NOTICE OF THE MINISTRY OF FINANCE ON PRINTING AND DISTRIBUTION OF “MEASURES FOR THE TREATMENT OF ACCOUNTING CONCERNING THE EXTENSION OF VALUE-ADDED TAX SCOPE IN NORTHEAST REGION”

The Ministry of Finance

Notice of the Ministry of Finance on Printing and Distribution of “Measures for the Treatment of Accounting concerning the Extension
of Value-Added Tax Scope in Northeast Region”

Cai Kuai [2004] No.11

Departments( Bureaus) of finance of all provinces, autonomous regions, municipalities directly under the Central Government, cities
specifically designated in the state plan, the bureau of finance of Xinjiang Production and Construction Corps of the Chinese Peoples’
Liberation Army, the related ministries and departments under the State Council:

Notice of the Ministry of Finance on Printing and Distribution of Measures for the Treatment of Accounting concerning the Extension
of Value-Added Tax Scope in Northeast Region hereby is formulated in accordance with Notice of the Ministry of Finance on Printing
and Distribution of Several Issues on the Extension of Value-Added Tax Credit Scope in Northeast Region (Cai Shui [2004] No. 156),
and please inform the local enterprises within your jurisdiction of the implementation. For problems emerged in the process of enactment,
please feed them back duly to the Ministry hereof.

Annex: Measures for the Treatment of Accounting concerning the Extension of Value-Added Tax Scope in Northeast Region

The Ministry of Finance

September 20, 2004 Annex:Measures for the Treatment of Accounting concerning the Extension of Value-Added Tax Scope in Northeast Region

In accordance with the provisions of the Notice of the Ministry of Finance on Printing and Distribution of the Provisions of Several
Issues on the Extension of Value-Added Tax Credit Scope in Northeast Region (Cai Shui[2004] No 156) ( hereinafter referred to as
“Provisions “)the treatment of accounting concerning the Extension of Value-Added Tax Scope in Northeast Region is formulated as
follows:

Accounting Items

(1)

The enterprise enforcing the extension of VAT credit scope shall add the classification item of “VAT credit” under the item of “accrued
tax” and add such columns as “Fixed Asset Income Tax”, “Fixed Asset Input Tax Transfer”, “Credited Fixed Asset Income Tax” and etc.
under the aforesaid classification item.

The column of “Fixed Asset Input Tax” records VAT input tax paid by the enterprise for purchasing fixed asset or taxable labor and
granted credit hereof. The sum of input tax paid for purchased fixed assets or taxable labor by enterprise shall be recorded with
blue ink; the returned due offset input tax for purchased fixed assets with red ink.

The column of “Fixed Asset Input Tax Transfer” records the amount of transferred input tax of fixed assets purchased by the enterprise
due to a failure to claim credit for some reasons.

The column of “Credited Fixed Assets Income Tax” records the credited input tax of an enterprise’s fixed assets.

(2)

The enterprise enforcing the extension of VAT credit scope shall add the column of “The Amount of Fixed Assets Input tax of Newly
Added VAT Credit” under the item of “Accrued Tax—-Accrued VAT” for the record of the newly added credited fixed asset input tax
in the year concerned.

Financial Transaction

(1)

The fixed assets purchased domestically shall be charged to the item of ” Accrued Tax—-Fixed Asset Input Tax to be credited (Input
tax of Fixed Assets) ” in accordance with the given amount of VAT in the special invoice, with such items as “fixed assets” in accordance
with the value of fixed assets recorded in the special invoice, with such items as “Accounts Payable” ,”Notes Payable”, ” Bank Deposit”,
” Long-term Accounts Payable” in accordance with the accounts payable or paid. Where return occurs for the purchased fixed assets,
the inverse journal entry shall be made.

(2)

The fixed assets transferred into the enterprise as donates shall be charged to the item of “Accrued Tax—-VAT of Fixed Assets to
be Credited (Input Tax of Fixed Assets) ” in accordance with the amount of VAT noted in special invoice, with such items as “Fixed
Assets”, “Project Material” in accordance with the affirmed fixed assets value (VAT deducted, the same hereinafter). Where the input
tax of fixed assets has been paid by the donator, the total value of VAT input tax and fixed assets shall be credited to such items
as “Donated Assets”. Where the VAT of fixed assets has been paid by the enterprise itself, the paid input tax of fixed assets and
accepted fixed assets value shall be credited to such items as “Banking Account” and “Donated Assets” respectively. Where the enterprise
has accepted donates paid such other charges as transport one, such items as “Banking Credit” shall be credited herein.

(3)

The fixed assets transferred into the enterprise shall be charged to the item of “Tax Payable—-Fixed Assets VAT to be Credited (Input
Tax of Fixed Assets) ” in accordance with the VAT value noted in the special invoice, to such items as “Fixed Assets”, “Project Material”
in accordance with the affirmed fixed assets value, be credited to such items as “Paid-up Capital” in accordance with the total value
of VAT and fixed assets.

(4)

Goods purchased by an enterprise for the manufacture of fixed assets shall be charged to the item of “Tax Payable—-VAT of Fixed
Assets to be Credited (Input Tax of Fixed Assets) ” in accordance with the VAT value noted in the special invoice, to the item of
” Project Material” in accordance with the sum required to be credited to the item of the cost of engineering material, to such items
as ” Account Payable”, “Notes Payable”, ” Bank Deposit”, ” Long-term Accounts Payable” in accordance with the sym payable or paid.
Where return occurs for the purchased goods, the inverse journal entry shall be made.

Where the raw material purchased by an enterprise as accounting for inventories is used for the building of fixed assets, the sum
equivalent to the cost of the inventories shall be charged to such items as ” Construction in Progress”, credited to such items as
“Raw Material” , the VAT input tax of that part of raw material shall be charged to the item of “Tax Payable—-VAT of Fixed Assets
to be Credited (Input tax of Fixed Assets) ” , credited to “Tax Payable—-VAT to be Credited (Input Tax Transfer) “.

(5)

The Taxable Labor accepted by enterprises for manufacture of fixed assets shall be charged to such items as “Tax Payable—-VAT of
Fixed Assets to be Credited (Input Tax of Fixed Assets)”, to such items as “Construction in Progress” in accordance with the sum
due to be credited to the Construction in Progress, credited to such items as “Account Payable”, “Notes Payable”, “Bank Deposit”
in accordance with the sum payable or paid.

(6)

The fixed assets imported by enterprise hereof shall be charged to the item of such items as “Tax Payable—-VAT of Fixed Assets to
be Credited (Input Tax of Fixed Assets) ” in accordance with the sum of VAT noted in tax payment receipt provided by the custom,
charged to such items as “Fixed Assets”, “Project Material”, credited to such items as “Account Payable”, “Notes Payable”, “Bank
Deposit”, “Long-term Accounts Payable” in accordance with the sum payable or paid.

(7)

The transport charges paid for the imported fixed assets shall be charged to such item as “Tax Payable—-VAT of Fixed Assets to be
Credited (Input Tax of Fixed Assets)”in accordance with the sum credited, to such items as “Fixed Assets”, “Construction in Progress”,
“Project Material” in accordance with the sum of fixed assets and construction material to be charged, credited to as “Account Payable”,
“Notes Payable”, “Bank Deposit”, “Long-term Accounts Payable” in accordance with the sum payable or paid.

(8)

Where the enterprise uses fixed assets self-made or consigned to process for non-taxable or tax-exempt items, such fixed assets shall
be considered as distributions goods for the sake of counting VAT payable and charged to such items as “Project under Construction”,
credited to such item as “Tax Payable—-VAT Payable (VAT on Sales) “.

(9)

Where the fixed assets manufactured by the enterprise concerned, by processing deal or purchasing (including those donated or invested)
is provided to other units or self-employed as investment, it shall be considered as distributions goods for the sake of counting
VAT payable and be charged to such item as “Long-term Equity Investment” and credited to such item as “Tax Payable- VAT Payable (VAT
on Sales) “.

(10)

Where the fixed assets manufactured by the enterprise concerned, by processing deal or purchase is allocated by the enterprise concerned
to shareholder or investor, it shall be considered as distributions goods for the sake of counting VAT payable and be charged to
such items as “Distribution of Profits—-Common Stock Dividend”, credited to such items as ” Tax Payable—-VAT Payable (VAT on
Sales) “.

(11)

Where the fixed assets manufactured by the enterprise concerned or by processing deal is used for collective welfare and individual
consumption, it shall be considered as distributions goods for the sake of counting VAT payable and charged to such items as “Welfare
Expenses Payable” and credited to such items as “Tax Payable—-VAT Payable (VAT on Sales) “.

(12)

Where the fixed assets manufactured by the enterprise concerned, by processing deal or purchase is donated to others, it shall be
considered as distributions goods for the sake of counting VAT payable and charged to such item as “Non-Operating Outlay”, credited
to such item as ” Tax Payable- VAT Payable (VAT on Sales) “.

(13)

Where the fixed assets purchased by the enterprise concerned has been recorded in such item as “Tax Payable—-VAT of Fixed Assets
to be Credited (Input Tax of Fixed Assets) “, and the fixed assets concerned has been used for non-taxable items or for tax-exempt
item and exclusively for collective welfare and individual consumption, as well as for the utilization by the institutions inapplicable
to the scope of the “Measure” hereof, the recorded sum in the item aforesaid shall be transferred, charged to the related item and
credited to the item of “Tax Payable—-VAT of Fixed Assets to be Credited (Transfer of Fixed Assets Income Tax) “.

Where the input tax of fixed assets purchased by the enterprise concerned fails to be credited, it shall be charged to the cost of
fixed assets and undertake accounting treatment in accordance with the related regulation of enterprise accounting system.

(14)

Where the used fixed assets is sold, and its VAT input tax is credited to the item of “Tax Payable—-VAT of Fixed Assets to be Credited
(Transfer of Fixed Assets Income Tax)” in the period of its acquisition, its confirmed VAT in sales shall be charged to the item
of “Liquidation of Fixed Assets” and credited to the item of “Tax Payable—-VAT Payable (VAT on Sales) “. Where the used fixed assets
is sold, and its VAT input tax fails to credited to “Tax Payable- VAT of Fixed Assets Due to be Credited (Transfer of Fixed Assets
Income Tax)” in the period of its acquisition, yet its VAT input taxis permitted to be credited in accordance with related regulations
of tax law, it shall be charged to the item of “Tax Payable—-VAT of Fixed Assets to be Credited (Input tax of Fixed Assets)”,
credited to the item of “Liquidation of Fixed Assets”; the confirmed VAT input tax in the sale shall be charged to the item of “Liquidation
of Fixed Assets” and credited to the item of ” Tax Payable- VAT Payable (VAT on Sales)”.

(15)

In accordance with the related laws and regulations, the credited fixed assets input tax offsetting the unpaid VAT shall be charged
to the item of “Tax Payable—-VAT Payable (Unpaid VAT)”, and credited to the item of “Tax Payable—- VAT of Fixed Assets to be
credited (Credited Fixed Asset Income Tax)”.

(16)

Where the newly added VAT is used to credit fixed assets income tax at the end of the period, it shall be charged to the item of “Tax
Payable—-VAT Payable (Newly Added VAT to Offset Fixed Assets Income Tax)”, charged to the item of “Tax Payable—-VAT Payable (Credited
Fixed Assets Income Tax) “, credited to the item of “Tax Payable—-Fixed Assets to be credited”. However, in accordance with the
means regulated by tax authorities to rebate tax, the enterprise shall count the VAT to be paid hereby and abide by the enterprise
accounting system and the related regulations to conduct accounting treatment. Where the enterprise concerned receives the input
tax refunded from the nation of the newly added fixed assets to be credited, it shall charge the actually received sum to the item
of “Bank Deposit” credited to the item of “Tax Payable—- VAT of Fixed Assets to be Credited (Credited Fixed Assets Income Tax”).

