INTERIM MEASURES FOR THE CONTROL OF OVERSEAS USE OF INSURANCE-RELATED FOREIGN EXCHANGE FUNDS

China Insurance Regulatory Commission

Order of China Insurance Regulatory Commission

No.9

The Interim Measures for the Control of Overseas Use of Insurance-related Foreign Exchange Funds as formulated jointly by China Insurance
Regulatory Commission and the People’s Bank of China are hereby promulgated and shall be implemented as of the date of promulgation.

Wu Dingfu, Chairman of China Insurance Regulatory Commission

Zhou Xiaochuan, President of the People’s Bank of China

August 9th, 2004

Interim Measures for the Control of Overseas Use of Insurance-related Foreign Exchange Funds

Chapter I General Provisions

Article 1

With a view to strengthening the control of overseas use of insurance-related funds, preventing risks and safeguarding the interests
of the insured, these Measures are formulated in conformity with the Insurance Law of the People’s Republic of China, Regulations
of the People’s Republic of China on Foreign Exchange Control and other pertinent laws and regulations.

Article 2

An insurance company mentioned in the present Measures refers to a Chinese capital insurance company, foreign capital insurance company,
Chinese-foreign joint venture insurance company or a branch of any foreign insurance company, set up with the approval of China Insurance
Regulatory Commission (hereinafter referred to as CIRC) and registered according to the law in the People’s Republic of China.

The insurance-related foreign exchange fund as mentioned in the present Measures refers to the sum of capital, public reserve fund,
undistributed profits, various reserves and guarantee deposits received in foreign currencies of an insurance company.

Article 3

In the overseas use of its foreign exchange fund, the insurance company shall follow the principles of security, liquidity and profitability
and be prudent in making investment and shall operate independently at its own risk.

Article 4

In the overseas use of its foreign exchange fund, the insurance company shall accord with the present Measures and other laws and
regulations concerning insurance and foreign exchange control, as well as the pertinent foreign laws and regulations.

Article 5

CIRC and the State Administration of Foreign Exchange (hereinafter referred to as SAFE) shall carry out supervision over and control
of the overseas use of insurance-related foreign exchange funds.

Chapter II Qualification Requirements

Article 6

An insurance company engaging in overseas use of its foreign exchange fund shall fulfill the following requirements:

(1)

possessing a license for engaging in foreign exchange;

(2)

its total assets at the end of the previous year being not less than RMB5 billion yuan;

(3)

its foreign exchange fund at the end of the previous year being not less than US$15 million or its equivalent in other freely convertible
currencies;

(4)

its solvency margin conforming to the pertinent provisions of CIRC;

(5)

possessing a professional fund use department or a pertinent insurance asset management company;

(6)

its internal management system and risk control system conforming to the provisions of the Guidelines for Risk Control in the Use
of Insurance Funds;

(7)

the number of its professional and managerial personnel with at least two years of experience in overseas investment conforming to
the pertinent provisions; and

(8)

other requirements as may be provided by CIRC and SAFE.

Article 7

In terms of the overseas use of its foreign exchange fund, the insurance company shall, within the amount of its foreign exchange
balance at the previous yearend, apply to SAFE for foreign exchange remittance and payment for investment outside China by submitting
the following documents and materials in triplicate:

(1)

a written application containing at least the background of the applicant, the amount of foreign exchange applied for to be paid for
investment and the investment plan;

(2)

its financial statements and balance sheet in foreign currencies at the previous yearend as audited by an accounting firm;

(3)

reports on its solvency positions at the end of last year and at the end of last quarter as audited by an accounting firm and notes
to such reports;

(4)

a brief of its internal professional fund use department or of pertinent insurance asset management company;

(5)

its internal management system and risk control system;

(6)

resumes of its professionals engaging in overseas investment;

(7)

materials concerning its domestic custodian and the draft custody agreement;

(8)

materials concerning its external trustee and the draft asset management entrustment agreement, if it has an external trustee; and

(9)

other materials as prescribed by CIRC and SAFE.The SAFE shall make a decision as whether or not to approve the application within
20 days as of the receipt of all necessary application documents. In the case of approval, the amount of foreign exchange payment
for investment as approved shall be notified in writing to the applicant; in the case of disapproval, such disapproval shall be notified
in writing to the applicant with reasons stated. A copy of such decision for either approval or disapproval shall also be sent to
CIRC.

Article 8

When its foreign exchange fund increases due to its capital increase or shares expansion or overseas listing, the insurance company
may apply to the SAFE for an increase of the specified amount of foreign exchange payment for investment for the current year by
submitting to the SAFE the pertinent documents and materials.The SAFE shall make a decision in conformity with Article 7 of the
present Measures.

