attend the hearing on schedule, observe the hearing disciplines, and answer the questions of the hearing presider truthfully.

Chapter IV Application for Hearings and the Decisions Thereof

Article 18

The parties concerned shall, within 3 days from the day when the customs house informs them of their rights to apply hearing, file
an application for hearings to the customs in written form. If the application is filed by mail, the application date shall be the
date shown in the postmark.

In case any party fails to file an application for the hearing within the prescribed time limit due to force majeure or other special
circumstances, it/he may file an application for hearing within 3 days after the obstacle is eliminated upon the approval of the
customs.

Article 19

If the customs determines to organize a hearing, it shall hold the hearing within 30 days from the day when it receives the application
for hearing, and serve the Notice of Hearing on Customs Administrative Punishment (See Annex I) to the parties seven days before
the hearing is held.

The Notice of Hearing on Customs Administrative Punishment shall specify the name of the parties, the post_title of the case to be heard,
the time and place for holding the hearing, affix the special seal of the customs administrative case , and may also specify the
following matters:

Whether the hearing shall be held openly. If the hearing is not to be held openly, the reasons shall be explained ;

The name of the hearing presider, hearing members, and the clerk;

The requirement to the parties to submit the name list and identity certificates of the personnel participating in the hearing, ,
to prepare the relevant evidence materials, , and to notify the witnesses and other matters;

Rights and obligations of the parties and their agents; and

Other relevant matters concerned.

Article 20

Under any of the following circumstances, the customs house shall make a decision on not holding a hearing:

The applicant is not a party or its agent of the case in question;

The applicant fails to file an application for hearing within the time limit as prescribed in Article 18 of the present Measures;
or

It does not fall within the scope as prescribed in Article 3 of the present Measures.

If the customs house determines not to hold a hearing, it shall make a Notice of Not Holding Hearing on the Customs Administrative
Punishment (See Annex II) within 5 days from the day when it receives the application for hearing, and serve the applicant in a timely
manner.

Article 21

In case two or more parties file an application for hearing respectively on a same administrative case, the hearing may hold jointly.

If there are two or more parties in a case, and only some of the parties concerned file an application for hearing, the customs house
may notify other parties to attend the hearing.

If only part of the parties concerned take part in the hearing, the hearing may be hold only on the facts, evidence, and law application
concerning these parties, but the custom shall make a decision on punishment in a joint way after the hearing finished .

Chapter V Holding of the Hearing

Article 22

During the hearing process, the participants and other personnel in the hearing shall abide by the following hearing disciplines:

The hearing participants and other personnel shall observe the hearing order, and can not make statements and arguments until after
the hearing presider agrees;

The auditors shall not affect the normal going of the hearing; and

Anyone who wishes to make audio recording, video recording, photographing, and interview shall report to the hearing presider for
approval beforehand.

Article 23

The following procedures shall be followed for the hearing:

The shall verify the identity of the parties and their agents, the third party and its/his agent, and the case investigators;

The hearing presider shall announce the name list of the hearing participants, interpreters, and authenticators, and inquire the parties
and their agents, the third party and its/his agent, and case investigators whether they want to apply for withdrawal;

The announcement of the hearing disciplines;

The hearing presider shall announce that the hearing begins and introduce the causes for the case;

The case investigators shall state the illegal facts of the parties, show relevant evidences, and bring forward the decisions and
basis for making administrative punishment;

The parties and their agents make statements and arguments, and bring forward opinions and allegations;

The third party and its/his agent make statements, and bring forward opinions and allegations;

The hearing presider asks questions on the facts of the case, the evidence thereof, and the basis for punishment;

The parties and their agents, the third party and its/his agent, and case investigators make cross-examination and arguments;

10.

The parties and their agents, the third party and its/his agent, and case investigators make final statements; and

11.

The announcement of the ending of the hearing.

Article 24

The parties and their agents, the third party and its/his agent, and the case investigators shall make cross examination on the truthfulness,
authenticity and connection of the evidences, aiming at whether the evidence has any effectiveness of proof and the extent of the
effectiveness of proof .

Upon the approval of the hearing presider, the parties and their agents, the third party and its/his agent, and the case investigators
may ask questions mutually in respect of the evidence, or may ask questions to the witnesses or authenticators. No one may ask any
question by such language or ways as inducing, threatening or insulting, and etc., the content of questions shall have connection
with the facts of the case.

Article 25

When making cross examination on documentary evidence, material evidence and audio-visual reference materials, the parties and their
agents, the third party and its/his agent, and the case investigators shall show the originals or the original things of the evidence;
they may not show the originals or the original things under one of the following circumstances:

If it is really difficult to show the originals or the original things, they may show the duplicates or the reproduced products upon
the approval of the hearing presider; or

If the originals or the original things do not exist any longer, but it can prove that the duplicates or the reproduced products
are consistent with the originals or the original things.

The audio-visual reference materials shall be broadcast or demonstrated at the conference of hearing, and shall be recognized after
being cross-examined.

Article 26

The hearing shall be postponed under any of the following circumstances:

The parties or their agents are unable to attend the hearing due to force majeure or other justifiable reasons;

The hearing presider, hearing personnel or the clerk shall withdraw upon temporary decision, and it is unable to determine the substituting
person on site;

There are circumstances of merger, division or other circumstances of reorganization of assets by any legal person or other organization
that acts as the party, and there is necessity to wait for the successor of the rights and obligations; or

Other circumstances under which the hearing shall be postponed according to law.

After the reasons for postponing the hearing are eliminated, the hearing presider shall determine the time for holding the hearing
once again, and notify the participants and other personnel in the hearing in written form.

Article 27

Under any of the following circumstances, the hearing shall be suspended:

There is necessity to notify new witnesses to attend the hearing or to make an authentication once again or supplement any evidence;

The parties are unable to attend the hearing for the time being due to force majeure or other justifiable reasons;

The participants and other personnel in the hearing do not observe the hearing disciplines, which results in the chaos of the hearing
order; or

Other circumstances under which the hearing shall be suspended according to law.

After the reasons for suspension of the hearing are eliminated, the hearing presider shall determine the time for resuming the hearing,
and notify the participants and other personnel in the hearing in written form.

Article 28

Under any of the following circumstances, the hearing shall be terminated:

The parties withdraw the application for hearing;

The parties fail to attend the hearing on schedule without justifiable reasons;

The parties exit the hearing during the holding of the hearing without justifiable reasons;

The parties die or the legal person or other organization that acts as one party is terminated without any successor of the rights
and obligations; or

Other circumstances under which the hearing shall be terminated according to law.

Article 29

Written transcripts shall be made for the hearings. The written transcripts for the hearings shall specify the following matters:

Causes of the case;

Name or post_title of the participants and other personnel in the hearing;

Name of the hearing presider, hearing members or clerk;

Time, place and ways for holding the hearing;

The facts and evidence of this case brought forward by the case investigators and the decision and basis for the administrative punishment
to be made;

The contents of statements, arguments and cross-examination;

Testimony of the witnesses; and

Other matters that shall be listed as required.

Article 30

The written transcripts for the hearing shall be signed or sealed by the participants and other personnel in the hearing page by page
after they have confirmed that there is no error in it. If anyone demurs about the contents of the transcripts, he may make corrections
on site and confirm it with signature or seal.

If any participant or other personnel in the hearing refuses to sign his name or seal, the clerk shall indicate this on the written
transcripts of the hearing.

Chapter VI Supplementary Provisions

Article 31

In case any hearing presider, hearing member or clerk violates the relevant provisions of the present Measures, and the circumstance
is serious, his entity shall give him an administrative punishment according to law in accordance with the relevant provisions.

Article 32

Serving of legal documents as prescribed in the present Measures shall be done in accordance with the provisions of the Civil Procedure
Law of the People’s Republic of China .

Article 33

The “day” as mentioned in the present Measures shall refer to the workday, the terms “above”, “within” and “before” shall all include
the said number itself.

Article 34

The fees for organizing the hearings on customs administrative punishment shall be borne by the customs house.

Article 35

The power to interpret the present Measures shall remain with the General Administration of Customs.

Article 36

The present Measures shall be implemented as of March 1, 2006. The Interim Measures of the People’s Republic of China for Hearings
on Customs Administrative Punishments, which were promulgated on November 12, 1996 by the General Administration of Customs, shall
be abolished simultaneously. Annex I:The__________ ___Custom of People’s Republic of China

Notice of Hearing on Customs Administrative Punishment

Custom No:[___]

_____________________:

Through the examination, the hearing applied by you (your enterprise) were accorded with the provision of Article 42 of Administrative
Punishment Law of the People’s Republic of China, and Article 49 of Regulation of the People’s Republic of China on the Implementation
of Customs Administrative Punishment. The Custom decided to hold the hearing on____________case. Please you (your enterprise) attend
the hearing at___________on____________.