The Ministry of Finance
2004-09-22

THE INTERIM MEASURES FOR THE ADMINISTRATION OF EXAMINATION AND APPROVAL OF THE OVERSEAS INVESTMENT PROJECTS

the National Development and Reform Commission

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

No.21

The Interim Measures for the Administration of Examination and Approval of Overseas Investment Projects, which have been deliberated
and adopted at the executive meeting of the director of the National Development and Reform Commission, are hereby promulgated and
shall go into effect as of the date of promulgation.

Ma Kai, Director of the National Development and Reform Commission

October 9, 2004

The Interim Measures for the Administration of Examination and Approval of the Overseas Investment Projects

Chapter I General Provisions

Article 1

With the view of regulating the administration of the examination and approval of overseas investment projects, the present Measures
are formulated in accordance with the Administrative License Law of the People’s Republic of China and the Decision of the State
Council on Reforming the Investment System.

Article 2

The present Measures shall be applicable to the examination and approval of overseas investment projects (including new establishment,
merger by purchase, purchase of stocks, increase in capital and reinvestment) of all kinds of juridical persons within the territory
of the People’s Republic of China (hereinafter referred to as “investors”) and enterprises or organs overseas held by them.

The present Measures shall be applicable to the examination and approval of the investors’ investment projects in Hong Kong and Macao
Special Administrative Regions and in Taiwan.

Article 3

The “overseas investment projects” referred to in the present Measures are those activities through which the investors activate to
obtain the overseas ownership, power of operation and management and other related rights and interests by pouring assets and rights
and interests such as the money, securities, material objects, intellectual property or technology, stock rights, creditor’s rights
and etc. or by offering the security.

Chapter II Organs of Examination and Approval and The Purview of Their Authorities

Article 4

The overseas investment projects of resource development and the overseas investment projects using large amount of foreign exchange
shall be subject to the examination and approval of the State.

The projects of resource development refer to the projects invested overseas to prospect for such resources as crude oil and mines.
Among them, the projects with the Chinese party’s investment amount of 30 million dollars or more shall be subject to the examination
and approval of the National Development and Reform Commission; the projects with the Chinese party’s investment amount of 200 million
dollars or more shall be subject to the auditing by the National Development and Reform Commission and then be reported to the State
Council for examination and approval.

The projects using large amount of foreign exchange refer to the overseas investment projects with the Chinese party’s foreign exchange
amount of 10 million dollars or more beyond the fields prescribed in the preceding paragraph And this kind of projects shall be subject
to the examination and approval of the National Development and Reform Commission. The projects with the Chinese party’s investment
amount of 50 million dollars or more shall be subject to the examination of the National Development and Reform Commission and then
be reported to the State Council for examination and approval.

Article 5

The projects of resource development, with the Chinese party’s investment amount of 30 million dollars or less and other projects
using the foreign exchange of 10 million dollars or less by the Chinese party, shall be subject to the examination and approval of
the provincial development and reform departments of all provinces, autonomous regions, municipalities directly under the Central
Government, the cities under separate state planning and XinJiang Production and Construction Corp. and the power to examine and
approve the projects shall not be transferred to the lower level departments. For the purpose of immediately mastering the information
of the examination and approval of the projects, all provincial development and reform departments shall submit a copy of the documents
of the examination and approval of the projects to the National Development and Reform Commission within 20 working days counted
from the date of examination and approval.

Where the local governments have otherwise prescribed for the examination and approval of the projects listed in the preceding paragraph,
such prescriptions shall prevail.

Article 6

For the overseas investment projects of resource development with the Chinese party’s investment amount of 30 million dollars or less
invested by the enterprises under the administration of the Central Government and other overseas investment projects with the Chinese
party’s foreign exchange of 10 million dollars or less, the decisions shall be made by the enterprises independently and then pertinent
documents shall be reported after decision-making to the National Development and Reform Commission for the record-keeping purpose.
The National Development and Reform Commission shall issue the record-keeping certificate within 7 working days after acceptance
of the record-keeping materials mentioned above.

Article 7

The investment projects in Taiwan and countries without any diplomatic relations with China shall, no matter what the amount is, be
subject to the examination and approval of the National Development and Reform Commission or be reported to the State Council for
approval after being examined and approved by the National Development and Reform Commission.

Chapter III Procedures of Examination and Approval

Article 8

Where the power to examine and approve the projects remains with the National Development and Reform Commission or the State Council,
the investors shall put forward the project application reports to the provincial development and reform department at the locality
of registration. The provincial development and reform department at the locality of registration shall submit it to the National
Development and Reform Commission after examining and approving it. The enterprise groups of the cities under separate state planning
and the enterprises under the administration of the Central Government may directly submit the project application reports to the
National Development and Reform Commission.

Article 9

The National Development and Reform Commission shall solicit the opinions of the departments concerned before examining and approving
the investment projects in Hong Kong and Macao Special Administrative Regions, Taiwan Province and countries and sensitive areas
without any diplomatic relations with China. The departments concerned shall put forward the written suggestions to the National
Development and Reform Commission within 7 working days after acceptance of the materials mentioned above.

Article 10

The National Development and Reform Commission shall entrust qualified consultation organizations to assess the key issues that are
necessary to be evaluated and demonstrated within 5 working days after acceptance of the application report. The entrusted consultation
organizations shall put forward the appraisal report to the National Development and Reform Commission within the prescribed time
limit.

Article 11

The National Development and Reform Commission shall, within 20 working days after the acceptance of the project application report,
finish examining and approving the project application report or put forward the opinions on the examination and approval to the
State Council. Where it is difficult to make the decision on the examination and approval or put forward opinions on the examination
and approval within 20 working days, the period shall be extended for ten working days with the approval of the principal of the
National Development and Reform Commission and the project applicant shall be notified of the reasons for the extension.

The period specified in the preceding paragraph does not include the period for assessment conducted by the entrusted consultation
organization.

Article 12

For approved projects, the National Development and Reform Commission shall issue the examination and approval documents in written
form to the project applicants. For disapproved projects, the National Development and Reform Commission shall notify the project
applicants of the reasons and the rights to apply for an administrative review or to initiate an administrative lawsuit in written
form.

Article 13

For the projects of competitive bidding overseas or purchase, the written information report shall be submitted to the National Development
and Reform Commission before the competitive bidding or the formal proceeding of business activities. The National Development and
Reform Commission shall issue the related confirmation letters within 7 working days after acceptance of the written information
report. The information report shall mainly include:

(1)

the fundamental information of the investors;

(2)

the background particulars of the investment project;

(3)

the sites and the orientation of investment, the predicted investment scale and construction scale; and

(4)

the schedule of working hours.

Article 14

Where the investors need pouring the necessary first-phase project expenses including the use of foreign exchange (including the deposit
for the performance of contract and the letter of guarantee), they shall apply to the National Development and Reform Commission
for examination and approval. The approved first-phase expenses shall be calculated into the total investment amount of the projects.

Article 15

In case the approved projects are under any of the following circumstances, the investors shall apply to the National Development
and Reform Commission for alteration:

(1)

the alteration of the construction scale, the main construction items and main products;

(2)

the alteration of the construction sites;

(3)

the alteration of the investors or their stock rights; or

(4)

The Chinese party’s investment exceeds 20% or more of the originally approved amount of the Chinese party’s investment.

The procedures for examining and approving the alteration shall be implemented according to the related prescriptions of the present
chapter.

Chapter IV Project Application Report

Article 16

Project application reports submitted to the National Development and Reform Commission shall contain the following items:

(1)

the name of the project and the fundamental information of the investors;

(2)

the particulars of the project background and the investment environment;

(3)

the construction scale of the project, the main construction items, products, target markets, and the particulars of benefits and
risks of the project;

(4)

the total investment amount of the project, the amount of contribution of each party, the mode of contribution, the financing schemes
and the amount of foreign exchange; and

(5)

for the merger projects by purchase or the projects of purchasing shares, the specific conditions of the companies to be merged or
whose shares are to be purchased shall be illuminated.

Article 17

The project application reports submitted to the National Development and Reform Commission shall be attached with documents as follows:

(1)

the resolution of the board of directors of the company or the pertinent resolutions of contribution;

(2)

the documents which can demonstrate the conditions of the assets, the management and the credibility of the Chinese party and the
foreign cooperators;

(3)

the letter of intent for financing issued by banks;

(4)

where the contribution is offered in forms of assets and rights and interests such as securities, material objects, intellectual property
or technology, stock rights and creditor’s rights, the amount of contribution shall be checked and ratified according to the assessed
value and the fair value of the rights and interests of the assets. The evaluation report of assets, which is issued by such intermediary
institutions as the accountants and the assets appraisal institutions with the corresponding qualification, and the document from
the third party, which can demonstrate the value of the related assets and rights and interests, shall be submitted;

(5)

for competitive bidding projects, merger projects by purchase or venture-joint and cooperative projects, the letters of intent or
the documents of the framework agreement signed by the Chinese party and foreign party shall be submitted; and

(6)

for the overseas competitive bidding projects or overseas merger projects by purchase, the information report, with the attachment
of the pertinent confirmation letters of the National Development and Reform Commission, shall be submitted pursuant to Article 13
of the present Measures.

Chapter V The Conditions and Validity of Examination and Approval

Article 18

The requirements for the project that shall be examined and approved by the National Development and Reform Commission are as follows:

(1)

it shall abide by the laws and regulations of the state and the industrial policies, not do harm to the sovereignty, safety and public
interests of the state and not violate the rules of international laws;

(2)

it shall comply with the demands of sustainable development of the economy and society and be helpful to the development of strategic
resources required for developing the national economy; and comply with the requirements of the State for adjusting the industrial
structure; it shall promote the export of the technology, products, equipments and labor services with the comparative predominance
and absorb the advanced foreign technology;

(3)

it shall comply with the administrative prescriptions of national capital projects and the foreign loans; and

(4)

the investors shall possess the corresponding investment strength.

Article 19

The investors shall, pursuant to the examination and approval documents of the National Development and Reform Commission, handle
the pertinent formalities of foreign exchange, customs, entry and exit administration and tax revenue according to law. The enterprises
under the administration of the Central Government prescribed in Article 6 of the present Measures shall handle the pertinent formalities
mentioned above on the strength of the record-keeping certificates issued by the National Development and Reform Commission.

Article 20

Before signing any documents of final legal binding force for the overseas investment projects, the investors shall obtain the examination
and approval documents or record-keeping certificates issued by the National Development and Reform Commission.

Article 21

The validity period shall be stipulated in examination and approval documents issued by the National Development and Reform Commission.
Within the validity period, the examination and approval documents shall be the basis for the investors to go through corresponding
formalities prescribed in Article 19 of the present Measures. After the validity period, the investors shall simultaneously present
the documents for permitting the extension issued by the National Development and Reform Commission when they go through the pertinent
formalities mentioned above.

Article 22

For the overseas investment projects not approved by authoritative institutions and not put on records, no departments of foreign
exchange management, customs or taxation may handle the pertinent procedures.

Article 23

Where the investors obtain the approval documents or record-keeping certificates by such malfeasance means as providing false materials,
the National Development and Reform Commission may repeal the approval documents or record-keeping certificates of the projects.

Article 24

The National Development and Reform Commission may conduct supervision and check on the implementation particulars of investors’ projects
and on the particulars of examination and approval of the overseas investment projects by the provincial development and reform departments
and deal with the problems found out through supervision and check according to law.

Chapter VI Supplementary Provisions

Article 25

All provincial development and reform departments shall, pursuant to the prescriptions of the present Measures, enact corresponding
measures for the administration of examination and approval.

Article 26

The examination and approval of projects invested overseas by natural persons and other institutions shall be implemented referring
to the present Measures.

