ENTERPRISE INCOME TAX LAW OF THE PEOPLE’S REPUBLIC OF CHINA

Order of the President of the People’s Republic of China

No. 63

The Enterprise Income Tax Law of the People’s Republic of China has been adopted at the 5th Session of the 10th National People’s
Congress of the People’s Republic of China on March 16, 2007. It is hereby promulgated and shall go into effect as of January 1,
2008.
President of the People’s Republic of China Hu Jintao

March 16, 2007

Enterprise Income Tax Law of the People’s Republic of China

(Adopted at the 5th Session of the 10th National People’s Congress of the People’s Republic of China on March 16, 2007)

Contents
Chapter I General Rules

Chapter II Taxable Income Amount

Chapter III Payable Tax Amount

Chapter IV Preferential Tax Treatments

Chapter V Withholding by Sources

Chapter VI Special Adjustments to Tax Payments

Chapter VII Administration of Tax Levy

Chapter VIII Supplementary Rules
Chapter I General Rules

Article 1

The enterprises and other organizations which have incomes (hereinafter referred to as the enterprises) within the territory of the
People’s Republic of China shall be payers of the enterprise income tax and shall pay their enterprise income taxes according to
the present Law.

The sole individual proprietorship enterprises and partnership enterprises are not governed by the present law.

Article 2

Enterprises are classified into resident and non-resident enterprises.

The term “resident enterprise” as mentioned in the present Law means an enterprise which is set up under Chinese law within the territory
of China, or set up under the law of a foreign country (region) but whose actual management organ is within the territory of China.

The term “non-resident enterprise” as mentioned in the present Law means an enterprise which is set up under the law of a foreign
country (region) and whose actual management organ is not within the territory of China but who has organs or establishments within
the territory of China, or who does not have any organ or establishment within the territory of China but who has incomes sourced
in China.

Article 3

For its incomes sourced from both inside and outside the territory of China, a resident enterprise shall pay the enterprise income
tax.

In case a non-resident enterprise sets up an organ or establishment within the territory of China, it shall pay enterprise income
tax on its incomes sourced inside the territory of China and incomes sourced outside the territory of China but actually connected
with the said organ or establishment.

In case a non-resident enterprise has no organ or establishment within the territory of China, or its incomes have no actual connection
to its organ or establishment inside the territory of China, it shall pay enterprise income tax on the incomes sourced inside the
territory of China.

Article 4

The enterprise income tax shall be levied at the rate of 25%.

In case a non-resident enterprise obtains incomes as mentioned in Paragraph 3, Article 3 of the present Law, the tax rate shall be
20%.

Chapter II Taxable Income Amount

Article 5

The balance after the tax-free and tax-exempt incomes, each deduction item as well as the permitted remedies for losses of the previous
year(s) being deducted from an enterprise’s total income amount of each tax year shall be the taxable income amount.

Article 6

An enterprise’s total income amount refers to the monetary and non-monetary incomes from various sources and includes:

(1)

income from selling goods;

(2)

income from providing labor services;

(3)

income from transferring property;

(4)

equity investment gains, such as dividend, bonus;

(5)

interest incomes;

(6)

rental income;

(7)

royalty income;

(8)

income from accepting donations; and

(9)

other incomes.

Article 7

The tax-free income refers to the following incomes which are included in the total income amount:

(1)

The treasury appropriations;

(2)

The administrative fees and the governmental funds which are levied in accordance with the law and fall under the treasury administration;
and

(3)

Other tax-free incomes as prescribed by the State Council.

Article 8

When calculating the taxable income amount, the reasonable expenditures which actually happened and have actual connection with the
business operations of an enterprise, including the costs, expenditures, taxes, losses, etc. may be deducted.

Article 9

As regards an enterprise’s expenditures for public welfare donations, the portion within 12% of the total annual profits is permitted
to be deducted.

Article 10

When calculating the taxable income amount, none of the following expenditures may be deducted:

(1)

Such equity investment gains as dividend, bonus paid to the investors;

(2)

Payment for enterprise income tax;

(3)

Late fee for taxes;

(4)

Pecuniary punishment, fines, and losses of confiscated properties;

(5)

Expenditures for donations other than those prescribed in Article 9 ;

(6)

Sponsorship expenditures;

(7)

Unverified reserve expenditures;

(8)

Other expenditures in no relation to the obtainment of revenues;

Article 11

An enterprise’s depreciations of fixed assets, which are calculated pursuant to the related provisions, are permitted to be deducted
in the calculation of the taxable income amount.

As regards any of the following fixed assets, no depreciation may be calculated for deduction:

(1)

The fixed assets which have not yet been put into use, among which houses and buildings are not included;

(2)

The fixed assets which are rented in through commercial lease;

(3)

The fixed assets which are rented out through finance leasing;

(4)

The fixed assets for which depreciation has been fully allocated but which are still in use;

(5)

The fixed assets in no relation to the business operations;

(6)

The land which is separately evaluated and entered into account as an item of fixed asset; and

(7)

Other fixed assets for which no depreciation may be calculated for deduction.

Article 12

An enterprise is allowed to deduct the amortized expenditures of intangible assets calculated under the related provisions when calculating
the taxable amount of incomes.

For the following intangible assets, no amortized expense may be calculated:

(1)

The intangible assets, which are developed by the enterprise itself and the expenditures have been deducted when calculating the taxable
income amount;

(2)

The self-created business reputation;

(3)

The intangible assets in no relation to the business operations; and

(4)

Other intangible assets for which no amortized expense may be calculated for deduction.

Article 13

The following expenditures incurred by an enterprise shall be deemed as long-term deferred expenditures when calculating the taxable
income amount. Those amortized pursuant to the related provisions are permitted to be deducted:

(1)

The expenditures for rebuilding a fixed asset, for which depreciation has been fully allocated;

(2)

The expenditures for rebuilding a rented fixed asset;

(3)

The expenditures for heavily repairing a fixed asset; and

(4)

Other expenditures which shall be deemed as long-term deferred expenditures.

Article 14

When calculating the taxable income amount, an enterprise may not deduct the costs of the investment assets during the period of
external investment.

Article 15

In case an enterprise uses or sells its inventories, it is permitted to deduct the costs of the inventories calculated pursuant to
the related provisions when calculating the taxable income amount.

Article 16

In case an enterprise transfers an asset, it is permitted to deduct the net value of the asset when calculating the taxable income
amount.

Article 17

An enterprise may not offset the losses of its overseas business organs against the profits of its domestic business organs in the
consolidated calculation of its enterprise income taxes.

Article 18

The losses suffered by an enterprise during a tax year may be carried forward and made up by the incomes during subsequent years,
however, the carry-forward period may not exceed 5 years.

Article 19

In case a non-resident enterprise obtains incomes as prescribed in Paragraph 3, Article 3 of the present Law, the following approaches
shall be adopted in calculation of its the taxable income amount:

(1)

As regards dividends, bonuses and other equity investment gains, interests, rentals and royalties, the taxable income amount shall
be the total income amount;

(2)

As regards incomes from assigning property, the taxable income amount shall be the balance of the total income amount less the net
value of the property; and

(3)

As regards other incomes, the taxable income amount shall be calculated according to the approaches as mentioned in the preceding
two items by analogy.

Article 20

The specific scope and standards of revenues and deductions, as well as the concrete tax treatment methods of assets as prescribed
in this Chapter shall be constituted by the treasury and tax administrative departments under the State Council.

Article 21

If the enterprise’s financial or accounting treatment method does not comply with any tax law or administrative regulation when calculating
the taxable income amount, the tax law or administrative regulation shall prevail.

Chapter III Payable Tax Amount

Article 22

The payable tax amount shall be the balance of the taxable amount multiplied by the applicable tax rate minus the tax amounts deducted
and exempted as prescribed in the present Law.

Article 23

In case an enterprise has already paid overseas the enterprise tax for the following incomes, it may deduct it from the payable tax
amount of the current period. The limit of tax credit shall be the payable tax amount on such incomes calculated under the present
Law. The part exceeding the limit of tax credit may, during the five subsequent years, be offset from the balance of the limit of
tax credit of each year minus the tax amount which ought to be offset in the current year:

(1)

A resident enterprise’s taxable incomes sourced from outside the territory of China; and

(2)

Taxable incomes obtained outside the territory of China by a non-resident enterprise having organs or establishments inside the territory
of China, but having actual connection with such organs or establishments.

Article 24

As regards the dividends, bonuses and other equity investment gains earned outside the territory of China by a resident enterprise
from a foreign enterprise which it controls directly or indirectly, the portion of income tax on this income paid outside the territory
of China by the foreign enterprise the territory of China may be treated as the allowable tax credit of the resident enterprise’s
overseas income tax amount and be deducted within the limit of tax credit as provided for in Article 23 of the present Law.

Chapter IV Preferential Tax Treatments

Article 25

The important industries and projects whose development is supported and encouraged by the state shall enjoy the preferential treatments
in enterprise income tax.

Article 26

An enterprise’s following incomes of shall be tax-free ones:

(1)

The interest incomes from treasury bonds;

(2)

Dividends, bonuses and other equity investment gains generated between qualified resident enterprises;

(3)

Dividends, bonuses and other equity investment gains which are obtained from a resident enterprise by a non-resident enterprise with
organs or establishments inside the territory of China and have actual connection with such organs or establishments; and

(4)

Incomes of qualified not-for-profit organizations.

Article 27

As regards the following incomes, the enterprise income tax may be exempted or reduced:

(1)

The incomes generated from the engagement in agriculture, forestry, husbandry and fishery;

(2)

The incomes generated from investment in and business operations of the important public infrastructure projects supported by the
state;

(3)

The income generated from the projects of environmental protection, energy and water saving and satisfying the related requirements;

(4)

The incomes generated from transferring technologies and satisfying the related requirements; and

(5)

The income as provided for in Paragraph 3, Article 3 of the present Law.