Chapter III Investment Scope and Proportion

Article 9

The overseas use of insurance-related foreign exchange funds shall be limited to the following investment types and instruments:

(1)

bank deposits;

(2)

bonds of a foreign government, international financial organization or foreign company;

(3)

bonds issued outside China by the Chinese government or a Chinese enterprise;

(4)

money market derivatives, such as bank’s bills and large negotiable certificates of deposit; and

(5)

other investment types and instruments within the scope specified by the State Council.

The bank as referred to in item (1) of the preceding paragraph means either an external branch of a Chinese capital commercial
bank or a foreign bank with at least grade A or its equivalent of long-term credit as assessed by an internationally accepted rating
agency for the past three years.

The bond as referred to in item (2) of the preceding paragraph means that of at least grade A or its equivalent as assessed by
an internationally accepted rating agency.

The money market derivatives as referred to in item (4) of the preceding paragraph mean money market fixed income derivatives
of at least grade AAA or its equivalent as assessed by an internationally accepted rating agency.

Article 10

Any overseas use of insurance-related foreign exchange fund shall accord with the proportions as follows:

(1)

the total amount of the insurance company that may be used in investment may not be more than 80% of its foreign exchange balance
at the end of last year or, in the case of any circumstances under Article 8 herein, it may not be more than 80% of the sum of its
foreign exchange balance at the end of last year and the increased fund;

(2)

the actual total amount of investment of the insurance company may not be more than the amount of foreign exchange payment for investment
as approved by the SAFE;

(3)

the insurance company’s deposit in one bank may not be more than 30% of the amount of foreign exchange payment for investment as approved
by the SAFE, however, the balance in the account for settlement of overseas use of foreign exchange fund shall not be subject to
this limit;

(4)

the balance of all bonds of grade A of credit that the insurance company invested in, apart from those issued overseas by the Chinese
government or a Chinese enterprise, as calculated at their cost prices, may not be more than 30% of the amount of foreign exchange
payment for investment as approved by the SAFE;

(5)

the balance of all bonds below grade AA of credit that the insurance company invested in, apart from those issued overseas by the
Chinese government or a Chinese enterprise, as calculated at their cost prices, may not be more than 70% of the amount of foreign
exchange payment for investment as approved by the SAFE;

(6)

the balance of bonds issued by one company or enterprise, which the insurance company invested in, as calculated at their cost prices,
may not be more than 10% of the amount of foreign exchange payment for investment as approved by the SAFE; and

(7)

the balance of bonds issued overseas by the Chinese government or Chinese enterprises, which the insurance company invested in, as
calculated at their cost prices, may not be more than the amount of foreign exchange payment for investment as approved by the SAFE.

Chapter IV Investment Management

Article 11

In terms of overseas use of its insurance-related foreign exchange fund, the head office of the insurance company shall carry out
a unified strategic allocation of assets, and the internal professional fund use department or the pertinent insurance asset management
company shall be in charge of the operation and management.

No branch of an insurance company may undertake any overseas use of foreign exchange fund.

Article 12

Any overseas use of insurance-related foreign exchange fund must be made in conformity with the Guideline for Risk Control in the
Use of Insurance Funds and under a well-established risk control system.

The risk control system shall at least contain the investment decision-making procedure, investment authorization system, research
and reporting system, and risk assessment and performance appraisal index systems.

Article 13

In the overseas use of its foreign exchange fund, an insurance company may entrust the investment management to an external professional
investment institution satisfying the requirements prescribed in Article 14 herein.

Article 14

The external professional investment institution to which an insurance company entrust its investment management must fulfill the
following requirements:

(1)

being allowed to engage in asset management business according to the law of the country or district concerned;

(2)

its risk control index conforming to the pertinent provisions of the regulatory authority of the country or district concerned;

(3)

both its paid-in capital and net assets being not less than US$60 million respectively or its equivalent in other freely convertible
currencies, and the assets under its management being not less than US$50 billion or its equivalent in other freely convertible currencies;

(4)

possessing a sound corporate governance structure and well-established internal management system and risk control mechanism, and
having no record of any major illegal or irregular act in the country or district concerned in the past three years;

(5)

having at least ten years of experience in international asset management business, and having professional investment personnel of
a corresponding number;

(6)

committing in writing to a promise that, if necessary, it shall, at the request of CIRC, provide the exact state of transactions relating
to the overseas use of insurance-related foreign exchange fund;

(7)

the country or district concerned having a well-defined financial regulatory system, and there being a memorandum of understanding
concerning regulatory cooperation and effective regulatory cooperation relations between financial regulatory authority of the country
or district concerned and the Chinese financial regulatory authority; and

(8)

other requirements for prudence as prescribed by CIRC.The provisions concerning professional investment institutions established overseas
by domestic financial institutions, to which the management of insurance-related foreign exchange fund is entrusted, shall be separately
formulated by CIRC.