Article 27

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

Article 28

The present Measures shall come into force as of October 9, 2004. Where the former rules of examination and approval of the overseas
investment projects are contrary to the present Measures, the present Measures shall prevail.

the National Development and Reform Commission
2004-10-09

CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION ON THE EXEMPTION FROM BUSINESS TAX FOR REFUNDABLE LIFE INSURANCE WITH A TERM MORE THAN ONE YEAR SOLD BY THE GENERALI CHINA LIFE INSURANCE COMPANY LIMITED

Circular of the State Administration of Taxation on the Exemption from Business Tax for Refundable Life Insurance with a Term more
than One Year Sold by the GeneralI China Life Insurance Company Limited

Guo Shui Han [2004] No. 1164

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

According to the relevant provisions of Circular of Ministry of Finance and the Ministry of Taxation on Tax Exemption for Certain
Products (caishui [1994]No. 002) and Circular on Issues Concerning the Exemption from Business tax for Returnable Life Insurance
(caishui [2001]No.118), upon deliberation, the exemption from business tax for the following insurance products that are sold by
GeneralI China Life Insurance co., ltd and meet tax exemption requirements is permitted.

GC happy endowment insurance

GC prosperous endowment insurance

GC safe endowment insurance(participating with dividend)

GC AP safe accident indemnity insurance

GC copious endowment insurance

GC happy comprehensive major medical insurance(version A)

GC AP happy comprehensive major medical insurance(version A)

GC happy comprehensive major medical insurance(version B)

GC AP happy comprehensive medical insurance(version B)

10.

GC financial planning investment-linked insurance

11.

GC beneficial financial planning investment-linked insurance

12.

GC lucky financial planning(investment-linked)

13.

GC investment-linked AP major illness insurance

14.

GC investment-linked AP female health insurance

15.

GC investment-linked AP mother health insurance

16.

GC investment-linked AP spouse term life insurance

17.

GC investment-linked AP spouse major illness insurance

18.

GC investment-linked AP female spouse health insurance

19.

GC investment-linked female spouse mother health insurance

20.

GC investment-linked AP accident hospital indemnity medical insurance

21.

GC investment-linked hospital indemnity medical insurance

The State Administration of Taxation

October 18, 2004

the State Administration of Taxation
2004-10-18

MEASURES FOR THE ADMINISTRATION OF ANNUAL PLANS ON THE UTILIZATION OF LAND (2004 REVISED EDITION)

the Ministry of Land and Resources

Order of the Ministry of Land and Resources of the People’s Republic of China

No. 26

The “Measures for the Administration of Annual Plans on the utilization of Land” were revised and adopted at the 9th ministerial meeting
of the Ministry of Land and Resources on October 29, 2004. The revised “Measures for the Administration of Annual Plans on the utilization
of Land” are hereby promulgated, and shall come into force on December 1, 2004.

Minister of the Ministry of Land and Resources Sun Wensheng

November 1, 2004

Measures for the Administration of Annual Plans on the Utilization of Land (2004 revised edition)

Article 1

These Measures are formulated in accordance with the Land Administration Law of the People’s Republic of China, the Regulation on
the Implementation of the Land Administration Law of the People’s Republic of China and the Decision of the State Council on Deepening
the Reform and Strictly Enforcing Land Administration in order to strengthen land administration, implement the overall planning
on land utilization, control the total amount of land for construction use, guide intensive use of land, earnestly protect cultivated
land, and guarantee sustainable economic and social development.

Article 2

The compilation, submission for approval, implementation of and supervision over the annual plans on the utilization of land shall
be governed by these Measures.

The annual plan on the utilization of land as mentioned in these Measures shall mean the specific arrangements by the State in each
planned year of the amount of land for agricultural use to be converted into that for other uses, the amount of cultivated land supplemented
by land development and rehabilitation, and the amount of reserved cultivated land.

Article 3

The annual plans on the utilization of land shall be administered in compliance with the following principles:

(1)

Strictly complying with the overall planning on land utilization, controlling the total amount of land for construction use, and protecting
cultivated land;

(2)

Guiding demands for land on the basis of land supply, as well as rationally and effectively utilizing land;

(3)

Giving priority to ensuring the land for the State’s key construction projects and infrastructure projects;

(4)

Balancing the occupation and supplement of cultivated land;

(5)

Increasing land use in urban areas while reducing land use in rural areas for construction purposes; and

(6)

The ecological environment shall be protected and improved, and the sustainable utilization of land shall be guaranteed.

Article 4

The annual plan indexes of land utilization shall include:

(1)

the planned index on land conversion from agricultural use into construction use, which may be divided into the index of land for
agricultural use occupied for urban and rural construction, and the index of land for agricultural use occupied for key construction
projects of energy, traffic and water conservancy, etc., whose localities are independently selected.

(2)

the planned index of land development and rehabilitation, which may be divided into the index of supplementing cultivated land by
land development and the index of supplementing cultivated land by land rehabilitation and reclaiming. And

(3)

the planned index of the amount of reserved cultivated land.

The land administration departments in all regions may, in light of the actual needs, add the controlling index on the basis of the
above classification.

Article 5

In the annual plan on the utilization of land, the planned index on land use conversion from agricultural purposes into construction
purposes shall be determined pursuant to the plan on national economic and social development, the overall planning on land utilization,
the policies of the state on land supply, and the actual situation on land utilization.

The planned index of land development and rehabilitation shall be determined on the basis of the overall planning on land utilization,
the planning on land development and rehabilitation, and the facts on reduction of cultivated land due to construction, etc.

The planned index of the amount of reserved cultivated land shall be determined on the basis of the assessment targets on protection
of cultivated land, which are released by the State Council to all provinces, autonomous regions, and municipalities directly under
the Central Government.

Article 6

Where any land is to be used within the planned year for a key construction project which needs to be approved and ratified by the
State Council or the national development and reform institution, etc., involving land use conversion from agricultural purposes
into construction purposes, the competent authority of the said industry shall, prior to September 25 of the last year, provide its
suggestions on the plan to the Ministry of Land and Resources according to the project, and at the same time submit the copies to
the administrative department of land and resources and the development and reform department of the province, autonomous region,
or municipality directly under the Central Government where the land to be used for the project is located.

Article 7

The administrative department of land and resources of a local people’s government at the county level or above shall, jointly with
other relevant departments, and pursuant to the uniform arrangement of the state, propose its suggestions on the annual plan on the
utilization of local land, and shall, upon examination by the people’s government at the same level, report to the administrative
department of land and resources of the people’s government at the higher level.

The suggestions of all provinces, autonomous regions, and municipalities directly under the Central Government on the annual plan
on the utilization of land shall be submitted to the Ministry of Land and Resources prior to October 10 of each year, and copies
thereof shall meanwhile be submitted to the National Development and Reform Commission. The suggestions of a city directly under
state planning or of Xinjiang Production and Construction Group on the annual plan on the utilization of land shall be separately
stated in the plan proposals of the relevant province or autonomous region.

Article 8

The Ministry of Land and Resources shall, jointly with the National Development and Reform Commission, and on the basis of the suggestions
proposed from all regions and by the relevant institution under the State Council on the annual plan on the utilization of land,
compile a draft of the national annual plan on the utilization of land, which shall be included into the draft of the annual plan
on national economy and social development.

Article 9

The Ministry of Land and Resources shall, jointly with the National Development and Reform Commission, submit the draft of the annual
plan on the utilization of land to the State Council. The said annual plan shall, after verification by the State Council, be released
to all places and used as a reference for implementation. After the National People’s Congress has examined and adopted the draft
of the plan on national economic and social development, the plan approved by the National People’s Congress shall come into force.

Article 10

The national annual plan on the utilization of land shall be released to all provinces, autonomous regions, municipalities directly
under the Central Government, cities directly under state planning, and Xinjiang Production and Construction Group.

With respect to the planned index on land use conversion from agricultural purposes into construction purposes, only the planned index
of the land for agricultural use which is occupied by the projects for urban and rural (including independent industrial and mining
areas) construction and the planned index of land use conversion from agricultural purposes into construction purposes, which is
approved by the provincial authority, are required to be released. The planned index on the land for agricultural use which is occupied
for any key construction project shall not be released to specific regions if the conversion of the land for agricultural use into
that for construction use is to be approved and ratified by the State Council or by the national development and reform institution,
etc. and be examined by the State Council for approval, however, such index may be used when the land used for a construction project
is examined for approval.

Article 11

The administrative department of land and resources under a local people’s government may divide the planned index of land utilization
released by the superior authority, and release the divided index after approval of the people’s government at the same level.

The administrative department of land and resources under a people’s government at the provincial level shall, when dividing and releasing
the plans, independently list the planned index on land use conversion from agricultural purposes into construction purposes concerning
the cities in the overall planning on land utilization, which has been approved by the State Council, and shall report the said index
to the Ministry of Land and Resources for archival purposes.

Article 12

When any land for agricultural use is to be occupied by an unforeseeable key project in urgent need in respect of energy, traffic,
water conservancy, etc., whose locality is independently selected, a flexible index of a small amount of land may be reserved.

Article 13

The planned index on land use conversion from agricultural purposes into construction purposes shall be subject to mandatory administration,
which may not be broken. If no planned index on land use conversion from agricultural purposes into construction purposes is held,
the competent authority may not approve the conversion of the land for agricultural use. In the plan on land use conversion from
agricultural purposes into construction purposes, the index of the land for agricultural use, which is occupied for urban and rural
construction, may not be mixed with the index of the land for agricultural use, which is occupied by key construction projects of
energy, traffic, water conservancy, etc., whose localities are independently selected. If no planned index on land use conversion
from agricultural purposes into construction purposes is held, but the competent authority discretionarily approves the conversion
of the land for agricultural use into that for construction use, it shall be subject to liabilities for illegally approving the use
of land.

The supplement of cultivated land by land development and rehabilitation shall conform to the index determined in the land development
and rehabilitation plan.

The planned index of the amount of reserved cultivated land may be used for the inspection and assessment of the targets on protection
of cultivated land. The amount of reserved cultivated land in the assessment year may not be lower than the planned index on the
amount of reserved cultivated land.

Article 14

Once an annual plan on the utilization of land is approved to be released, it must be strictly implemented.

If, when implementing the annual plan on the utilization of land, the competent authority of a province, autonomous region, or municipality
directly under the Central Government indeed needs to raise the planned index on land use conversion from agricultural purposes into
construction purposes due to an unforeseeable key construction project, it may file an application to the Ministry of Land and Resources.

Where it is necessary to add the plan on land use conversion from agricultural purposes into construction purposes in a national annual
plan on the utilization of land due to a particular circumstance, it shall be submitted to the State Council pursuant to the prescribed
procedures for determination.

Article 15

The administrative department of land and resources of a local people’s government at the county level or above shall apply desk-account
management to the annual plan on the utilization of land, and make registration and statistics on the implementation of the said
plan.

The implementation of the annual plan on the utilization of land shall be included into the comprehensive statistics on land and resources,
and shall be reported to the superior authority at regular intervals.

Article 16

A superior administrative department of land and resources shall make assessment on the implementation by inferior ones of the annual
plan on the utilization of land.

The assessment shall be made in combination with the comprehensive statistics on land and resources, the approval and archiving of
land for construction use, the modification and survey of land utilization, dynamic monitoring of land utilization, and so on.

The assessment year of an annual plan on the utilization of land shall commence on January 1 and end on December 31 of each year.

Article 17

The results from assessment of the implementation of the annual plan on the utilization of land shall be considered as the basis for
compiling the plan for the next year.

In case of unauthorized approval of use of land beyond the plan, if there have been two years since the land was requisitioned but
no land is supplied, or if the task of balancing the occupation and supplement of cultivated land has not been fulfilled, the planned
index of the next year on land use conversion from agricultural purposes into construction purposes shall be reduced accordingly.

Article 18

The surplus of land whose use to be converted from agricultural purposes into construction purposes of each province, autonomous region,
municipality directly under the Central Government and city directly under state planning, and of Xinjiang Production and Construction
Group may be, after ratification by the Ministry of Land and Resources, carried forward for use within the planning period.