Article 28

As regards a small meagre-profit enterprise satisfying the prescribed conditions, the enterprise income tax shall be levied at a
reduced tax rate of 20%.

As regards important high-tech enterprises necessary to be supported by the state, the enterprise income tax shall be levied at the
reduced tax rate of 15%.

Article 29

The autonomous organ of an autonomous region of ethnic minorities may determine to reduce or exempt the enterprise income tax by
enterprises within the said autonomous region. In case the decision on deduction or exemption is made by an autonomous prefecture
or county, it shall be reported to the people’s government of the province, autonomous region, or municipality directly under the
Central Government for approval.

Article 30

An enterprise may additionally calculate and deduct the following expenditures in the calculation of the taxable income amount:

(1)

The expenditures for researching and developing new technologies, new products and new techniques; and

(2)

The wages paid to the disabled employees or other employees encouraged to hire by the State.

Article 31

In case a startup investment enterprise engages in important startup investments necessary to be supported and encouraged by the
state, it may deduct a certain proportion of the investment amount from the taxable income amount.

Article 32

In case an enterprise surely needs to accelerate the depreciation of any fixed asset by virtue of technological progress or for any
other reason, it may curtail the term of depreciation or adopt a method for accelerated depreciation.

Article 33

As regards the incomes earned by an enterprise from producing products complying with the industrial policies of the state by comprehensively
utilizing resources, the income may be downsized in the calculation of the amount of taxable incomes.

Article 34

As regards the amount of an enterprise’s investment in purchasing special equipment for protecting environment, saving energy and
water, work safety, etc., the tax amount may be deducted at a certain rate.

Article 35

The specific measures for the preferential tax treatments as referred to in the present Law shall be constituted by the State Council.

Article 36

The State Council may constitute special preferential policies on the enterprise income tax in case the national economic and social
development so requires, or the business operations of enterprises have been seriously affected by emergencies and other factors,
and submit them to the Standing Committee of the National People’s Congress for archival filling.

Chapter V Withholding by Sources

Article 37

The payable income taxes on the incomes obtained by a non-resident enterprise as prescribed in Paragraph 3, Article 3 of the present
Law shall be withheld by sources, with the payer acting as the obligatory withholder, who shall withhold the tax amount from each
payment or payment due.

Article 38

As regards the payable income taxes on the incomes obtained by a non-resident enterprise within the territory of China from undertaking
engineering projects or providing labor services, the payer of the project price or remuneration may be designated as the obligatory
withholder by the tax organ.

Article 39

In case the obligatory withholder has failed to withhold the income tax which ought to be withheld according to Articles 37 and 38
of the present Law or is unable to perform the withholding obligation, the taxpayer shall pay them at the place where the income
has occurred. In case the taxpayer fails to do so, the tax organ may recover the payable tax of the enterprise from its other income
items within the territory of China which ought to be paid by the payer.

Article 40

A obligatory withholder shall, within 7 days after the date of withholding, turn over to the state treasury the tax payments which
it withholds every time and submit a form of report on the withheld enterprise income taxes to the local tax organ.

Chapter VI Special Adjustments to Tax Payments

Article 41

As regards a transaction between an enterprise and its affiliated parties, in case the taxable revenue or income of the enterprise
or its affiliated parties reduces by virtue of the failure to conform to the arms length principle, the tax organ may, through a
reasonable method, make an adjustment.

As regards the costs of an enterprise and its affiliated parties for jointly developing or accepting intangible assets, or jointly
providing or accepting labor services, they shall, when calculating the taxable income amount, apportion them according to the arms
length principle.

Article 42

An enterprise may propose the pricing principles and calculation methods for the transactions between it and its affiliated parties
to the tax organ, the tax organ and the enterprise shall, upon negotiations and confirmation, achieve an advance pricing arrangement.

Article 43

When an enterprise submits its annual enterprise income tax returns to the tax organ, an annual report on the affiliated transactions
between it and its affiliated parties shall be attached.

When the tax organ investigates into the affiliated transactions, the enterprise and its affiliated parties, as well as other enterprises
in relation to the affiliated transactions under investigation, shall, according to the related provisions, provide the related materials.

Article 44

In case any enterprise refuses to submit the materials on transactions which happened between it and its affiliated parties, or provides
any false or incomplete material, on the basis of which the true information about the affiliated transactions cannot be reflected,
the tax organ may determine upon check its taxable income amount.

Article 45

As regards an enterprise which is set up in a country (region) where the actual tax burden is apparently lower than the tax rate
as prescribed in Paragraph 1 of Article 4 of the present Law by a resident enterprise or controlled by an resident enterprise or
by a Chinese resident, in case it fails to distribute the profits or decreases the distribution not by virtue of reasonable business
operations, the portion of the aforesaid profits attributable to this resident enterprise shall be included in its incomes of the
current period.

Article 46

As regards an enterprise’s interest expenditures for any credit investments and equity investments accepted from its affiliated parties,
in excess of the prescribed criterion, the enterprise may not deduct them when calculating the taxable income amount.

Article 47

In case an enterprise makes any other arrangement not for any reasonable commercial purpose, which causes the decrease of its taxable
revenue or income, the tax organ may, through a reasonable method, make an adjustment.

Article 48

In case the tax organ makes an adjustment to a tax payment pursuant to the provisions in this Chapter so that it is necessary to
recover the tax payment in arrears, it shall do so and charge an additional interest according to the provisions of the State Council.

Chapter VII Administration of Tax Levy

Article 49

The administration for levying enterprise income taxes shall be subject to the Law of the People’s Republic of China on Administering
Tax Levy in addition to the present Law.

Article 50

The tax payment place of a resident enterprise shall be its registration place unless it is otherwise provided for in any tax law
or administrative regulation. But in case its registration place is outside the territory of China, the tax payment place shall be
the place at the locality of its actual management organ.

As regards a resident enterprise which has set up operational organs without legal person status inside the territory of China, it
shall, on a consolidated basis, calculate and pay its enterprise income taxes.

Article 51

In case a non-resident enterprise earns any income as prescribed in Paragraph 2, Article 3 of the present Law, the tax payment place
shall be the place at the locality of the organ or establishment. In case a non-resident enterprise has set up two or more organs
or establishments within the territory of China, it may choose to have its main organ or establishment make a consolidated payment
of the enterprise income tax upon the examination and approval of the tax organ.

As regards a non-resident enterprise which earns any income as prescribed in Paragraph 3, Article 3 of the present Law, the place
at the locality of the obligatory withholder shall be the tax payment place.

Article 52

Enterprises may not pay their enterprise income taxes on a consolidated basis unless it is otherwise prescribed by the State Council.

Article 53

Enterprise income taxes shall be calculated on the basis of a tax year, which is from January 1 to December 31 of the Gregorian calendar
year.

In case an enterprise’s business operations are started or terminated in the middle of a tax year, which leads to its actual business
operation period in this tax year being shorter than 12 months, its actual business operation period shall constitute a tax year.

When an enterprise is under liquidation according to law, the liquidation period shall be a tax year.

Article 54

Enterprise income taxes shall, on the monthly or quarterly basis, be paid in advance.

An enterprise shall submit an enterprise income tax return for advance payment to the tax organ and pay the tax in advance within
15 days after the end of a month or quarter.

An enterprise shall submit an annual enterprise income tax return for the settlement of tax payments to the tax organ and settle the
payable or refundable amount of taxes within 5 months after the end of each year.

When an enterprise submits an enterprise income tax return, the financial statements and other related materials shall be attached
in accordance with the related provisions.

Article 55

In case an enterprise terminates its business operation in the middle of a year, it shall apply to the tax organ for calculating
and paying the enterprise income taxes of the current period within 60 days after the actual date for terminating its business operations.

Before the deregistration formalities are handled, an enterprise shall make a declaration to the tax organ and pay the enterprise
income taxes on the basis of the income of the liquidation.

Article 56

Enterprise income taxes to be paid pursuant to the present law shall be calculated on the basis of RMB. In case any income is calculated
on the basis of a currency other than RMB, the taxes shall, after such income converted into RMB, be calculated and paid.

Chapter VIII Supplementary Rules

Article 57

In case an enterprise has already been set up before the promulgation of the present Law and enjoys low tax rates in accordance with
the provisions of the tax laws and administrative regulations in force at that time, it may, in accordance with the provisions of
the State Council, continue to enjoy the preferential treatments within five years as of the promulgation of the present Law and
gradually transfer to the tax rate as prescribed in the present Law. In case an enterprise enjoys the preferential treatment of tax
exemption for a fixed term, it may, after the promulgation of this Law, continue to enjoy such treatment in accordance with the provisions
of the State Council until the fixed term expires. However, if an enterprise has failed to enjoy the preferential treatment by virtue
of failure to make profits, the term of preferential treatment may be counted as of the year when the present Law is promulgated.

As regards high-tech enterprises which are newly established with the key support of the State within the particular areas set up
by law for developing foreign economic cooperation and technological exchanges or the areas enjoying the abovementioned special policies
as provided for by the State Council, they may enjoy transitional preferential tax treatments. The specific measures thereof shall
be constituted by the State Council.

As regards other enterprises falling within the encouraged category as already determined by the State Council, they may, according
to the provisions of the State Council, enjoy the preferential treatment of tax reduction or exemption.

Article 58

In case any provision in a tax treaty concluded between the government of the People’s Republic of China and a foreign government
is different from the provisions in the present Law, the provision in the said treaty shall prevail.