Article 15

When an insurance company entrusts its investment management to an external trustee, its internal professional fund use department
or related insurance asset management company shall be in charge of the delegation matters, and appraise the risk level of the trusted
assets, investment performance and management ability of the external trustee.

When selecting an external trustee for the management of insurance-related foreign exchange fund, the risk of management shall be
fully taken into consideration, and the foreign exchange fund under trusteeship management shall be decentralized properly.

Article 16

In the overseas use of its insurance-related foreign exchange fund, an insurance company shall lay stress on that the use matches
its liabilities in foreign exchange in terms of term structures and currency structures.

When undertaking overseas use of its insurance-related foreign exchange fund, the insurance company shall give priority to the bonds
issued overseas by the Chinese government and Chinese enterprises.

Chapter V Asset Custody

Article 17

In the overseas use of its foreign exchange fund, an insurance company shall entrust the custody of all its assets used overseas to
a domestic commercial bank.

The commercial bank as in the preceding paragraph means any Chinese capital bank, branch of a foreign bank, Chinese-foreign joint
venture bank or foreign capital bank in the territory of China.

Article 18

A commercial bank to be a domestic custodian of an insurance company shall fulfill the following requirements:

(1)

having been a designated foreign exchange bank for more than three years;

(2)

its paid-in capital being not less than RMB8 billion yuan, of which, there must be foreign exchange capital in freely convertible
currencies at the value of RMB1 billion yuan for a Chinese capital bank; the paid-in capital of the branch of a foreign bank shall
be calculated in light of its head office;

(3)

having obtained qualifications for domestic securities investment fund custody business;

(4)

having a sound corporate governance structure and well-established internal management system and risk control system;

(5)

having a special custody department and personnel of corresponding number who are familiar with global custody business;

(6)

having a safe and efficient clearing and settlement system and emergency mechanism;

(7)

having no record of any major illegal or irregular act, and neither the head office nor the branch having been heavily punished by
the regulatory authority of the country or district concerned, in the past three years; and

(8)

other requirements as prescribed by CIRC and SAFE.

The branch of a foreign bank shall not be subject to item (3) of the preceding paragraph, on condition that its head office has a
custody scale of at least US$100 billion.

Article 19

The domestic custodian of an insurance company shall perform the following obligations:

(1)

to manage the foreign exchange fund and securities entrusted by the insurance company;

(2)

to open a domestic custody account, external foreign exchange use settlement account and securities custody account in respect of
insurance-related foreign exchange fund;

(3)

to conduct outward and inward remittance of foreign exchange fund and the pertinent exchange formalities;

(4)

to supervise the overseas investment operation by the insurance company, insurance asset management company and external trustee,
jointly with the external custody agent;

(5)

to promptly notify the insurance company of any illegal or irregular investment directions whenever they find any;

(6)

to supervise the external custody agent and make sure that the insurance-related foreign exchange fund is in safe custody;

(7)

to keep for at least 15 years the records, vouchers and other pertinent materials of inward and outward remittance and transactions
of foreign exchange fund and transactions of securities;

(8)

to conduct the declarations for statistics of the international balance of payment in conformity with such provisions as the Measures
for Declarations for Statistics of International Balance of Payment, Operation Rules for Financial Institutions’ Handling Declarations
for Statistics of International Balance of Payment, and Operation Rules for Financial Institutions’ Handling Declarations of External
Asset Balance and Profit and Loss;

(9)

to assist CIRC and SAFE in inspecting the overseas use of insurance-related foreign exchange funds; and

(10)

other obligations as prescribed by CIRC and SAFE.

Article 20

The domestic custodian of an insurance company shall submit the pertinent reports pursuant to the following provisions:

(1)

a report on the opening of the insurance company’s domestic custody account, external foreign exchange use settlement account and
securities custody account shall be made to CIRC and SAFE within five days as of the day when they are opened;

(2)

a report on the insurance company’s outward remittance of principal and inward remittance of principal and earnings shall be made
to SAFE with a copy thereof to CIRC within two days as of the day of remittance;

(3)

a report on the receipt and payment in the domestic custody account of the insurance company shall be made to CIRC and SAFE within
five days from the end of each month;

(4)

a statement of the overseas use of insurance-related foreign exchange fund shall be submitted to CIRC and SAFE within ten days as
of the end of each quarter;

(5)

a statement of the overseas use of foreign exchange fund of the insurance company for the last year shall be submitted to CIRC and
SAFE within one month as of the end of each fiscal year;

(6)

it shall promptly report to CIRC and SAFE any illegal or irregular investment directions of the insurance company, insurance asset
management company or external trustee whenever it finds them; and

(7)

it shall report other matters to CIRC and SAFE as prescribed by them.