Article 19

These Measures shall come into force on December 1, 2004.

the Ministry of Land and Resources
2004-11-01

CIRCULAR OF THE MINISTRY OF FINANCE AND THE NATIONAL DEVELOPMENT AND REFORM COMMISSION ON PROMULGATING THE CANCELLATION OF 103 CHARGING ITEMS SUBJECT TO ADMINISTRATIVE EXAMINATION AND APPROVAL

the National Development and Reform Commission,the Ministry of Finance of the People’s Republic of China

Circular of the Ministry of Finance and the National Development and Reform Commission on Promulgating the Cancellation of 103 Charging
Items Subject to Administrative Examination and Approval.

No.87 [2004] of the Ministry of Finance

The relevant departments of the Central Committee of the Communist Party of China, all the ministries and commissions of the State
Council, the institutions directly under the State Council, and the finance offices or bureaus, development and reform commissions
and price bureaus of all the provinces, autonomous regions and municipalities directly under the Central Government:

For the purpose of carrying out the Administrative License Law and promoting law-based administration, we have made an overall clean-up
on the charging items subject to the national administrative examination and approval and etc. (including administrative license,
the same hereinafter) of the departments and entities under the Central Government according to the relevant provisions of the Notice
of the State Council on Printing and Distributing the Implementation Programs for Overall Pushing Forward the Law-based Administration
(No.10 [2004] of the State Council), the Implementation Opinions of the Office of the State Council on Carrying out the Implementation
Programs for Overall Pushing Forward the Law-based Administration (No.24[2004] of the Office of the State Council), the Decision
of the State Council on Canceling and Adjusting the Items Subject to Administrative Examination and Approval (III) (No.16 [2004]
of the State Council) and the Notice of the National Development and Reform Commission and the Ministry of Finance on Cleaning up
the Relevant Charges of Administrative Departments and Institutions (No.1196 [2004] of the National Development and Reform Commission),
and decide to promulgate the cancellation of 103 charging items subject to administrative examination and approval and etc. We hereby
notify the matters concerned as follows:

The following 84 charging items, which have been approved by the Ministry of Finance and the National Development and Reform Commission
(including the former State Planning Commission and the former State Price Bureau)but do not conform to the charges for administrative
examination and approval as prescribed by laws and administrative regulations, shall be promulgated for cancellation.

Public Security Departments

(1)

Cost of the pass for border administration areas

(2)

Cost of the pass for entry and exit of residents in border areas

(3)

Cost of the identity confirmation forms for settlement of foreigners

(4)

Cost of the employees’ cards on ship

(5)

Cost of travel certificates of Taiwan compatriots

(6)

Fees for annual examination of driving licenses

(7)

Fees for handling grave and serious traffic accidents

(8)

Cost of certificates for holding guns used for the discharge of official duties

(9)

Cost of certificates for holding guns for civilian use

(10)

Cost of licenses for storage of explosives

(11)

Cost of licenses for the use of explosives

(12)

Cost of licenses for the purchase of explosives

(13)

Cost of license for the transportation of explosives

(14)

Cost of licenses for working of a blaster

Departments of Development and Reform (Coal)

(15)

Cost of qualification certificates for operation of coals

Food and Drug Supervision Departments

(16)

Fees for the examination and approval of new biological products (merged into the fees for the examination and approval of new pharmaceuticals)

(17)

Fees for the registration of licenses for the export of special chemicals

(18)

Fees for the appraisal of licenses for enterprises undertaking the production of materials and containers for the use of drug packaging

Agriculture Departments

(19)

Fees for examination and approval for the export of pesticides

(20)

Fees for examination and approval of application for the test of pesticides

(21)

Fees for testing soil and fertilizer

(22)

Fees for registration of fertilizer and soil opsonins and opsonins for the growth of plants (including fees for registration certificates)

(23)

Fees for regional test of crop varieties

Departments of Industry and Commerce

(24)

Fees for checking the Trademark Registration Certificates

Departments of Information Industry

(25)

Wireless registration fees (including fees collected by other departments)

(26)

Cost of the licenses for operation of basic telecommunications service

(27)

Cost of the licenses for operation of trans-regional value-added telecommunication services

(28)

Cost of the licenses for operation of value-added telecommunications services

Departments of Science and Technology

(29)

Fees for the registration of technology contracts

(30)

Fees for the appraisal of technology awards (including fees collected by other departments)

Departments of State Land and Resources

(31)

Fees for the examination and approval of geological survey reports

(32)

Cost of approval documents for land used for construction

Mapping Departments

(33)

Cost of mapping employee’s cards

(34)

Cost of qualification certificates of mapping

10.

Departments of Tobacco Monopoly

(35)

Charges for the licenses of tobacco monopoly (including production, wholesale, retail and temporary charges)

11.

Administrations of Departments Directly under the CCCPC

(36)

Fees for appraisal of entities undertaking scientific research and production of code products for commercial use

(37)

Annual fees for franchising sale of code products for commercial use

12.

Talent Exchange Centers under the Departments of Personnel and Other Departments.

(38)

Fees for political examination on going abroad

13.

Commission of Science, Technology and Industry for National Defense

(39)

Fees for the licenses of nuclear materials

14.

People’s Banks of China

(40)

Charges for loan cards

15.

Competent Departments of Work Safety (Coal)

(41)

Cost of the licenses for operation of hazardous chemicals

(42)

Cost of the operation certificates (IC cards)of special operators

(43)

Fees for conformity certificates of safety production conditions of village and town coal mines

16.

Departments of Justice

(44)

Cost of practicing certificate of lawyers

(45)

Cost of practicing certificate of grass-root legal service practitioners

(46)

Cost of practicing certificate of notaries

(47)

Cost of practicing licenses of law firms

17.

Departments of Press and Publication

(48)

Cost of the licenses for publication of newspapers and periodicals

(49)

Cost of press cards

18.

Cultural Departments

(50)

Fees for performance licenses

19.

Forestry Departments

(51)

Cost of certificates of timber transportation

(52)

Cost of licenses for timber felling

(53)

Cost of licenses for domestication and breeding

(54)

Cost of special hunting and catching certificate

(55)

Cost of hunting certificate

20.

Departments of Population and Family Planning

(56)

Cost of the Certificates of Marriage and Bearing of Migrant Populations

21.

Administrative Departments of Civil Aviation

(57)

Cost of licenses for operation

(58)

Cost of licenses for safety inspection of civil aviation

(59)

Cost of conformity certificates for the use of safety inspection appliances

22.

Railway Departments

(60)

Fees for the licenses of transportation of liquefied petroleum gas railway tank trucks

23.

Construction Departments

(61)

Fees for the certificates of registered architects

(62)

Fees for the certificates of registered structural engineers

(63)

Fees for the certificates of registered urban planners

(64)

Fees for the certificates of real estate appraisers

(65)

Cost of the registration certificates of real estate brokers

(66)

Fees for the certificates of cost engineers

(67)

Fees for the certificates of supervision engineers

(68)

Charges for examination and license issuance of qualifications of survey and design of projects

(69)

Fees for the certificates of examination on qualification of construction enterprises

(70)

Fees for the construction supervision certificates (including certificates of supervision engineers and certificates of supervision
entities)

(71)

Fees for the qualification certificates of urban planning compilation

24.

Departments of Labor and Social Security

(72)

Cost of wages and funds management handbooks

25.

Education Departments

(73)

Cost of the determination letters for the qualification of intermediary service institutions for studying abroad at one’s own expenses

26.

Communication Departments

(74)

Cost of licenses for operation above and under water

27.

China Securities Regulatory Commissions

(75)

Fees for the examination of issuance

28.

General Administrations of Customs

(76)

Handling charges for the customs supervision over tax-free commodities

(77)

Handling charges for the customs supervision over goods in the export supervision warehouses

(78)

Handling charges for tax refund of imported goods

(79)

Fees for occupying inspection places by vehicles overtime

(80)

Fees for inspection of vehicles

29.

Health Departments

(81)

Fees for administration of medical institutions run by the local people

30.

Port Administration Departments (Local Governments)

(82)

Port administration (construction)fees

31.

Departments of Quality Inspection and Quarantine

(83)

Cost of the registration certificates of cotton quality inspectors

32.

Departments of Intellectual Property Rights

(84)

Expenditures for running schools by intellectual property training centers

II.

The following 7 charging items subject to administrative examination and approval, which have been approved by the Ministry of Finance
and the National Development and Reform Commission (including the former State Planning Commission and the former State Price Bureau),
shall be cancelled with the cancellation of the items subject to administrative examination and approval of the State Council (III)accordingly.

Public Security (Work Safety)Departments

(1)

Cost of the licenses for work safety of explosives (including fireworks and firecrackers)

(2)

Cost of the licenses for the sale of explosives (including fireworks and firecrackers)

Finance Departments

(3)

Fees for signing up and examination of registered accountants for their implementation of securities and futures and other relevant
businesses

Agriculture Departments

(4)

Cost of the licenses for veterinary drug preparations

Commerce Departments

(5)

Cost of the certificates for the export of special mechanical and electrical products

(6)

Cost of the certificates of export quotas of mechanical and electrical products

General Administrations of Customs

(7)

Handling charges for the registration and recording of customs declaration entities

III.

The following 12 charging items subject to examination and approval, which fall within the items charged by the relevant departments
by exceeding their powers of examination and approval, shall be promulgated for cancellation.

People’s Banks of China

(1)

Cost of the registration forms for import of mechanical and electrical products

Communications Departments

(2)

Cost of the Licenses for Waterage

(3)

Cost of the conformity certificates of construction and fire control

(4)

Cost of the licenses for fire control construction

(5)

Fees for examination on the fire control construction

(6)

Cost of the certificates for the administration of explosives

Tourism Departments

(7)

Cost of reports on the star-rated tourism hotels

(8)

Cost of the licenses for operation of travel agencies

(9)

Cost of the reports on the declaration of technology of travel agencies

(10)

Cost of the name lists of traveling groups going abroad

(11)

Cost of the certificates of team leader of outbound travel

(12)

Cost of the certificates of grade qualification of tour guides

IV.

The aforesaid charging items shall be cancelled with the cancellation of the items subject to the administrative examination and approval
of the State Council (III).The charging items examined and approved by the relevant departments by exceeding their powers shall be
corrected at once, and other charges shall be canceled as of January 1st, 2005 without exceptions.The relevant implementation departments
and entities that carry out the charging shall, pursuant to regulations, go through formalities for writing off the Charging License
at the competent price department which has issued the Charging License originally, and go through formalities for cancellation of
the documentations at the finance department which has issued the charging bills originally.And the balance of the relevant charging
funds shall be turned in to the state treasury or to a special finance account at the exact amount strictly in light of the channels
as prescribed formerly by the finance department.In case any provision of the relevant documents in the past is inconsistent with
this Notice, this Notice shall prevail without exceptions.

After the aforesaid charging items are cancelled, the relevant departments and entities shall perform the duties of administrative
examination and approval or issue expenses as needed for issuance of licenses and certificates according to laws, administrative
regulations and the provisions of the State Council.The finance department at the corresponding level shall give guaranty through
departmental budget or the channels of outlay approved by the finance department.The finance departments at all levels shall guarantee
the expenditures as needed by the relevant departments and entities to perform administrative examination and approval matters according
to law.

VI.

All the localities and the relevant departments shall strictly carry out the provisions of this Notice and Document No.1196 [2004]
of the National Development and Reform Commission, and earnestly implement the charging items promulgated for cancellation, and report
the situations of their own districts and departments on the implementation of the cancellation of charging items and the amount
of money involved to the Ministry of Finance and the National Development and Reform Commission for archival filing.