(seal of the Custom)

______(year/month/day) Annex II:The___________________Custom of People’s Republic of China

Notice of Not Holding Hearing on the Customs Administrative Punishment

Custom No:[___]

_______________:

Through examination, the hearing applied by you (your enterprise) were belonged to the circumstance of iterm________thereinafter:

The applicant is not a party or its agent of the case in question;

The applicant fails to file an application for hearing within the time limit as prescribed;

It does not fall within the scope of the hearing according to law.; or

______________________________________________.

The Custom decided not to hold the hearing in accordance with the provision of Article 42 of Administrative Punishment Law of the
People’s Republic of China, and Article 49 of Regulation of the People’s Republic of China on the Implementation of Customs Administrative
Punishment.

(seal of the Custom)

_________(year/month/day)

General Administration of Customs
2006-01-26

LETTER OF CHINA BANKING REGULATORY COMMISSION CONCERNING APPROVING THE CHINA-BASED BRANCHES OF DBS BANK (HONG KONG) LIMITED TO LAUNCH OUT ON-LINE BANKING BUSINESS

Letter of China Banking Regulatory Commission concerning Approving the China-based Branches of DBS Bank (Hong Kong) Limited to Launch
out On-line Banking Business

DBS Bank (Hong Kong) Limited,

Our commission has received the letter which was signed by Mr. Randolph Sullivan, administrative president of your Bank.

The following reply is hereby given to you according to the Regulation of the People’s Republic of China on the Administration of
Foreign-funded Financial Institutions (Order No. 340 of the State Council), the Detailed Rules for the Implementation of the Regulation
of the People’s Republic of China on the Administration of Foreign-funded Financial Institutions (Order No. 4,2004 of China Banking
Regulatory Commission) and the Interim Measures for Controlling On-line Banking Operations (Order No. 6, 2001 of the People’s Bank
of China):

The branches set up by your bank within China are hereby approved to launch out the on-line banking business, the business scope and
clients shall be limited under the approved scope of each branch.

The on-line banking business to be approved to launch out shall comply with the Interim Measures for Controlling On-line Banking Operations
and other related provisions.

The branches of your bank approved to be established within China to launch out on-line banking business shall, with the strength
of this Reply and the authorization document issued by your bank, report the type and nature of the business to be launched, the
rules on managing the risks of on-line banking business and the operating procedures to the local organ dispatched by China Banking
Regulatory Commission, and shall be supervised and inspected by it.

According to the Regulation of Management on Commercial Cipher, your bank shall hand in an application to the state cipher administrative
organ for an approval of using cipher products, or using equipment containing cipher technologies.

China Banking Regulatory Commission

February 9, 2006

China Banking Regulatory Commission
2006-02-09

ACCOUNTING STANDARD FOR BUSINESS ENTERPRISES NO. 9 – EMPLOYEE COMPENSATION

Ministry of Finance

Accounting Standard for Business Enterprises No. 9 – Employee Compensation

Cai Kuai [2006] No. 3

February 15, 2006

Chapter I General Provisions

Article 1

To standardize the confirmation and measurement of the employee compensation, and the disclosure of relevant information, these Standards
are formulated according to the Accounting Standard for Business Enterprises – Basic Standards.

Article 2

The term ” employee compensation ” refers to all kinds of payments and other relevant expenditures given by enterprises in exchange
of the services offered by the employees. The employee compensation shall include:

(1)

Wages, bonuses, allowances and subsidies for the employees;

(2)

Welfare expenses for the employees;

(3)

Medical insurance, endowment insurance, unemployment insurance, work injury insurance, maternity insurance and other social insurances;

(4)

Housing accumulation fund;

(5)

Labor union expenditure and employee education expenses;

(6)

Non-monetary welfare;

(7)

Compensations for the cancellation of the labor relationship with the employees; and

(8)

Other relevant expenditures of services offered by the employees.

Article 3

The following items shall be subject to other relevant accounting standards:

(1)

The enterprise annuity funds shall be subject to the Accounting Standard for Business Enterprises No. 10 -Enterprise Annuity Fund;
and

(2)

The compensation based on shares shall be subject to the Accounting Standard for Business Enterprises No. 11 – Share-based Payment.

Chapter II Confirmation and Measurement

Article 4

During the accounting period of an employee’ providing services to an enterprise, the enterprise shall recognize the compensation
payable as liabilities. Except for the compensations for the cancellation of the labor relationship with the employee, the enterprise
shall, in accordance with beneficiaries of the services offered by the employee, treat the following circumstances respectively:

(1)

The compensation for the employee for producing products or providing services shall be recorded as the product costs and service
costs;

(2)

The compensation for the employee for any on-going construction project or for any intangible asset shall be recorded as the costs
of fixed asset or intangible assets; or

(3)

The compensation for the employee other than those as mentioned in Items (1) and (2) shall be recorded as profit or loss for the current
period.

Article 5

During the accounting period of an employee’ providing services to an enterprise, the enterprise shall calculate the medical and insurance,
endowment insurance, unemployment insurance, work injury insurance, maternity insurance and other social insurances, as well as the
housing accumulation fund, which are paid by the enterprise to the employee, on the basis of a certain proportion in the total amount
of wages, and treat them according to Article 4 of these Standards.

Article 6

If an enterprise cancels the labor relationship with any employee prior to the expiration of the relevant labor contract or brings
forward any compensation proposal for the purpose of encouraging the employee to accept a layoff, and the following conditions are
met concurrently, the enterprise shall recognize the expected liabilities incurred due to the compensation for the cancellation of
the labor relationship with the employee, and shall simultaneously record them into the profit or loss for the current period:

(1)

Where the enterprise has formulated a formal plan on the cancellation of labor relationship or has brought forward a proposal on voluntary
layoff and will execute it soon.

This plan or proposal shall include the department at which the employee to be laid off works, the post of the employee and the number
of the employees to be laid off, the amount of compensation for the cancellation of labor relationship or for layoff as determined
on the basis of the job category or post according to the relevant provisions, and the planned time for the cancellation of labor
relationship or layoff.

(2)

The enterprise is unable to unilaterally withdraw the plan on the cancellation of labor relationship or the layoff proposal.

Chapter III Disclosure

Article 7

An enterprise shall disclose the following information related to the employee compensation in the annotation:

(1)

The wages, bonuses, allowances and subsidies, which shall be paid to the employees, and the amounts payable at the end of period;

(2)

The medical insurance, endowment insurance, unemployment insurance, work injury insurance, maternity insurance and other social insurances,
which shall be paid by the enterprise for the employees, as well as the amounts payable at the end of period;

(3)

The housing accumulation fund that shall be paid for the employees, as well as the amounts payable at the end of period;

(4)

The non-monetary welfare provided for the employees, as well as the calculation basis;

(5)

The compensation that shall be paid for the cancellation of the labor relationship with the employees, as well as the amounts payable
at the end of period; and

(6)

Other employee compensations.

Article 8

The contingent liabilities incurred due to the uncertainty of the number of the employees who offer to accept the layoff proposal,
the compensation standards and etc. shall be disclosed according to the Accounting Standard for Business Enterprises No. 13 – Contingencies.

Ministry of Finance
2006-02-15

ACCOUNTING STANDARDS FOR ENTERPRISES NO. 24 – HEDGING

Ministry of Finance

Accounting Standards for Enterprises No. 24 – Hedging

Cai Kuai [2006] No. 3

February 15, 2006

Chapter I General Principles

Article 1

These Standards are formulated in accordance with the Accounting Standards for Enterprises – Basic Standards for the purpose of regulating
the recognition and measurement of the hedging.

Article 2

The term ” hedging” refers to one or more hedging instruments which are designated by an enterprise for avoiding the risks of foreign
exchange, interest rate, commodity price, stock price, credit and etc., and which is expected to make the changes in fair value or
cash flow of hedging instrument(s) to offset all or part of the changes in the fair value or cash flow of the hedged item.

Article 3

The hedging are classified into fair value hedging, cash flow hedging, and net investment hedging in an overseas operation.

(1)

A fair value hedging refers to a hedging of the risk to changes in the fair value of a recognized asset or liability or a previously
unrecognized firm commitment, or to changes in the identifiable portion of the fair value of a recognized asset or liability or a
previously unrecognized firm commitment. Such changes in value are attributable to a particular risk and could affect enterprise’
profit or loss.

(2)

A cash flow hedging refers to a hedging of the risk to changes in cash flow. Such changes in cash flow are attributable to a particular
risk related to a recognized asset or liability or a highly probable forecast transaction and could affect enterprise’ profit or
loss.