Article 21

After receiving the approval document from SAFE for the amount of foreign exchange payment for investment, an insurance company shall
conclude a custody agreement with the domestic custodian by producing such approval document, and open a domestic custody account.

Article 22

The insurance company shall submit the following documents to CIRC and SAFE within five days as of the opening of its domestic custody
account:

(1)

a copy of the custody agreement; and

(2)

a written commitment of the domestic custodian that it shall, pursuant to the pertinent provisions, supervise the use by the insurance
company of its domestic custody account, external foreign exchange use settlement account and securities custody account.

The custody agreement must state the obligations of the domestic custodian as prescribed in Articles 19 and 20 herein. The insurance
company is enpost_titled to terminate the agreement earlier if, in the case of any violation by the domestic custodian of the said obligations,
CIRC or SAFE requires the insurance company to replace the domestic custodian with another one.

Article 23

The following funds fall with the receipts of the domestic custody account of an insurance company:

(1)

foreign exchange fund transferred to the account by the insurance company;

(2)

insurance-related foreign exchange fund remitted to the account from overseas;

(3)

bank deposit principal and interest income;

(4)

interest income from bonds and revenue from sale of bonds;

(5)

interest income from money market derivatives and revenue from the sale thereof; and

(6)

other receipts.

Article 24

The following expenditures fall within the payment of the domestic custody account of an insurance company:

(1)

fund transferred to the external foreign exchange use settlement account;

(2)

insurance-related foreign exchange fund remitted back to the insurance company;

(3)

bank deposit;

(4)

cost paid for the purchase of bonds, including tax payment, such as stamp tax and capital gains tax;

(5)

currency exchange fee, custody fee and asset management fee;

(6)

various service charges; and

(7)

other expenditures.

Article 25

Any overseas commercial bank chosen by a domestic custodian to be its external custody agent shall fulfill the requirements concluded
in the custody agreement.

The domestic custodian shall open an external foreign exchange use settlement account and a securities custody account in respect
of the insurance-related foreign exchange fund with its external custody agent for fund settlement and securities custody business.

Article 26

The domestic custodian shall choose an overseas commercial bank satisfying the following requirements as its external custody agent:

(1)

its paid-in capital being not less than US$2.5 billion or its equivalent in other freely convertible currencies;

(2)

having been of at least grade A or its equivalent of long-term credit as assessed by an internationally accepted rating agency for
the past three years;

(3)

being qualified for a custodian as determined by the regulatory authority of the country or district concerned, or having cooperative
relations with the domestic custodian;

(4)

having a sound corporate governance structure and well-established internal management system and risk control mechanism;

(5)

having a special custody department and personnel of corresponding number who are familiar with the custody business in the country
or district concerned;

(6)

having a safe and efficient clearing and settlement system and emergency mechanism;

(7)

having no record of any heavy punishment in the country or district concerned in the past three years;

(8)

the country or district concerned having a well-defined financial regulatory system, and there being a memorandum of understanding
regarding regulatory cooperation and effective regulatory cooperation relations between the financial regulatory authority of the
country or district concerned and the Chinese financial regulatory authority; and

(9)

other requirements for prudence as prescribed by CIRC and SAFE.

Article 27

The insurance company’s domestic custodian and its external custody agent shall strictly separate their own assets from those under
trust, and set up accounts respectively for, and make separate management of, the overseas use of foreign exchange fund of each insurance
company.

Chapter VI Supervision and Management

Article 28

SAFE may adjust the approved amount of overseas use of insurance-related foreign exchange fund for investment in light of the overall
state of international balance of payment.

Article 29

Any overseas use of foreign exchange fund by an insurance company shall be limited to the provisions of Articles 9 and 10 herein,
and the insurance company may not commit any of the following acts:

(1)

granting a loan to or providing guarantee for others;

(2)

money laundering;

(3)

conspiring with its external trustee, domestic custodian and external custody agent to obtain illegal gains; or

(4)

other acts as prohibited by the pertinent laws or provisions of China or any other country or district concerned.