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

the National Development and Reform Commission

November 24, 2004

the National Development and Reform Commission,the Ministry of Finance of the People’s Republic of China
2004-11-24

MINISTRY OF COMMERCE, GENERAL ADMINISTRATION OF CUSTOMS ANNOUNCEMENT

Ministry of Commerce, General Administration of Customs

Ministry of Commerce, General Administration of Customs Announcement

No. 78 [2004]

Dec 10, 2004

In accordance with Foreign Trade Law of PRC and Commodity Import and Export Administrative Enactment, Export License Management Commodity
List of 2005 (see Appendix 1) is being issued. Matters of concern are listed as follows:

47 kinds of commodity that are under Export License Management in 2005 (316 8-digit HS code) shall be conducted with the management
of Export Quota License, Export Quota Bidding and Export License respectively.

Commodities under Export Quota License Management: Corn, rice wheat, cotton, tea-leaf, sawed timber, live cattle (for HK & Macao),
live swine (for HK & Macao), live chicken (for HK & Macao), silk, coal, coke, crude oil, product oil, rare earth, antimony ore, antimony
(antimonial alloy included), antimonial products, antimony oxide, wolfram ore, ammonium paratungstate secondary ammonium tungsten,
ammonium metatungstate, tungsten trioxide, blue tungsten oxide, tungstenic acid and its salts, tungsten powder and its products,
zinc ore, zinc and zinc base alloy, tin ore, tin and tin base alloy, and silver.

II,

Commodities under Export Quota Bidding Management: Chinese small iris and products, carborundum, fluorspar lump (powder), talc lump
(powder), soft burning/ reburning magnesium, bauxite, liquorice and products.

III,

Commodities under Export License Management: Live cattle (for markets other than HK or Macao), live swine (for markets other than
HK or Macao), live chicken (for markets other than HK or Macao), beef, pork, chicken, ozone-depleting substance, chemical subject
to control, chemical products liable to produce narcotic drugs, olefin, platinum (export by means of processing trade), computer,
fanner, bicycle, motorcycle, and motorcycle engine.

Besides live cattle, live swine, live chicken exported for HK & Macao, which shall be conducted with Nationality (Regional) Quota
License Management of Global License, the other commodities in the Export License Management List shall all be conducted with Global
Export License Management.

Corn, rice, coal, crude oil, product oil, cotton, antimony ore, antimony (antimonial alloy included), antimonial products, antimony
oxide, wolfram ore, ammonium paratungstate secondary ammonium tungsten, ammonium metatungstate, tungsten trioxide, blue tungsten
oxide, tungstenic acid and its salts, tungsten powder and its products, and silver shall be under state-owned trade management.

For commodities of Export Quota Bidding, no matter traded by what means, all the authorized License Institutions shall sign and issue
Export License based on bid-winning enterprises list and bid-winning amount issued by Ministry of Commerce as well as Apply Export
License Certificate on Quota Bidding Commodities issued by Tendering Office.

As of January 1, 2005, the Export Quota License Management of artificial corundum, gray fabric, part of the silk commodities shall
be eliminated. The minerals that contain magnesia for more than 70% shall be added into the Export License Management.

Appendix:

Export License Management Commodity List of 2005(omitted)

Export License Management Commodity List of Border Petty Trade of 2005(omitted)

Ministry of Commerce, General Administration of Customs
2004-12-10

MEASURES ON GOVERNING INSURANCE PROTECTION FUND

China Insurance Regulatory Commission

Decree of the China Insurance Regulatory Commission

No. 16

The Measures for the Administration of Insurance Protection Fund, which were deliberated and adopted at the chairmen’s executive meeting
of the China Insurance Regulatory Commission on December 29, 2004, are hereby promulgated and shall come into force as of January
1, 2005.

Chairman Wu Dingfu

December 30, 2004

Measures on Governing Insurance Protection Fund

Chapter I General Provisions

Article 1

With a view of regulating the payment, administration and use of insurance protection fund, guaranteeing the interests of policyholders,
effectively dissolving financial risks and maintaining the financial stabilization, the present Measures are formulated in accordance
with Article 97 and other provisions of the Insurance Law of the People’s Republic China (hereinafter referred to as the Insurance
Law).

Article 2

For the purpose of the present Measures, the “insurance companies” shall refer to the commercial insurance companies established upon
approval of the insurance regulatory institution and registered according to law, including Chinese-funded insurance companies, Chinese-foreign
joint venture insurance companies, solely foreign-funded insurance companies and branches of foreign insurance companies.

For the purpose of the present Measures, the “insurance protection fund” refers to the statutory fund paid by insurance companies
in accordance with the Insurance Law and to be paid for providing relief to the policyholders or companies with ceded policies according
to the principles of centralized management and planned use as a whole when an insurance company is revoked, goes bankruptcy or is
under any of circumstances as recognized by the China Insurance Regulatory Commission (hereinafter referred to as the CIRC) in accordance
with Article 20 of the present Measures.

For the purpose of the present Measures, the “policyholders” shall refer to the parties of insurance contracts who have the power
to claim for policy-related benefits when an insurance company is revoked or goes bankruptcy, including the applicants for insurance,
the insured or the beneficiaries.

For the purpose of the present Measures, the “company with ceded policies”shall refer to a life insurance company that accepts the
legally transferred life insurance contracts from an insurance company that is revoked or goes bankruptcy.

Article 3

The insurance protection fund shall be fallen into the protection fund of property insurance companies and the protection fund of
life insurance companies.

The protection fund of property insurance companies shall be formed by the payments from property insurance companies, comprehensive
reinsurance companies and property reinsurance companies.

The protection fund of life insurance companies shall be founded by the payments from life insurance companies, health insurance companies
and life reinsurance companies.

Article 4

The administration and use of the insurance protection fund shall adhere to the principles of openness, reasonableness and effectiveness.

Article 5

The insurance protection fund shall be subject to the CIRC’s centralized management and planned use as a whole.

Chapter II Payment

Article 6

In the case of insurance business under the scope of relief from the insurance protection fund, an insurance company shall pay the
insurance protection fund according to the following proportions:

(1)

1% of self-retaining premiums for the property insurance, accidental injury insurance and short-term health insurance;

(2)

0.15% of self-retaining premiums for long-term life insurance with a guaranteed interest rate and long-term health insurance;

(3)

0.05% of self-retaining premiums for long-term life insurance without a guaranteed interest rate; and

(4)

The payment proportion for other insurance business of insurance companies shall be separately prescribed by the CIRC.

Article 7

The CIRC shall open a special account for the insurance protection fund, which shall be assessed on the basis of different accounts
of insurance companies.

Article 8

An insurance company shall in time and sufficiently pay the insurance protection fund into the special account for the insurance protection
fund, however if the insurer is under any of the following circumstances, its payment of the insurance protection fund can be paused:

(1)

in case the insurance protection fund surplus of a property insurance company, comprehensive reinsurance company or property reinsurance
company amounts to 6% of its total assets; or

(2)

in case the insurance protection fund surplus of a life insurance company, health insurance company or life reinsurance company amounts
to 1% of its total assets.

Where the insurance protection fund surplus of an insurer reduces or its total assets increase and thus the proportion of the insurance
protection fund to the total assets cannot satisfy the requirements as provided for by the preceding Paragraph, its payment of the
insurance protection fund shall be automatically resumed.

The insurance protection fund surplus of an insurance company equals to the accumulatively paid insurance protection fund plus the
apportioned investment incomes minus the various expenses.

Article 9

In case an insurance company is revoked or declared bankrupt and its insurance protection fund surplus is not enough for the relief
that should be granted to policyholders or the company with ceded policies, the insufficient amount shall be the market share calculated
upon the self-retaining premiums of other companies in the previous year, minus the insurance protection fund surplus.

Article 10

The insurance protection fund paid by an insurer shall be calculated on a yearly basis and be prepaid on a quarterly basis.

The insurance protection fund shall be prepaid by an insurer within 15 working days after the following quarter, and shall settle
it within four months after the end of each year.

Article 11

The CIRC may adjust the payment proportion, the upper limit of scale and the payment methods of the insurance protection fund on the
basis of the actual situations of insurance industry development and the risk.

Chapter III Administration and Supervision

Article 12

The principles of safety, profitability and fluidity shall be adhered to in using the insurance protection fund, and the guarantee
of asset safety is the precondition of the maintenance and increment of asset values.

The use of insurance protection fund shall be confined to the bank deposits, dealings of government bonds and other forms as prescribed
by the CIRC for using the fund. No insurance protection fund may be used for the investments in equities, real estate or other industries.

The CIRC may authorize a professional investment management institution for the use of insurance protection fund.

Article 13

The insurance protection fund council shall undertake the responsibility for supervising the administration and use of insurance protection
fund.

Article 14

The insurance protection fund council consists of such institutions as the insurance companies, the Legislative Affairs Office of
the State Council, the Ministry of Finance, the People’s Bank of China and State Administration of Taxation.

The measures for the work of the insurance protection fund council shall be separately prescribed by the CIRC.

Article 15

The CIRC shall, within five months after the end of each fiscal year, complete the audited financial report about the insurance protection
fund, and make it public to the council, member entities and all insurance companies.

Chapter IV Use

Article 16

In case an insurance company is revoked or declared bankrupt, and its liquidation properties are insufficient for paying the policy-related
benefits, the insurance protection fund shall offer relief to the policyholders of non-life insurance contracts in accordance with
the following principles:

(1)

Policyholders’ losses that are no more than 50,000 yuan will be fully covered by the insurance protection fund;

(2)

For individual policyholders, in the case of the losses in excess of 50,000 yuan, the insurance protection fund will cover 90 percent
of the extra part; for corporate policyholders, in the case of the losses in excess of 50,000 yuan, the insurance protection fund
will cover 80 percent of the extra part.

The policyholders’ losses as mentioned in the preceding Paragraph refer to the balance between the policyholders’ policy-related benefits
and the compensations recovered from the liquidation properties.

Article 17

In case a life insurance company is revoked or declared bankrupt, its life insurance contracts shall be transferred to another life
insurance company. If it cannot reach an assignment agreement with other life insurance company, the CIRC will designate a life insurance
company to take over the said life insurance contracts.

Article 18

In case the liquidation assets of an insurance company that is revoked or declared bankrupt are insufficient to reimburse the policy-related
benefits under life insurance contracts, the insurance protection fund shall offer relief to the companies with ceded policies in
accordance with the following principles:

(1)

For individual policyholders, relief from the policy-related benefits after the transfer shall not exceed 90 percent of policy-related
benefits prior to the transfer; and

(2)

For corporate policyholders, relief from the policy-related benefits after the transfer shall be no more than 80 percent of policy-related
benefits prior to the transfer.

A company with ceded policies shall evaluate policyholders’ policy-related benefits after the transfer in light of the standards as
prescribed in the preceding Paragraph, and hereby revise life insurance contracts with the policyholders.

Article 19

In case an insurance company is revoked or declared bankrupt, the policyholders shall sign agreements for transferring debts and credits
prior to the end of liquidation, the insurance protection fund shall offer relief to the policyholders and policyholders shall transfer
debts and credits of the insurance company to the insurance protection fund.

After the liquidation, if the compensations obtained by the insurance protection fund exceed the paid relief, the insurance protection
fund shall return the balance to policyholders.

Article 20

In the event of a significant crisis facing the insurance industry that may seriously endanger social public interests and financial
stabilization, the CIRC can draw on the insurance protection fund.

Article 21

The insurance protection fund will not cover losses from any of the following businesses of an insurance company:

(1)

insurance businesses that are directly undertaken overseas by an insurance company and inward transactions from abroad;

(2)

policy insurance businesses of an insurance company; and

(3)

any other insurance business as identified by the CIRC that is not under the scope of relief from the insurance protection fund.

Chapter V Legal Liabilities

Article 22

Any insurance company in violation of this Measures shall be ordered to correct and be imposed upon a fine of 50,000 yuan up to 300,000
yuan; in case the circumstances are serious, its scope of businesses may be restricted and it may be ordered to stop undertaking
new businesses or its business permit for insurance businesses shall be withdrawn.