(3)

A net investment hedging in an overseas operation refers to hedging of the foreign exchange risk arising from net investment in an
overseas operation. The “net investment in an overseas operation” refers to an enterprise’ equity of rights and interests in the
net assets in an overseas operation.

Article 4

For a hedging which satisfies the conditions as prescribed in Chapter III of these Standards, the enterprise may deal with it through
the hedging accounting method.

The ” hedging accounting method” shall refer to a method to record the result of offsetting the hedging instrument and the changes
of the fair value of the hedged item.

Chapter II Hedging Instruments and Hedged Items

Article 5

The term “hedging instrument” shall refer to a derivative instrument which is designated by an enterprise for hedging and by which
it is expected that changes in its fair value or cash flow can offset the changes in fair value or cash flow of the hedged item.
For a hedging of foreign exchange risk, a non-derivative financial asset or non-derivative financial liability may be used as a hedging
instrument.

Article 6

To establish the hedging relationship, an enterprise shall designate all or certain proportion of the hedging instruments (excluding
a certain time period within the residual time limit of the hedging instrument), but with the exception of the following circumstances:

(1)

For an option, the enterprise may separate the intrinsic value from the time value of the option and merely designate the option as
a hedging instrument based on the changes of its intrinsic value; and

(2)

For a forward contract, the enterprise may separate the interest from the spot price of a forward contract and merely designate the
forward contract as a hedging instrument based on the changes of spot price.

Article 7

Generally an enterprise may designate a single derivative instrument as a hedging for one kind of risk, but if the following conditions
are met at the same time, it may designate a single derivative instrument as a hedging for one or more kinds of risks:

(1)

All risks to be hedged are clear and identifiable;

(2)

The effectiveness of hedging may be proved; and

(3)

It can insure that there is a specific specifying relationship between the derivative instrument and different risk positions.

The “effectiveness of hedging” shall refer to the extent that the changes in the fair value or cash flow of a hedging instrument may
offset the changes resulted from the hedging risks in the fair value or cash flow of a hedged item.

Article 8

An enterprise may designate a combination of two or more derivative instruments or a certain proportion of such a combination as a
hedging instrument.

For a foreign exchange hedging, the enterprise may designate a combination of two or more non-derivative instruments or a certain
proportion of such a combination, or a combination of derivative instrument(s) and non-derivative instrument(s) or a certain proportion
of such a combination as a hedging instrument.

For a collar option, or for an option composed of an issued option and a purchased option, if its essential is equivalent to an option
issued by the enterprise (that is to say, the enterprise charges for the net option), the enterprise cannot designate it as a hedging
instrument.

Article 9

The “hedged item” shall refer to the following items which make an enterprise faced to changes in fair value or cash flow and are
designated as the hedged objectives:

(1)

A single recognized asset, liability, firm commitment, highly probable forecast transaction, or a net investment in an overseas operation;

(2)

A group of recognized assets, liabilities, firm commitments, highly probable forecast transactions, or net investments in overseas
operations with similar risk characteristics; and

(3)

A portion of the portfolio of financial assets or financial liabilities that share the risk of interest rate of the same hedged (only
applicable to a portfolio of hedging in the fair value of interest rate risk).

The “firm commitment” shall refer to an agreement with legal control force regarding the exchange of a particular number of resources
at the stipulated price on a specific future date or in a specific future period. The “forecast transaction” shall refer to a transaction
for which no commitment is made, but which is expected to occur.

Article 10

If the hedged risk is a credit risk or foreign exchange risk, the held-to-maturity investment may be designated a hedged item. If
the hedged risk is an interest rate risk or risk of repayment ahead of the schedule, the held-to-maturity investment shall not be
designated as a hedged item.

Article 11

If the exchange gain or loss of any monetary item formed by an intra-group transaction of an enterprise is unable to be fully offset
in the consolidated statements, the foreign exchange risk of this monetary item may be designated as a hedged item in the consolidated
financial statements.

For a highly probable forecast intra-group transaction of an enterprise, if its price is denominated in a currency other than the
functional currency of the subject entering into that transaction (that is to say, its price is denominated in an overseas currency)
and if the relevant foreign exchange risk will affect consolidated financial statements, such foreign exchange risk may be designated
as a hedged item in the consolidated financial statements.

Article 12

For a portion of the risk relating to the cash flow or fair value of a financial liabilities or financial asset, if the effectiveness
of hedging may be measured, the enterprise may, based on the risk, designate financial asset or financial liability as a hedged item.

Article 13

In the matter of a hedging in fair value of the interest rate risk of a portfolio of financial assets or financial liabilities, an
asset or liability denominated in a certain currency (such as RMB, US dollar or Euro dollar) may be designated as a hedged item.

Article 14

An enterprise may designate all of the cash flows of a financial asset or financial liability as a hedged item. However, if only a
portion of the cash flows of a financial asset or financial liability is designated as a hedged item, the designated portion shall
be less than the total amount of the cash flows of the financial asset or financial liability.

Article 15

Where a non-financial asset or non-financial liability is designated as a hedged item, the hedged risk shall be all risks or foreign
exchange risks pertinent to this non-financial asset or non-financial liability.

Article 16

With regard to a hedging by the portfolio of assets or liabilities with similar risk characteristics, each single asset or liability
among the portfolio shall undertake the hedged risk simultaneously, and the changes in fair value of each single asset or liability
in the portfolio resulted from the hedged risk shall, by and large, be expected in proportion to the holistic changes in the fair
value of the portfolio resulted from the hedged risk.

Chapter III Recognition and Measurement of Hedging

Article 17

Where a fair value hedging, cash flow hedging or a hedging of net investment in an overseas operation satisfies the following conditions
simultaneously, it may be dealt with through the hedging accounting method as prescribed in these Standards:

(1)

At the commencement of the hedging, the enterprise shall specify the hedging relationship formally (namely the relationship between
the hedging instrument and the hedged item) and prepare a formal written document on the hedging relationship, risk management objectives
and the strategies of hedging. This document shall at least specify the contents of hedging instrument, the hedged item, the nature
of the hedged risk and the method for the effectiveness assessment of the hedging and etc..

The hedging shall be relevant to the designated specific identifiable risk, and will ultimately affect the profits and losses of the
enterprise.

(2)

The hedging expectation is highly efficient and meets the risk management strategy, which is confirmed for the hedging relationship
by enterprise at the very beginning.

(3)

For a cash flow hedging of forecast transaction, the forecast transaction shall be likely to occur and shall make the enterprise faced
to the risk of changes in cash flow, which will ultimately affect the profits and losses.

(4)

The effectiveness of hedging can be reliably measured.

(5)

An enterprise shall continuously evaluate the effectiveness of hedging and ensure that this hedging is highly effective in accounting
period in which the hedging relationship is specified.

Article 18

If a hedging satisfies the following conditions simultaneously, the enterprise shall recognize it as being highly efficient:

(1)

At the beginning and in subsequent periods of a hedging, this hedging expectation shall be highly effective in offsetting the changes
in the fair value or cash flows caused by the hedged risk during the specified periods;

(2)

The hedging ‘s actual offset results are within a range of 80% to 125%.

Article 19

An enterprise shall at least evaluate the hedging effectiveness when formulating medium-term or annual financial statements.

Article 20

For a hedging of interest rate risk, the enterprise shall, by formulating the maturity timetable of financial assets and financial
liabilities, mark out the net risk of interest rate for each period and evaluate the hedging effectiveness accordingly.

Article 21

If a fair value hedging satisfies the conditions for adopting the hedging accounting method, it shall be dealt with according to the
following provisions:

(1)

If the hedging instrument is a derivative instrument, the gain or loss from the changes in the fair value of the hedging instrument
shall be recorded in the profits and losses of the current period. If the hedging instrument is a non-derivative instrument, the
gain or loss on the book value of the hedging instrument resulting from changes in exchange rate shall be recorded in the profits
and losses of the current period.

(2)

The gain or loss of the hedged item resulting from the hedged risk shall be recorded in the profits and losses of the current period
and the book value of the hedged item shall be adjusted at the same time. The said provision shall also be applicable if the hedged
item is an inventory of which the subsequent measurement will be made at its cost and realizable net value, whichever is lower, or
a financial asset of which the subsequent value will be made at the amortized cost, or a financial asset available for sale.

Article 22

With regard to a fair value hedging for the interest rate risk of a portfolio of financial assets or financial liabilities, for satisfying
the requirements of Article 21 (2) of these Standards, the enterprise may deal with the gain or loss formed by the hedged item according
to the following methods:

(1)

If the hedged item is an asset within the re-pricing period, it shall be presented as a separate item under the assets item ( presenting
behind the financial assets) of the balance sheet, and shall be written off after the termination of recognition.

(2)

If the hedged item is a liability within the re-pricing period, it shall be presented as a separate item under the liabilities item
( presenting behind the financial liabilities) of the balance sheet, and shall be written off after the termination of recognition.