Article 59

The State Council shall constitute a regulation for implementing the present Law.

Article 60

The present law shall go into effect as of January 1, 2008. The Income Tax Law of the People’s Republic of China Concerning Foreign-funded
Enterprises and Foreign Enterprises as adopted on April 9, 1991 at the 4th Session of the Standing Committee of the 7th National
People’s Congress and the Interim Regulation of the People’s Republic of China Concerning Enterprise Income Tax as promulgated on
December 13, 1993 by the State Council shall be concurrently abolished.

The Standing Committee of the National People’ Congress of the People’ Republic of China
2007-03-16

OPINIONS OF THE STATE ADMINISTRATION OF TAXATION UPON DOING WELL IN THE TAXATION SERVICE AND MANAGEMENT FOR THE OVERSEAS INVESTMENTS OF CHINESE ENTERPRISES

Opinions of the State Administration of Taxation upon Doing Well in the Taxation Service and Management for the Overseas Investments
of Chinese Enterprises

Guo Shui Fa [2007] No. 32

The state taxation bureaus and local taxation bureaus of each province, autonomous region, municipality directly under the Central
Government, and city specifically designated in the state plan,

For the purpose of implementing the instructions and ideas of the Central Government and the State Council regarding the encouragement
and regulation of the overseas investments of Chinese enterprises, and exercising the functions of tax, as regards doing well in
the taxation service and management for the overseas investments of Chinese enterprises, we hereby put forward the following opinions:

The important role the tax plays in the encouragement and regulation of overseas investments of Chinese enterprises shall be realized
sufficiently

The Central Government and the State Council, in light of the new tendency for opening to the outside world and the overall situation
for China’s economic development, makes the “going out” strategy for encouraging and regulating overseas investments of Chinese enterprises,
which is an important strategic measure and favors making full use of both international and domestic resources and markets, widening
the room for development of national economy, developing Chinese enterprises in furious international competition, and ensuring a
sustainable and fast development of national economy. Taxation is an important means for structuring incomes, regulating the economy
and adjusting the allocation. It plays an important promotion role in encouraging and regulating overseas investments of Chinese
enterprises.

In recent years, for the purpose of cooperating with the implementation of the “going out” strategy, China has constantly improved
its tax policies, constituted and carried out the interim measures for calculating and collecting taxes on overseas incomes, and
has preliminarily set down the taxation management rules for the overseas investments of Chinese enterprises, made more effort on
concluding and carrying out tax treaties, set up the mechanism of exchanging the tax-related information, regulated mutual negotiation
procedures, provided Chinese overseas investment enterprises with good taxation services on settling tax disputes, and protected
the interests of such enterprises preferably. However, in comparison with the requirements for encouraging and regulating the overseas
investments of Chinese enterprises and administrating tax scientifically and carefully, the taxation service and management on the
overseas investments of Chinese enterprises still have a certain gap and thus need further improving and regulating.

Therefore, the taxation authorities at each level shall further improve the awareness of the importance of taxation service and management
on the overseas investments of Chinese enterprises, and shall, according to the requirements for optimizing services, improving policies,
regulating management and reinforcing cooperation, strengthening organization and leadership, specify functions, adopt practical
measures, and do well in the related work.

Providing good taxation services for Chinese enterprises’ overseas investments

As the strategy of “going out” is implemented in the initial stage by China, and the overseas investments and the anti-risk ability
of Chinese enterprises are rather weak, the taxation authorities at each level shall comply with the principle of conducting the
management in the services and embodying the services in the management, provide a good taxation environment for Chinese overseas
investment enterprises in accordance with their requirements for taxation services, and have the taxation work defer to and serve
for the overall condition of China’s strategy of “going out”.

(1)

Constituting uniform taxation service guidelines for Chinese enterprises’ overseas investments. For encouraging and regulating Chinese
enterprises’ overseas investments, the aforesaid uniform taxation service guidelines will play an important guiding role, which mainly
include: tax treaties concluded between the governments of China and foreign countries as well as the interpretations thereof; current
tax policies and taxation administrative provisions of China concerning overseas investments and the rendering of labor services
to abroad; tax systems; and foreign countries’ laws on the administration of tax levying. The aforesaid uniform taxation service
guidelines will focus on offering countermeasures for tax-related disputes occurring when Chinese enterprises invest overseas and
render labor services abroad, the deduction measures when calculating and collecting taxes on overseas incomes, measures for reducing
and exempting overseas taxes, as well as the measures for making up the losses from overseas businesses, etc. The State Administration
of Taxation will take charge of Constituting uniform normalized taxation service guidelines for Chinese enterprises’ overseas investments,
and all the regions may, in light of their respective actuality and by referring to the said uniform taxation service guidelines,
constitute more pertinent service guidelines.

(2)

Smoothing out the tax propaganda and consultancy channels for Chinese enterprises’ overseas investments. The State Administration
of Taxation has opened a special column for propagandizing the tax for Chinese enterprises’ overseas investments at its portal so
as to publicize its taxation service guidelines; and all state taxation bureaus and local taxation bureaus at the provincial level
shall open a corresponding special propaganda and consultancy column at their respective portals, so as to help Chinese enterprises
timely know and grasp the tax-related laws, regulations, measures for administrating tax collection for overseas investments, and
conduct the taxation guidance for Chinese enterprises’ overseas investments. A special consultancy seat may be opened by any region
with a large number of Chinese overseas investment enterprises at the comprehensive service window in its tax service hall, so as
to provide the enterprises with fast, convenient and professional taxation consultancy services.

(3)

Reinforcing the taxation tutorship for Chinese overseas investment enterprises. The taxation authorities at each level shall conduct
various forms of taxation tutorship, and at a regular basis, hold special taxation trainings or special policy consultation meetings
to answer tax questions that concern Chinese overseas investment enterprises and provide more pertinent taxation services for such
enterprises. Tax functionaries in the competent enterprise taxation authority shall regularly visit such enterprises, acquaint with
and answer their tax problems encountered in the process of their overseas investments.

Implementing and perfecting the tax policies for Chinese enterprises’ overseas investments

The implementation and perfection of taxation policies for Chinese enterprises’ overseas investments is an important measure for safeguarding
the encouragement and regulation of Chinese enterprises’ overseas investments. For which, a good job should be done in two aspects
as follows:

(1)

Making more efforts to implementing the tax policies for Chinese enterprises’ overseas investments. Each region shall, in accordance
with the Income Tax Law on Foreign-invested Enterprises and Foreign Enterprises and the detailed rules for the implementation thereof,
the Interim Regulation Concerning the Enterprise Income Tax and the detailed rules for the implementation thereof, the tax treaties
and the related provisions of foreign countries on calculating and levying incomes taxes, conduct an inspection on the implementation
of related tax policies for Chinese enterprises’ overseas investments, seriously implement the policies for calculating overseas
incomes, making up the losses, calculating taxable incomes, deducting overseas taxes as well as reducing and exempting overseas taxes,
etc., and handle the problems of non-fulfillment and ineffective fulfillment; and as regards the goods purchased by Chinese overseas
investment enterprises and shipped abroad for investments, each region shall, according to current provisions on the export tax refund,
timely handle the export tax refund.

(2)

Reinforcing the investigation and research, and perfecting the related tax policies. Each region shall increase the investigation
and research efforts for the implementation conditions of current tax policies for overseas investments, including the business situation
for the overseas investments, the implementation of related tax policies, particularly, the problems faced during the implementation,
the reasons for such problems, the settlement opinions and suggestions, and shall report them to the State Administration of Taxation
in a timely manner.

Regulating and strengthening the administration of tax collection for Chinese enterprises’ overseas investments

As regards Chinese overseas investment enterprises, each region shall control its domestic tax sources, and at the same time, adopt
measures for reinforcing the administration of its overseas tax sources, as well as set down and implement the normalized tax management
rules and operational rules.

(1)

Setting down operational rules for administrating tax collection on Chinese enterprises’ overseas incomes. The State Administration
of Taxation will constitute the operational rules for administrating tax collection on overseas incomes and guide the grass-roots
taxation authorities to conduct the work according to current overseas income tax policies and management requirements as well as
the features of the occurrence of overseas incomes. Each region shall set down specific implementation measures by considering their
respective situation.

(2)

Regulating and strengthening the permanent household management. In accordance with legal provisions, an enterprise shall, when making
any overseas investment, go through the tax alteration registration in time at the competent tax authority; and each region shall,
on the basis of comprehensively changing tax registration certificates, conduct the inspections of the conditions on going through
the tax registration by Chinese overseas investment enterprises, keep informed of the enterprises’ overseas investments, and desist
collecting or administrating taxes by omission.

(3)

Regulating and strengthening the declaration of overseas incomes. Chinese overseas investment enterprises shall, in their annual tax
declarations, exactly reflect their overseas business profits, dividends, interests, royalties, property proceeds and other incomes;
and when making annual declaration of incomes tax, such an enterprise shall report to the competent taxation authority the organizational
structure and business situation, financial systems, financial statements for its overseas investment as well as the account auditing
report made by the certified accountants of the country where the investment is put. Each region shall urge the enterprises to fulfill
the obligation of reporting related materials and making tax declaration in time.

(4)

Regulating and strengthening the taxation inspection of overseas incomes. As regards main contents and features of the taxation administration
of Chinese enterprises’ overseas investments, all regions shall constitute operational rules for overseas income tax payment evaluation
and taxation inspection, find out and deal with tax risks in Chinese enterprises’ overseas investments in a timely manner; meanwhile,
shall make more efforts on the anti-tax avoidance of Chinese overseas investment enterprises, and focus on the audit of the incomes
from tax paradises and overseas subsidiaries subject to Chinese parent companies.