Article 30

When concluding a pertinent agreement respectively with its external trustee and domestic custodian, an insurance company shall expressly
require the external trustee and domestic custodian to promptly provide the related statements and relevant materials to CIRC and
SAFE.

Article 31

CIRC and SAFE may require the insurance company and its domestic custodian to provide the materials concerning the overseas use of
insurance-related foreign exchange fund and, if necessary, conduct on- site inspection on the insurance company or entrust such inspection
to a professional agency.

Article 32

No overseas commercial bank entrusted with the management of insurance-related foreign exchange fund may concurrently be the domestic
custodian or external custody agent.

Article 33

If any of the following circumstances occurs, the insurance company shall report it to SAFE within five days as of the occurrence:

(1)

any change of its external trustee, domestic custodian or external custody agent;

(2)

any significant change in its registered capital and shareholding structure;

(3)

being involved in any major litigation, subject to any heavy punishment or any other serious matters; and

(4)

other circumstances as prescribed by SAFE.

The insurance company shall also report the occurrence of circumstances under items (1) and (3) of the preceding paragraph to CIRC.

Article 34

If any of the following circumstances occurs, the insurance company’s domestic custodian shall report it to CIRC and SAFE within five
days as of the occurrence:

(1)

any significant change in its registered capital and shareholding structure;

(2)

being involved in any major litigation or subject to any heavy punishment; and

(3)

other matters as prescribed by CIRC and SAFE.

Article 35

Any insurance company and its domestic custodian in violation of the present Measures or any other provisions concerning insurance
and foreign exchange control shall be given by the pertinent regulatory authorities administrative penalties according to their respective
authorities and regulatory functions.

In the case of any gross violation by an insurance company of the present Measures, CIRC may limit the company’s scope of business,
order the company to cease accepting new business or revoke the company’s license for insurance business.

In the case of any gross violation by the domestic custodian of the present Measures, CIRC may order the insurance company to replace
the domestic custodian.

Article 36

If the external trustee entrusted with the management of insurance-related foreign exchange fund breached the pertinent provisions,
CIRC and SAFE may require the insurance company to replace such external trustee.

Chapter VII Supplementary Provisions

Article 37

For the materials submitted to CIRC and SAFE under the present Measures, those in Chinese shall be regarded as the authentic ones.

Article 38

The use by an insurance company of foreign exchange fund in Hong Kong Special Administrative Region and Macao Special Administrative
Region shall be carried out by following the pertinent provisions of the present Measures.

Article 39

The overseas use of foreign exchange fund by an insurance management company shall be carried out by following the present Measures.

Article 40

In the present Measures, day means a working day not including any festival or holiday.

Article 41

The power of interpretation of the present Measures shall be vested in CIRC and the People’s Bank of China.

Article 42

The present Measures shall be implemented as of the date of promulgation.

China Insurance Regulatory Commission
2004-08-09

MEASURES FOR THE ADMINISTRATION OF EXAMINATION AND APPROVAL OF RADIO STATIONS AND TELEVISION STATIONS

the State Administration of Radio, Film and Television

Order of the State Administration of Radio, Film and Television

No. 37

The Measures for the Administration of Examination and Approval of Radio Stations and Television Stations, which have been adopted
at the executive meeting of the State Administration of Radio, Film and Television on June 15, 2004, are promulgated hereby and shall
go into effect as of September 20, 2004.

Director of the State Administration of Radio, Film and Television Xu Guangchun

August 18, 2004

Measures for the Administration of Examination and Approval of Radio Stations and Television Stations

Article 1

For the purposes of regulating the administration of radio stations and television stations and safeguarding the sound development
of the radio and television undertaking and industry, the present Measures are formulated in accordance with the Regulation on the
Administration of Radio and Television.

Article 2

The “radio and television stations” as referred to in the present Measures are the radio and television broadcasting institutions
(include the radio stations and television stations, the educational television stations, the enterprise groups of radio, film and
television, the chief stations, the branches of the radio and television stations with independent legal personality) which gather
and edit, produce and broadcast radio and television programs to the general public through the wired, the wireless, the satellites
transmission or other means.

Article 3

The State Administration of Radio, Film and Television (hereinafter referred to as the SARFT) shall be responsible for formulating
the plans for the establishment of radio stations and television stations of the whole country, determining the total amount, overall
arrangement and structure of the radio and television stations, and examining and approving the establishment and supervising and
administrating the radio and television stations of the whole country. The administrative departments of radio, film and television
of the local people’s governments at the county level or above shall be responsible for the administration of the radio and television
stations within their own administrative divisions.