Article 23

Where any of the following conditions is satisfied, the enterprise shall stop making the treatments according to the Article 21 of
these Standards:

(1)

The hedging instrument has been mature or has been sold, or the contract is terminated or has been exercised.

Where the period of hedging instrument is extended, or where a hedging instrument is replaced by another one, if the extension or
replacement is an composing part of the hedging strategy as specified in the formal written document of the enterprise, the enterprise
shall not deal with it as being in the case of maturity or termination of contract.

(2)

The hedging does not satisfy the conditions for adopting the hedging accounting method as specified in these Standards any longer.

(3)

The enterprise has revoked the specifying of the hedging relationship.

Article 24

If a hedged item is a financial instrument measured at the amortized cost, an adjustment which is made to the book value of the hedged
item according to the Article 21 (2) of these Standards shall, during the period from the adjustment date to the maturity date,
be amortized based on the effective interest rate recalculated on the adjustment date and shall be recorded in the profits and losses
of the current period.

With regard to a fair value hedging of interest rate risk portfolio, the relevant items separately presented in the balance sheet
shall, during the period from the adjustment date to the relevant date on which the re-pricing period ends, be amortized based on
the effective interest rate re-calculated on the adjustment date. If it is not feasible to adopt the effective interest rate method
for the amortization, the straight-line method may be adopted. .

The amortization of above-mentioned adjustment amounts shall be finished on the maturity date of the financial instrument. For a fair
value hedging of interest rate risk portfolio, the amortization shall be finished prior to the date of end of the relevant re-pricing
period.

Article 25

If a hedged item is an unrecognized firm commitment, the accumulative amount of the changes in the fair value of the firm commitment
resulting from the hedged risk shall be recognized as an asset or liability and the related gain or loss shall be included into the
profits and losses of the current period.

Article 26

For a fair value hedging of firm commitment to purchase an asset or undertake a liability, an adjustment shall, based on the accumulative
amount of the changes in the fair value resulting from the hedged risks (recognized to be an asset or liability), be made to the
amount of initial recognition of the asset obtained or liability undertaken due to the firm commitment.

Article 27

Where a cash flow hedging meets the conditions for adopting the hedging accounting method, it shall be dealt with in accordance with
the following provisions:

(1)

In the profit or loss of the hedging instrument, the portion, which is attributed to the effective hedging shall be directly recognized
as the owner’s equity and shall be presented as a separate item. The amount of the portion of the effective hedging shall be confirmed
in accordance with the absolute amounts of the following items whichever is lower:

(a)

The accumulative profit or loss of the hedging instrument as of the commencement of hedging; or

(b)

The accumulative amount of changes in the present value of the estimated future cash flow of the hedged item as of the commencement
of the hedging.

(2)

In the profit or loss of the hedging instrument, the portion, which is attributed to the ineffective hedging (namely the other profit
or loss after deducting the portion directly recognized as the owner’s equity) shall be recorded in the profit and loss of the current
period.

(3)

If the formal written document on the risk management strategy states that a certain portion of the profit or loss of a hedging instrument,
or the relevant effects on the cash flow shall be excluded when evaluate the hedging effectiveness, the profit or loss of excluded
portion shall be dealt with according to the Accounting Standards for Enterprises No. 22 – Recognition and Measurement of Financial
Instruments.

An enterprise may deal with a hedging of foreign exchange risk of firm commitment as a cash flow hedging or fair value hedging.

Article 28

If a hedged item is a forecast transaction and if the forecast transaction makes the enterprise subsequently recognize a financial
asset or financial liability, the relevant profit or loss directly recognized as the owner’s equity originally shall be shifted out
of the same period in which this financial asset or financial liability affects the profit or loss of the enterprise and shall be
recorded in the profits and losses of the current period. However, when all or partial net loss expected by the enterprise to be
directly recognized in the owner’s equity originally can not be made up in the future accounting period, the portion which can not
be made up shall be shifted out and shall be recorded in profits and losses of the current period.

Article 29

If a hedged item is a forecast transaction and if the forecast transaction makes the enterprise recognized a non-financial asset or
non-financial liability subsequently, the enterprise may deal with it by choosing either of the following methods:

(1)

The relevant profit or loss directly recognized in the owner’s equity originally shall be shifted out during the same period in which
this non-financial asset or non-financial liability affects the profit or loss of the enterprise and shall be recorded in the current
profits and losses of the current period. However, when all or partial net loss expected by the enterprise to be directly recognized
in the owner’s equity originally can not be made up in the future accounting period, the portion which can not be made up shall be
shifted out and shall be recorded in profits and losses of the current period.

(2)

The relevant profit or loss directly recognized in the owner’s equity originally shall be shifted out and shall be recorded in the
amount of the initial recognition of the non-financial asset or non-financial liability.

When the forecast transaction of a non-financial asset or non-financial liability forms a firm commitment, if the firm commitment
satisfies the conditions for adopting the hedging accounting method as prescribed in these Standards, either of the above-mentioned
methods shall be chose to deal with it as well.

When either of the above-mentioned methods is chosen by an enterprise as the accounting policy, it shall be applied to all relevant
forecast transaction hedging and shall not be changed randomly.

Article 30

With regard to a cash flow hedging without involved in Articles 28 and 29 of these Standards, the profit or loss of the hedging instrument
directly recorded in the owner’s equity originally shall be shifted out at the same period, during which the profits and losses of
the hedged forecast transaction are affected, and shall be recorded in the profits and losses of the current period.

Article 31

Under the following circumstances, an enterprise may not make any treatment in accordance with the provisions from Article 27 to
30 of these Standards:

(1)

The hedging instrument has been mature or sold, or the contract is terminated or has been exercised.

The profit or loss of the hedging instrument, which is directly recorded in the owner’s equity during effective period of the hedging
shall not be shifted out, until the forecast transaction actually occurs, it shall be dealt with according to Article 28 , 29 or
30 of these Standards.

If the period of a hedging instrument is extended, or if a hedging instrument is replaced by another, and if the extension or replacement
is an composing part of the hedging strategy as specified in the formal written document of the enterprise, it shall not be dealt
with as being in the case of maturity or termination of contract.

(2)

The hedging no longer satisfies the conditions for adopting the hedging accounting methods as prescribed in these Standards.

The profit or loss of the hedging instrument, which is directly recorded in the owner’s equity during the effective period of the
hedging shall not be shifted out, until the forecast transaction actually occurs it shall be dealt with according to the Article
28 , 29 or 30 of these Standards.

(3)

It is expected that the forecast transaction will not occur.

The profit or loss of the hedging instrument, which is directly recorded in the owner’s equity during the effective period of the
hedging shall be shifted out and shall be recorded in the profits and losses of the current period.

(4)

An enterprise revokes the designation of the hedging relationship.

For a hedging of forecast transaction, the profit or loss of the hedging instrument, which is directly recorded in the owner’s equity
during the effective period of the hedging, shall not be shifted out until the forecast transaction actually occurs, or until it
is expected that it will not occur. If the forecast transaction actually occurs, it shall be dealt with according to the Article
28 , 29 or 30 of these Standards. If it is expected that the forecast transaction will not occur, the relevant profit or loss directly
recorded in the owner’s equity originally shall be shifted out and shall be recorded in the profits and losses of the current period.

Article 32

A hedging of net investment in an overseas operation shall be dealt with according to the similar to the provisions of cash flow hedging
accounting:

(1)

In the profit or loss formed by the hedging instrument, the portion that is attributed to the effective hedging shall be recognized
as the owner’s equity directly and shall be presented as a separate item.

When disposing an overseas operation, the profit or loss of the hedging instrument reflected by the separately presented item in the
owner’s equity shall be shifted out and shall be recorded in the profits and losses of the current period.

(2)

In the profit or loss formed by the hedging instrument, the portion that is attributed to the ineffective hedging shall be recorded
in the profits and losses of the current period.

Ministry of Finance
2006-02-15

MEASURES FOR APPLICATION FOR THE USE OF SECURITIES INVESTOR PROTECTION FUNDS (FOR TRIAL IMPLEMENTATION)

Circular of The China Securities Regulatory Commission on Printing and Distributing the Measures for Application for the Use of Securities
Investor Protection Funds (for Trial Operating)

Zheng Jian Fa [2006] No. 20

The branch offices of the China Securities Regulatory Commission in all provinces, autonomous regions, municipalities directly under
the Central Government, the cities specifically designated in the state plan, and the Commissioner’s Offices in Shanghai and Shenzhen,

In order to regulate the applications for the use of securities investor protection funds, guarantee the lawful use and the security
of the securities investor protection funds, the Measures for Application for the Use of Securities Investor Protection Funds (for
Trial Implementation) are hereby printed and distributed to you for implementation.