Reinforcing the coordination and cooperation with all departments concerned

The taxation service and management on Chinese enterprises’ overseas investments involve the coordination and cooperation with plural
internal departments of taxation authorities, cannot run without the care and support of departments concerned in the governments
at each level, and still need the support and coordination of the taxation authorities around the world and related international
organizations. For doing a good job in the taxation service and management regarding the overseas investments of Chinese enterprises,
the reinforcement of departmental cooperation and even international cooperation plays an important role.

(1)

Reinforcing the internal cooperation with taxation authorities. As the taxation service and management on Chinese enterprises’ overseas
investments involve several internal departments of taxation authorities, the leaders thereof at each level shall pay more attention,
make overall plans and consider each factor, divide their work reasonably, specify their duties. And the international taxation management
department shall take the lead and the functions of other departments shall be exerted, so as to form a working situation that all
departments concerned are of one mind and make concerted efforts.

(2)

Reinforcing the cooperation with governmental departments concerned. The taxation authorities at each level shall set up an information
communication mechanism with the departments of commerce, foreign exchange, development and reform, customs, and trade promotion,
etc., so as to regularly exchange the information on Chinese enterprises’ overseas investments and coordinate to reinforce the cooperation
with other departments.

(3)

Reinforcing the international taxation cooperation. The State Administration of Taxation will further strengthen the cooperation with
and actively exchange information with the taxation authorities of the countries where Chinese enterprises invest; build a mutual
aid mechanism of tax collection administration with the countries where many Chinese enterprises invest, conduct taxation investigations
and the evidence obtaining work on Chinese enterprises’ overseas investments through authorized delegates’ visits and taxation inspections
for the same period; and will also reinforce the cooperation with international organizations such as UNDP and OECD, and bring into
full play such international conferences and mechanisms as the SGATAR meeting and the meeting of tax directors of 10 countries China
has joined in. All regions shall timely provide the State Administration of Taxation with the tax information and materials, submit
the business demands for international taxation cooperation, and do well in all work in relation to international taxation cooperation
in light of the uniform requirements made by the State Administration of Taxation.

All regions shall, prior to the end of October 2007, report its implementation of the present Opinions to the State Administration
of Taxation (International Taxation Department).

The State Administration of Taxation

March 20, 2007

The State Administration of Taxation
2007-03-20

REGULATIONS ON ADMINISTERING COMMERCIAL FRANCHISES

Order of the State Council

No. 485

The Regulations on Administering Commercial Franchises have been adopted at the 167th executive meeting of the State Council on January
31, 2007. They are hereby promulgated and shall go into effect on May 1, 2007.
Premier Wen Jiabao

February 6, 2007

Regulations on Administering Commercial Franchises
Chapter I General Rules

Article 1

For the purpose of regulating commercial franchises, promoting the healthy and orderly development of the commercial franchise industry
and maintaining the market order, the present Regulations are formulated.

Article 2

The present Regulations shall apply to the activities of engaging in commercial franchise within the territory of the People’s Republic
of China.

Article 3

The term “commercial franchise” (hereinafter referred to as “franchise”) as mentioned in the present Regulations means such business
operations by which an enterprise that possesses a registered trademark, enterprise mark, patent, know-how or any other business
resource (hereinafter referred to as “franchiser”) confers the aforesaid business resource to any other business operator (hereinafter
referred to as “franchisee”) through contract, and the franchisee conducts business operations under the uniform business model as
stipulated by the contract, and pay franchising fees to the franchiser.

No entity or individual other than enterprises may conduct franchise business as a franchiser.

Article 4

For engagement in franchise activities, the principles of free will, fairness, honesty and good faith shall be followed.

Article 5

The commerce department under the State Council shall take charge of supervising and administrating the franchise industry all over
the country in accordance with the present Regulations. The commerce department of each province, autonomous region, or municipality
directly under the Central Government and the commerce department of the people’s government of the cities divided into districts
shall take charge of supervising and administrating the franchise industry within its own jurisdiction in accordance with the present
Regulations.

Article 6

Any entity or individual is enpost_titled to tip off any act with violation of the present Regulations to the commerce department, and
the commerce department shall, after receiving such tip-off, handle it promptly.

Chapter II Franchised Operations

Article 7

For engaging in franchise activities, a franchiser shall have a mature business model and be capable of providing the franchisee
with consecutive business guidance, technical support, business training and other services.

A franchiser for engaging in franchise activities shall have two direct sales stores at least, and have conducted such business for
more than one year.

Article 8

A franchiser shall, within 15 days after the subscription of a franchise contract for the first time, submit it to the commerce department
for archival filing in accordance with the present Regulations. In case a franchiser engages in any franchised operations within
the scope of a province, autonomous region, or municipality directly under the Central Government, it shall report to the commerce
department of the province, autonomous region or municipality directly under the Central Government for archival filling; and in
case a franchiser engages in any franchised operations within the scope of two or more provinces, autonomous regions, or municipalities
directly under the Central Government, it shall report to the commerce department under the State Council for archival filling.

A franchiser shall, for the archival filing, submit the commerce department the following documents and materials:

(1)

a copy of the business license or enterprise registration certificate;

(2)

a sample of the franchise contract;

(3)

a brochure for franchised operations;

(4)

a market plan;

(5)

a written commitment and related certification materials testifying that the provisions in Article 7 of the present Regulations are
satisfied ; and

(6)

other documents and materials as prescribed by the commerce department under the State Council.

Where the product or service for franchise cannot be dealt in until it is approved, the franchiser shall also submit a related approval
document.

Article 9

The commerce department shall conduct the archival filing and notify the franchiser within 10 days after its receipt of the documents
and materials as provided for in Article 8 of the present Regulations. Where the documents or materials reported by the franchiser
are incomplete, the commerce department may require the franchiser to supplement related documents or materials within 7 days.

Article 10

The commerce department shall publish a name list of franchisers, which have been put on archives, on the government website, and
timely renew the name list.

Article 11

For engaging in franchise activities, the franchiser and the franchisee shall conclude a written franchise contract.

A franchise contract shall cover the main contents as follows:

(1)

basic information in respect of the franchiser and the franchisee;

(2)

contents and term of the franchise;

(3)

type, amount and payment method for the franchising fees;

(4)

concrete contents and methods for providing business guidance, technical support, business training and other services;

(5)

quality, standards for the product or service and guaranty measures;

(6)

sales promotion, advertising and publicity in respect of the product or service;

(7)

the protection of consumers’ rights and interests and the assumption of compensation liabilities in the franchise;

(8)

alteration, release and termination of the franchise contract;

(9)

liabilities for breach of the contract;

(10)

dispute resolution methods; and

(11)

other matters as agreed upon by the franchiser and the franchisee.

Article 12

It shall be stipulated in the franchise contract concluded between the franchiser and the franchisee that the franchisee may unilaterally
terminate the contract within a certain term after the franchise contract has been signed.

Article 13

Unless it is otherwise agreed upon by the franchisee, the franchise term as stipulated in the franchise contract may not be less
than three years.

When the franchiser and the franchisee renew the franchise contract, the preceding paragraph may not apply.

Article 14

A franchiser shall provide its franchisees with a brochure for franchised operations, and shall continuously provide business guidance,
technical support and business trainings, etc. to the franchisees in accordance with the stipulated contents and methods.

Article 15

The quality and standards of the product or service for franchise shall comply with the laws, administrative regulations and the
related requirements of the State.

Article 16

Where a franchiser requires a franchisee to pay expenses before the subscription of the franchise contract, it shall explain to the
franchisee in respect of the purposes of these expenses and the conditions and method for the refund of these expenses in written
form.

Article 17

The promotion and publicity expenses as collected by a franchiser from a franchisee shall be used for the purposes as agreed upon
in the contract. The information in respect of the use of promotion and publicity expenses shall be released to the franchisee in
a timely manner.

A franchiser may not resort to frauds or misleading in the promotion or publicity, and the advertisements it publicized may not include
any publicity content that any franchisee has gained proceeds from engaging in the franchise.

Article 18

A franchisee may not transfer the franchise to anyone else without consent of the franchiser.

A franchisee may not divulge the business secret of the franchiser to which it has accessed to anyone else or allow anyone else to
use it.

Article 19

A franchiser shall report to the commerce department the information in respect of the subscription of franchise contracts in the
previous year in the first quarter every year.

Chapter III Information Disclosure

Article 20

A franchiser shall set up and carry out a perfect information disclosure system in accordance with the provisions as prescribed by
the commerce department of the State Council.

Article 21

A franchiser shall provide the franchisee with the information as prescribed in Article 22 of the present Regulations and the text
of the franchise contract in written form at least 20 days before the subscription of a franchise contract.

Article 22

A franchiser shall provide the franchisee with the information as follows:

(1)

the name, domicile, legal representative, registered capital, business scope of the franchiser and basic information in respect of
the franchised operations;

(2)

the basic information in respect of the registered trademark, enterprise mark, patent, know-how and business model of the franchiser;

(3)

type, amount of franchising fees and payment method (including whether the guaranty bonds should be collected as well as the conditions
and methods for refunding guaranty bonds);

(4)

prices and requirements for providing the franchisee with products, services and equipments;

(5)

specific contents of business guidance, technical support, business training and other services to be continuously provided to the
franchisee as well as the providing methods and implementation plans;

(6)

concrete measures for guiding and supervising the business activities of the franchisee;

(7)

the investment budget for the franchise outlet;

(8)

the quantity, distribution and business evaluation of franchisees currently existing within the territory of China;

(9)

digests of the financial statements and audit reports for the recent two years as audited by the accountant firm;

(10)

the conditions in respect of franchise-related lawsuits and arbitration for the recent five years;

(11)

in case the franchiser or its legal representative has any record of major illegal business operations; and

(12)

other information as prescribed by the commerce department under the State Council.