Article 4

The State prohibits the establishment of radio and television stations in the form of foreign-funded venture, Chinese-foreign equity
joint venture or Chinese-foreign contractual joint venture.

Article 5

In principle, the radio and television stations shall be established by the administrative departments of radio, film and television
at the level of county or city undivided into districts or by the authorized enterprise groups of radio, film and television (the
chief station).The educational television stations, however, may be set up by the educational administrative departments at the level
of city divided into districts or autonomous prefecture level or above.

Article 6

To establish and merge a radio or television station, the following requirements shall be met:

(1)

It shall be in conformity with the development plan of the national radio and television undertaking and industry and the related
national and trade standards;

(2)

It shall have the professional staff of radio and television, shall have technical equipments and the place utility prescribed by
the State;

(3)

It shall have the necessary funds for capital construction and stable capital guarantee;

(4)

It shall have the definite channel orientation and certain transmission coverage; and

(5)

The means of transmission and technical parameters shall conform to the layout of transmission coverage network of the national radio
and television.

Article 7

The establishment, merger and alteration of the related matters of radio and television stations at the central level shall be directly
reported to the SARFT for examination and approval. The establishment and alteration of the local radio stations and television stations
shall be applied to the superior administrative department of radio, film and television by their corresponding administrative departments
of radio, film and television, and reported to the SARFT for examination and approval after the level-by-level examination and approval.

The establishment, merger and alteration of the related matters of the educational television stations shall be applied to the superior
educational administrative departments by the educational administrative departments at the level of city divided into districts
or autonomous prefecture level or above upon the approval of their corresponding administrative department of the radio and television,
and reported to the SARFT for examination and approval after the level-by-level examination and approval and the examination and
approval of the educational administrative department of the State Council.

Article 8

To apply for the establishment and merger of the radio and television stations, one shall submit the following application materials:

(1)

a written application; and

(2)

a feasibility report, which shall include the following contents:

human resources;

capital guarantee and sources;

place, equipments;

plan for the launching of channels and programs (including the orientation of the channels and the column designing);

transmission coverage, means and technical parameters; and

operation plans.

(3)

the station name, and logo and the call letters to be used, attached with the colored sample design of the station logo, brief description
of the originality and electronic manuscript;

(4)

the approval documents of the people’s government at the same level for granting the establishment and merger; and

(5)

preparatory plans.

Article 9

To apply for adjusting the established number of programs and the range of the programs, one shall submit the following application
materials:

(1)

a written application; and

(2)

a feasibility report, which shall include the following contents:

the reasons for adjusting the number of programs and the range of the programs;

human resources;

capital guarantee and sources;

place, equipment;

plan for the launching of channels and programs (including the orientation of channels and the column designing);

transmission coverage, means and technical parameters; and

operation plans.

(3)

preparatory plans.

Article 10

The names and the call letters of the radio and television stations shall, in principal, be in conformity with the names of the administrative
divisions determined by the State Council.

The station logo may be composed of the design, Chinese characters, numbers and letters of an alphabet, and shall be distinct from
the logos used by other radio stations, television stations and other institutions and be marked out on the top left corner of the
screen when broadcasting. The logo of the program channels owned by the radio and television stations shall be composed of, station
logo, as the principal part, and the channel names or their short form and the serial numbers.

Article 11

In case of applying for the alteration of the station name, logo or call letters, a radio and television station shall submit the
following application materials:

(1)

a written application; and

(2)

the station name, and logo and the call letters to be altered, as well as the colored sample design, brief description of the originality
and electronic manuscript. If the alteration is due to the alteration of the administrative divisions, the duplicate of the approval
documents concerning the alteration of the administrative divisions shall be submitted to the State Council.

If the alteration of station name and call letters is due to other reasons, the reasons for the alteration shall be fully expounded
in the written application.

Article 12

In case of applying for the alteration of the transmission coverage, means and technical parameters, a radio or television station
shall submit the following application materials to the administrative departments of radio and television of their own level:

(1)

a written application; and

(2)

the use suggestions of the technical parameters, the necessary design documents or technical assessment reports.

The reasons shall be given in the written application for the alteration of the transmission coverage, means and technical parameters
and the compacts on the transmission coverage network.

Article 13

The radio and television stations, established by the radio and television administrative departments at the level of the sub-provincial
cities or above or by the authorized groups of radio, film and television (the chief station), may transmit the radio and television
programs of their own stations by satellite in accordance with the development plan of construction and technology for the undertaking
and industry of the national radio and television.

To transmit the radio and television programs of their own stations by satellite, the stations shall apply to the administrative department
of radio and television at the same level, and it shall be reported level-by-level and be subject to examination and approval by
the SARFT after the administrative department of radio and television at the same level report to the people’s governments at the
same level for approval.