The China Securities Regulatory Commission

March 7, 2006

Measures for Application for the Use of Securities Investor Protection Funds (for Trial Implementation)
Chapter I General Provisions

Article 1

These Measures have been set down in accordance with the Measures for the Management of Securities Investor Protection Funds, the
Advice on the Purchase of the Personal Credits and the Settlement Funds of Clients’ Securities, the Measures for the Operating of
the Purchase of the Personal Credits and the Settlement Funds of Clients’ Securities, and the Circular on Relevant Issues Concerning
the Purchase of the Personal Credits and the Settlement Funds of Clients’ Securities, etc. in order to regulate the applications
extending, and use of the securities investor protection funds (hereafter referred to as “protection funds” for short).

Article 2

The securities companies which have been commanded by the China Securities Regulatory Commission (hereafter referred to as the CSRC)
to stop their business operations for rectification or have been appointed to any other organization for custody or which have been
taken over or abrogated (hereafter referred to as “securities companies under disposition” for short) shall be subject to these Measures
when they apply for utilizing their protection funds to purchase the personal credits or the settlement funds of their clients’ securities
in accordance with the relevant state policies.

Article 3

The institution that takes charge of operating the legal person duties and functions of a securities company under disposition in
accordance with the relevant provisions (hereafter referred to as “custodian settlement institutions”) shall take charge of filing
applications for utilizing the protection funds, and shall borrow and utilize the protection funds in accordance with the legal provisions.

The China Securities Investor Protection Funds, Co., Ltd. (hereafter “CSIPF”) shall exercise the duties and functions of releasing
and managing the protection funds.

CSRC and the institutions empowered thereby shall take charge of checking and monitoring the applications and use of protection funds.

Article 4

The principles of “use for certain purposes, management under certain accounts, and closed operations” shall be followed in the applications
for, grant and use of protection funds, and it is forbidden severely to use any of the protection funds for any other purpose.

Chapter II Application for Protection Funds

Article 5

CSIPF shall sign a “Loan Agreement on Securities Investor Protection Fund” with the custodian settlement institutions and the institutions
authorized by the CSRC in accordance with the sanctified risk disposition schemes of the securities companies and the protection
fund use schemes in order to elucidate the quotas, purposes of use, processes, etc. for the use of the protection funds as well as
the obligations and functions of the parties involved.

Article 6

The custodian settlement institutions or the groups of the relevant local government for discerning the personal credits shall make
differentiations and recognitions of the settlement funds of the clients’ securities and the personal credits in accordance with
the standards and procedures as provided for in the relevant policies of the state, and shall take the responsibility for the authenticity,
precision, and lawfulness of their differentiations and recognitions.

Custodian settlement institutions shall apply for utilizing protection funds once and for all or many times in accordance with the
certain situation and the real demand of differentiation and recognition.

Article 7

To apply for purchasing the personal credit with protection funds, the custodian settlement institution shall put forward an application
to the institution authorized by the CSRC. The application materials shall be prepared in duplicate, which shall include the following
contents:

(1)

an application report and a form of application (see Appendix I);

(2)

detailed ledgers of the personal credit which is requested to be purchased by the head office of the securities company under disposition
as well the branches thereof, which have been collected together, discerned and recognized by the custodian settlement institution
(see Appendix II);

(3)

a particular audit report on the personal credits;

(4)

a verification report made by the differentiation group of the local government and the accompanying detailed ledgers as well as the
detailed materials, or a verification report made by the custodian settlement institution and the relevant detailed materials (the
part of personal credits constituted as a result of appropriating the securities of the personal clients of a normal broker);

(5)

an operating scheme for purchasing the personal credits; and

(6)

other materials as requested by the CSRC for submission.

Article 8

The purchasing funds that shall be paid by the local government shall have been actually paid in full amount, when a custodian settlement
institution applies for purchasing the personal credits with protection funds. The custodian settlement institution shall submit
it to the CSRC without postponing so that the CSRC could coordinate, if the purchasing funds of the local government cannot be actually
paid timely or in full amount. The custodian settlement institution may first purchase personal small-sum credits of less than 100,000
Yuan within the quota of funds to be implemented by the Central Government, and when the purchasing funds of the local government
are actually paid in full amount, it may then purchase the parts below 100,000 Yuan that has not been purchased as well as the large-sum
personal credits of over 100,000 Yuan.

Article 9

To apply for purchasing the settlement funds of the clients’ securities with protection funds, a custodian settlement institution
shall put forward an application to the institution authorized by the CSRC. The application materials shall be prepared in duplicate,
which shall include the contents as follows:

(1)

an application report and a form of application (see Appendix III);

(2)

the details of the settlement funds of the clients’ securities of the head office of the securities company under disposition as well
the branches thereof, which have been discerned and recognized by the custodian settlement institution (including a CD involving
the detailed relative information of the accounts);

(3)

a particular audit report on the settlement funds of the clients’ securities;

(4)

a verification report on packing up the accounts;

(5)

an operating scheme for offsetting the gap in the settlement funds of the clients’ securities; and

(6)

other materials as requested by the CSRC for submission.

Article 10

In case a custodian settlement institution put forward applications by several times for utilizing the protection funds and when
it put forward application for a second time, it is not requested to present again the materials which are the same as those that
have been already presented , provided that it has to give an account of the use of the protection funds for which it has put forward
an application.

Article 11

The institution authorized by the CSRC shall examine the application materials put forward for utilizing the protection funds to
purchase the personal credits and the settlement funds of the clients’ securities, and shall release clear examination opinions.
The examination materials in which the institution authorized by the CSRC approves to give protection funds shall cover the following
contents:

(1)

opinions of examination;

(2)

a Form of examination of Applications for Utilizing Protection Funds (Form of Examination of Applications for Purchasing the Personal
credits with Protection Funds (see Appendix IV) or Form of Examination of Applications for Purchasing the Settlement Funds of Client’s
Securities with Protection Funds (see Appendix V)); and

(3)

the Detailed Ledgers of the Personal Credits (see Appendix II) or Detailed Ledgers of the Gaps in the Settlement Funds of Clients’
Securities (see Appendix VI) as recognized upon examination.

Article 12

After the institution authorized by the CSRC has inspected and sanctified an application for utilizing protection funds of the custodian
settlement institution, it shall release to the custodian settlement institution a document of approval on giving the protection
fund, which shall be offered to the CSIPF together with the examination materials and the application materials put forward by the
custodian settlement institution.

Article 13

Where a securities company under disposition fails to safeguard the on-the-counter payment of its clients for its normal brokering
businesses because of its lack of adequate funds so that panic bank withdrawal may occur, the custodian settlement institution may
put forward an application to the institution authorized by the CSRC for utilizing the emergency aid fund within the sanctified quota
for utilizing protection funds, and shall simultaneously present a scheme for utilizing the emergency aid fund in order to make clear
the procedures for checking the allocation of emergency aid funds and the clients’ withdrawal of money.

Article 14

The institution authorized by the CSRC shall direct an examination to the scheme of utilizing the emergency aid fund, fill in an
Examination Form of Utilizing Emergency Aid Fund (see Appendix VII), and specify its examination opinions. Where it approves to grant
the emergency aid fund, it shall offer in duplicate to the CSRC its examination opinions, Form of Examination together with the scheme
of utilizing the emergency aid fund as proposed by the custodian settlement institution.

Article 15

If the CSRC agrees to grant the emergency aid fund, it shall release a document of approval to the custodian settlement institution,
and shall send it to the CSIPF together with the examination opinions of its authorized institution, the Form of Examination, as
well as the scheme of utilizing the emergency aid fund which has been proposed by the custodian settlement institution.

Article 16

After receiving the document of approval as released by the CSRC or its authorized institution to offer the protection fund as well
as the relevant materials forwarded thereby, the CSIPF shall grant the protection fund in accordance with these Measures and other
related provisions.

Chapter III Extending of the Protection Fund

Article 17

In accordance with the operational rules of the People’s Bank of China with regard to the reloaning of securities investor protection
funds, the CSIPF shall open a particular account for “deposit of securities investor protection funds” with the Business Department
of the People’s Bank of China in order to check and calculate the reloans extended by the People’s Bank of China for the risk disposition
of the securities company.

Article 18

In case the CSIPF grants to the custodian settlement institution any protection fund so as to purchase the personal credits and the
settlement funds of clients’ securities, it shall sign a loan agreement with the custodian settlement institution and the institution
authorized by the CSRC and shall appoint a commercial bank (hereafter referred to as an “entrusted bank”) to extend the loan on its
behalf.