The senior management personnel and persons directly responsible for the illegal acts shall be given warnings or ordered to be dismissed
or replaced and be imposed upon a fine of 20,000 yuan up to 100,000 yuan in light of the different circumstances.

Chapter VI Supplementary Articles

Article 23

The insurance companies shall, within three months as of the implementation day of this Measures, pay 50% of the submitted insurance
protection fund into a special account for the insurance protection fund as opened by the CIRC, and the remaining part shall be paid
off within one year as of the implementation day of this Measures.

Article 24

The power to interpret this Measures shall be vested in the CIRC.

Article 25

The present Measures shall be implemented as of January 1, 2005.

China Insurance Regulatory Commission
2004-12-30

DETAILED RULES FOR IMPLEMENTATION OF REGULATIONS OF THE PEOPLE’S REPUBLIC OF CHINA ON THE ADMINISTRATION OF INTERNATIONAL FREIGHT FORWARDING INDUSTRY

Ministry of Commerce

Circular of the Ministry of Commerce of the People’s Republic of China

No. 82

In accordance with the relevant procedure provisions of the Measures of the Ministry of Commerce for Drafting Laws and Administrative
Regulations and Formulating Rules and Normative Documents on the departmental rules and regulations’ formulation, after widely soliciting
opinions, the Ministry of Commerce of the People’s Republic of China has made a decision on modifying the Detailed Rules for Implementation
of the Regulation of the People’s Republic of China on the Administration of International Freight Forwarding Industry (for Trial
Implementation) (hereinafter referred to as Detailed Rules for Implementation).

The content of Article 6 of the former Detailed Rules for Implementation, namely, “The applicant of international freight forwarding
agency shall be entities in relation to import and export trade or of international freight forwarding and having stable supply of
goods. The investor in conformity with the above-mentioned requirements shall hold majority shares in the application projection.”,
shall be modified as: “The shareholders of international freight forwarder may comprise enterprise legal persons, natural persons
or other economic organizations. The big shareholder shall be enterprise legal person in relation to import and export trade or international
freight forwarding and having stable supply of goods, and shall account for the majority shares in the international freight forwarder.
No shareholders other than the enterprise legal person may account for majority shares in international freight forwarder.” In addition,
“Ministry of Foreign Trade and Economic Cooperation” and “Ministry of Foreign Economy and Trade” shall be modified as ” Ministry
of Commerce”; “the competent administrations of foreign trade and economy” in the former articles shall be modified as “competent
administrations of commerce”; and “local competent administrations of foreign trade and economy” shall be modified as “local competent
administrations of commerce”.

Detailed Rules for Implementation of Regulations of the People’s Republic of China on the Administration of International Freight
Forwarding Industry are hereby promulgated anew after the modification and shall be implemented as of the promulgation.

Ministry of Commerce of the People’s Republic of China

January 1st, 2004

Detailed Rules for Implementation of Regulations of the People’s Republic of China on the Administration of International Freight
Forwarding Industry

Chapter I General Provisions

Article 1

With a view to maintaining the order of international freight forwarding market, strengthening supervision over the international
freight forwarding industry, and promoting the healthy development of the international forwarding industry of our country, the present
Detailed Rules are hereby formulated in accordance with the Regulations of the People’s Republic of China on the Administration of
the International Freight Forwarding Industry (hereinafter referred to as the Regulations) as promulgated by the former Ministry
of Foreign Trade and Economic Cooperation upon approval of the State Council on June 29, 1995.

Article 2

An international freight forwarding enterprise (hereinafter referred to as the international freight forwarder) may act as an agent
of the consignee or the consignor of import and export cargo, or as an independent operator engaging in international freight forwarding
operations.

The international freight forwarding operations of an international freight forwarder as an agent refer to the activities whereby,
entrusted by the consignee or consignor of import and export cargo or their agents, it handles related operations in the name of
its clients or its own, and collects agent fees or commissions.

The international freight forwarding operations of an international freight forwarder as an independent operator refer to the activities
whereby it accepts the entrustment of the consignee, consignor of import and export cargo or their agents, signs and issues transport
documents, performs transport contracts and collects transport fees and service charges.

Article 3

The name and logo of an international freight forwarder shall comply with the relevant provisions of the State and with its business
operations, and be able to demonstrate the characteristics of the industry. Its name shall contain such relevant words as “freight
forwarding”, “transport services”, “container transport” and “logistics”, etc.

Article 4

The “scope of authorization” as prescribed in paragraph 2, Article 4 of the Regulations refers to, with the authorization of the
Ministry of Commerce, the competent departments of commerce of the People’s Government of a province, an autonomous region, a municipality
directly under the central government, or a city directly under State planning are responsible for the supervision over and administration
of the international freight forwarding industry in their respective jurisdictions (The Ministry of Commerce and the competent local
departments of commerce are hereinafter jointly called the competent departments in charge of the trade sector), Such a scope of
authorization shall cover: preliminary examination on the application of an enterprise for engaging in an international freight forwarding
project, the annual examination and license-change examination on international freight forwarders, business statistics, training
of professionals, guidance of local trade associations in carrying out work as well as working with relevant local administrative
departments in standardizing the operational behaviors of freight forwarders and rectifying the operational order of the freight
forwarding market.

The international freight forwarding subsidiaries, branches and non-commercial executive offices set up by enterprises directly under
the departments of the State Council or by enterprises from other localities in a city directly under State planning (excluding special
economic zones), shall, in pursuance of the scope of authorization as prescribed in the preceding paragraph, accept the supervision
and administration from provincial competent departments of commerce.

No other entity may engage in the examination, approval or administration of the international freight forwarding industry without
authorization from the Ministry of Commerce.

Article 5

The Ministry of Commerce shall be responsible for carrying out professional training on employees of international freight forwarders
and making an examination of the qualifications of the training institutions. No entity without approval may engage in the qualification
training of employees of international freight forwarders. The conditions for the establishment of training institutions and their
training contents and teaching materials shall be separately prescribed by the Ministry of Commerce.

Professionals engaged in international freight forwarding operations shall accept the training as prescribed in the preceding paragraph.
Upon passing the examinations, they shall obtain qualification certificates of international freight forwarding.

Chapter II Conditions for Establishment

Article 6

The applicants for establishing international freight forwarders shall be an enterprise legal person, a natural person or other economic
organizations, of which the big shareholder shall be an enterprise legal person in relation to import and export trade or international
freight transportation and have stable supply of cargo, and shall account for the majority shares in the international freight forwarders.
No shareholders except the enterprise legal person may account for majority shares in the international freight forwarders.

Article 7

An international freight forwarder shall possess the enterprise legal person qualification of the People’s Republic of China according
to law. The enterprise’s organizational form shall be a limited liability company or a joint-stock company. Any entity with administrative
monopoly powers shall be prohibited from applying for investing and dealing in international freight forwarding business. Carriers
and other enterprises, which may entail unfair competition to the international freight forwarding industry, shall not file an application
for dealing in international freight forwarding operations.

Article 8

The operational conditions as prescribed in Article 7 of the Regulations shall include:

Having at least five professionals who have been dealing in international freight forwarding operations for over three years and whose
qualifications have been certified by their previous employers; or, they have obtained the qualification certificates issued by the
Ministry of Commerce according to Article 5 of the present Detailed Rules;

Having a fixed place of business, and property rights certificates shall be presented in the case of self-owned housing and sites;
and tenancy contracts shall be presented in the case of leased housing and sites;

Having necessary operational facilities, including a certain amount of telephones, fax machines, computers, short-distance transport
tools, loading and unloading equipment, packaging equipment etc.; and

Having a stable supply of import and export cargo, which means that the amount of import and export cargo in the present area is relatively
larger, that the freight forwarding industry has the conditions and potentials for further development, and that the applying enterprise
can get a sufficient supply of cargo.

Article 9

In case multimode transport business is included in the scope of business of international freight forwarding operations as applied
for by an enterprise, the following conditions shall also be met with in addition to meeting with the conditions as prescribed in
Article 7 of the Regulations and in Articles 6, 7 and 8 of the present Detailed Rules:

Having been engaging in the relevant operations as listed in Article 32 of this Detailed Rules for over three years;

Having corresponding domestic and overseas agent networks; and

Having international freight forwarding bills of lading, which are registered and put on records at the Ministry of Commerce.

Article 10

An international freight forwarder shall, when applying for establishing each subsidiary, increase its registered capital by RMB 500,000
Yuan accordingly. If the enterprise’s registered capital has exceeded the minimum amount as prescribed in the Regulations (RMB 5
million Yuan for sea transport, RMB 3 million Yuan for air transport and RMB 2 million Yuan for land transport and express delivery),
the excess amount can be used as the capital increased for establishing the subsidiary.

Article 11

The “branch organs” as mentioned in the Regulations and the present Detailed Rules refer to the branch companies.

Chapter III Procedures for Examination and Registration

Article 12

To deal in international freight forwarding operations, it is imperative to obtain the International Freight Forwarder Approval Certificate
of the People’s Republic of China (hereinafter referred to as the Approval Certificate) issued by the Ministry of Commerce.

The entity applying for dealing in international freight forwarding operations shall submit the following documentation:

The application, specifying the name of the investors, explanations to the application qualification and the application project;

The feasibility study report, specifying basic information, qualification statement, current conditions, market analysis, business
forecasts, establishment program, economic budget and development budget, etc.;

Enterprise legal person business licenses (Photostat copies) of the investors;

The resolutions of the board of directors, the shareholders meeting or the general assembly of shareholders;

The Articles of Association (or draft) of the enterprises;

Information of major professionals (inclusive of educational experience, majors of study, work experiences, qualification certificates);

The credit standing certificates (capital verification reports of all the investors issued by accountant firms);

The agreement of capital contribution of investors;

The resume of the legal representative;

10.

The format of the international freight forwarding bill of lading (transport document);

11.

The letter of advance approval of enterprise name (Photocopy, issued by the administrative departments for industry and commerce);

12.

The international freight forwarder application form I (Attachment Form I); and

13.

Transaction clauses.

With the exception of Items (3) and (11), the above-mentioned documents shall all be submitted in their original texts and annexed
with official seals.

Article 13

The competent departments in charge of the trade sector shall make an examination of application projects, which shall include:

The necessity of establishing the project;

The authenticity and integrality of the application documents;

The qualifications of the applicants;

The credit standing of the applicants; and

The qualifications of the professionals.

Article 14

The competent local departments of commerce shall, after making examinations on the application projects, report to the Ministry of
Commerce the preliminary opinions (including the scope and areas of business, and the proportion of capital contributions of investors
as suggested for approval, etc.) and all the application documents according to the time as prescribed in paragraph 1 of Article
11 of the Regulations for examination and approval.

Article 15

In any of the following circumstances, the Ministry of Commerce shall reject the application and explain the reasons:

The documentation is incomplete;

The submission procedure is inconformity with the requirements; or

The Ministry of Commerce has circulated a notice, suspending the acceptance of applications for dealing in international freight forwarding
operations.

Article 16

In any of the following circumstances, the Ministry of Commerce shall give a reply of disapproval upon investigation and verification:

The applicant is not qualified for dealing in international freight forwarding operations;

The applicant has been engaging in illegal forwarding operational activities within 5 years from the date of submission, and has been
imposed a penalty by the administrative departments of the State;

The applicant purposely disguises or gives false information on submission information; or

Other conditions inconformity with the relevant principles of Article 5 of the Regulations.

Article 17

An applicant shall, upon receiving the official reply of approval from the Ministry of Commerce, within 60 days from the date of receiving
the reply, take the revised Articles of Association (original copy) of the enterprise, go to the Ministry of Commerce and obtain
the approval certificate upon the strength of the introductory letter of the competent local departments of commerce.

