CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGES ON THE MANAGEMENT OF COLLECTION AND SALES OF NON-TRADE FOREIGN EXCHANGES OF TRANSNATIONAL COMPANIES (TRIAL IMPLEMENTATION)

20040801

The State Administration of Foreign Exchanges

Circular of the State Administration of Foreign Exchanges on the Management of Collection and Sales of Non-trade Foreign Exchanges
of Transnational Companies (Trial Implementation)

HuiFa [2003] No.87

July 30, 2003

Bureaus and departments of state administration of foreign exchanges of the provinces, autonomous regions and municipalities directly
under the Central Government, branches of the Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo, as well as designated banks of foreign
exchanges:

In order to perfect the management of the collection and sales of non-trade foreign exchanges, improve the operation environment of
enterprises and promote the development of foreign-related economy, the SAFE has through broad survey and thorough investigation
formulated the policies for the management of collection and payment of foreign exchanges for the transnational companies and their
domestic affiliated companies relating to overseas payment of the non-trade expenses that have been paid by overseas headquarters
or overseas affiliated companies in advance or duly distributed, and decided to try for adoption in Beijing, Shanghai and Shenzhen.
The SAFE will timely summarize the experiences and clarify the relevant policies around the country. Here is to notify you of the
following issues concerned:

The transnational companies herein refer to the foreign-invested transnational companies that have established foreign-invested enterprises
of investment in the territory of China with approval by the foreign economic and trade administration, and the Chinese-invested
group companies eligible for foreign-related operations with approval by the relevant competent administration.

II.

The domestic affiliated companies of transnational companies herein include: branches set up by foreign-invested transnational companies
and the foreign-invested enterprises with share participation and share holding by foreign-invested transnational companies; branches
and foreign-invested enterprises with share participation and share holding set up by their overseas headquarters or overseas affiliated
companies in China that are entrusted for their management; and branches and enterprises with share participation and share holding
set up in China by Chinese-invested group companies, which are enpost_titled to foreign-related operations.

III.

The overseas affiliated companies of transnational companies herein include: branches and the foreign-invested enterprises with share
participation and share holding set up by the overseas headquarters of the foreign-invested transnational companies in nations and
regions (including Hong Kong, Macao and Taiwan) other than China; branches and foreign-invested enterprises with share participation
and share holding set up by in the nations and regions other than China by Chinese-invested group companies.

IV.

In case transnational companies and their domestic affiliated companies pay overseas the salaries, benefits and allowance for foreign
and Hong Kong and Macao employees or employees of Chinese nationality but owing permanent overseas residential rights (hereinafter
referred to as foreign employees) that have been paid by overseas headquarters or overseas affiliated companies, or remit overseas
the salaries, benefits and allowance for foreign employees, the overseas payment notices, ID certification of foreign employees such
as passports, and employment certification such as labor contracts, and tax certification and other evidential materials may be held
for payment from the foreign exchange accounts or purchase of foreign exchanges with Renminbi at the designated banks of foreign
exchanges.

In case transnational companies and their domestic affiliated companies pay overseas the insurance premiums of social, medical and
pension insurance for foreign employees that have been paid by overseas headquarters or overseas affiliated companies in advance,
or remit such premiums directly, the overseas payment notices, ID certification of foreign employees such as passports, and employment
certification such as labor contracts, and tax certification and other evidential materials may be held for payment from the foreign
exchange accounts or purchase of foreign exchanges with Renminbi at the designated banks of foreign exchanges.

VI.

In case the transnational companies and their domestic affiliated companies pay overseas the overseas travel expenses and overseas
training fees for foreign employees that have been paid by overseas headquarters or overseas affiliated companies in advance, or
remit such premiums directly, the overseas payment notices, ID certification of foreign employees such as passports, and employment
certification such as labor contracts, and tax certification and other evidential materials may be held for payment from the foreign
exchange accounts or purchase of foreign exchanges with Renminbi at the designated banks of foreign exchanges.

VII.

In case the transnational companies and their domestic affiliated companies pay overseas the distributed overseas patent use fees,
franchising fees, fees for technological introduction, the agreement on expense distribution, overseas payment notices, valid registration
certification and taxation certification and the relevant materials verified and issued by the intellectual property administration
or the foreign economic and trade administration may be held for payment from the foreign exchange accounts or purchase of foreign
exchanges with Renminbi at the designated banks of foreign exchanges.

VIII.

In case the transnational companies and their domestic affiliated companies pay overseas the distributed overhead, the agreement on
expense distribution, overseas payment notices and taxation certification and the relevant materials may be held for payment from
the foreign exchange accounts or purchase of foreign exchanges with Renminbi at the designated banks of foreign exchanges.

IX.

In case the transnational companies and their domestic affiliated companies pay overseas other overseas expenses that have been distributed
or paid by overseas headquarters or overseas affiliated companies in advance, the overseas payment notices, the original documents
of the relevant expenses and other relevant evidential materials, as well as tax certification if required for payment of tax, may
be held for payment from the foreign exchange accounts or purchase of foreign exchanges with Renminbi at the designated banks of
foreign exchanges.

Transnational companies and their affiliated companies may download the relevant contracts, agreements and payment notices via Internet,
and cover with the corporate stamps, which may be used for handling with the formalities for purchase and payment of non-trade foreign
exchanges.

XI.

Single foreign-invested enterprises or Chinese-invested enterprises that have observed the provisions on foreign exchange management
for the recent three years without any material acts in violation of foreign exchange management, with good financial position, with
big volume of foreign exchange payment under current accounts, and with important local influences may also handle with the sales
and payment of non-trade foreign exchanges according to the provisions of the Circular with approval by the local competent foreign
exchange administration.

XII.

Beijing Department of Foreign Exchanges, and Shanghai and Shenzhen bureaus shall distribute the list of the eligible transnational
companies and local domestic affiliated companies, as well as the verified single foreign-invested enterprises or Chinese-invested
enterprises to the designated banks of foreign exchanges under their jurisdiction.

XIII.

The Circular shall come into force as of the date of its promulgation.

Upon receipt of the Circular, Beijing Department of Foreign Exchanges, and Shanghai and Shenzhen bureaus are requested to distribute
the Circular to the designated banks of foreign exchanges and the relevant units under their jurisdiction as soon as possible, and
the designated banks of foreign exchanges shall upon receipt distribute the Circular to their subordinate branches in Beijing, Shanghai
and Shenzhen. In case of any problems encountered during enforcement, please feedback in timely to the Management Department of Current
Accounts under the SAFE.

Contact with: Ma Chao

Tel: 010-68402114

Fax: 010-68402272

The State Administration of Foreign Exchanges
2003-07-30

AGREEMENT BETWEEN THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA AND THE GOVERNMENT OF THE REPUBLIC OF DJIBOUTI ON THE PROMOTION AND PROTECTION OF INVESTMENTS

AGREEMENT BETWEEN THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA AND THE GOVERNMENT OF THE REPUBLIC OF DJIBOUTI ON THE PROMOTION
AND PROTECTION OF INVESTMENTS

The Government of the People’s Republic of China and the Government of the Republic of Djibouti (hereinafter referred to as the Contracting
Parties),

Intending to create favorable conditions for investment by investors of one Contracting Party in the territory of the other Contracting
Party;

Recognizing that the reciprocal encouragement, promotion and protection of such investment will be conducive to stimulating business
initiative of the investors, flow of capital and technology, and will increase prosperity and economic development and that fair
and equitable treatment of investments is desirable in both States;

Desiring to intensify the cooperation of both States on the basis of equality and mutual benefits;

Have agreed as follows:

Article 1

DEFINITIONS

For the purpose of this Agreement,

The term “investment” means every kind of asset invested by investors of one Contracting Party in accordance with the laws and regulations
of the other Contracting Party in the territory of the latter, and in particular, though not exclusively, includes:

(a)

movable and immovable property and other property rights such as mortgages and pledges;

(b)

shares, debentures, stock and any other kind of participation in companies;

(c)

claims to money or to any other performance having an economic value associated with an investment;

(d)

intellectual property rights, in particular, copyrights, patents, trade-marks, trade-names, technical process, know-how and good-will;

(e)

business concessions conferred by law or under contract permitted by law, including concessions to search for, cultivate, extract
or exploit natural resources.

Any change in the form in which assets are invested does not affect their character as investments.

The term “investor” means,

(a)

natural persons who have nationality of either Contracting Party in accordance with the laws of that Contracting Party;

(b)

economic entities, including companies, corporations, associations, partnerships and other organizations, incorporated and constituted
under the laws and regulations of either Contracting Party and have their seats in that Contracting Party.

The term “return” means the amounts yielded from investments, including profits, dividends, interests, capital gains, royalties and
other legitimate income.

Article 2

PROMOTION AND PROTECTION OF INVESTMENT

Each Contracting Party shall encourage investors of the other Contracting Party to make investments in its territory and admit such
investments in accordance with its laws and regulations.

Investments of the investors of either Contracting Party shall be accorded fair and equitable treatment and shall enjoy the constant
protection and security in the territory of the other Contracting Party.

Without prejudice to its laws and regulations, neither Contracting Party shall take any unreasonable or discriminatory measures against
the management, maintenance, use enjoyment and disposal of the investments by the investors of the other Contracting Party.

Subject to its laws and regulations, one Contracting Party shall provide assistance in and facilities for obtaining visas and working
permit to nationals of the other Contracting Party engaging in activities associated with investments made in the territory of that
Contracting Party.

Article 3

TREATMENT OF INVESTMENT

Investments of investors of each Contracting Party shall all the time be accorded fair and equitable treatment in the territory of
the other Contracting Party.