Article 19

The CSIPF shall open a particular account of protection fund deposit with the entrusted bank so as to check and calculate the protection
funds as granted to the custodian settlement institution, and shall conclude with the head office of the entrusted bank an “Agreement
on the Management of the Particular Settlement Account of Securities Investor Protection Funds”.

Article 20

The CSIPF shall, when handling the formalities of transferring the reloan funds it borrows, send to the Business Department of the
People’s Bank of China an instruction for allocation attached with the seal of its own of which it has left a specimen therewith,
and shall fill in a “Letter for Consulting Allocated Securities Investor Protection Funds”.

Article 21

If the custodian settlement institution utilizes the protection fund to purchase the personal credits and the settlement funds of
clients’ securities, it shall open a deposit account for the protection fund with the entrusted bank upon the strength of the document
of the CSRC or any other department in charge on agreeing the establishment of the custodian settlement institution in order to check
and calculate the protection funds, and shall report its opening of bank accounts to the institution authorized by the CSRC, the
branch organization of the People’s Bank of China in the locality, and the CSIPF for archival purpose.

Article 22

The CSIPF shall, in accordance with the provisions of the loan agreement, allocate the loans once and for all or by installments
to the protection fund deposit account of the custodian settlement institution at the entrusted bank.

When extending protection funds for purchasing the personal credits and the settlement funds of clients’ securities, the CSIPF shall
present the entrusted bank its allocation instruction which has been attached with the seal of which it has left a specimen therewith,
and shall present the entrusted bank the detailed ledgers of the personal credits which have been checked and verified by the institution
authorized by the CSRC.

Article 23

The principle of “purchasing a batch after verifying a batch” shall be followed in the purchase of the personal credits. The custodian
settlement institution shall open a protection fund deposit account with each of the branches of the entrusted bank in all the places
where the purchase of the personal credits is implemented for the sole purpose of purchasing the personal credits, and shall report
its opening of accounts to the institution authorized by the CSRC, the branch organization of the People’s Bank of China, and the
CSIPF for archival filing.

Article 24

When implementing the allocation of protection funds for purchasing the personal credits, the custodian settlement institution shall
release a circular of allocating funds for purchasing the personal credits upon the strength of the checklist of the personal credits
of all places that need to be purchased, and shall present all of them to the branch or sub-branch of the entrusted bank.

Article 25

The branch or sub-branch of the entrusted bank shall extend the purchase funds to the certain creditors in accordance with the relevant
provisions after examining the purchase checklist of the personal credits against the detailed ledgers of the personal credits as
offered by the CSIPF.

Article 26

A creditor or the agent thereof shall gain its purchase money at the appointed business place of the entrusted bank in accordance
with the relevant provisions upon the strength of its valid identity certificate and the Letter of Verification of _____ Securities
Company for Purchasing the Personal credit as released by the differentiation and verification group of the local government.

The branch or sub-branch of the entrusted bank shall recede the Letter of Verification of _____ Securities Company for Purchasing
the personal credit which the personal creditor holds after paying the purchase money.

Article 27

To purchase the credit of a personal formed because of the misappropriation of the securities of the normal broker-clients, the custodian
settlement institution may pay the purchase money directly to the China Securities Registration & Settlement Company if it considers
it appropriate. The purchase money giving circular released by the custodian settlement institution shall have gone through the examination
of the institution authorized by the CSRC.

Article 28

In case the custodian settlement institution utilizes the protection fund to purchase the settlement funds of clients’ securities,
it shall do so simultaneously when it deposits the settlement funds of the clients’ securities in a third party.

When conducting the formalities for giving money for the gap in the settlement funds of clients’ securities, the custodian settlement
institution shall release a circular on giving money for offsetting the gap in the settlement funds of clients’ securities, and shall
offer it to the entrusted bank after succeeding in the examination and getting the approval of the institution authorized by the
CSRC.

The entrusted bank shall allocate funds to the deposit account of a third party upon the strength of the “Circular on Giving Money
for Offsetting the Gap in the Settlement Funds of Clients’ Securities”.

Article 29

To offset the overdrafts of the securities company under disposition in the normal brokering business settlements of the China Securities
Registration & Settlement Company with protection funds, the custodian settlement institution shall release a “Circular on Allocating
Money for Offsetting the Gap in the Settlement Funds of Clients’ Securities”, and then after getting the approval of the institution
authorized by the CSRC, offer to the CSIPF, who shall allocate the fund directly to the bank account appointed by the custodian settlement
institution in China Securities Registration & Settlement Company.

Article 30

The emergency aid fund which the custodian settlement institution put forward an application for shall only be utilized for paying
for the client’s on-the-counter drawing of money in the normal brokering business and other purposes as specified by the relevant
state policies.

When distributing any emergency aid fund out of its protection fund deposit account, the custodian settlement institution shall release
a circular on distributing emergency aid funds, and then present it to the entrusted bank after getting the approval of the institution
authorized by the CSRC. The entrusted bank shall allocate the funds upon the strength of the “Circular on Allocating Emergency Aid
Funds” which has succeeded in the examination and acquired the consent of the institution authorized by the CSRC.

Article 31

A custodian settlement institution shall borrow protection funds from the CSIPF, the interest rate of which shall be 165 basic points
more favorable than the one-year fluid reloan interest rate as provided for by the People’s Bank of China.

If a custodian settlement institution borrows any protection fund, the deposit interests of the deposits in the protection fund deposit
account which it opens shall be utilized to repay the due loan interests of CSIPF.

Article 32

After purchasing the personal credits and the settlement funds of clients’ securities with the protection funds, the custodian settlement
institution shall transfer the interests thereof as well as the remaining funds back to the protection fund deposit account which
the CSIPF has set up in the entrusted bank, and shall adjust the corresponding amount of loan.

The custodian settlement institution shall write off its protection fund deposit account in time, and shall present its written-off
account to the institution authorized by the CSRC, the branch or sub-branch of the People’s Bank of China in the locality, and the
CSIPF for archival purpose.

Chapter IV Supervision and Management

Article 33

The CSRC and the institutions authorized thereby shall take charge of checking and consenting the application materials put forward
by the custodian settlement institutions for utilizing protection funds, monitoring over the lawfulness of the custodian settlement
institutions’ use of protection funds, and for monitoring, regulating, coordinating, and directing the differentiation, verification,
and purchase of the personal credits and the settlement funds of clients’ securities.

Article 34

The CSIPF shall set up and improve its inner management, supervision and control mechanisms, implement supervision, management and
examination to the applications, grant, and utilization of the protection funds in accordance with the related provisions, and shall
report to the related departments on the grant and use of the protection funds in accordance with the related provisions.

Article 35

The CSIPF may entrust intermediary institutions with appropriate qualifications to implement particular audits to the custodian settlement
institutions’ use of protection funds, and the related entities and personal under audit shall assist and cooperate.

Article 36

After purchasing the personal credits and the settlement funds of clients’ securities with protection funds, a custodian settlement
institution shall help the CSIPF to pass the credit transfer and registration formalities.

The CSIPF, which has acquired the corresponding right to repayment in accordance with law, has the right to join the liquidation or
restructuring of the securities company under disposition.

Article 37

If the CSIPF finds any of the following situations that may influence the safety of the protection fund, it shall report it to the
CSRC, and the CSRC or the institution authorized thereby shall command the custodian settlement institution to make corrections within
a time limit. In case the custodian settlement institution cannot make corrections in good time, the CSIPF shall have the right to
stop the allocation of fund or require the entrusted bank to stop the allocation of fund:

(1)

In case the differentiation or verification of the personal credits or the settlement funds of clients’ securities cannot satisfy
the related policies of the state;

(2)

In case there is anything untrue in the protection fund application materials;

(3)

In case the use of the protection fund cannot satisfy the related policies of the state;

(4)

Any other circumstances under which the safety of the protection fund may be influenced.

Article 38

A custodian settlement institution shall employ an accounting firm as recognized by the CSIPF to implement particular audits to the
personal credits and the settlement funds of clients’ securities, and shall do well in registering and purchasing the personal credits
as well as the differentiation, verification, and purchase of the settlement funds of clients’ securities in accordance with the
dictated standards and procedures in order to guarantee that the applications and use of the protection fund satisfy the related
state policies.

Article 39

After utilizing any emergency aid fund, a custodian settlement institution shall offer the related materials to the institution authorized
by the CSRC in a timely manner, and then report it to the CSIPF after acquiring the recognition of the institution authorized by
the CSRC. The materials it shall offer shall include but are not limited to:

(1)

a report on utilizing the emergency aid fund; and

(2)

a detailed account of the settlement funds of clients’ securities involved in the emergency aid fund (including a CD containing the
concrete information of the accounts).