Article 18

An enterprise may apply for expansion of its business scope and areas one year after its establishment and dealing in international
freight forwarding operations. The competent local departments of commerce shall, upon examination, report to the Ministry of Commerce
for approval in accordance with the procedures as prescribed in Article 11 of the Regulations.

An enterprise may, one year after its establishment and dealing in international freight forwarding operations, and on the condition
of having built up a certain business scale, apply for establishing subsidiaries or branches. The enterprise shall present the opinions
of the competent local departments of commerce of the place where the enterprise is located (in case of Beijing-based enterprises
directly under the departments of the State Council, the letter of opinion solicitation from the Ministry of Commerce), file an application
with the local departments in charge of business affairs of the place (excluding cities directly under State planning) where the
branches or subsidiaries are to be located; in case of a city directly under State planning, the application shall be submitted to
the Ministry of Commerce for approval in accordance with the provisions of Article 14 of the present Detailed Rules. The business
scope of the branches or subsidiaries shall not go beyond that of its parent company or head office.

When setting up a non-commercial executive office, an international freight forwarder shall make submission to and put on the archival
files at the competent local department in charge of the trade sector at the place where the executive office is located and accept
administration.

Article 19

Where an enterprise files an application in accordance with paragraphs 1 and 2 of Article 18 of the present Detailed Rules, it shall
submit the following documents in addition to the relevant documentations as prescribed in Article 12 of the present Detailed Rules:

The original official reply on international freight forwarding operations (Photocopy);

The approval certificate (Photostat copy);

The business license (Photostat copy);

The Form II for the Application of International Freight Forwarders (Attachment Form II, Attachment Form I is for the establishment
of subsidiaries);

The operational situation report (inclusive of network construction);

The resumes of the legal representatives of subsidiaries or the executives of the branches; and

Registration form for annual examination of the previous year.

Article 20

Where an enterprise applies for establishing a subsidiary, the applicant shall, upon receipt of the affirmative reply and within ninety
days as of the date of the reply, present a legally valid capital verification report as well as the revised Articles of Association
(the original copy) of the enterprise after the head office has expanded the registered capital according to the provisions of Article
10 of the present Detailed Rules and go to the Ministry of Commerce to obtain the approval certificate upon the strength of the
introductory letter from competent local departments of commerce at the place where the branches are to be located.

Article 21

In case an applicant fails to go through formalities for obtaining the certificate within a prescribed time limit, or fails to start
business operation without justifiable reasons 180 days beyond the date of obtaining approval certificate, his qualification of dealing
in international freight forwarding operations will be invalidated automatically unless otherwise his application for extension has
been approved.

Article 22

The Ministry of Commerce may, on the basis of the development and overall arrangement of international freight forwarding industry,
decide to suspend accepting the application for dealing in international freight forwarding operations within a period of time or
take restrictive measures.

The Ministry of Commerce shall make announcement on the decisions made in pursuance of the preceding provisions.

Article 23

In case of any change with an international freight forwarder as follows, it shall report to the Ministry of Commerce for examination
and approval, and obtain a new approval certificate:

Name of the enterprise;

Type of the enterprise;

Equity relationship;

Decrease of the registered capital;

Business scope; or

Business areas.

In case of any of the following changes, it shall directly obtain another approval certificate after reporting and filing a record
with the Ministry of Commerce.

Mailing address or place of business;

Legal representatives;

Increase of the registered capital; or

Department directly subordinated.

Article 24

An international freight forwarder shall go though registration formalities upon strength of the approval certificate at the administrative
department for industry and commerce and customs.

No entity may, without obtaining the approval certificate, use the “international freight forwarding operation” or other wordings
identical or similar to the meaning thereof in its business license for industry and commerce.

Chapter IV Annual Examination and Change of Certificates

Article 25

The Ministry of Commerce shall implement a system of annual examination and change of certificates on international freight forwarders.

Article 26

The Ministry of Commerce shall be responsible for the annual examination on Beijing-based enterprises directly under the departments
of the State Council, and for the change of certificates of the international freight forwarders all over the country. The competent
local departments of commerce shall be responsible for the annual examination on the international freight forwarders within their
own districts (including the subsidiaries and branches established by enterprises directly under the departments of the State Council
and by enterprises from other localities).

Article 27

An international freight forwarder shall submit the annual examination registration form (Attachment III), capital verification report
and business license (Photocopy) to the competent local department of commerce (Beijing-based enterprises directly under the departments
of the State Council shall submit directly to the Ministry of Commerce) at the place where it is located before the end of March
each year and apply for annual examination.

The annual examination focuses on the examination of the management of the enterprises, and their compliance and implementation of
the Regulations and other relevant laws, regulations and rules. After the enterprises have passed the annual examination, the department
in charge of the trade sector shall add the seal of “passing the annual examination” to their approval certificates.

Article 28

The period of validity of the approval certificate is 3 years.

An enterprise shall, 60 days before the expiry of the period of validity of the approval certificate, file an application with the
competent local department of commerce for changing the certificate, in which process, the enterprise shall submit the following
documentation:

The registration form of certificate change application (Attachment Form IV);

The approval certificate (Original copy); and

The business license (Photocopy).

Article 29

In case an enterprise has passed the annual examination for three consecutive years, the competent local department of commerce shall
submit to the Ministry of Commerce the approval certificate 30 days before the expiration of its period of validity, and apply for
a new approval certificate.

Article 30

When an international freight forwarder applies for changing its certificate, the competent department in charge of the trade sector
shall make an examination of its operational qualification and situation and shall refuse to grant a new approval certificate in
any of the following circumstances:

Failing to comply with the provisions of Article 27 of this Detailed Rules;

Failing to punctually go through formalities for changing certificate;

Transferring shareholder’s rights without authorization; or

Changing of such major matters as the enterprise’s name, place of business, and registered capital without authorization and failing
to file a record for archival purposes in accordance with relevant provisions.

Article 31

In case an enterprise fails to change a new approval certificate due to its own reasons, its qualification for engaging in international
freight forwarding operations shall be invalidated automatically on expiration of its validity. The Ministry of Commerce shall make
announcement on the above-mentioned conditions. The administrative departments for industry and commerce shall write off the above-mentioned
enterprises or order them to go through the formalities for the alteration of their scope of business.

In case an enterprise, which has lost its qualification of dealing in international freight forwarding operations, desires to continue
with this business, it shall file another application in compliance with relevant provisions.

Chapter V Business Management

Article 32

An international freight forwarder may engage in management activities as an agent or independent operator. Its scope of business
shall include:

Canvassing cargo, booking space (including ship renting, plane chartering and cabin booking), consignment for shipment, warehousing
and packaging;

Supervision over cargo loading and unloading, container stuffing and dismantling, distribution, transit, and related short-distance
transport services;

Declarations to the customs, the commodity inspection and checking, and insurance purchases;

Making, signing and issuing relevant documents and bills, payment of transport fees, settlement and payment of incidental charges;

Freight forwarding of international items on display, personal effects and cargo passing through the territory of a country;

International multimodal transport, and container transport (including container assembling);

International express delivery (excluding personal letters); and

Consultation and other international freight forwarding operations.

Article 33

International freight forwarders shall engage in business activities in accordance with the business scope and areas as enumerated
in the approval certificates and business licenses.

Article 34

The Ministry of Commerce may, on the basis of the development of the respective industry, entrust the trade associations to formulate
the standard transaction clauses by referring to the international customs, and the international freight forwarders may refer to
them without the approval of the Ministry of Commerce. The international freight forwarders may formulate transaction clauses by
themselves, but they may not use it until the clauses have been put on record at the Ministry of Commerce.

Article 35

The international freight forwarders shall submit the business statistics to the competent departments in charge of the trade sector,
and be responsible for the truthfulness of the statistical numbers. The measures for the compilation of the business statistics shall
be separately prescribed by the Ministry of Commerce.

Article 36

The international freight forwarders shall, when accepting entrustment to handle relevant businesses as agents, sign written entrustment
agreement with the import or export consignees or consignors. The disputes arising between the two parties shall be settled on the
basis of the written agreement they signed.

An international freight forwarder shall, as an independent operator, when engaging in the relevant operations as prescribed in Article
32 of the present Detailed Rules, sign transport documents and bills to the owner of cargo. Should a business dispute occur with
the owner of cargo, it shall be settled on the basis of the transport documents and bills as signed by the enterprise. When a business
dispute occurs with the actual carrier, it shall be settled on the basis of the transport contract signed with the actual carrier.

Article 37

The international freight forwarding bill of lading used by the international freight forwarders shall be subject to a registration
and numbering system. All the international freight forwarding bills of lading signed and issued within the Chinese territory shall
be submitted by the international freight forwarders to the Ministry of Commerce for registration and indicate the approval number.

International freight forwarders shall strengthen management on their international freight forwarding bills of lading. No such bills
of lading may be lent. In case of loss or revision of the edition, it shall be reported to and put on the archival files at the Ministry
of Commerce in time.

The transfer of an international freight forwarding bill of lading shall meet the following provisions:

Straight bill of lading: transfer shall be prohibited;

Order bill of lading: to be transferred after endorsement in full or endorsement in blank;

Bearer bill of lading: no need to be endorsed before transfer.

The international freight forwarding bill of lading shall be subject to the system of liability insurance. Liability insurance shall
be covered by an insurance company upon approval of the People’s Bank of China.

Article 38

As an independent operator, the term of liability of an international freight forwarder shall begin from receiving cargos and end
on delivering them when it is performing or organizing international multimode transport. The basis for their undertaking liabilities,
limitations of liability, exemption conditions and preconditions for losing liability restrictions shall be specified in relevant
legal provisions.

Article 39

An international freight forwarder shall undertake international freight forwarding operations by the name and the serial number of
the enterprise as specified in the approval certificate, and shall print the name and serial number of the enterprise in major office
stationery and documents and bills.

Article 40

No international freight forwarder may use the registered capital within the prescribed scope for other purposes.

Article 41

No international freight forwarder may transfer any international freight forwarding operation right directly or in disguised form;
nor may it allow any other entity or individual to engage in international freight forwarding operations in the name of the international
freight forwarder or its business department; nor may it sign any agreement with entities who do not have the international freight
forwarding operation right to allow them to deal in international freight forwarding operations independently or jointly with it,
to collect agent fees, commissions or get other interests.

Article 42

An international freight forwarder may, as an agent, collect agent fees to the owners of cargo, and may also get commissions from
the car

MEASURES OF THE CUSTOMS OF THE PEOPLE’S REPUBLIC OF CHINA FOR THE ADMINISTRATION OF THE TRANSFER OF DEEP PROCESSING TRANSACTION OF THE BONDED GOODS FOR PROCESSING TRADE ACROSS THE CUSTOMS SURVEILLANCE ZONES

e02357

Customs General Administration

Decree of the Customs General Administration of the People’s Republic of China

No. 109

Measures of the Customs of the People’s Republic of China for the Administration of the Transfer of Deep Processing Transaction of
the Bonded Goods for Processing Trade across the Customs Surveillance Zones, adopted at the executive meeting of the Customs General
Administration on January 7, 2004, are hereby promulgated and shall go into effect as of March 1, 2004.

Mou Xinsheng, Director General of the Customs General Administration

January 19, 2004

Article 1

The Measures are formulated in accordance with the Customs Law of the People’s Republic of China and other relevant laws and administrative
regulations for the purposes of promoting the sound development of processing trade, strengthening and regulating the administration
of the transfer of deep processing transaction of the bonded goods for processing trade across the costumers surveillance zones.

Article 2

The transfer of deep processing transaction of the bonded goods for processing trade across the customs surveillance zones referred
to in the Measures means business operations in which the processing trade enterprise transfers the bonded materials imported for
processing trade to another processing trade enterprise in the surveillance zone of another customer office directly under the leadership
of the Customs General Administration for further processing and re-export (hereinafter referred to as “the transfer”).