Without prejudice to its laws and regulations, each Contracting Party shall accord to investments and activities associated with
such investments by the investors of the other Contracting Party treatment not less favorable than that accorded to the investments
and associated activities by its own investors.

neither Contracting Party shall subject investments and activities associated with such investments by the investors of the other
Contracting Party to treatment less favorable than that accorded to the investments and associated activities by the investors of
any third State.

The provisions of Paragraphs 1 to 3 of this Article shall not be construed so as to oblige one Contracting Party to extend to the
investors of the other Contracting Party the benefit of any treatment, preference or privilege by virtue of:

(a)

any customs union, free trade zone, economic union and any international agreement resulting in such customs union, free trade zone,
economic union;

(b)

any international agreement or arrangement relating wholly or mainly to taxation;

(c)

any international agreement or arrangement facilitating frontier trade.

Article 4

EXPROPRIATION

Neither Contracting Party shall expropriate, nationalize or take other similar measures (hereinafter referred to as “expropriation”)
against the investments of the investors of the other Contracting party in its territory, unless the following conditions are met:

(a)

for the public interests;

(b)

under domestic legal procedure;

(c)

without discrimination;

(d)

against compensation.

The compensation mentioned in Paragraph 1 of this Article shall be equivalent to the value of the expropriated investments immediately
before the expropriation is taken or the impending expropriation becomes public knowledge, which is earlier. The value shall be determined
in accordance with generally recognized principles of valuation. The compensation shall include interest from the date of expropriation
until the date of payment. The compensation shall also be made without delay, be effectively realizable and freely transferable.

Article 5

COMPENSATION FOR DAMAGES AND LOSSES

Investors of one Contracting Party whose investments in the territory of the other Contracting Party suffer losses owing to war, a
state of national emergency, insurrection, riot or other similar events in the territory of the latter Contracting Party, shall be
accorded by the latter Contracting Party, if it takes relevant measures, treatment, as regards restitution, indemnification, compensation
and other settlements no less favorable than that accorded to the investors of its own or any third State.

Article 6

REPATRIATION OF INVESTMENTS AND RETURNS

Each Contracting Party shall, subject to its laws and regulations, guarantee to the investors of the other Contracting Party the
transfer of their investments and returns held in its territory, including:

(a)

profits, dividends, interests and other legitimate income;

(b)

proceeds obtained from the total or partial sale or liquidation of investments;

(c)

payments pursuant to a loan agreement in connection with investments;

(d)

royalties in relation to the matters in Paragraph 1 (d) of Article 1 ;

(e)

payments of technical assistance or technical service fee, management fee;

(f)

payments in connection with contracting projects;

(g)

earnings of nationals of the other Contracting Party who work in connection with an investment in its territory.

Nothing in Paragraph 1 of this Article shall affect the free transfer of compensation paid under Article 4 of this Agreement.

The transfer mentioned above shall be made in a freely convertible currency and at the prevailing market rate of exchange applicable
within the Contracting Party accepting the investments and on the date of transfer.

Article 7

SUBROGATION

If one Contracting Party or its designated agency makes a payment to its investor under an indemnity given in respect of an investment
made in the territory of the other Contracting Party, the latter Contracting Party shall recognize the assignment of all the rights
and claims of the indemnified investor to the former Contracting Party or its designated agency, by law or by legal transactions,
and the right of the former Contracting Party or its designated agency to exercise by virtue of subrogation any such right to same
extent as the investor.

Article 8

SETTLEMENT OF DISPUTES BETWEEN CONTRACTING PARTIES

Any dispute between the Contracting Parties concerning the interpretation or application of this Agreement shall, as far as possible,
be settled with consultation through diplomatic channel.

If a dispute cannot thus be settled within six months, it shall, upon the request of either Contracting Party, be submitted to an
ad hoc arbitral tribunal.

Such tribunal comprises of three arbitrators. Within two months of the receipt of the written notice requesting arbitration, each
Contracting Party shall appoint one arbitrator. Those two arbitrators shall, within further two months, together select a national
of a third State having diplomatic relations with both Contracting Parties as Chairman of the arbitral tribunal.

If the arbitral tribunal has not been constituted within four months from the receipt of the written notice requesting arbitration,
either Contracting Party may, in the absence of any other agreement, invite the President of the International Court of Justice to
make any necessary appointments. If the President is a national of either Contracting Party or is otherwise prevented from discharging
the said functions, the Member of the International Court of Justice next in seniority who is not a national of either Contracting
Party or is not otherwise prevented from discharging the said functions shall be invited to make such necessary appointments.

The arbitral tribunal shall determine its own procedure. The arbitral tribunal shall reach its award in accordance the provisions
of this Agreement and the principles of international law recognized by both Contracting Parties.

The arbitral tribunal shall reach its award by a majority of votes. Such award shall be final and binding upon both Contracting Parties.
The arbitral tribunal shall, upon the request of either Contracting Party, explain the reasons of its award.

Each Contracting Party shall bear the costs of its appointed arbitrator and of its representation in arbitral proceedings. The relevant
costs of the Chairman and tribunal shall be borne in equal parts by the Contracting Parties.

Article 9

SETTLEMENT OF DISPUTES BETWEEN INVESTORS AND ONE CONTRACTING PARTY

Any legal dispute between an investor of one Contracting Party and the other Contracting Party in connection with an investment in
the territory of the other Contracting Party shall, as far as possible, be settled amicably through negotiations between the parties
to the dispute.

If the dispute cannot be settled through negotiations within six months, the investor of one Contracting Party may submit the dispute
to the competent court of the other Contracting Party.

Any dispute, if unable to be settled within six months after resort to negotiations as specified in Paragraph 1 of this Article,
shall be submitted at the request of either party to

(a)

International center for Settlement of Investment Disputes (ICSID) under the Convention on the Settlement of Disputes between States
and Nationals of Other States, done at Washington on March 18,1965; or

(b)

an ad hoc arbitral tribunal

provided that the Contracting Party involved in the dispute may require the investor concerned to exhaust the domestic administrative
review procedure specified by the laws and regulations of that Contracting Party before submission of the dispute the aforementioned
arbitration procedure.

However, if the investor concerned has resorted to the procedure specified in Paragraph 2 of this Article, the provisions of this
Paragraph shall not apply.

Without prejudice to Paragraph 3 of this Article, the ad hoc arbitral tribunal referred to in Paragraph 3 (b) shall be constituted
for each individual case in the following way: each party to the dispute shall appoint one arbitrator, and these two shall select
a national of a third State which has diplomatic relations with both Contracting Parties as the Chairman. The first two arbitrators
shall be appointed within two months of the written notice requesting for arbitration by either party to the dispute to the other
and the Chairman shall be selected within four months. If, within the period specified above, the tribunal has not been constituted,
either party to the dispute may invite the Secretary General of the International Center for Settlement of Investment Disputes to
make the necessary appointments.

The ad hoc arbitral tribunal shall determine its own procedure. However, the tribunal may, in the course of determination of procedure,
take as guidance the arbitration Rules of the International Center for Settlement of Investment disputes.

The tribunal referred to in Paragraph 3 (a) and (b) of this Article shall reach an award by a majority of votes. Such award shall
be final and binding upon both parties to the dispute. Both Contracting Parties shall commit themselves to the enforcement of the
award.

The tribunal referred to in Paragraph 3 (a) and (b) of this Article shall adjudicate in accordance with the law of the Contracting
Party to the dispute accepting the investment including its rules on the conflict of laws, the provisions of this Agreement as well
as the applicable principles of international law.

Each party to the dispute shall bear the costs of its appointed arbitrator and of its representation in arbitral proceedings. The
relevant costs of the Chairman and tribunal shall be borne in equal parts by the parties to the dispute. The tribunal may in its
award direct that a higher proportion of the costs be borne by one of the parties to the dispute.

Article 10

OTHER OBLIGATIONS

If the legislation of either Contracting Party or international obligations existing at present or established hereafter between
the Contracting Parties result in a position entitling investments by investors of the other Contracting party to a treatment more
favorable than is provided for by the Agreement, the position shall not be affected by this Agreement.

Each Contracting Party shall observe any commitments it may have entered into with the investors of the other Contracting Party as
regards to their investments.

Article 11

APPLICATION

This Agreement shall apply to investment, which are made after its entry into force by investors of either Contracting Party in accordance
with the laws and regulations of the other Contracting Party in the territory of the latter.

Article 12

CONSULTATIONS

The representatives of the Contracting Parties shall hold meetings from time me for the purpose of:

(a)

reviewing the implementation of this Agreement;

(b)

exchanging legal information and investment opportunities;

(c)

resolving disputes arising out of investments;

(d)

forwarding proposals on promotion of investment;

(e)

studying other issues in connection with investment.

Where either Contracting Party requests consultation on any matter of Paragraph 1 of this Article, the other Contracting Party shall
give prompt response and the consultation be held alternatively in Beijing and Djibouti.

Article 13

ENTRY INTO FORCE, DURATION AND TERMINATION

This Agreement shall enter into force on the first day of the following month after the date on which both Contracting Parties have
notified each other in writing that their respective internal legal procedures necessary therefor have been fulfilled and remain
in force for a period of ten years.

This Agreement shall continue on force if either Contracting Party fails to give a written notice to the other Contracting Party
to terminate this Agreement one year before the expiration of the period specified in Paragraph 1 of this Article.

After the expiration of initial ten years period, either Contracting Party may at any time thereafter terminate this Agreement by
giving at least one year’s written notice to the other Contracting Party.