Article 40

In case a custodian settlement institution applies for utilizing any protection fund, it shall present regular reports to the CSIPF
about the assets and liabilities of the securities company under disposition as of the day when the disposition begins, the progress
of the custodian settlement, the differentiation and verification of the personal credits and the settlement funds of clients’ securities,
as well as any other materials as requested by the CSIPF for submission.

Article 41

After receiving the protection funds, a custodian settlement institution shall make regular reports as requested to the institution
authorized by the CSRC and the CSIPF about the progress in the grant and use the protection funds, and shall report, on the quarterly
basis, to the branch organization of the People’s Bank of China at the locality where the legal person securities company under disposition
about the use of the protection funds and the disposition of risks.

In case any grave problem happens in the grant or use of protection funds, the custodian settlement institution shall report it to
the institution authorized by the CSRC and the CSIPF in time.

Article 42

After purchasing the personal credits and the settlement funds of clients’ securities with protection funds, a custodian settlement
institution shall collect in a timely manner the related information about the use of protection funds and the disposition of risks,
and shall report to the CSRC and the institution authorized thereby and the CSIPF.

Article 43

The custodian settlement institutions and the entrusted banks shall set up accounting ledgers for protection funds, registering in
detail the allocation and use of protection funds, and maintain appropriately the vouchers for the receipt and designation of protection
funds, the bills of honor, and other related original vouchers, in order to guarantee the completeness of the original archival files.

Article 44

When executing its duties in allocating protection funds, a custodian settlement institution shall strictly comply with these Measures
and the relevant state policies concerning purchase, and carefully check the relevant materials, in order to guarantee that the no
error persists in the relevant materials and the basis in the course of granting protection funds.

The entrusted bank shall compose regular reports to the CSIPF about the extending and use of protection funds, and shall bear legal
liabilities for the entrusted matters.

Article 45

The parties involved shall strictly carry out the related policies and rules of the state in order to guarantee the lawful use and
safety of the protection funds. The violations of law or rule, if any, such as misappropriating, seizing or acquiring protection
funds by fraudulent means, etc., shall be cracked down, and the relevant personnel who are guilty of dereliction of duty shall be
subjected to legal liabilities in accordance with law. If any crime is formed, the offenders shall be transferred to the judicial
organ for punishment.

Chapter V Supplementary Provisions

Article 46

If any of the protection funds is utilized for any other purpose upon consent, the methods for the application thereof shall be separately
set down.

Article 47

If any securities company under disposition in which the local government or any other department plays a leading role needs to apply
for utilizing any protection fund, these Measures shall be applied by analogy in terms of the duties and responsibilities of the
parties involved and the processes of work.

Article 48

The term “institution authorized by the CSRC” as mentioned in these Measures means a department or entity which is authorized by
the CSRC to monitor and examine the custodian settlement institutions’ application for and use of protection funds.

Article 49

The CSRC is responsible for interpreting these Measures.

Article 50

These Measures shall be implemented as of the date of promulgation.

Appendixes:

Form of Application for Purchasing the Personal Credits with Protection Funds; (Omitted)

Detailed Ledgers of the Personal credits (Omitted)

Application Form for Purchasing the Settlement Funds of Clients’ Securities with Protection Funds (Omitted)

Form of Examination of Applications for Purchasing the Personal credits with Protection Funds (Omitted)

Form of Examination of Applications for Purchasing the Settlement Funds of Client’s Securities with Protection Funds (Omitted)

Detailed Ledgers of the Gaps in the Settlement Funds of Clients’ Securities (Omitted)

Form of Examination of Applications for Utilizing Emergency Aid Funds (Omitted)

The China Securities Regulatory Commission
2006-03-07

RULES FOR THE PRICING ACTIVITIES OF THE GOVERNMENTS

Order of the National Development and Reform Commission of People’s Republic of China

No. 44

In accordance with the Price Law of the People’s Republic of China, we have amended the Rules for the Pricing Activities of the Governments
(for Trial Implementation). The amended Rules for the Pricing Activities of the Governments, which have been adopted upon deliberation
at the director’s executive meeting of the National Development and Reform Commission, are hereby promulgated and shall go into effect
as of May 1, 2006.

Attachment: Rules for the Pricing Activities of the Governments

Ma Kai, Director of the National Development and Reform Commission

March 17, 2006

Rules for the Pricing Activities of the Governments

Article 1

With a view to regulating the pricing activities of the governments, making the pricing activities of the governments more scientific,
impartial and transparent, and protecting the legitimate rights and interests of consumers and business operators, the present rules
are formulated according to the Price Law of the People’s Republic of China.

Article 2

Where the competent departments of pricing or other relevant departments of the people’s governments at or above the provincial level
or the people’s governments at the municipal or county level as authorized by the provincial people’s governments (hereinafter referred
to as the pricing organs) set or adjust, according to law, the prices of goods and services subject to government-guidance prices
or government-set prices (hereinafter referred to as pricing activities), such activities shall be subject to the present rules.

Where it is prescribed otherwise by any law or regulation, such law or regulation shall prevail.

Article 3

The state shall implement and gradually improve the market-based prices and mechanism under the regulation and control of the macro
economy. The government pricing scope shall be determined according to Article 18 of the Price Law, and shall in practice base on
the central and regional pricing catalogues, which shall be adjusted at an appropriate time according to the social and economic
development and shall be publicized to the general public in a timely manner.

The pricing activities of the governments at the municipal or county level, which have been authorized by the corresponding provincial
governments, shall be put under the charge of their inferior affiliated competent departments of pricing.

The pricing organs shall set prices in light of their legitimate authorities, and shall not overstep their respective powers in any
pricing activity.

Article 4

The principles of fairness, openness, impartiality and efficiency shall be abided by in the pricing activities.

Article 5

The pricing activities shall accord with the social average cost of relevant goods or services, the market situation of their demand
and supply, the requirements for national economy and social development as well as social bearing capability. Where the price of
any good or service is closely related to its counterpart in the international market, the international price shall be referred
to.

The competent pricing department of the State Council and its counterparts of the provincial people’s governments may, in light of
different industrial features, determine the concrete principles of and measures for pricing.

Article 6

The pricing organs shall set prices at a proper time in pursuance of the situations of economic and social development as well as
the feedbacks from all social aspects.

Article 7

When setting prices, the pricing organs s shall, according to law, go through such procedures as investigation into prices (costs),
solicitation for social opinions, collective deliberation, decision on pricing, announcement and etc.

Where the cost supervisions and inspections, expert argumentations and price hearings are required by law, they shall be carried out
according to the relevant provisions.

Article 8

Consumers, business operators and other parties concerned (hereinafter referred to as the advisors) may bring forward suggestion
on pricing to the relevant pricing organs.

Article 9

The pricing organs may, when setting prices, require the relevant business operators and industrial organizations to provide the
relevant materials as required for the pricing.

Article 10

When setting prices, the pricing organs shall carry out an investigation into the situations of market supply and demand as well
as the social bearing capability, and make an analysis on the impacts on relevant industries and consumers.

Article 11

The pricing organs shall, when setting prices, carry out an investigation into the prices and costs.

Where any cost supervision and inspection is required according to law, it shall be implemented according to the relevant provisions
thereon.

Article 12

When setting prices for highly professional and technical commodities or services, the pricing organs shall employ the relevant experts
to hold an argumentation.

Article 13

If a hearing is required according to law when the pricing organs set any price, the competent pricing department of the government
shall hold the hearing and solicit for the opinions of consumers, business operators and other parties concerned. The concrete contents
of the hearing shall be subject to the relevant provisions on pricing hearings.

Where a hearing is not required by law, the pricing organs may solicit for the opinions of consumers, business operators and other
parties concerned by holding a symposium, in written form or via the Internet.

Article 14

The pricing organs shall, after fulfilling the procedures as prescribed in Articles 10 through 13 of the present rules, formulate
a pricing scheme that shall include the following contents:

(1)

The current price, the proposed price as well as the adjustment level per unit;

(2)

The basis and reasons for pricing;

(3)

Where any cost supervision and inspection is carried out, a report on cost supervision and inspection shall be attached;

(4)

The impact thereof on the relevant industries and consumers after a price is set;

(5)

Where an argumentation of experts is held, the Summary of Experts’ Argumentation Opinions shall be attached;

(6)

The opinions of consumers, business operators and the relevant parties concerned;

(7)

Where a hearing is held, the Summary of the Hearing shall be attached; and

(8)

The implementing time and scope of the price.

Article 15

The collective deliberation system shall be adopted in principle for formulating pricing schemes. The collective deliberation may
be held in the form of deliberation by the price deliberation committee or deliberation by the executive meeting.

The form of collective deliberation, composition of personnel and working rules shall be formulated by the pricing organs at or above
the provincial level.

Article 16

Where the competent pricing departments of the State Council or other departments set the price of any important commodity or service,
it shall, according to the relevant provisions, be reported to the State Council for approval.