Article 23

A franchiser shall provide its franchisees with authentic, accurate and complete information, and may not conceal any related information
or provide false information.

Where any significant change has occurred to the information provided by a franchiser to any of its franchisees, the franchiser shall
timely notify it to the franchisee.

If a franchiser conceals any related information or provides false information, the franchisee may terminate the franchise contract.

Chapter IV Legal Liabilities

Article 24

Where a franchiser does not satisfy the requirements as prescribed in Paragraph 2 of Article 7 of the present Regulations but engages
in the franchise activities, the commerce department shall order it to make corrections, confiscate its illegal proceeds, impose
a fine of more than 100,000 Yuan but less than 500,000 Yuan thereon, and make an announcement in respect of it.

Where an entity or individual, which does not possess an enterprise statues, engages in franchise activities as a franchiser, the
commerce department shall order it/him to cease the illegal business operations, confiscate its/his illegal proceeds, and impose
a fine of more than 100,000 Yuan but less than 500,000 Yuan thereon.

Article 25

Where a franchiser fails to put itself on the archives of the commerce department in accordance with Article 8 of the present Regulations,
the commerce department shall order it to do so within a fixed period, and impose a fine of more than 10,000 Yuan but less than 50,000
Yuan thereon; and in case it fails to do so within the fixed period, it shall be fined more than 50,000 Yuan but less than 100,000
Yuan, and an announcement shall also be delivered.

Article 26

Where a franchiser violates Article 16 or 17 in the present Regulations, the commerce department shall order it to make corrections,
and may impose a fine of less than 10, 000 Yuan; in the case of serious circumstances , it shall be fined more than 10,000 Yuan but
less than 50,000 Yuan, and an announcement shall also be delivered.

Article 27

Where a franchiser violates Paragraph 2 of Article 17 in the present Regulations, the commerce department shall order it to make
corrections, and impose a fine of more than 30,000 Yuan but less than 100,000 Yuan thereon; in the case of serious circumstances,
it shall be fined more than 100,000 Yuan but less than 300,000 Yuan, and an announcement shall also be delivered; and if a crime
is committed, it shall be subject to criminal liabilities.

Where a franchiser conducts frauds or misleading by making use of advertisements, it shall be punished in accordance with the related
provisions in the Advertising Law.

Article 28

Where a franchiser violates Article 21 or 23 of the present Regulations, and a franchisee tips it off to the commerce department
and, upon verification, the tip-off is found to be true, the commerce department shall order the franchiser to make corrections and
impose a fine of more than 10,000 Yuan but less than 50,000 Yuan thereon; and in the case of serious circumstances, it shall be fined
more than 50,000 Yuan but less than 100,000 Yuan, and an announcement shall also be delivered.

Article 29

Where any entity or individual cheats the property of someone else in the name of franchise and commits a crime, it or he shall be
subject to criminal liabilities; and in case no crime is committed, it or he shall be punished by the pubic security organ in accordance
with the Law of the People’s Republic of China on Public Security Administrative Punishments.

Where any entity or individual engages in pyramid selling in the name of franchise, it or he shall be punished in accordance with
the Regulation on Prohibiting the Pyramid Selling.

Article 30

Where any functionary of the commerce department abuses his authorities, neglects his duties or resorts to cheats and a crime is
committed, he shall be subject to criminal liabilities; and if no crime is committed, he shall be punished in accordance with law.

Chapter V Supplementary Rules

Article 31

The license of trademarks and patents in relation to the franchised operations shall be handled in accordance with the laws and administrative
regulations on trademarks and patents.

Article 32

Related associations and organizations shall, under the guidance of the commerce department of the State Council, set down the provisions
on franchises in accordance with the present Regulations, intensify guild self discipline, and provide related services to the parties
involved in the franchise.

Article 33

Any franchiser engaging in franchise activities before the implementation of the present Regulations shall be put on the archives
of the commerce department in accordance with the present Regulations; and where it fails to do so within the time limit, it shall
be punished in accordance with Article 25 of the present Regulations.

The franchiser prescribed in the preceding paragraph does not apply to the provisions in Paragraph 2 of Article 7 of the present
Regulations.

Article 34

The present Regulations shall go into effect as of May 1, 2007.

The State Council
2007-02-06

ANNOUNCEMENT NO. 35, 2007 OF MINISTRY OF COMMERCE ON PROMULGATING LIST FOR ENTERPRISES QUALIFIED FOR EXPORT LICENSE APPLICATION STANDARDS FOR NATURAL SAND

Announcement No. 35, 2007 of Ministry of Commerce on Promulgating List for Enterprises Qualified for Export License Application Standards
for Natural Sand

[2007] No. 35

In accordance with Announcement No. 26, 2007 of Ministry of Commerce and General Administration of Customs, the List for Enterprises
Qualified for Export License Application Standards for Natural Sand is now promulgated.

Appendix: List for Enterprises Qualified for Export License Application Standards for Natural Sand

Ministry of Commerce

March 22, 2007
Appendix:
List for Enterprises Qualified for Export License Application Standards for Natural Sand

GUANGDONG METALS & MINERALS IMPORT & EXPORT GROUP CORPORATION

GUANGDONG DOUMEN METALS & MINERALS IMPORT & EXPORT GROUP CORPORATION

GUANGDONG XINGUANG INTERNATIONAL GROUP

ZHONSHAN QIXING INTERNATIONAL ECONOMIC & TECHNICAL COOPERATION CO., LTD

SHENZHEN JINHE IMP. & EXP. CO., LTD

ZHUHAI NANTIAN AGRICULTURAL IMP. & EXP. CO., LTD

Ministry of Commerce
2007-03-22

CIRCULAR OF THE MINISTRY OF COMMERCE ON ENTRUSTING CHANGSHA NATIONAL ECONOMIC & TECHNICAL DEVELOPMENT ZONE TO EXAMINE, APPROVE AND ADMINISTER THE RELEVANT WORK ON FOREIGN-INVESTED ENTERPRISES IN SOME SERVICE TRADE SECTORS

Circular of the Ministry of Commerce on Entrusting Changsha National Economic & Technical Development Zone to Examine, Approve
and Administer the Relevant Work on Foreign-invested Enterprises in Some Service Trade Sectors

Shang Zi Han [2007] No. 25

Hunan People’s Government, Changsha Municipal People’s Government and Changsha National Economic & Technical Development Zone,

Pursuant to Some Opinions on Further Promoting the Development Level of National Economic and Technical Development Zones (Guo Ban
Fa [2005] No. 15) as forwarded by the General Office of the State Council to the Ministry of Commerce, the Ministry of Land and Resources
and the Ministry of Construction as well as the provisions of the Ministry of Commerce on the authorized examination, approval and
administration of foreign-funded enterprises, the Ministry of Commerce has finished the archival filing, examination and approval
of the management systems of all the national economic and technological development zones and the connected network for examination
and approval of foreign capital. The related matters are hereby notified as follows:

Upon research, we hereby authorize the Management Committee of Changsha National Economic & Technical Development Zone to be responsible
for examining, approving and administrating the foreign-funded enterprises in related service trade sectors set up inside its zone
for the purpose of encouraging and supporting the national economic and technological development zones to vigorously develop the
high value-added service industries.

The Management Committee of Changsha National Economic & Technical Development Zone shall, in strict accordance with the laws
and regulations on foreign investments as well as the related provisions on foreign-funded enterprises of non-vessel shipping, construction,
printing, construction engineering design, road transport, commerce and international freight forwarding (see appendix), carefully
examine and approve the related foreign-funded enterprises set up within its zone, and report the related problems found in the work
to the Ministry of Commerce in a timely manner. The Ministry of Commerce shall implement the inspection of the aforesaid examination,
approval and administration, and cancel the authorization to a national economic and technological development zone which commits
illegal examination and approval during the course of authorization.

The Management Committee of Changsha National Economic & Technical Development Zone shall conduct a good job in examination and
approval, archival filing and statistical work in strict accordance with the requirements of the Ministry of Commerce for networking
and online joint annual inspection and by taking advantage of the networking certification system for foreign-funded enterprises.
The related statistical data shall be in line with the requirements so that the Ministry of Commerce can keep informed of the situation
and strengthen supervision.

Changsha National Economic & Technical Development Zone, the management system of which needs to be improved, has not set up an
independent finance department yet. Changsha National Economic & Technical Development Zone shall keep a close eye on and further
resolve the problems in the management system, keep a concise and efficient management system, and improve the level for examining,
approving and administrating the foreign-funded enterprises. Where any management system problem that may affect the work on examining,
approving and administrating the foreign-funded enterprises is found, this Ministry will withdraw the authorized power of examination,
approval and administration immediately.

This circular shall enter into force as of the promulgation date.