With respect to investments made prior to the date of termination of this Agreement, the provisions of Article 1 to 12 shall continue
to be effective for a further period of ten years from such date of termination.

IN WITNESS WHEREOF the undersigned, duly authorized thereto by respective Governments, have signed this Agreement.

Done in duplicate in Beijing, on August 18,2003, in the Chinese and English languages, both texts being equally authentic.

For the Government ofFor the Government of

The People’s Republic of China The Republic of Djibouti

The Government of the People’s Republic of China
2003-08-18

CIRCULAR ON DISTRIBUTING THE MEASURES FOR THE ADMINISTRATION OF VERIFICATION AND WRITING-OFF OF EXPORT PROCEEDS IN FOREIGN EXCHANGE

The State Administration of Foreign Exchange

Circular on Distributing the Measures for the Administration of Verification and Writing-Off of Export Proceeds in Foreign Exchange

HuiFa [2003] No.91

August 19, 2003

The branches and foreign exchange departments of the State Administration of Foreign Exchange (the SAFE) of the provinces, autonomous
regions, and municipalities directly under the Central Government, the branches of the SAFE in Shenzhen, Dalian, Qingdao, Xiamen,
and Ningbo; and the designated foreign exchange banks:

In order to further improve the administration of verification and writing-off of export proceeds in foreign exchange, to enhance
the efficiency of regulation and service, and to promote the development of China’s foreign trade, the SAFE has formulated the new
Measures for the Administration of Verification and Writing-Off of Export Proceeds in Foreign Exchange (hereinafter referred to as
the Measures, see the attachments), and has obtained the consent jointly signed by the Ministry of Commerce, the General Administration
of Customs, and the State Administration of Taxation. The Measures are hereby distributed to you. Please carry them out accordingly.

In order to implement the Measures, the SAFE has designed and developed the “System of Verification and Report of Export Proceeds
in Foreign Exchange” (hereinafter referred to as the System), which is to be promoted and operated all over the country on a phased
basis. Considering that the time to start using the System by the localities is different, and in order to avoid confusion, any region
that has already started using the System before the implementation of the Measures shall execute the provisions of the Measures;
whereas any region that has not started to use the System shall still execute the former relevant provisions on the administration
of verification and writing-off of export proceeds in foreign exchange. The branches and designated foreign exchange banks shall
transmit this Circular to the agencies under their respective jurisdictions as soon as possible upon receipt of it. Please pass on
any problems arising during the execution to the Department of Current Accounts under the SAFE.

Attachment:

1. Measures for the Administration of Verification and Writing-Off of Export Proceeds in Foreign Exchange

2. Catalogue of the Documents Repealed

Attachment 1Measures for the Administration of Verification and Writing-Off of Export Proceeds in Foreign Exchange

Article 1

In order to further improve the administration of export proceeds in foreign exchange, and to promote the development of China’s foreign
trade, the Measures are enacted in accordance with the Regulations of the People’s Republic of China on Foreign Exchange Administration.

Article 2

Definitions of the following terms used in the Measures:

“Exporters” refers to all the entities that have been approved or registered by the commerce authorities or the organs authorized
thereby and that have the power of foreign trade management.

“Banks” refers to the banks and the branches thereof that have been approved or put on record by the financial supervisory and management
bodies of the state and the organs authorized thereby, and banks include Chinese-funded banks and foreign-funded banks.

“Forms for the verification and writing-off of export proceeds in foreign exchange” (hereinafter referred to as verification forms)
refers to the important vouchers with unified numbers that are uniformly managed by the SAFE and issued by the branches thereof,
and by which the exporters make declaration of exports with the customs offices, collect export proceeds in foreign exchange with
the banks, make verification and writing-off of export proceeds in foreign exchange (hereinafter referred to as verification) with
the foreign exchange authorities, and apply for export tax refund with the tax authorities.

“Certification Page of the Customs Declaration Form for Export Proceeds in Foreign Exchange” (hereinafter referred to as declaration
form) refers to the declaration form that is issued by the customs office to the exporter, after the clearance of the export goods,
to prove that the actual export of the goods, and on the basis of which the verification formalities are processed.

“Special Page of Verification and Writing-off of Export Proceeds in Foreign Exchange” (hereinafter referred to as special page) refers
to the special exchange settlement receipt for verification, or the special collection advice for verification that is issued by
the bank to the exporter and on the basis of which the verification formalities are processed.

“Future reference of verification” refers to the administrative system of verification in which the data of receivable proceeds in
foreign exchange that an exporter can not normally verified and written off due to objective reasons is transferred from the routine
regulatory database to the future reference database specially established, and is no longer included in the routine examination,
the exporter shall still be obliged to handle the verification, and the SAFE and the branches thereof shall continue to regulate
and investigate the exporter.

Article 3

the SAFE and the branches thereof (hereinafter referred to as foreign exchange administrations) are the administrative organs of verification,
shall supervise and administer the acts related to the collection of export proceeds in foreign exchange by the exporters and banks,
and shall process the verification formalities for the exporters through the System and the “System of China Electronic Port for
Collection of Export Proceeds in Foreign Exchange”.

Article 4

The foreign exchange administrations shall, in conjunction with the commerce authorities, make assessments of the verifications by
the exporters on an annual basis, grade the exporters and promulgate the grades.

Article 5

The verification shall be administered on a regional basis, an exporter shall make registration, apply for the verification form,
and go through the verification formalities with the foreign exchange administration of the place where it is registered.

Article 6

Where an exporter exports goods to any regions subject to closed customs control, such as overseas or domestic bonded areas, export
processing areas, diamond exchanges, etc. (hereinafter referred to as special domestic economic areas), or exports goods by way of
deep processing transit, etc., wherever it is needed to export by any method subject to the regulation of verification form, the
exporter shall go through the formalities for customs declaration on the strength of the verification form, and shall go through
the verification formalities. Where the goods are exported by any methods not subject to the regulation of verification form, the
exporter need not make the customs declaration on the strength of the verification form, neither need it go through the verification
formalities.

Article 7

Foreign exchange administrations shall apply classified administration to the verifications by the exporters according to the assessment
results of the verifications and other relevant information.

Article 8

An exporter shall, after obtaining the power of export management, go through the formalities for certification of access to “China
Electronic Port”, and shall make registration for record with the foreign exchange administration, which shall establish the verification
archive for the exporter.

Article 9

In the case of any alteration of the recorded information, an exporter shall make the alteration registration with the foreign exchange
administration in good time, and the foreign exchange administration shall alter the IC card authority of that exporter at “China
Electronic Port”. Where the exporter terminates its operations or is disqualified from foreign trade, it shall write off the registration
with the foreign exchange administration, which shall write off the IC card authority of that exporter at “China Electronic Port”.

Article 10

An exporter shall apply for the verification forms with the foreign exchange administration on the strength of the IC card of enterprise
operator of “China Electronic Port” and other prescribed certificates. The foreign exchange administration shall, after issuing the
verification form to the exporter, transmit the electronic ledger data of the verification form to the data center of “China Electronic
Port”.

Article 11

The verification forms may only be used by the exporter that applied for it, and may not be altered, lent, used in other’s name, transferred,
or traded.

Article 12

Where an exporter terminates operations, is disqualified from foreign trade, or is merged or split, it shall handle the verification
pursuant to the following provisions:

Where the exporter no longer operates export business because of termination of operations or disqualification from foreign trade,
it shall return the unused verification forms to the foreign exchange administration to write off them, and with respect to the verification
forms by which the goods are declared and exported, the exporter shall continue to handle the verification formalities pursuant to
the provisions. The foreign exchange administration shall stop issuing forms to that exporter, and shall “prohibit the use” of the
forms that have already been issued to that exporter and remain unused.

Where the exporter no longer operates export business as a result of merger or split, it shall return the unused verification forms
to the foreign exchange administration to write off them. The foreign exchange administration shall “prohibit the use” of the forms
that have already been issued to that exporter and remain unused.

Where the exporter continues to operate export business as a result of merger or split, it shall assume the former exporter’s business
for which the export proceeds in foreign exchange are verified and written off according to the stipulations of the agreement of
merger or split.

Article 13

The foreign exchange administration may adjust the number of the forms issued according to the assessed grades of verifications and
the daily business operations of the exporters. With respect to the exporters that have committed acts seriously violating the provisions
on foreign exchange control, the foreign exchange administration may restrict the number of forms issued to them, or may “prohibit
the use” of the verification forms that have been issued to them but are unused.

Article 14

The foreign exchange administration shall employ automatic verification, group verification, and one-by-one verification respectively
to the exporters on the basis of the assessments of the verifications by the exporters, the assessments by the customs, tax, and
commerce authorities, and the reports of international balance, etc., as well as different trade methods.

The conditions for exporters that are subject to automatic verification shall be provided by the SAFE, the catalogue shall be determined
by the SAFE, and be promulgated by the branches.

Article 15

An exporter shall, before making declaration with the customs office, put on record the verification form through the “System of China
Electric Port for Collection of Export Proceeds in Foreign Exchange” with the customs office where the declaration is to be made.

Article 16

An exporter shall, in making the customs declaration, faithfully report to the customs office the transaction method, report the transaction
price, quantity, freight, insurance premium, as well as the agreement number of the processing trade contract, etc., according to
the transaction method, and thus to guarantee the authentication and completeness of the data declared.

Article 17

The customs office shall process the clearance formalities for the exporter if no mistake has been found upon examination of the verification
form and other declaration materials submitted by the exporter, and after verifying the electronic ledgers of the verification form.
The customs office shall affix the “examination seal” on the verification form, make the remark of “used” to the electronic ledger
data of the verification form, and upon application by the exporter, issue the declaration form with the number of the verification
form to the exporter after the clearance. The number of the verification form and that of the declaration form shall be identical
with each other. The customs office shall, after issuing the declaration form to the exporter, transmit to the data center of “China
Electronic Port” the remarks made on the verification form and the electronic ledger of the declaration form.