Article 3

Processing trade enterprise conducting the transfer, be they transferring in or transferring out, shall declare to the competent customs
authorities respectively their transfer plan, and may proceed with receiving and delivering the goods and customs declaration procedures
after being recorded by the competent customs authorities from both sides.

The customs shall install a separate category calculating the transferred goods for further processing in processing trade.

Article 4

The enterprise engaging in transferring in and transferring out goods for processing shall submit an Application Form for the Transfer
of Deep Processing Transaction of the Bonded Goods for Processing Trade of the Customs of the People’s Republic of China (hereinafter
referred to as “the Application Form”, see Attachment 1), and fill in the items of the Application Form accurately.

An Application Form shall only correspond to a transferring-in enterprise and a transferring-out enterprise; an Application form shall
only corresponding to one Processing Trade Handbook of the transferring-out enterprise (including the electronic account book for
computer interconnected supervision, hereinafter referred to as the Handbook), but may correspond to several Handbooks of the transferring-in
enterprises. The number, quantity and measurement of the commodities filed by both sides shall be consistent with each other.

Article 5

The processing trade enterprise conducting the transfer shall make and fill in the Bill of Receiving and Delivering the Transfer Goods
as has been provided for by the customs (see Attachment 3, printed by the enterprise itself in line with the set format). The Bill
of Receiving and Delivering the Transfer Goods shall include the following contents:

(1)

Marking such words as “Bonded Goods for Transfer”;

(2)

Listing such contents as the names of the transferring-in or transferring-out enterprises, the names, standards and quantity of the
commodities, the time of receiving and delivering the goods, serial number of the bill;

(3)

Obtaining the special seal for the transfer business after file-keeping by the competent customs authority to attach to the record
of every batch of receiving and delivering goods.

Article 6

If the processing trade enterprise applying for the transfer matches any of the following descriptions, the application shall not
be accepted by the customs:

(1)

Failing to meet the supervision requirements of the customs, being ordered by the customs to rectify and reform within a specified
timeframe, and being in the course of rectification and reform;

(2)

Failing to submit the Handbook for verification on time;

(3)

Failing to make and fill in the Bill of Receiving and Delivering the Transfer Goods according to Article 5 of the Measures;

(4)

Being involved in smuggling and placed on file for investigation, with the case pending settlement.

Article 7

The transferring-in and transferring-out enterprise shall complete the record of the transfer plan for file-keeping according to the
following provisions:

(1)

The transferring-out enterprise shall fill in its transferring-out plan in the Application Form (in four sheets), and recording with
the customs for file-keeping where the goods are transferred out by presenting the Application Form;

(2)

The customs concerned in the transferring-out shall keep the first sheet of the Application Form after completing the file-keeping,
and return the other three copies to the transferring-out enterprise for passing on to the transferring-in enterprise;

(3)

The transferring-in enterprise shall take the other three sheets of the Application Form to record with the customs in the transferring-in
place after filling in the relevant information of the enterprise within 20 days upon completion of file-keeping with the custom
in the transferring-out place. If the transferring-in enterprise fails to hand in the Application Form within 20 days as has been
specified, or, having presented the Application Form, the contents of the Application Form fail to satisfy the provisions of the
customs and are therefore denied approval, the Application Form shall become invalid. The transferring-in or transferring-out enterprise
shall again go through the procedures of filling in the form and submitting it to the customs authority for file-keeping;

(4)

The customs in the transferring-in place shall keep the second sheet of the Application Form and deliver the third and fourth sheet
to the transferring-in or the transferring-out enterprise. Based on these two sheets, the enterprises shall complete the registration
of the transfer involving receiving and delivering the goods as well as file-keeping with the customs authority

Article 8

After completing file-keeping of the transfer with the customs authority, the transferring-in and the transferring-out enterprise
shall engage in receiving and delivering the goods according to the Application Form which has been verified and approved by the
customs of both sides. Each record of receiving and delivering any batch of goods shall be kept accurately in the Registration Form
on the Actual Situation of Transfer of the Bonded Goods (hereinafter referred to as the Registration Form, see Attachment2), and
be attached with the special seal of transfer for the enterprises.

In case of the transferred goods being returned, the transferring-in and transferring-out enterprise shall register the actual situation
of returning goods in the Registration Form, at the same time mark such words as “Returned Goods”, and attach the special seal of
transfer for the enterprises.

Article 9

Having executed receiving or delivering the goods, the transferring-in or transferring-out enterprise shall complete the procedures
of transfer settlement and customs declaration according to the following provisions:

(1)

The transferring-in and transferring-out enterprises shall complete the procedures of transfer settlement and customs declaration
separately with the customs authorities in the transferring-in and transferring-out place respectively. The transferring-in or transferring-out
enterprise may proceed with customs declaration in separate batches or for all goods concerned by presenting an Application Form.
The transferring-in (or transferring-out) enterprise shall complete the declaration of the goods within 90 days after physically
delivering (or receiving) the goods;

(2)

The transferring-in enterprise shall complete the procedures of transfer settlement and customs declaration in the transferring-in
place by way of such forms and documents as the Application Form and the Registration Form, and notify the transferring-out enterprise
of the information concerning transfer settlement and customs declaration no later than the second working day after completing the
declaration of the transferring-in goods;

(3)

The transferring-out enterprise shall complete the procedures of transfer settlement and customs declaration for the transferring-out
goods with the customs in the transferring-out place by way of such forms and documents as the Application Form and the Registration
Form within 10 days after receiving the notice from the transferring-in enterprise;

(4)

The declared price of the transferring-in and transferring-out goods shall be the actual transaction price of the transferred goods;

(5)

One declaration form of the transferring-in goods shall correspond to one declaration form of the transferring-out goods. The serial
number of declaration, number, quantity, price of the goods, and number of the handbook shall be the same in both of the declaration
forms;

(6)

If the transferring goods is declared in separate batches, the enterprise shall provide the original and duplicated copies of the
Application Form and Registration Form at the same time;

(7)

The enterprise failing to apply for the procedures of transfer settlement and customs declaration within the specified timeframe may
apply for the relevant procedures again after being handled by the customs authority according to Article 12 of the Measures.

Article 10

In the event that the transferring enterprise uses foreign exchanges for settling accounts, the customs shall issue the certificate
verifying foreign exchange settlement to attach to the declaration form according to the relevant provisions.

Article 11

If the competent customs authority administers the transfer across the costumers surveillance zones for processing trade through computer
networks, the enterprise may complete the record for file-keeping, registration and declaration of the transfer via the network.

Article 12

If the transferring-in or transferring-out enterprise violates the Measures, the violator shall be dealt with by the customs authority
according to the provisions of the Customs Law of the People’s Republic of China and Rules for the Implementation of Administrative
Penalties of he Customs Law of the People’s Republic of China; if the violation constitutes a criminal offence, the violator shall
be subject to criminal prosecution and punishments in accordance with law.

Article 13

The transfer of deep processing transaction by the enterprises in the same Customs surveillance zone shall be conducted according
to the Measures, and the procedures may be simplified if approved by the relevant Customs office directly under the Customs General
Administration. The specific approaches shall be formulated by the Customs offices concerned.

Article 14

The Customs General Administration is responsible for the interpretation of the Measures.

Article 15

The Measures shall take effect as of March 1, 2004. The Measures of the Customs of the People’s Republic of China for the Administration
of the Transfer of Deep Processing Transaction of the Bonded Goods for Processing Trade across the Costumers Surveillance Zones released
on September 22, 1999 (promulgated by Order No. 75 of the Customs General Administration) shall be abolished simultaneously.

Attachment:

1. Application Form for the Transfer of Deep Processing Transaction of the Bonded Goods for Processing Trade of the Customs of the
People’s Republic of China

2. Registration Form on the Actual Situation of Transfer of the Bonded Goods

3. Bill of Receiving and Delivering the Transferred Goods

Customs General Administration
2004-01-19

REPLY OF THE SUPREME PEOPLE’S COURT ON WHETHER OR NOT SHALL THE PEOPLE’S COURT ACCEPT THE DISPUTES CONCERNING THE AGREEMENT ON THE TRANSFER OF POLICY FINANCIAL ASSETS BETWEEN FINANCIAL ASSET MANAGEMENT COMPANIES AND STATE-OWNED COMMERCIAL BANKS

Reply of the Supreme People’s Court on Whether or Not Shall the People’s Court Accept the Disputes Concerning the Agreement on the
Transfer of Policy Financial Assets between Financial Asset Management Companies and State-owned Commercial Banks

Min Er Ta Zi [2004] No. 25
February 4, 2004

The higher People’s Court of Hubei Province,

We have received your Request for Instructions on the Law Application to the Appeal of Disputes Concerning the Credit Transfer Contract
between Hankou Sub-branch Wuhan City of the Agricultural Bank of China and Wuhan Office of China Great Wall Asset Management Company
(E Gao Fa [2004] No. 378). Upon deliberation, we hereby render our reply as follows:

The takeover of non-performing assets of state-owned commercial banks by the financial asset management company is done according
to the related state policies, and is of the nature of the appropriation of sate-owned assets in light of the instructions of the
government. The people’s court may not accept the cases concerning the dispute between financial asset management companies and state-owned
commercial banks over the alienation of policy financial assets. We agree to the second opinion of the judicial committee of your
court.

The Supreme People’s Court
2004-02-04

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Brazilian Laws

CONSTITUTIONAL AMENDMENTS part 4 – 1988 Constitution

CONSTITUTIONAL AMENDMENTS part 3 – 1988 Constitution

NOTICE OF THE MINISTRY OF FINANCE ON PRINTING AND DISTRIBUTION OF “MEASURES FOR THE TREATMENT OF ACCOUNTING CONCERNING THE EXTENSION OF VALUE-ADDED TAX SCOPE IN NORTHEAST REGION”

THE INTERIM MEASURES FOR THE ADMINISTRATION OF EXAMINATION AND APPROVAL OF THE OVERSEAS INVESTMENT PROJECTS

CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION ON THE EXEMPTION FROM BUSINESS TAX FOR REFUNDABLE LIFE INSURANCE WITH A TERM MORE THAN ONE YEAR SOLD BY THE GENERALI CHINA LIFE INSURANCE COMPANY LIMITED

MEASURES FOR THE ADMINISTRATION OF ANNUAL PLANS ON THE UTILIZATION OF LAND (2004 REVISED EDITION)

CIRCULAR OF THE MINISTRY OF FINANCE AND THE NATIONAL DEVELOPMENT AND REFORM COMMISSION ON PROMULGATING THE CANCELLATION OF 103 CHARGING ITEMS SUBJECT TO ADMINISTRATIVE EXAMINATION AND APPROVAL

MINISTRY OF COMMERCE, GENERAL ADMINISTRATION OF CUSTOMS ANNOUNCEMENT

MEASURES ON GOVERNING INSURANCE PROTECTION FUND

DETAILED RULES FOR IMPLEMENTATION OF REGULATIONS OF THE PEOPLE’S REPUBLIC OF CHINA ON THE ADMINISTRATION OF INTERNATIONAL FREIGHT FORWARDING INDUSTRY

MEASURES OF THE CUSTOMS OF THE PEOPLE’S REPUBLIC OF CHINA FOR THE ADMINISTRATION OF THE TRANSFER OF DEEP PROCESSING TRANSACTION OF THE BONDED GOODS FOR PROCESSING TRADE ACROSS THE CUSTOMS SURVEILLANCE ZONES

REPLY OF THE SUPREME PEOPLE’S COURT ON WHETHER OR NOT SHALL THE PEOPLE’S COURT ACCEPT THE DISPUTES CONCERNING THE AGREEMENT ON THE TRANSFER OF POLICY FINANCIAL ASSETS BETWEEN FINANCIAL ASSET MANAGEMENT COMPANIES AND STATE-OWNED COMMERCIAL BANKS

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