Ministry of Commerce

February 12, 2007
Appendix:
Related documents on entrusting the competent provincial departments of commerce to examine, approve and Administer foreign-funded
service trade Enterprises

Circular of the Ministry of Commerce on Entrusting the Competent Provincial Departments of Commerce to Examine and Manage Foreign-funded
Non-vessel Shipping Enterprises (Shang Zi Han [2005] No. 89)

Circular of the Ministry of Commerce on Entrusting the Provincial Administrative Departments of Commerce to Examine, Approve and Administer
the foreign-funded Construction Enterprises (Shang Zi Han [2005] No. 90)

Circular of the Ministry of Commerce on Entrusting the Administrative Departments of Commerce at the Provincial Level to Examine and
Administer the Foreign-funded Printing Enterprises (Shang Zi Han [2005] No. 91)

Circular of the Ministry of Commerce on Entrusting the Administrative Departments of Commerce at the Provincial Level to Examine and
Administer the Foreign-funded Designing Enterprises for Engineering Projects (Shang Zi Han [2005] No. 92)

Circular of the Ministry of Commerce on Entrusting the Competent Provincial Departments of Commerce to Examine and Manage Some Foreign-funded
Road Transport Enterprises (Shang Zi Han [2005] No. 93)

Circular of the Ministry of Commerce on Entrusting Local Departments to Check Foreign-funded Commercial Enterprises (Shang Zi Han
[2005] No. 94)

Circular of the Ministry of Commerce about the related Issues on Entrusting National Economic and Technical Development Zones to Examine
and Approve foreign-funded Commercial Enterprises and International Freight Forwarding Enterprises (Shang Zi Han [2005] No. 102)

Measures for the Administration of Foreign-funded International Freight Forwarding Enterprises (Decree No. 19, 2005 of the Ministry
of Commerce)

Ministry of Commerce
2007-02-12

INTERIM MEASURES FOR THE ADMINISTRATION OF FUTURES INVESTOR SAFEGUARD FUNDS

Decree No.38 of China Securities Regulatory Commission

No.38

The Interim Measures for the Administration of Futures Investor Safeguard Funds have been deliberated and adopted by China Securities
Regulatory Commission and the Ministry of Finance. They are hereby promulgated and shall enter into force as of August 1, 2007.

Chairman of China Securities Regulatory Commission Shang Fulin

Minister of Ministry of Finance of the People’s Republic of China Jin Renqing

April 19, 2007

Interim Measures for the Administration of Futures Investor Safeguard Funds
Chapter I General Rules

Article 1

In accordance with the Regulation on the Administration of Futures Trading, the present measures are formulated in order to protect
the legitimate rights and interests of futures investors.

Article 2

Futures investor safeguard fund (hereinafter referred to as safeguard fund) is a fund that is exclusively used for compensating investors’
losses of guaranty money when futures companies are in serious violation of related laws or rules, or fail to do well in risk control,
which may lead to a shortfall of guaranty money and severely endangers social stability and the safety of the futures market.

Article 3

Performing futures trading activities shall observe the principles of openness, fairness, justice and that investors shall make investment
decisions independently and assume responsibility for investment risks on their own.

In case any investor suffers losses from the fluctuation of the futures market or the change of the value of the product he/it invests
in, he shall assume the losses independently.

Article 4

Safeguard funds shall be raised according to the principle of taking from the market and being used for the market.

Article 5

Safeguard funds shall be uniformly managed and planned as a whole by China Securities Regulatory Commission.

Article 6

Management and operation of safeguard funds shall be implemented observing the principles of openness, reasonableness and effectiveness.

Article 7

The use of safeguard funds shall be performed observing the principles of ensuring the legitimate rights and interests of investors,
fair aid and making compensations on a pro ratio basis.

Chapter II Raise of Safeguard Funds

Article 8

The administrative organ of safeguard funds shall set up an exclusive account in the name of safeguard fund, and this account shall
be exclusively used for depositing safeguard funds.

Article 9

The start-up capital of safeguard funds shall be formed by a futures exchange with 15 percent of the total amount of risk reserves
as accumulated up to December 31st, 2006. The follow-up capital of a safeguard fund shall include:

(1)

Payment of 3 percent of the transaction commission charges as collected by the futures exchange against the futures company members;

(2)

Payment of 0.0005 percent to 0.0010 percent of the vicegerent trading volume made by futures companies out of their transaction commission
charges;

(3)

Other legal property recovered or accepted by the administrative organ of safeguard funds.

As for a futures company that has higher risks because of the deterioration of financial condition thereof or its failure to do well
in risk control, it shall pay the safeguard funds at a proportion whichever is higher, and the specific payment proportion of each
futures company shall be determined by China Securities Regulatory Commission according to the risk status of the company respectively.
All futures exchanges or futures companies shall list the safeguard funds as paid by themselves under its business cost.

Article 10

A futures exchange shall transfer the start-up capital that it shall pay into the exclusive account of safeguard funds within one
month as of the implementation of the present measures.

Futures exchanges and futures companies shall pay follow-up capital on quarterly manner. A futures exchange shall pay its due safeguard
funds of the previous season within 15 workdays as of the end of each season, and withhold and remit the safeguard funds that shall
be paid by futures companies at the proportion as prescribed of Article 9 in the present measures.

Article 11

In the case of any of the following circumstances, futures exchanges or futures companies may temporarily suspend the payment of
safeguard funds upon the approval of China Securities Regulatory Commission and the Ministry of Finance:

(1)

The total amount of safeguard funds reaches RMB 800 million;

(2)

It is suffering from a gross unexpected market risk or force majeure.

The scale, payment proportion and payment mode of safeguard funds shall be determined and adjusted by China Securities Regulatory
Commission according to the status of the futures market development and the market risk level, etc.

Article 12

Sources of safeguard funds may be diversified. Safeguard funds may accept private donations or any other legal property. The interests
as incurred from the safeguard funds and various kinds of incomes gained from operations thereof as well as other fruits incurred
shall fall into the safeguard fund.

Chapter III Management and Supervision of Safeguard Funds

Article 13

China Securities Regulatory Commission and the Ministry of Finance may designate a related organ to serve as the administrative organ
of safeguard funds, which manage safeguard funds on their behalf.

Article 14

The management of safeguard funds shall be performed in light of the principles of safety, stability and soundness to ensure the
safety of safeguard funds.

Safeguard funds may only be used for bank deposit, purchasing national bonds, bonds of the central bank (including instruments of
the central bank) and financial bonds as issued by central banking institutions, and in any other method as approved by China Securities
Regulatory Commission and the Ministry of Finance.

Article 15

Safeguard funds shall be used under independent management and separate accounts and be effectively isolated from other assets that
are under the management of the administrative organ of safeguard funds.

The administrative organ of safeguard fund shall prepare reports relating to the raising, management and use of safeguard funds on
regular manner, and shall submit the said reports to China Securities Regulatory Commission and the Ministry of Finance after audited
by an accounting firm.

Article 16

The administrative organ of safeguard funds, futures exchanges and futures companies shall appropriately keep the accounting vouchers,
account books, financial statements and other materials concerning the safeguard funds and ensure the integrity and genuineness of
the related accounting records and files.

Article 17

The Ministry of Finance shall take the responsibility of surveilling the financial affairs of safeguard funds. The annual revenue
and expenditure plan and final settlement of the account of safeguard funds shall be reported to the Ministry of Finance for approval.

Article 18

China Securities Regulatory Commission shall take the responsibility of surveilling the business operations of safeguard funds, and
shall make examination and inspection concerning the raising, management and use of safeguard funds regularly. China Securities Regulatory
Commission shall regularly report the general risk status of futures companies to the administrative organ of safeguard funds. A
futures company with moderately high risks shall submit its financial surveillance statements to the administrative organ of safeguard
funds on a monthly basis.

Chapter IV Use of Safeguard Funds

Article 19

In case a futures company is in serious violation of related laws and rules or fails to do well in risk control leading to shortfall
of any guarantee money, China Securities Regulatory Commission may make a decision on using the safeguard funds thereof to compensate
for the undischarged losses of guarantee money suffered by the investor in accordance with the present measures.

Article 20

With respect to the losses of guarantee money as suffered by a futures investor, it shall be compensated with the safeguard funds
thereof subject to the principles as follows:

(1)

As for the losses suffered by an individual investor, the part below RMB 100,000(including RMB 100,000) shall be compensated in full
amount, while the part exceeding RMB 100,000 shall be compensated at the rate of 90 percent;

(2)

As for the losses suffered by an institutional investor, the part below RMB 100,000 shall be compensated in full amount, while the
part exceeding RMB 100,000 shall be compensated at the rate of 80 percent.

If the current safeguard fund is not enough to make the compensation, the follow-up capital of safeguard funds shall be used to make
the compensation.

Article 21

China Securities Regulatory Commission and the administrative organ of safeguard funds shall surveil the related futures company
to verify the investors’ rights and interests and losses of guarantee money, actively liquidate its assets and convert them into
cash, and shall make up the shortfall of guarantee money firstly with its self-owned capital and the cash as converted from assets
liquidation before using any safeguard fund. It may make a decision of using the safeguard funds only when its own capital is not
enough to make up the shortfall or in the case of any emergency.

Article 22

As for the losses of guarantee money as suffered by an investor for his/its participation in illegal futures trading, it may not
be compensated with safeguard funds. In the case of any participation of an institutional investor in futures trading in the name
of an individual, the losses it suffered shall be compensated in accordance with the rules relating to compensation for institutional
investors.

Article 23

The administrative organ of safeguard fund shall acquire the right to be compensated accordingly after any safeguard fund is used
for compensating the losses of guarantee money as suffered by a futures investor, and may participate in the liquidation of futures
companies in accordance with related laws.

Article 24

The administrative organ of safeguard fund shall timely report the circumstances concerning the use, compensation and recovery of
safeguard funds to China Securities Regulatory Commission and the Ministry of Finance.

Chapter V Penalty Rules

Article 25

In case any futures company is in serious violation of related laws or fails to do well in risk control leading to any shortfall
of guarantee money, China Securities Regulatory Commission shall impose a punishment on it and revoke its futures business license
in accordance with Articles 70 and 71 of the Regulation on the Administration of Futures Trading. If it is suspected of being involved
in any crime, it shall be transferred to the judicial authorities.

Article 26

In case any futures exchange or futures company is in violation of the present measures by way of deferring the payment or refusing
to make payment of its safeguard funds or failing to keep and file the related information and materials as requested, it shall be
punished by China Securities Regulatory Commission in accordance with Articles 68 and 70 of the Regulation on the Administration
of Futures Trading.