Article 18

With respect to the export proceeds collected by an exporter from overseas, special economic areas, or off-shore accounts of overseas
clients opened with the banks operating off-shore bank business within China, and the export proceeds collected by a transferor from
the transferee under deep processing transit, etc., the bank shall, pursuant to the provisions, make foreign exchange settlement
or pay into account the export proceeds in foreign exchange for the exporter, and issue the special verification page to the exporter.

Article 19

An exporter shall, after exporting the goods and within 30 days no later than the anticipated date of proceeds collection, make the
report of verification with the foreign exchange administration by taking with it the verification form, the declaration form, the
special verification page, and other prescribed verification vouchers.

With respect to the future collection of proceeds in foreign exchange of which the anticipated date of collection is 180 days (including
180 days) or more after the declaration date, the exporter shall put on record the future collection with the foreign exchange administration
within 60 days after making the customs declaration.

Article 20

The foreign exchange administrations shall upload the verified electronic data of the previous month to the data center of “China
Electronic Port” for consulting or use by the relevant authorities of commerce, customs, and tax, etc.

Article 21

Under exports by agent, the agent shall process the formalities, such as applying for the verification form, making the export declaration,
handling the verification, and making the report of verification.

Article 22

The foreign exchange administration shall, after accepting the report of verification from an exporter, examine the authentication
of the verification vouchers or data provided by the exporter. Where the data reported by the exporter is incomplete, that exporter
shall be required to make supplementation. Where the data reported by the exporter is inconsistent with the electronic data transmitted
by the customs office or bank, the exporter shall be required to check, modify and make up the data with the relevant departments.
The customs office and bank shall deal with an application within 5 workdays after receiving it from an exporter.

Article 23

In examining the verification vouchers provided by an exporter, the foreign exchange administration shall, if the vouchers are complete,
the data is correct, and the balance between the export and the proceeds in foreign exchange collected or the import has not exceeded
the prescribed standards, make the verification according to different trade methods. Where the balance between the export and the
proceeds collected or the import exceeds the prescribed standards, the foreign exchange administration shall, after making sure that
the prescribed certifications of balance are correct, handle balance verification for the exporter. Where the balance between the
export and the collected proceeds or the import exceeds the prescribed standards, and no prescribed balance certifications are provided,
if the case meets the relevant provisions, future reference of balance shall be granted; if the case fails to meet the conditions
for future reference and exceeds the prescribed time limit for verification, such a case shall be treated as one not verified and
written off within the prescribed time limit.

Article 24

After handling the verification formalities for an exporter, the foreign exchange administration shall return the special tax refund
page of the verification form to the exporter pursuant to the provisions. Exporters subject to autonomic verification shall be governed
separately by other provisions.

Article 25

Where an exporter is unable to make normal verifications due to objective reasons, the foreign exchange administration may grant future
reference of verifications with respect to the data of receivable export proceeds that should be verified and written off.

Article 26

Where an exporter incurs any refund or compensation in foreign exchange under exports, it shall apply to the foreign exchange administration
by taking with it the certifications, and after its export proceeds actually collected are set off if no mistake is found upon examination
by the foreign exchange administration, it shall go through the formalities for purchase and payment of foreign exchange for the
refund or compensation with the bank on the strength of the “Certification of Setoff Export Proceeds/Verification” issued by the
foreign exchange administration.

Article 27

Where an exporter fails to handle the verification formalities within the prescribed time limit, it shall be brought into the administration
of those failing to make verification within the prescribed time limit, and the foreign exchange administration shall regularly urge
that exporter to make the verification hat has been defaulted. The foreign exchange administration shall punish the exporter that
fails to handle the verification formalities after being urged and without justified reasons.

Article 28

Exporters and banks shall handle the verification formalities in strict accordance with the Measures, and those violating the Measures
shall be punished by the foreign exchange administrations in accordance with the Regulations of the People’s Republic of China on
Foreign Exchange Administration and other relevant provisions.

Article 29

The power to interpret the Measures shall remain with the SAFE.

Article 30

The Measures shall take effect as of October 1, 2003. The relevant regulations listed in Attachment 2 shall be repealed at the same
time, and if any previous provisions conflict with the Measures, the latter shall prevail.

Attachment 2Catalogue of the Documents Repealed

Measures for the Administration of Verification and Writing-Off of Export Proceeds in Foreign Exchange promulgated by the SAFE and
other departments in December 1990

Circular on Sorting out Old Verification Forms of Export Proceeds in Foreign Exchange (96) (HuiGuoHanZi No.055) promulgated by the
SAFE on March 5, 1996

Circular on Strict Examination of the Anti-Counterfeiting Labels of Declaration Forms of Import and Export Goods (HuiChuan [1996]
No.04) promulgated by the SAFE on March 28, 1996

Circular on the Relevant Issues Concerning Clarification of the “Twice Verification of Customs Declaration Forms of Import and Export
Goods” (96) (HuiGuoHanZi No.178) promulgated by the SAFE and the General Administration of Customs on June 27, 1996

Interim Measures on the Administration of the Payment and Verification and Writing-Off of Refund and Compensation in Foreign Exchange
under Exports promulgated by the SAFE on June 28, 1996

Circular on Further Strengthening the Administration of Verification Forms of Export Proceeds in Foreign Exchange (97) (HuiGuoHeZi
No.001) promulgated by the SAFE on January 8, 1997

Provisions on the Relevant Issues Concerning the Issuing of Special Page of Verification Form of Export Proceeds in Foreign Exchange
promulgated by the SAFE on September 29, 1997

Supplementary Provisions on the Issues Concerning the Verification and Writing-Off of Export Proceeds in Foreign Exchange promulgated
by the SAFE on September 29, 1997

Circular on the Relevant Issues Concerning the “Twice Verification” of Import and Export Declaration Forms (97) (HuiGuoHanZi No.214)
promulgated by the SAFE and the General Administration of Customs on July 28, 1997

10.

Circular on Fixing the Minimum Time for Keeping of the Original Vouchers of Verification and Writing-Off of Export Proceeds in Foreign
Exchange (98) (HuiGuoHanZi No.046) promulgated by the SAFE on February 18, 1998

11.

Circular on Further Strengthening the Administration of Verification and Writing-Off of Export Proceeds in Foreign Exchange (1998)
(HuiFa No.27) promulgated by the SAFE on September 21, 1998

12.

Circular on Strengthening the Control of Verification and Writing-Off of Export Proceeds in Foreign Exchange Derived from Tourism
Purchases (2000) (HuiFa No.170) promulgated by the SAFE on December 29, 2000

13.

Circular on Distributing the Implementation Rules of the Measures for the Administration of Verification and Writing-Off of Export
Proceeds in Foreign Exchange (98) (HuiGuoFaZi No.012) promulgated by the SAFE on June 22, 1998

14.

Circular of the State Administration of Foreign Exchange on Distributing the Operational Rules for the Administration of Verification
and Writing-Off of Export Proceeds in Foreign Exchange (2002) (HuiFa No.112) promulgated by the SAFE on November 13, 2002.

The State Administration of Foreign Exchange
2003-08-19

ADMINISTRATIVE LICENSE LAW OF THE PEOPLE’S REPUBLIC OF CHINA

The Standing Committee of the National People’s Congress

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

No. 7

The Administrative License Law of the People’s Republic of China has been adopted at the 4th session of the Standing Committee of
the 10th National People’s Congress of the People’s Republic of China on August 27, 2003. It is hereby promulgated and shall come
into force as of July 1, 2004.

Hu Jingtao, President of the People’s Republic of China

August 27, 2003

Administrative License Law of the People’s Republic of China ContentsChapter I General Provisions

Chapter II Establishment of an Administrative License

Chapter III Executive Organ for Administrative License

Chapter IV Procedures for Administrative License

Section 1 Application and Acceptance

Section 2 Examination and Decision

Section 3 Time Limit

Section 4 Hearing

Section 5 Modification and Extension

Section 6 Special Provisions

Chapter V Expenses of Administrative License

Chapter VI Supervision and Check

Chapter VII Legal Liabilities

Chapter VIII Supplementary Provisions

Chapter I General Provisions

Article 1

In order to regulate the establishment and implementation of administrative licenses, to protect the legitimate rights and interests
of citizens, legal persons and other organizations, to safeguard public interests and social order, to ensure and supervise the effective
implementation of administrative management, the Law is formulated in accordance with the Constitution.

Article 2

The term “administrative licenses” as mentioned in the Law refers to the acts that the administrative organs permit, upon examination
according to law, the citizens, legal persons or other organization to engage in special activities according to their applications.

Article 3

The Law shall be applicable to the establishment and implementation of administrative licenses.

The Law shall not be applicable to the examination and approval of such matters as personnel, finance and foreign affairs of relevant
administrative organs to other organs or public institutions directly under their administration.

Article 4

The establishment and implementation of an administrative license shall tally with legal authority, scope, conditions and procedures.

Article 5

The principle of publicity, fairness and impartiality shall be abided by in the establishment and implementation of an administrative
license.

The relevant regulations on an administrative license shall be announced to the public; those undisclosed shall not be the basis for
the implementation of the administrative license. The implementation of the administrative license and the results thereof, except
for those that concern the state secrets, commercial secrets or individual privacy, shall be disclosed.

The applicants who meet the legal conditions and standards are enpost_titled to obtain the equal right under an administrative license,
the administrative organs shall not discriminate against any of them.