Article 14

In case of applying for transmitting the radio and television programs of their own stations by satellites, a radio and television
station shall submit the following application materials:

(1)

a written application; and

(2)

a feasibility report, which shall include the following contents:

the reasons for transmitting the radio and television programs by satellite;

human resources;

capital guarantee and sources;

place, equipments;

plan for the launching of channels and programs (including the orientation of the channels and the column designing); and

an operation plan.

(3)

the censorship of the programs and the administrative systems;

(4)

the safe transmission and broadcasting schemes, technical proposals; and

(5)

the approval documents of the people’s government at the same level; and

(6)

the preparatory plans.

Article 15

The radio and television stations, established by the administrative departments of radio and television at the level of the sub-provincial
cities or above or by the authorized enterprise groups of radio, film and television (the chief station), may apply to the administrative
department of radio and television at the same level for establishing the substations within their own administrative divisions,
and it shall be subject to the examination and approval of the SARFT after level-by-level examinations.

To establish the substations, the radio and television stations shall submit the following application materials:

(1)

a written application; and

(2)

a feasibility report, which shall include the following contents:

human resources;

capital sources;

place, equipments;

plan for the launching of channels and programs (including the orientation of the channels and the column designing); and

transmission coverage, means and technical parameters.

(3)

the station name and logo and the call letters, attached with the colored sample design of the station logo, a brief description of
the originality and electronic manuscript.

Article 16

The substations, established by the radio station and the television station, shall be put on record with the administrative departments
of radio and television at the locality of the stations prior to the beginning of broadcasting, and be subject to the territory administration
of the administrative departments of radio and television at the locality of the stations.

Article 17

All application materials submitted by the applicant shall be done in quintuplicate. The administrative departments of radio and television
in charge of acceptance shall perform the responsibility of acceptance and examination and approval in accordance with the time limit
and the limit of authority prescribed in the Administrative License Law. The SARFT shall conduct the final examination and approval
of the application materials. If the application of the applicant is in accordance with the statutory standards, a written decision
for granting the administrative license shall be made. In case the decision of disqualification of the administrative license is
made, the applicant shall be given a written notice and the reasons therefore.

Article 18

The SARFT shall issue Permit of the Radio and Television Broadcasting Institutions to the radio and television stations established
upon authorization, and simultaneously issue a Permit of the Radio and Television Channels to each set of the radio and television
programs launched upon authorization.

The term of validity of the permit shall be three years commencing from the date of issuance. If it needs to continue its operations
when the term expires, the application shall be filed in accordance with the prescriptions of Articles 6, 7, and 8 of the Present
Measures 180 days before of the expiration of the term of validity, and the permit shall be reissued for a new term upon the level-by-level
examination and approval.

Permit of the Radio and Television Broadcasting Institutions and Permit of the Radio and Television Channels shall be uniformly printed
and issued by the SARFT.

Article 19

In case a radio and television station is terminated, it shall fully expound the reasons, and be reported level-by-level to the SARFT
for examination and approval in accordance with the former establishment examination and approval procedures, and the Permit of Radio
and Television Broadcasting Institution and Permit of the Radio and Television Channels thereof shall be taken back by the SARFT.

Article 20

The radio and television stations shall produce and broadcast the programs according to the setup subjects, the station names, the
call letters, the station logos, the range of programs, the established number of programs, the transmission coverage and means,
and technical parameters.

Article 21

If a radio and television station temporarily suspends its broadcasting due to special reasons, it shall be subject to approval by
the administrative department of radio and television at the provincial level or above. If the radio and television station suspends
broadcasting for more than consecutively 30 days without permission or fails to resume broadcasting for more than 180 days commencing
from the date of approval by the SARFT, it shall be regarded as being terminated.

Article 22

The channels of the radio or television stations may be divided into the public ones and commercial ones. It is allowed for the two
types of channels to be properly separated in structural establishment, and adopt the corresponding organization and management ways
and operation means in light of their respective features and aims. The special administrative measures shall be formulated separately.

Article 23

The radio and television stations can trans-regionally and jointly run the radio and television channels or programs launched upon
permission.

Article 24

In case a radio and television channel or program is run jointly, the radio and television station thereof shall apply to the administrative
departments of radio and television at the same level, and it shall be subject to the examination and approval by the SARFT after
the level-by-level examination and approval.