Article 27

As for any individual or entity committing misappropriating, encroaching or defrauding safeguard funds or any other illegal behavior,
it shall be subject to liabilities accordingly, the related personnel neglecting their duties shall be subject to legal liabilities
in accordance with related laws, and anyone as suspected of being involved in any crime shall be transferred to the judicial authorities.

Chapter VI Supplementary Rules

Article 28

The present measures shall enter into force as of August 1, 2007.

China Securities Regulatory Commission, Ministry of Finance
2007-04-19

CIRCULAR OF THE MINISTRY OF COMMERCE ON ENTRUSTING DALIAN ECONOMIC-TECHNOLOGICAL AREA TO EXAMINE, APPROVE AND ADMINISTER THE RELEVANT WORK ON FOREIGN-INVESTED ENTERPRISES IN SOME SERVICE TRADE SECTORS

Circular of the Ministry of Commerce on Entrusting Dalian Economic-Technological Area to Examine, Approve and Administer the Relevant
Work on Foreign-invested Enterprises in Some Service Trade Sectors

Shang Zi Han [2007] No. 12

Dalian Municipal People’s Government and Dalian Economic-Technological Area,

Upon research, we hereby authorize the Management Committee of Dalian Economic-Technological Area to be responsible for examining,
approving and administrating the foreign-funded enterprises in related service trade sectors set up inside its zone for the purpose
of encouraging and supporting the national economic and technological development zones to vigorously develop the high value-added
service industries.

The Management Committee of Dalian Economic-Technological Area shall, in strict accordance with the laws and regulations on foreign
investments as well as the related provisions on foreign-funded enterprises of non-vessel shipping, construction, printing, construction
engineering design, road transport, commerce and international freight forwarding (see appendix), carefully examine and approve the
related foreign-funded enterprises set up within its zone, and report the related problems found in the work to the Ministry of Commerce
in a timely manner. The Ministry of Commerce shall implement the inspection of the aforesaid examination, approval and administration,
and cancel the authorization to a national economic and technological development zone which commits illegal examination and approval
during the course of authorization.

The Management Committee of Dalian Economic-Technological Area shall conduct a good job in examination and approval, archival filing
and statistical work in strict accordance with the requirements of the Ministry of Commerce for networking and online joint annual
inspection and by taking advantage of the networking certification system for foreign-funded enterprises. The related statistical
data shall be in line with the requirements so that the Ministry of Commerce can keep informed of the situation and strengthen supervision.

Dalian Economic-Technological Area, the management system of which needs to be improved, has not set up an independent finance department
yet. Dalian Economic-Technological Area shall keep a close eye on and further resolve the problems in the management system, keep
a concise and efficient management system, and improve the level for examining, approving and administrating the foreign-funded enterprises.
Where any management system problem that may affect the work on examining, approving and administrating the foreign-funded enterprises
is found, this Ministry will withdraw the authorized power of examination, approval and administration immediately.

This circular shall enter into force as of the promulgation date.

Ministry of Commerce

February 12, 2007
Appendix:
Related documents on entrusting the competent provincial departments of commerce to examine, approve and Administer foreign-funded
service trade Enterprises

Circular of the Ministry of Commerce on Entrusting the Competent Provincial Departments of Commerce to Examine and Manage Foreign-funded
Non-vessel Shipping Enterprises (Shang Zi Han [2005] No. 89)

Circular of the Ministry of Commerce on Entrusting the Competent Provincial Departments of Commerce to Examine and Manage Some Foreign-funded
Road Transport Enterprises (Shang Zi Han [2005] No. 93)

Circular of the Ministry of Commerce on Entrusting Local Departments to Check Foreign-funded Commercial Enterprises (Shang Zi Han
[2005] No. 94)

Measures for the Administration of Foreign-funded International Freight Forwarding Enterprises (Decree No. 19, 2005 of the Ministry
of Commerce)

Ministry of Commerce
2007-02-12

CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION CONCERNING INTENSIFYING THE ADMINISTRATION OF THE TRIAL IMPLEMENTATION OF TAX EXEMPTION, OFFSET AND REFUND FOR THE EXPORT OF PURCHASED PRODUCTS BY SPECIFIED PRODUCING ENTERPRISES

Circular of the State Administration of Taxation concerning Intensifying the Administration of the Trial Implementation of Tax Exemption,
Offset and Refund for the Export of Purchased Products by Specified Producing Enterprises

Guo Shui Han [2007] No.468

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

By the end of 2006, in light of the actual situation of the previous period of the trial implementation of tax exemption, offset and
refund for the export of purchased products by specified producing enterprises, the State Administration of Taxation, after consulting
with the Ministry of Finance, issued the Circular of the State Administration of Taxation on the Adjustment of the List of Enterprises
Selected for the Trial Implementation of Tax Exemption, Offset and Refund for the Export of Purchased Products (Guo Shui Han [2006]No.945),
made some adjustments on the list of selected enterprises and advanced new requirements for doing a good job. With a view to guaranteeing
the smooth operation of the trial work of tax exemption, offset and refund for the export of purchased products by producing enterprises
and intensify the administration of tax collection, a circular on relevant issues is hereby rendered as follows:

In each locality, the trial work of tax exemption, offset and refund for the export of purchased products by producing enterprises
shall be paid high attention, the examination and approval of applications of specified enterprises for tax exemption, offset and
refund for the export of purchased products shall be done in strict accordance with Document Guo Shui Han [2006] No.945, the authenticity
of the relevant vouchers and electronic information on tax refund (exemption) shall be guaranteed, and the features and changes of
the export of purchased products by producing enterprises shall be under close watch.

Specific administrative measures shall be formulated. In each region, effective and feasible administrative measures shall be formulated
in light of the actual situation so as to ensure the implementation of policies on the trial work of tax exemption, offset and refund
for the export of purchased products by producing enterprises and guarantee the trial work is pertinent, the administration is effective
and the measures are effectively implemented.

The summarizing and reporting work shall be well done. The summarizing work shall be well done so as to find out problems in the trial
implementation in time and put forward suggestions in respect of solving these problems. Each region shall upload electronic documents
indicating the semiannual and annual trial implementation, suggestions and the Statistical Table of the Export of Purchased Cargos
by Specified Producing Enterprises (see Appendix) to “upload by local bureaus/work arrangement of SAT” on the communication server
of the Import and Export Department of the State Administration of Taxation before July 10, 2007 and January 10, respectively, 2008.

Appendix: Statistical Table of the Export of Purchased Commodities by Specified Producing Enterprises

State Administration of Taxation

April 30, 2007

Appendix

Appendix:

Statistical Form of the Export of Purchased
Commodities by Specified Producing Enterprises

Reported by: Period:

Unit:

10,000 yuan/ USD 10,000

Enterprise Name	Customs Code	Total Sales Amount			Purchased Commodities		Tax Amount to Be Exempted, Offset and Refunded			Category of Self-made Products	Category of Purchased Commodities
Enterprise Name	Customs Code	Total Sales (RMB)	Total Export(USD)	Export Proportion	Amount of Export(USD)	Proportion	Total Amount	Self-made Products	Purchased Products	Category of Self-made Products	Category of Purchased Commodities
1	2	3	4	5=4~exchange rate/3	6	7=6/4	8=9+10	9	10	11	12

Tabulator: Principal:
Date:

Notes:

1. The first six digits of the customs tariff
number of the category concerned shall be filled out in Columns No.11 and No.12.

Where more than one category are involved, they shall be arranged in the
sequence of customs tariff numbers.

2. The span of difference between the categories
of purchased commodities and those of self-made
products and between the
different categories of purchased commodities shall be paid attention to in all
regions.
3. The data filled out in Columns 3 through 10
shall be the related data of the enterprise from
January 2007 to June 2007 for
the first report made by the enterprise and the data of the enterprise of the
whole year for the
following reports.

CIRCULAR OF THE MINISTRY OF COMMERCE ON ENTRUSTING GUANGZHOU NANSHA ECONOMIC-TECHNOLOGICAL AREA TO EXAMINE, APPROVE AND ADMINISTER THE RELEVANT WORK ON FOREIGN-INVESTED ENTERPRISES IN SOME SERVICE TRADE SECTORS

Circular of the Ministry of Commerce on Entrusting Guangzhou Nansha Economic-Technological Area to Examine, Approve and Administer
the Relevant Work on Foreign-invested Enterprises in Some Service Trade Sectors

Shang Zi Han [2007] No. 9

Guangzhou Nansha Municipal People’s Government and Guangzhou Nansha Economic-Technological Area,

Upon research, we hereby authorize the Management Committee of Guangzhou Nansha Economic-Technological Area to be responsible for
examining, approving and administrating the foreign-funded enterprises in related service trade sectors set up inside its zone for
the purpose of encouraging and supporting the national economic and technological development zones to vigorously develop the high
value-added service industries.

The Management Committee of Guangzhou Nansha Economic-Technological Area shall, in strict accordance with the laws and regulations
on foreign investments as well as the related provisions on foreign-funded enterprises of non-vessel shipping, construction, printing,
construction engineering design, road transport, commerce and international freight forwarding (see appendix), carefully examine
and approve the related foreign-funded enterprises set up within its zone, and report the related problems found in the work to the
Ministry of Commerce in a timely manner. The Ministry of Commerce shall implement the inspection of the aforesaid examination, approval
and administration, and cancel the authorization to a national economic and technological development zone which commits illegal
examination and approval during the course of authorization.