Article 6

In the implementation of administrative license, the principle of facilitating people shall be abided by so as to enhance the efficiency
and to render quality services.

Article 7

With regard to an administrative organ’s implementation of an administrative license, the citizens, legal person or other institutions
shall be enpost_titled to make statements, to defend themselves, to apply for administrative reconsideration or to file an administrative
lawsuit in accordance with the law. Where any of their legal rights and interests is impaired because of the administrative organs’
unlawful implementation of the administrative license, it shall be enpost_titled to demand compensation in accordance with the law.

Article 8

The administrative license obtained by a citizen, a legal person or any of other organizations in accordance with the law shall be
protected by law. The administrative organs shall not change an effective administrative license without permission.

Where any of the laws, regulations and rules that the administrative license is based on is amended or abolished, or the objective
circumstances that the administrative license rests on change greatly, in order to meet the demand of public interests, the administrative
organ may modify or withdraw the effective administrative license. The damages caused to the properties of citizens, legal person
or other institutions accordingly shall be compensated for by the administrative organ in accordance with the law.

Article 9

An administrative license obtained in accordance with the law shall not be transferred except for those that may be transferred in
light of the legal conditions and procedures of the laws and regulations.

Article 10

The people’s governments above the county level shall establish and perfect the supervisory system for the administrative licenses
implemented by administrative organs, shall strengthen the supervision and examination over the administrative licenses implemented
by administrative organs.

The administrative organs shall effectively supervise the activities of the citizens, legal persons or other institutions concerning
the matters under administrative license.

Chapter II The Establishment of an Administrative License

Article 11

The establishment of an administrative license shall be in line with the rule of economic and social development, shall be propitious
to the full play of the enthusiasm and initiative of the citizens, legal persons or other institutions, safeguard the public interests
and social order, promote the harmonious development of the economy, society and ecological environment.

Article 12

An administrative license may be established for any of the following matters:

(1)

The special activities that directly bear on the state security, public security, macro-economic control, ecological environment protection,
and those directly relate to the human health, safety of life and property, which shall be approved according to the legal requirements;

(2)

The development and utilization of the limited natural resources, allocation of public resources and the market entry of the special
trades that directly concern public interests, which shall be enpost_titled with special rights;

(3)

The vocations and trades that provide public services and directly relate to the public interests, which need qualification of special
credit, conditions or skills;

(4)

The important equipment, facilities, products, articles that directly concern public security, human health, the safety of life and
property, which shall be examined and approved by means of inspection, testing, and quarantine according to the technical standards
or criterions;

(5)

The establishment of the enterprises or other institutions, which need to determine the subject qualification;

(6)

Other matters, for which administrative licenses may be established in accordance with the laws and regulations.

Article 13

For the matters listed in Article 12 of the Law, which may be regulated through the following methods, the administrative licenses
aren’t required to be established:

(1)

Those can be decided by the citizens, legal person or other institutions themselves;

(2)

Those can be effectively regulated by the market competition mechanism;

(3)

Those may be subject to the self-discipline management of the trade organizations or intermediary institutions;

(4)

The matters that can be solved by the administrative organs by means of supervision afterwards or through other administrative methods.

Article 14

As to the matters listed in Article 12 of the Law, administrative licenses may be established by means of law. Where there is no
governing law, administrative licenses may be established by means of administrative regulations.

Where necessary, the State Council may adopt the form of releasing decisions to establish administrative licenses. After implementation,
except for the matters under temporary administrative licenses, the State Council shall timely propose to the National People’s Congress
and its Standing Committee to formulate laws, or formulate administrative regulations by itself.

Article 15

If there is no governing law or administrative regulation yet, an administrative license may be established by means of local regulations
for any of the matters listed in Article 12 of the Law; if there is no governing law, administrative regulation and local regulation
yet, but it is really necessary to establish an administrative license to conduct administrative management immediately, an temporary
administrative license may be established by means of a regulation of the people’s government of a province, autonomous region or
municipality directly under the Central Government. If it is necessary to keep on implementing the administrative license after a
year, the people’s congress and its standing committee of the same level shall be proposed to formulate a local regulation.

No local regulation or government rule of the provinces, autonomous regions and municipalities directly under the Central Government
may establish any administrative license for the qualifications of the citizens, legal persons or other institutions that shall be
determined by the state; no administrative license and pre-administrative license may be established for the establishment and registration
of enterprises or other institutions. The administrative licenses established thereby shall not hinder the individuals or enterprises
of other regions from dealing in production and business and providing services in one region, shall not restrict the commodities
of other regions from entering into the market of the local region.

Article 16

An administrative regulation may have specific requirements for the implementation of an administrative license within the scope of
the matters prescribed by a statutory administrative license.

A local regulation may, within the scope of the matters of administrative license established by the laws and administrative regulations,
make specific requirements for the implementation of the administrative license.

The regulation may make specific requirements for the implementation of the administrative license within the scope of the matters
established by the upper law.

The regulations and rules shall not make specific requirements for the implementation of the administrative license set down by the
upper law, shall not increase administrative license; for the specific conditions of administrative license, they shall not establish
any other condition in violation of the upper law.

Article 17

Except for Articles 14 and 15 of the Law, no administrative license shall be set in any other regulatory document.

Article 18

In the establishment of an administrative license, the implementing organ, conditions, procedures and time limit shall be specified.

Article 19

Where an administrative license is to be established by means of drafting a law, a regulation or a regulation of the people’s government
of a province, autonomous region or municipality directly under the Central Government, the drafting entity shall consult the opinions
through hearing and argumentation, etc., and shall give explanations to the law (regulation) making organ about the necessity to
establish the administrative license, the potential effects on the economy and society and the opinions heard and adopted.

Article 20

The establishment organ of the administrative license shall periodically evaluate the administrative license it set. If it considers
that an already established administrative license can be solved through any of the methods listed in Article 13 of the Law, it
shall modify the requirements for the establishment of the administrative license or abolish it in time.

The executive organ of an administrative license shall evaluate the information of the implementation of the administrative license
and necessity of its existence, and shall report the relevant opinions to the establishing organ of the administrative license.

The citizens, legal person or other institutions may put forward opinions and suggestions to the establishment organ and executive
organ about the establishment and implementation of the administrative license.

Article 21

Where any of the people’s governments of the people’s governments of the provinces, autonomous regions and municipalities directly
under the Central Government considers an administrative license on economic affairs, which is established by means of administrative
regulation, can be solved through any of the methods listed in Article 13 of the Law according to the economic and social development
of this administrative area, it may stop implementing the administrative license within the administrative area upon reporting to
and obtaining the approval of the State Council.

Chapter III Executive Organ for Administrative License

Article 22

An administrative license shall be implemented by the empowered administrative organ within its statutory functions.

Article 23

The organization with a function of managing public affairs under the authorization of a law or regulation shall, within the authorized
scope, implement the administrative license in its own name. The provisions concerning the administrative organ in the Law shall
be applicable to the empowered organizations.

Article 24

An administrative organ may, within its statutory functions, authorize other administrative organs to implement the administrative
license in light of the laws, regulations and rules. The authorizing organ shall announce to the public the authorized administrative
organs and the authorized particulars of the administrative license.

The authorizing administrative organ shall be responsible for supervising the implementation of the administrative license by the
authorized administrative organs, and shall bear the legal liabilities for the consequences of implementation.

An authorized administrative organ shall, within the authorized scope, implement the administrative license in the name of the authorizing
administrative organ; it shall not authorize any other organization or individual to implement the administrative license.

Article 25

Upon approval of the State Council, the people’s governments of the provinces, autonomous regions and municipalities may decide one
administrative organ to exercise the power of administrative license of the relevant administrative organs according to the principle
of simplification, unification and efficiency.

Article 26

Where it is necessary to handle the administrative license through several interior institutions of the administrative organ, this
administrative organ shall determine one institution to accept all the applications for the administrative license and serve all
the decisions about the administrative license.

Where the administrative license is implemented separately by at least two departments of the local people’s government in accordance
with the law, the people’s government of the same level shall determine one department to accept the applications for administrative
license and inform the relevant departments of them, and handle these applications after the relevant departments have put forward
their own opinions, organize the relevant departments to handle the applications jointly and intensively.

Article 27

When implementing the administrative license, the administrative organ may not require any applicant to buy the designated commodities
and to accept paid services or have other unreasonable requests.

In handling an administrative license, the functionaries of the administrative organ may not exert any property from or accept any
property of the applicants, neither may they seek for any other interests.

Article 28

The inspection, testing, and quarantine of the important equipment, facilities, products, articles that directly concern public security,
human health, the safety of life and property shall be gradually organized and implemented by the professional technical organizations
that meet the statutory requirements. The professional technical organizations and the functionaries shall bear the legal liabilities
for the conclusions they reach.

Chapter IV Procedures for the Administrative License

Section 1 Application and Acceptance

Article 29

Where a citizen, legal person or any of other institutions has to obtain an administrative license prior to dealing in a special activity,
it shall file an application with the administrative organ. Where a standard application is required, the administrative organ shall
provide the applicants with standard administrative license application. The application shall not contain any content that has no
direct relationship with the licensing matters applied for.

An applicant may entrust an agent to file the application for administrative license, however, with the exception that the applicant
shall file the application for administrative license in the office of the administrative organ.

An application for administrative license may be filed by means of letter, telegraph, telex, fax, electronic data interchange and
email.

Article 30

An administrative organ shall display the licensing matters, basis, conditions, quantity, procedures and time limit as provided for
in the laws, regulations and rules, the catalogue of the complete set of materials that shall be submitted and the exemplary application
in its office place.