Article 17

If the pricing organ is an industrial competent department, it shall solicit for the opinions of the competent pricing departments
at the same level in written form before any decision is made.

Article 18

Where the relevant pricing is deemed as necessary after a pricing plan has been collectively deliberated, the pricing organ shall,
at a proper time, make a decision on pricing, which shall include the following contents:

(1)

The items subject to pricing and the proposed price;

(2)

The basis for pricing;

(3)

The time and scope for implementing the price; and

(4)

The name of the pricing organ that has made the decision as well as the day when the decision is made.

The Decision on Pricing shall be affixed with the seal of the pricing organ that has made the decision on pricing.

Article 19

Apart form that any state secret is involved, after a decision on pricing is made, the pricing organ that has made the decision shall
publicize it to the general public via the media such as the designated newspapers and websites.

Article 20

The pricing organs shall establish and improve the internal supervision and restriction mechanism for pricing.

The competent pricing department at a higher level shall take charge of the supervision over the pricing activities of its inferior
competent pricing departments.

Any pricing activity conducted by the competent industrial department shall be subject to the supervision of the competent pricing
departments at the same level.

Article 21

If any advisor is involved in a pricing activity, the pricing organs shall, in a proper way, inform the advisor of the treatment
on his advice.

Article 22

After a decision on pricing is implemented, the pricing organ shall conduct follow-up investigation and supervision on the implementation
of the pricing decision, which shall include the following contents:

(1)

The implementation of the price and the existing problems thereabout;

(2)

The impact on the price as incurred from the business operation, costs, labor productivity and the fluctuation of the market situations
of supply and demand;

(3)

The market situations of supply and demand of the relevant goods or services as well as the price fluctuation; and

(4)

The opinions from all social aspects on the price as set.

Article 23

Where the pricing organ has any law-breaking act, the competent pricing department of the government shall carry out the corresponding
investigation and punishment according to the Price Law.

Article 24

Where any functionary of the pricing organs has any law-breaking act during the pricing activities and thus a crime is constituted,
he shall be subject to criminal liabilities according to law. Where a crime is not constituted, he shall be imposed upon an administrative
sanction according to law.

Article 25

The pricing organs shall, in accordance with the administrative rules for archival filing, establish pricing files and put them on
records.

Article 26

The competent pricing department of a province, autonomous region, or municipality directly under the Central Government may, according
to the present rules and in combination of the local situation, formulate the detailed implementation rules.

Article 27

The power to interpret the present rules shall remain with the National Development and Reform Commission.

Article 28

The present rules shall go into effect as of May 1, 2006. The Rules for the Pricing Activities of the Governments (for Trial Implementation)
as promulgated by the National Development and Reform Commission on December 16, 2001 shall be abolished simultaneously.

National Development and Reform Commission
2006-03-17

CIRCULAR ON COOPERATING WITH COMPETENT DEPARTMENTS OF COMMERCE ON THE ESTABLISHMENT ADMINISTRATION OF FOREIGN-INVESTED CONSTRUCTION ENTERPRISES AND FOREIGN-INVESTED CONSTRUCTION ENGINEERING DESIGN ENTERPRISES

the Ministry of Construction

Circular on Cooperating with Competent Departments of Commerce on the Establishment Administration of Foreign-invested Construction
Enterprises and Foreign-invested Construction Engineering Design Enterprises

Jian Shi Han [2006] No. 76

The construction departments of all provinces and autonomous regions, the construction commissions of all municipalities directly
under the Central Government, and the Construction Administrative Bureaus of Jiangsu and Shandong Provinces:

For the purpose of simplifying the examination and approval formalities for establishing foreign-invested enterprises, in accordance
with the Provisions on the Administration of Foreign-invested Construction Enterprises (Order No. 113 of the Ministry of Construction
and the Ministry of Foreign Trade and Economic Cooperation), the Provisions on the Administration of Foreign-invested Construction
Engineering Design Enterprises (Order No. 114 of the Ministry of Construction and the Ministry of Foreign Trade and Economic Cooperation),
the Ministry of Commerce printed and issued the Circular of the Ministry of Commerce on Entrusting the Provincial Commercial Administrative
Departments to Examine and Approve Foreign-invested Construction Enterprises (Shang Zihan [2005] No. 90) in January 2006, as well
as the Circular of the Ministry of Commerce on Entrusting the Provincial Commercial Administrative Departments to Examine and Administer
Foreign-invested Construction Engineering Design Enterprises (Shang Zihan [2005] No. 92 ), and the provincial commercial administrative
departments and the administrative committees of national economic and technological development zones are entrusted to examine and
approve the establishment of foreign-invested construction enterprises and foreign-funded construction engineering design enterprises.
For the purpose of cooperating the commercial administrative departments to do well in the work concerning the examination and approval
of the establishment of foreign-invested enterprises, we hereby notify the relative matters as follows:

Regarding an application for the level A+ or A qualification of a general contractor of construction or the level A qualification
of a professional contractor, the Ministry of Commerce should solicit the opinions from the Ministry of Construction as of the receipt
of application materials in accordance with Article 7 of the Provisions on the Administration of Foreign-invested Construction Enterprises,
however, as of the present circular, the provincial commercial administrative department shall solicit the opinions from the construction
administrative department at the same level in accordance with this Circular.

II.

Regarding an application for the level A qualification for construction engineering design or the level A or B qualification for any
other construction engineering design, the Ministry of Commerce should solicit the opinions from the Ministry of Construction as
of the receipt of application materials in accordance with Article 7 of the Provisions on the Administration of Foreign-invested
Construction Engineering Design Enterprises, however, as of the present circular, the provincial commercial administrative department
shall solicit the opinions from the construction administrative department at the same level in accordance with this Circular.

The provincial construction administrative departments shall strictly carry out the above-mentioned provisions; and shall, in accordance
with Article 22 of the Provisions on the Administration of Foreign-funded Construction Enterprises and the Measures of the Ministry
of Construction for the Implementation of the Relevant Qualification Administration in the Provisions on the Administration of Foreign-invested
Construction Enterprises (Jian Shi [2003] No. 73), make primary examination and approval on whether the enterprises have the qualifications
for directly applying for the same levels in the letters of local commercial administrative departments for soliciting opinions.

The relevant qualification administrative departments shall carry out specific examination on the qualifications for the enterprises
in accordance with the relative provisions on the qualification administration.

Ministry of Construction of the People’s Republic of China

March 29, 2006

the Ministry of Construction
2006-03-29

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Probate

NOTICE OF THE STATE COUNCIL ON IMPROVING THE BEARING MECHANISM OF CENTRAL AND LOCAL EXPORT TAX REFUND

MEASURES FOR THE ADMINISTRATION OF TAX DEDUCTION OR EXEMPTION (FOR TRIAL IMPLEMENTATION)

MEASURES OF THE GENERAL ADMINISTRATION OF CUSTOMS FOR NETWORKED SUPERVISION AND ADMINISTRATION OF PROCESSING TRADE ENTERPRISES

REPLY OF THE STATE COUNCIL ON THE DECISION THAT THE CONVENTION OF UNIFYING SEVERAL RULES ON INTERNATIONAL AIR TRANSPORT APPLIES TO HONG KONG SPECIAL ADMINISTRATIVE REGION

CIRCULAR OF THE MINISTRY OF FINANCE & THE STATE ADMINISTRATION OF TAXATION ON ADJUSTING THE STANDARD OF THE TAXABLE AMOUNT OF COAL RESOURCE TAX OF SICHUAN PROVINCE

MEASURES FOR ADMINISTRATIVE PUNISHMENT HEARINGS OF THE CUSTOMS OF PEOPLE’S REPUBLIC OF CHINA

LETTER OF CHINA BANKING REGULATORY COMMISSION CONCERNING APPROVING THE CHINA-BASED BRANCHES OF DBS BANK (HONG KONG) LIMITED TO LAUNCH OUT ON-LINE BANKING BUSINESS

ACCOUNTING STANDARD FOR BUSINESS ENTERPRISES NO. 9 – EMPLOYEE COMPENSATION

ACCOUNTING STANDARDS FOR ENTERPRISES NO. 24 – HEDGING

MEASURES FOR APPLICATION FOR THE USE OF SECURITIES INVESTOR PROTECTION FUNDS (FOR TRIAL IMPLEMENTATION)

RULES FOR THE PRICING ACTIVITIES OF THE GOVERNMENTS

CIRCULAR ON COOPERATING WITH COMPETENT DEPARTMENTS OF COMMERCE ON THE ESTABLISHMENT ADMINISTRATION OF FOREIGN-INVESTED CONSTRUCTION ENTERPRISES AND FOREIGN-INVESTED CONSTRUCTION ENGINEERING DESIGN ENTERPRISES

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