The Management Committee of Guangzhou Nansha Economic-Technological Area shall conduct a good job in examination and approval, archival
filing and statistical work in strict accordance with the requirements of the Ministry of Commerce for networking and online joint
annual inspection and by taking advantage of the networking certification system for foreign-funded enterprises. The related statistical
data shall be in line with the requirements so that the Ministry of Commerce can keep informed of the situation and strengthen supervision.

Guangzhou Nansha Economic-Technological Area, the management system of which needs to be improved, has not set up an independent finance
department yet. Guangzhou Nansha Economic-Technological Area shall keep a close eye on and further resolve the problems in the management
system, keep a concise and efficient management system, and improve the level for examining, approving and administrating the foreign-funded
enterprises. Where any management system problem that may affect the work on examining, approving and administrating the foreign-funded
enterprises is found, this Ministry will withdraw the authorized power of examination, approval and administration immediately.

This circular shall enter into force as of the promulgation date.

Ministry of Commerce

February 12, 2007
Appendix:
Related documents on entrusting the competent provincial departments of commerce to examine, approve and Administer foreign-funded
service trade Enterprises

Circular of the Ministry of Commerce on Entrusting the Competent Provincial Departments of Commerce to Examine and Manage Foreign-funded
Non-vessel Shipping Enterprises (Shang Zi Han [2005] No. 89)

Circular of the Ministry of Commerce on Entrusting the Competent Provincial Departments of Commerce to Examine and Manage Some Foreign-funded
Road Transport Enterprises (Shang Zi Han [2005] No. 93)

Circular of the Ministry of Commerce on Entrusting Local Departments to Check Foreign-funded Commercial Enterprises (Shang Zi Han
[2005] No. 94)

Measures for the Administration of Foreign-funded International Freight Forwarding Enterprises (Decree No. 19, 2005 of the Ministry
of Commerce)

Ministry of Commerce
2007-02-12

CIRCULAR OF THE MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION CONCERNING LOWERING THE EXPORT REBATE RATES FOR SOME COMMODITIES

Circular of the Ministry of Finance and the State Administration of Taxation concerning Lowering the Export Rebate Rates for Some
Commodities

Cai Shui[2007] No. 90

Each department (bureau) of public finance, and state taxation bureau of each province, autonomous region, municipality directly under
the Central Government and each city specifically designated in the state plan:

The export rebate rates for some commodities have been adjusted upon approval of the State Council. The related matters are hereby
noticed as follows:

Cancel the export tax rebates for the following commodities:

(1)

Endangered animals and plants, and their products;

(2)

The mineral products such as salt, solvent naphtha, cement, liquefied propane, liquefied butane and liquefied petroleum gas;

(3)

Fertilizer (not including urea and diammonium phosphate for which the tax rebates have been cancelled);

(4)

Chemical product such as chlorine, dyestuffs (excluding fine chemical products);

(5)

Metal carbides and activated carbon products;

(6)

Leather;

(7)

Some wood boards and one-off wood products;

(8)

Ordinary plain carbon welded pipe products (excluding petroleum casing pipes);

(9)

Simple products processed from nonferrous metals such as non-alloyed aluminum bars;

(10)

Segmented vessels and non-motor vessels.

See Appendix 1 for the names and HS codes of the specific commodities.

Lower the rates of export tax rebate for the following commodities:

(1)

The rate of export tax rebate for vegetable oil shall be lowered to 5%;

(2)

The rate of export tax rebate for some chemical products shall be lowered to 9% or 5%;

(3)

The rate of export tax rebate for plastic, rubber and their products shall be lowered to 5%;

(4)

The rate of export tax rebate for boxes shall be lowered to 11%, and the rate of export tax rebate for other leather and fur products
shall be lowered to 5%;

(5)

The rate of export tax rebate for paper products shall be lowered to 5%;

(6)

The rate of export tax rebate for garments shall be lowered to 11%;

(7)

The rate of export tax rebate for shoes, caps, umbrellas, and feather products, etc. shall be lowered to 11%;

(8)

The rate of export tax rebate for some stone materials, ceramic, glass, pearls, jewelries, precious metals and their products shall
be lowered to 5%;

(9)

The rate of export tax rebate for some steel products (petroleum casing pipes excluded) shall be lowered to 5%, but the oceanographic
engineering structures for domestic sale as stipulated in the “Circular of the Ministry of Finance and the State Administration of
Taxation Concerning the Application of VAT Rebate to Oceanographic Engineering Structures” (Cai Shui [2003] No. 46) shall still be
governed by the original rate of tax rebate;

(10)

The rate of export tax rebate for other base metals and their products (not including export rebates commodities which have been cancelled
or which are being cancelled, as well as aluminum foils, aluminum pipes and aluminum structures, etc.) shall be lowered to 5%;

(11)

The rate of export tax rebate for planers, slotting machines, cutting machines, and broaching machines, etc. shall be lowered to 11%,
and the rate of export tax debate for diesel engines, pumps, fans, exhaust valves and the parts thereof, rotary furnaces, coke furnaces,
sewing machines, staplers, golf carts, over-snow vehicles, motorcycles, bicycles, trailers, elevators and the parts thereof, faucets,
soldering machines, etc. shall be lowered to 9%;

(12)

The rate of export tax rebate for furniture shall be lowered to 11% or 9%;

(13)

The rate of export tax rebate for clocks, watches, toys and other miscellaneous products, etc. shall be lowered to 11%;

(14)

The rate of export tax rebate for some wood products shall be lowered to 5%;

(15)

The rate of export tax rebate for viscose fiber shall be lowered to 5%.

See Appendix 2 for the names and HS codes of the specific commodities.

The following commodities shall be duty free when exported:

Peanut kernels, canvas, decorative carved boards, postage stamps, duty stamps, etc.

See Appendix 3 for the names and HS codes of the specific commodities.

Implementation Time

The export rebate rates which have been adjusted for the commodities mentioned above shall be enforced as of July 1, 2007. The specific
implementation time shall be the date of export as indicated on the customs’ “Declaration Form for the Export of Goods (specially
used for export rebates)”.

The original rebate rate shall be permitted to continue to apply to the export enterprise if it has signed a vessel export contract
relating to cancelled export rebates before July 1, 2007, and brought the export contract (original copy and counterpart) to the
taxation authority responsible for export rebate taxes for registration and archival filing before July 20, 2007, the export tax
rebate treatment shall be considered as having been cancelled in case it fails to handle the procedures for archival filing before
July 20, 2007.

For the export equipment and building materials involved in a long-term foreign contracted engineering project for which an export
enterprise eligible for foreign contracted engineering won the bid before July 1, 2007 or in a contract for long-term foreign contracted
engineering including an unchangeable price which the enterprise concluded before July 1, 2007, the original export tax rebate rate
shall be permitted to continue applying to the enterprise if the effective bid-winning certificate (original copy and duplicate),
or the concluded contract for long-term foreign contracted engineering (original copy and duplicate) and the list of engineering
estimation had been bought by the enterprise to the taxation authority responsible for export tax rebates for registration and archival
filing before July 20, 2007. The adjusted export tax rebate policies shall apply if it fails to handle the procedures for archival
filing before July 20, 2007.

Appendixes:

1. List of Commodities the Export Rebates of Which Are Cancelled (omitted)

2. List of Commodities the Export Rebate Rates of Which Are Lowered (omitted)

3. List of Commodities Which Will be Duty Free (omitted)

The Ministry of Finance

The State Administration of Taxation

June 19, 2007

The Ministry of Finance, the State Administration of Taxation
2007-06-19

12 Page 1 of 2

State Tax

ANNOUNCEMENT NO.25, 2007 OF THE MINISTRY OF COMMERCE ON PROMULGATING APPLYING STANDARDS AND DECLARATION PROCEDURES FOR INDIUM AND MOLYBDENUM...

PROVISIONS ON THE ADMINISTRATION OF SALES INFORMATION MANAGEMENT PLATFORMS OF SECURITIES INVESTMENT FUNDS

ENTERPRISE INCOME TAX LAW OF THE PEOPLE’S REPUBLIC OF CHINA

OPINIONS OF THE STATE ADMINISTRATION OF TAXATION UPON DOING WELL IN THE TAXATION SERVICE AND MANAGEMENT FOR THE OVERSEAS INVESTMENTS OF CHINESE ENTERPRISES

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CIRCULAR OF THE MINISTRY OF COMMERCE ON ENTRUSTING CHANGSHA NATIONAL ECONOMIC & TECHNICAL DEVELOPMENT ZONE TO EXAMINE, APPROVE AND ADMINISTER THE RELEVANT WORK ON FOREIGN-INVESTED ENTERPRISES IN SOME SERVICE TRADE SECTORS

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CIRCULAR OF THE MINISTRY OF COMMERCE ON ENTRUSTING DALIAN ECONOMIC-TECHNOLOGICAL AREA TO EXAMINE, APPROVE AND ADMINISTER THE RELEVANT WORK ON FOREIGN-INVESTED ENTERPRISES IN SOME SERVICE TRADE SECTORS

CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION CONCERNING INTENSIFYING THE ADMINISTRATION OF THE TRIAL IMPLEMENTATION OF TAX EXEMPTION, OFFSET AND REFUND FOR THE EXPORT OF PURCHASED PRODUCTS BY SPECIFIED PRODUCING ENTERPRISES

CIRCULAR OF THE MINISTRY OF COMMERCE ON ENTRUSTING GUANGZHOU NANSHA ECONOMIC-TECHNOLOGICAL AREA TO EXAMINE, APPROVE AND ADMINISTER THE RELEVANT WORK ON FOREIGN-INVESTED ENTERPRISES IN SOME SERVICE TRADE SECTORS

CIRCULAR OF THE MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION CONCERNING LOWERING THE EXPORT REBATE RATES FOR SOME COMMODITIES

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