Where an applicant asks the administrative organ to account for or to give explanations about the displayed contents, the administrative
organ shall do so to provide exact and liable information for it.

Article 31

When applying for administrative license, an applicant shall faithfully submit relevant materials to the administrative organ, report
the actual information, and shall be liable for the authenticity of the substantial contents of the application materials. The administrative
organ may not ask the applicant to submit technical materials and other materials that have nothing to do with the matters under
the administrative license

Article 32

The administrative organ shall handle the applications for administrative license differently according to the following circumstances:

(1)

For the matter applied for that are not subject to administrative license in accordance with the law, it shall inform the applicant
of the rejection immediately;

(2)

If the matter applied for isn’t within the functions of the administrative organ, it shall make a decision of rejection immediately
and shall inform the applicant to file an application for it with the relevant administrative organ;

(3)

Where the errors in the application materials can be corrected on the spot, the applicant shall be permitted to correct them on the
spot;

(4)

Where the application materials are incomplete or inconsistent with the statutory form, it shall inform the applicant on the spot
or inform it of all the items that need to be supplemented or corrected within 5 days; if it fails to do so within the time limit,
the day when the application materials are accepted shall be considered as the acceptance day;

(5)

Where the matter applied for falls within the functions of the administrative organ and application materials are complete and in
consistency with the statutory form, or the applicant has supplemented and corrected all the items as required, the application for
administrative license shall be accepted.

When accepting or rejecting an application for administrative license, the administrative organ shall issue a written proof with the
special seal of the administrative organ and the clear indication of date.

Article 33

An administrative organ shall establish and perfect the relevant systems, shall promote electronic administration by government, shall
announce matters under administrative license on the website of the administrative organ, facilitate the applicants to file for administrative
license by means of data messages. It shall share the information concerning the administrative license with other administrative
organs so as to increase efficiency.

Section 2 Examination and Decision

Article 34

Administrative organs shall examine the application materials submitted by the applicants.

Where the application materials are complete and tally with the statutory form, the administrative shall make a written decision about
the administrative license on the spot if it is able to do so.

Where it is necessary to further verify the substantial contents of the applications in accordance with the statutory conditions and
procedures, the administrative organ shall designate at least 2 personnel to conduct verifications.

Article 35

In accordance with law, where an administrative license is subject to the examination of the lower administrative organ before it
is reported and submitted to the upper administrative organ for decision, the lower administrative organ shall directly submit the
preliminary examination opinions and the complete set of application materials to the upper administrative organ within the statutory
time limit. The upper administrative organ shall not require the applicant to provide the application materials again.

Article 36

When examining the applications for administrative license, if the administrative organ finds that any party has important direct
interests to the matters under the administrative license, it shall inform the interested party. The applicant and the interested
party shall be enpost_titled to make a statement and defense. The administrative organ shall listen to the opinions of the applicant and
the interested party.

Article 37

After the administrative organ has examined the application for administrative license, it shall make a decision about the administrative
license in light of the prescribed procedures within the statutory time limit, unless the decision on the administrative license
shall be made on the spot.

Article 38

Where an applicant meets the statutory requirements and standards, the administrative organ shall make a written decision about the
approval of the administrative license.

Where the administrative organ makes a decision about the disapproval of the administrative license in accordance with the law, it
shall give explanations to and inform the applicant that it is enpost_titled to apply for administrative reconsideration or to file an
administrative lawsuit.

Article 39

For an administrative organ that makes a decision about the approval of the administrative license, it shall issue one of the following
certificates for administrative license with the seal of this administrative organ:

(1)

Permit, license or other kinds of licensing certificates;

(2)

Qualification certificate or other qualification certificates;

(3)

Documents of approval of the administrative organ or evidential documents;

(4)

Other certificates for administrative license as provided for in the laws and regulations.

Where an administrative organ conducts inspection, testing, or quarantine, it may stamp a label on or affix a seal of inspection,
testing or quarantine to the qualified equipment, facilities, products and articles.

Article 40

Administrative organs shall give publicity to the decisions about the approval of the administrative license, which the general public
are enpost_titled to consult.

Article 41

For an administrative license set down by laws and regulations, if there is no regional limit on its application scope, the administrative
license obtained by an applicant shall be of nationwide validity.

Section 3 Time Limit

Article 42

An administrative organ shall make a decision on the administrative license within 20 days from the day when it accepts such an application
unless it can make a decision on the spot. If it can’t make a decision within 20 days, it may extend for 10 days upon the approval
of the person in charge of this administrative organ, and shall give explanations about the extension to the applicant. However,
if it is otherwise provided for in any law and regulation, the latter shall prevail.

In accordance with Article 26 of the Law, where an administrative license is handled uniformly or jointly or collectively, the period
shall not exceed 45 days; if it cannot be completed within 45 days, it may, upon the approval of the people’s government of the same
level, be extended for 15 days, and the applicant shall be notified of the reason for extension.

Article 43

For an administrative license that is subject to the examination of a lower administrative organ before it is reported and submitted
to an upper administrative organ, the lower administrative organ shall complete the examination within 20 days from the day when
the application for administrative license is accepted. But, if it is otherwise provided for in the laws and regulations, the latter
shall prevail.

Article 44

If an administrative organ makes a decision of administrative license, it shall issue and serve the applicant the certificate of administrative
license, or stamp a label, affix a seal of inspection, testing or quarantine, within 10 days from the day when such a decision is
made.

Article 45

In accordance with the law, where an administrative organ needs hearing, bid invitation, auction, inspection, testing, quarantine
or expert evaluation, the required time shall not be included in the time limit specified in this Section.

Section 4 Hearing

Article 46

For a hearing as provided for the implementation of administrative license in any law, regulation or rule, or for any other licensing
matters of great importance to the public interests that the administrative organ considers it necessary to hold a hearing, the administrative
organ shall announce it to the public and hold a hearing.

Article 47

Where an administrative license is of direct significance to the interests of the applicant or others, before the administrative organ
makes a decision about the administrative license, it shall inform the applicant or the interested party of the right to request
for a hearing. Where the applicant or interested party applies for a hearing within 5 days from the day when it is informed of such
right, the administrative organ shall organize a hearing within 20 days.

The applicant and interested party shall not pay for the expenses arising from the administrative organ’s organization of the hearing.

Article 48

The hearing shall proceed according to the following procedures:

(1)

The administrative organ shall notify the applicant and interested party of the time and place of the hearing 7 days before it is
held, and shall announce it to the public where necessary;

(2)

The hearing shall be held openly;

(3)

The administrative organ shall designate a person to host the hearing, the person shall not be from the persons who are responsible
for the examination of the application for administrative license, where the applicant or interested party considers that the host
or hostess of the hearing is of direct interest to the matters under administrative license, it shall be enpost_titled to apply for withdrawal;

(4)

While holding a hearing, the persons who are responsible for the examination of an application for administrative license shall provide
proofs, reasons for the examination opinions, the applicant and the interested party may produce evidence, defend and conduct cross-examinations;

(5)

Transcripts shall be made for a hearing. The attendees of the hearing shall sign their names on or affix their seals to the transcripts
after they have confirmed them as inerrant.

The administrative organ shall make a decision on the administrative license according to the transcripts of the hearing.

Section 5 Modification and Extension

Article 49

Where a licensee requests for modifying the matters under administrative license, it shall file an application to the administrative
organ that made the decision about the administrative license. If it meets the statutory conditions and standards, the administrative
organ shall handle the modification procedures in accordance with the law.

Article 50

Where a licensee needs to extend the valid period of an administrative license it obtained in accordance with the law, it shall file
an application with the administrative organ that made the decision about the administrative license 30 days prior to the expiry
of the valid period of this administrative license. But, if it is otherwise provided for in the laws, regulations and rules, the
latter shall prevail.

An administrative organ shall decide whether to approve the extension prior to the expiry of the valid period of this administrative
license; if it fails to make a decision within the time limit, it shall be deemed that the extension has been approved.

Section 6 Special Provisions

Article 51

The implementing procedures for the administrative license shall be governed by the pertinent provisions in this Section, if there
are any; if it isn’t provided for in this section, they shall be governed by other relevant provisions in this Chapter.

Article 52

The procedures for the State Council to implement an administrative license shall be governed by the relevant laws and administrative
regulations.

Article 53

When implementing the licensing matters listed in Article 12 (2) of the Law, the administrative organ shall make a decision by adopting
fair competitive methods, such as bid invitation and auction, etc, but if it is otherwise provided for in the laws, administrative
regulations, the latter shall prevail.

The specific procedures for the administrative organ to decide an administrative license by means of bid invitation and auction shall
be in line with the relevant laws and administrative regulations.

After the administrative organ has determined the bid winner or buyer according to the bid or auction procedures, in accordance with
the law, it shall issue a certificate for the administrative license to the bid winner or buyer.

Where an administrative organ fails to adopt the forms of bid invitation and auction in violation of the Law, or violates the procedures
for bid invitation or auction, impairing the legitimate rights and interests of the applicant, the applicant may apply for administrative
reconsideration or file an administrative lawsuit according to law.

Article 54

When implementing the licensing matters listed in Article 12 (3) of the Law, namely, holding a national examinations for the purpose
of granting the citizens any special qualification in accordance with the law, the administrative organ shall make decisions about
the administrative license according to applicants’ examination marks and other statutory requirements; when granting a special qualification
to the legal persons or other organizations, the administrative organ shall make decisions about the administrative license according
to the evaluation results in the aspects of the structure of professionals of the applicants, technical conditions, business performance
and management level. But, if it is otherwise provided for in the laws and regulations, t

CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE AND THE GENERAL ADMINISTRATION OF CUSTOMS ON PRINTING AND DISTRIBUTING THE INTERIM MEASURES FOR THE ADMINISTRATION OF CARRYING FOREIGN CURRENCY CASH FOR PERSONS ENTERING OR EXITING THE TERRITORY

The State Administration of Foreign Exchange, the General Administration of Customs

Circular of the State Administration of Foreign Exchange and the General Administration of Customs on Printing and Distributing the
Interim Measures for the Administration of Carrying Foreign Currency Cash for Persons Entering or Exiting the Territory

HuiFa[2003] No.102

August 28, 2003

The branches and offices under the State Administration of Foreign Exchange in all provinces, autonomous regions and municipalities
directly under the Central Government, the branches of Shenzhen, Dalian, Qingdao, Xiamen and Ningbo; Guangdong Branch Administration
of Customs, Tianjin and Shanghai Special Dispatched Offices, all customs and educational institutions directly subordinate to the
General Administration of Customs; and all designated foreign exchange banks:

In order to facilitate the foreign-related contacts of those who enter or exit the territory, regulate the acts of carrying foreign
currency cash to enter or exit the territory of the persons concerned, crack down the illegal and criminal acts of money laundering,
smuggling of currencies and evasion of foreign exchanges, etc., the State Administration of Foreign Exchange and the General Administration
of Customs have jointly formulated the Interim Measures for the Administration of Carrying Foreign Currency Cash for Persons Entering
or Exiting the Territory, which are hereby printed and distributed to you for your compliance and implementation, and a notice is
given as follows regarding the relevant issues:

The “Permit for Carrying Foreign Exchanges to Exit the Territory” (hereinafter referred to as the “Permit for Carrying Foreign Exchanges”),
which was put into use on August 1, 1999, shall be continually used, and shall be uniformly printed and produced by the State Administration
of Foreign Exchange. Each designated foreign exchange bank shall obtain the said permit in the branch or sub-branch bureau of the
State Administration of Foreign Exchange at its locality (hereinafter referred to as the foreign exchange bureau).

II.

A person exiting the territory may carry foreign currency cash with him, and may also carry foreign currencies out of the territory
in accordance with the provisions of the State on financial administration by means of remitting the foreign currencies out through
the bank or carrying the drafts, travel checks, and the international credit cards, etc.

If a person exiting the territory carries foreign currency cash of not more than the amount equal to 5,000 USD, he does not need to
apply for the “Permit for Carrying Foreign Exchanges”, and he shall be released by the customs; if a person exiting the territory
carries foreign currency cash of more than the amount equal to 5,000 USD but not more than 10,000 USD, he shall apply to the designated
foreign exchange bank for the “Permit for Carrying Foreign Exchanges”, and the customs shall inspect and release him upon checking
the “Permit for Carrying Foreign Exchanges” affixed with the seal of the designated foreign exchange bank; a person exiting the territory
shall not, in principle, carry foreign currency cash of more than the amount equal to 10,000 USD. Under any of the following particular
circumstances, he may apply to the foreign exchange bureau for the “Permit for Carrying Foreign Exchanges”:

He is in a group exiting the territory composed of a large number of persons.

He is in a scientific inspection group exiting the territory for a long time or for a long trip.

He is a government leader visiting a foreign country.

He is leaving for a country in war, a country with strict foreign exchange control policies, or a country with bad financial conditions
or in financial turmoil.

Other particular circumstances.

III.

In consideration of the incorporation of foreign currency pay orders and foreign currency negotiable securities into the banking management
system, the specific administrative measures shall be separately formulated, and the persons entering and exiting the territory who
carry the above said documents and securities shall no longer be subject to the administration of the customs.

IV.

The State Administration of Foreign Exchange and the customs at all levels shall arrange for the education and trainings on the Interim
Measures for the Administration of Carrying Foreign Currency Cash for Persons Entering or Exiting the Territory, and make an extensive
propaganda through various news media for the implementation thereof. After receiving the Circular, all branch bureaus of the State
Administration of Foreign Exchange shall transmit it as soon as possible to the sub-branch bureaus, designated foreign exchange banks
and relevant entities under their respective jurisdiction; the designated foreign exchange banks shall transmit it as soon as possible
to the branches and sub-branches under their respective jurisdiction; and all customs directly under the General Administration of
Customs shall transmit it as soon as possible to the customs under their respective jurisdiction. In case of any question in the
implementation, please timely inform it to the Department of Current Account Administration under the State Administration of Foreign
Exchange or the Supervision Department under the General Administration of Customs.

Attachment: Interim Measures for the Administration of Carrying Foreign Currency Cash for Persons Entering or Exiting the Territory

Attachment:Interim Measures for the Administration of Carrying Foreign Currency Cash for Persons Entering or Exiting the Territory

Article 1

The Measures are hereby formulated in accordance with the Customs Law of the People’s Republic of China and the Regulation of the
People’s Republic of China on the Administration of Foreign Exchanges to facilitate the foreign-related contacts of those who enter
or exit the territory, and regulate the acts of carrying foreign currency cash to enter or exit the territory of the persons concerned.

Article 2

Meanings of the following terms in the Measures are as follows:

“Foreign currency” means a convertible currency exchanged by a Chinese domestic bank by quotation (see Attachment 1);

“Cash” means a paper and coin foreign currency;

“Bank” means a Chinese-funded bank or foreign-funded bank or its branch, which is approved or recorded by the People’s Bank of China
to engage in the business of settlement and sale of foreign exchanges or the business of conversion or savings of foreign currencies;

“Person exiting or entering the territory” means a resident individual or non-resident individual who exits or enters the territory;

“Multiple returns on the same day” mean a person exits or enters the territory for more than one time within one day;

“Multiple returns within a short period” mean a person exits or enters the territory for more than one time within 15 days.

Article 3

If the foreign currency cash carried by a person entering the territory exceed the amount equal to 5,000 USD, he shall declare to
the customs in writing, except for multiple returns on the same day or multiple returns within a short period.

Article 4

If the foreign currency cash carried by a person exiting the territory does not exceed the amount of foreign currency cash declared
at his latest entry, the person need not apply for the “Permit for Carrying Foreign Exchanges to Exit the Territory” (hereinafter
referred to as the “Permit for Carrying Foreign Exchanges”, see Attachment 2), and the customs may inspect and release him on the
basis of the records on the amount declared at his latest entry.

Article 5

If a person exiting the territory carries foreign currency cash for which there is no record or whose amount exceeds the recorded
amount of the declared foreign currency cash at his latest entry, he shall be inspected and released in accordance with the following
provisions:

If the amount carried by a person exiting the territory is not more than the amount equal to 5,000 USD, he need not apply for the
“Permit for Carrying Foreign Exchanges”, and the customs may release him, except for multiple returns on the same day or multiple
returns within a short period.

If the amount carried by a person exiting the territory is more than the amount equal to 5,000 USD but not more than 10,000 USD, the
person shall apply to the bank for the “Permit for Carrying Foreign Exchanges”. When he exits the territory, the customs shall inspect
and release him if he presents the “Permit for Carrying Foreign Exchanges” affixed with a seal of the bank. If more than one such
permit are used, and the total amount in the Permits for Carrying Foreign Exchanges affixed with seals of the bank exceeds the amount
equal to 10,000 USD, the customs shall not release him.

If the amount carried by a person exiting the territory is more than the amount equal to 10,000 USD, he shall apply to the branch
or sub-branch bureau of the State Administration of Foreign Exchange (hereinafter referred to as the foreign exchange bureau) at
the locality of his deposit bank or exchange-selling bank for the “Permit for Carrying Foreign Exchanges”, and the customs shall
inspect and release him upon the “Permit for Carrying Foreign Exchanges” affixed with the seal of the foreign exchange bureau.

Article 6

A person entering or exiting the territory with “multiple returns on the same day” or with “multiple returns within a short period”
who carries foreign currency shall be inspected and released in accordance with the following provisions:

A person entering or exiting the territory with multiple returns on the same day must declare to the customs in writing the foreign
currency cash he carries into the territory. When he exits the territory, the customs shall inspect the foreign currency cash and
release him according to the records on the amount declared at his latest entry. If there is no record of the foreign currency cash
or the amount exceeds the recorded amount declared at his latest entry, he may carry the foreign currency cash of not more than the
amount equal to 5,000 USD when he exits the territory for the first time on the very day, and need not apply for the “Permit for
Carrying Foreign Exchanges”, and the customs may release him. However, if the amount of foreign currency cash carried out of the
territory is more than the amount equal to 5,000 USD, the customs shall not release him. When the person exits the territory for
the second time or more on the very day, he may carry foreign currency cash of not more than the amount equal to 500 USD, and need
not apply for the “Permit for Carrying Foreign Exchanges”, the customs may release him. However, if the amount of foreign currency
cash carried out of the territory is more than the amount equal to 500 USD, the customs shall not release him.

A person entering or exiting the territory with multiple returns within a short period must declare to the customs in writing the
foreign currency cash he carries into the territory. When he exits the territory, the customs shall inspect and release him according
to the records on the amount declared at his latest entry. If the foreign currency cash for which there is no record or whose amount
exceeds the recorded amount declared at his latest entry, he may carry foreign currency cash of not more than the amount equal to
5,000 USD when he exits the territory for the first time within 15 days, and need not apply for the “Permit for Carrying Foreign
Exchanges”, the customs may release him. However, if the amount of foreign currency cash carried out of territory is more than the
amount equal to 5,000 USD, the customs shall not release him. When the person exits the territory for the second time or more within
15 days, he may carry foreign currency cash of not more than the amount equal to 1,000 USD, and need not apply for the “Permit for
Carrying Foreign Exchanges”, the customs may release him. However, if the amount of foreign currency cash carried out of the territory
is more than the amount equal to 1,000 USD, the customs shall not release him.

Article 7

A person exiting the territory may carry foreign currency cash with him, and may also carry foreign currencies out of the territory
in accordance with the provisions by means of remitting the foreign currencies out through the bank or carrying drafts, travel checks,
and international credit cards, etc., provided that he may not carry foreign currency cash of more than the amount equal to 10,000
USD out of the territory in principle. If due to a particular circumstance, he indeed needs to carry foreign currency cash of more
the amount equal to 10,000 USD out of the territory, he shall apply to the foreign exchange bureau at the locality of his deposit
bank or exchange-selling bank for the “Permit for Carrying Foreign Exchanges”.

Article 8

A person exiting the territory who applies to the bank for the “Permit for Carrying Foreign Exchanges” shall, if carrying the foreign
currency cash drawn from the foreign exchange deposit account of his own or of his lineal relative, bring the passport, the Permit
To and From Hong Kong and Macao, or the Permit To and From Taiwan, and the valid visa or permission stamp, as well as the proof of
deposits to apply to the deposit bank; if he carries foreign currency cash out of the territory after purchasing the foreign exchanges,
he shall bring the prescribed documents on purchasing foreign exchange to apply to the exchange-selling bank.

A bank shall, after verifying the documents provided by the person exiting the territory as inerrable, check and issue the “Permit
for Carrying Foreign Exchanges” to him, and preserve the photocopies of the above documents for 5 years for future references.

Article 9

A bank shall not check and issue the “Permit for Carrying Foreign Exchanges” to a person exiting the territory with the amount exceeding
that in the proof of deposits in itself or that of purchased foreign exchanges. The amount of each “Permit for Carrying Foreign Exchanges”
checked and issued by the bank shall not exceed the amount equal to 10,000 USD, but may be lower than 5,000 USD.

Article 10

If a person exiting the territory applies to the foreign exchange bureau for the “Permit for Carrying Foreign Exchanges”, he shall
bring the written application, the passport, the Permit To and From Hong Kong and Macao, or the Permit To and From Taiwan, and the
valid visa or permission stamp, the proof of bank deposits, as well as the documents proving that he indeed needs to carry foreign
currency cash of more than the amount equal to 10,000 USD out of the territory, to apply to the foreign exchange bureau at the locality
of his deposit bank or exchange-selling bank.

The foreign exchange bureau shall, after verifying the documents submitted by the person exiting the territory as inerrable, issue
the “Permit for Carrying Foreign Exchanges” to him if he is qualified for the conditions, and preserve the photocopies of the written
application and other documents for 5 years for future references.

Article 11

The “Permit for Carrying Foreign Exchanges” shall be affixed with the “Approval Seal of the State Administration of Foreign Exchange
for Carrying Foreign Exchanges out of the Territory” or the “Special Seal of the Bank for Carrying Foreign Exchanges out of the Territory”,
and be valid for once within 30 days as of its issuance.

Article 12

The “Permit for Carrying Foreign Exchanges” shall be in three sheets. If the original “Permit for Carrying Foreign Exchanges” was
issued by the bank, the first sheet shall be delivered by the carrier to the customs for inspection and preservation, the second
sheet shall be delivered by the issuing bank by month to the local foreign exchange bureau for preservation, and the third sheet
shall be preserved by the issuing bank. If the original “Permit for Carrying Foreign Exchanges” was issued by the foreign exchange
bureau, the first sheet be delivered by the carrier to the customs for inspection and preservation, while the second and the third
sheets shall be preserved by the issuing foreign exchange bureau.

Article 13

If a person exiting the territory loses the “Permit for Carrying Foreign Exchanges”, and the original “Permit for Carrying Foreign
Exchanges” was issued by the bank, he shall, before exiting the territory, bring the documents prescribed in Article 8 to the original
issuing bank to file a reapplication, and the original issuing bank shall, after verifying the documents provided by him and the
originally preserved documents as inerrable, issue to him the “Proof on Reapplication” (see Attachment 3). The person entering or
exiting the territory shall re-apply for the “Permit for Carrying Foreign Exchanges” in the foreign exchange bureau at the locality
of the bank with the “Proof on Reapplication” issued by the bank, or in the bank with the approval document of the foreign exchange
bureau, while the bank shall add the word of “Reissued” in the reissued “Permit for Carrying Foreign Exchanges”; if the original
“Permit for Carrying Foreign Exchanges” was issued by the foreign exchange bureau, the said person shall, before exiting the territory,
bring the reapplication and the documents prescribed in Article 10 to apply to the original issuing foreign exchange bureau, and
the foreign exchange bureau shall, after verifying the documents provided by him and the originally preserved documents as inerrable,
reissue the “Permit for Carrying Foreign Exchanges” to him, and add the word of “Reissued” in the reissued “Permit for Carrying Foreign
Exchanges”. No foreign exchange bureau or bank is permitted to reissue the “Permit for Carrying Foreign Exchanges” to a person who
has left the territory.

Article 14

A bank shall, within 5 days at the end of each month, submit the information of the last month on issuing the “Permit for Carrying
Foreign Exchanges” (see Attachment 4) to the foreign exchange bureau at its locality through the “Statistical Table on Carrying Foreign
Currency Cash to Exit the Territory”.

Article 15

Each foreign exchange bureau shall collect the information within its jurisdiction on the issuance by foreign exchange bureaus and
banks of the “Permit for Carrying Foreign Exchanges”, and submit such information to the State Administration of Foreign Exchange
by “Statistical Table on Carrying Foreign Currency Cash to Exit the Territory” within 10 days at the end of each month.

Article 16

A bank shall, strictly in accordance with the Measures, check and issue the “Permit for Carrying Foreign Exchanges” to the persons
entering or exiting the territory. Any bank violating the Measures shall be imposed upon the punishments of warning, circularized
criticism, fine and cancellation of the “Permit for Carrying Foreign Exchanges” by the foreign exchange bureau.

Article 17

If a person entering or exiting the territory carries foreign currency cash in violation of the Measures, he shall be punished by
the customs in accordance with the relevant provisions.

Article 18

If a person entering or exiting the territory carries such foreign currency pay orders as drafts, travel checks, international credit
cards, bank deposits, and postal savings deposits, etc. or such foreign currency negotiable securities as government bonds, corporate
bonds, stocks, etc., he shall be temporarily not under the administration of the customs.

Article 19

The power to interpret the Measures shall remain with the State Administration of Foreign Exchange and the General Administration
of Customs.

Article 20

The Measures shall enter into force as of September 1, 2003. The Provisions on the Administration of Carrying Foreign Exchanges to
Enter or Exit the Territory, which were jointly promulgated by the State Administration of Foreign Exchange and the General Administration
of Customs on December 31, 1996 and which entered into force on February 10, 1997; the Circular on the Relevant Issues Concerning
Starting to Use the New Type of Permit for Carrying Foreign Exchanges to Exit the Territory, which were jointly promulgated by the
State Administration of Foreign Exchange and the General Administration of Customs on June 17, 1999, and which entered into force
on August 1, 1999; the Circular on the Relevant Operational Issues Concerning Starting to Use the New Type of Permit for Carrying
Foreign Exchanges to Exit the Territory”, which were promulgated by the State Administration of Foreign Exchange on June 14, 1999,
and which entered into force on the same day; and the Circular on Strengthening the Administration of the Permit for Carrying Foreign
Exchanges to Exit the Territory, which were promulgated by the State Administration of Foreign Exchange on October 25, 1999, and
which entered into force on the same day, shall all be abrogated simultaneously.

Attachment:

1. Currencies Exchanged by Chinese Domestic Banks by Quotation (Omitted)

2. Permit for Carrying Foreign Exchanges to Exit the Territory” (Omitted)

3. Proof of Reapplication (Omitted)

4. Statistical Table on Carrying Foreign Currency Cash to Exit the Territory (Omitted)

The State Administration of Foreign Exchange, the General Administration of Customs
2003-08-28

Supreme Court Criticisms

MEASURES FOR THE CLASSIFIED ADMINISTRATION OF ENTERPRISES MANUFACTURING EXPORT INDUSTRIAL PRODUCTS

PROVISIONS ON THE MANAGEMENT OF GREEN PASSAGEWAY SYSTEM FOR INSPECTION AND QUARANTINE OF EXPORT GOODS

CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGES ON THE MANAGEMENT OF COLLECTION AND SALES OF NON-TRADE FOREIGN EXCHANGES OF TRANSNATIONAL COMPANIES (TRIAL IMPLEMENTATION)

AGREEMENT BETWEEN THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA AND THE GOVERNMENT OF THE REPUBLIC OF DJIBOUTI ON THE PROMOTION AND PROTECTION OF INVESTMENTS

CIRCULAR ON DISTRIBUTING THE MEASURES FOR THE ADMINISTRATION OF VERIFICATION AND WRITING-OFF OF EXPORT PROCEEDS IN FOREIGN EXCHANGE

ADMINISTRATIVE LICENSE LAW OF THE PEOPLE’S REPUBLIC OF CHINA

CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE AND THE GENERAL ADMINISTRATION OF CUSTOMS ON PRINTING AND DISTRIBUTING THE INTERIM MEASURES FOR THE ADMINISTRATION OF CARRYING FOREIGN CURRENCY CASH FOR PERSONS ENTERING OR EXITING THE TERRITORY

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