To run the radio and television channels or program jointly, the radio and television stations shall submit the following application
materials:

(1)

a written application; and

(2)

a feasibility report, which shall include the following contents:

the reasons for the joint operation of the radio and television channels or program;

human resources;

capital guarantee and sources;

place, equipments;

resources of the programs and a plan for the programs;

transmission coverage, means and technical parameters; and

an operational plan.

(3)

a cooperative contract.

Article 25

No radio station or television station at the county level may launch any television channel by itself. However, the local news and
the special topics of economy, science and technology, legality, agriculture, and important activities, programs of entertainment
with local color, and advertisements produced by them may be broadcasted in the reserved time intervals of the public channels within
the administrative divisions of its own province, autonomous region, and municipality directly under the Central Government.

Article 26

The administration of the examination and approval of pay channels of the radio and television stations shall be carried out in accordance
with the pertinent regulations of the SARFT.

Article 27

The technical schemes, safe transmission and broadcasting schemes, transmission coverage, means and technical parameters declared
by the radio station or the television station shall be in conformity with the pertinent regulations of the SARFT.

Article 28

Punishment shall be imposed on any violation of the present Measures pursuant to Regulation on the Administration of the Radio and
Television.

Article 29

The present Measures shall go into effect as of September 20, 2004. The Measures for the Administration of Examination and Approval
of Establishing Radio and Television Stations (Order No.19 of the Ministry of Radio, Film and Television) of the Ministry of Radio,
Film and Television shall be abolished simultaneously.

the State Administration of Radio, Film and Television
2004-08-18

NEGOTIABLE INSTRUMENTS LAW OF THE PEOPLE’S REPUBLIC OF CHINA (2004 REVISION)

e00239

Standing Committee of the National People’s Congress

Negotiable Instruments Law of the People’s Republic of China (2004 Revision)

(Adopted at the 13th Session of the Standing Committee of the Eighth National People’s Congress on May 10th, 1995; Revised at the
11th Session of the Standing Committee of the 10th National People’s Congress of the People’s Republic of China on August 28th, 2004)

ContentsChapter I General Provisions

Chapter II Drafts

Section 1 Drawing of Drafts

Section 2 Endorsement

Section 3 Acceptance

Section 4 Guarantee

Section 5 Payment

Section 6 Right of Recourse

Chapter III Promissory Notes

Chapter IV Checks

Chapter V Application of Law on Foreign-related Negotiable Instruments

Chapter VI Legal Responsibilities

Chapter VII Supplementary Provisions

Chapter I General Provisions

Article 1

The law has been drawn up with a view to standardizing the behavior in the transaction of negotiable instruments, protecting the legitimate
rights and interests of parties involved in the negotiable instruments transaction activities, safeguarding the social and economic
order and promoting the development of the socialist market economy.

Article 2

The law applies to all transaction activities in negotiable instruments within the territory of the People’s Republic of China.

The negotiable instruments as referred in this law include bills of exchange, promissory notes and checks.

Article 3

Activities of negotiable instruments transaction shall abide by law, administrative regulations and decrees and shall not in any
way infringe upon the public interests.

Article 4

In drafting negotiable instruments, a drawer shall put his/her signature or seal to the instruments according to the legal conditions
and bear the liabilities for the negotiable instruments in compliance with the items recorded on them.

In exercising the rights associated with the negotiable instruments, a holder shall put his/her signature or seal to the negotiable
instruments according to the legal procedures and present the instruments.

Other debtors who have put their signatures or seals on the negotiable instruments shall assume the obligations in compliance with
the items recorded on them.

The term “rights associated with the negotiable instruments” used in this law refers to the rights of the holder to claim payment
according to the amount specified in the negotiable instruments, including the right of claim and the right of recourse.

The term “obligations associated with the negotiable instruments” used in this law refers to the obligations of the debtor to pay
the amount specified in the negotiable instruments to the holder.

Article 5

Parties to a negotiable instrument may entrust their agents to put their signatures or seals to the instruments and clearly indicate
their agency relationship.

If a negotiable instrument bears the signature or seal in the name of an agent without the power of attorney, the obligations associated
with the negotiable instrument shall be performed by the person or persons who have put the signatures or seals to the negotiable
instrument. If an agent has gone beyond his/her attorneyship, he/she shall perform the obligations associated with the negotiable
instrument on the part that exceeds his/her term of reference.

Article 6

If a negotiable instrument bears the signature or seal of a person who is incapable of civil acts or by a person whose civil acts
have been restricted, the signature or the seal is invalid, but that shall not affect the validity of other signatures and seals
on the same instrument.

Article 7

The signature/seal on a negotiable instrument mean signature or seal, or signature plus seal.

The signature/seal of a legal person and other unit using negotiable instruments shall be the seal of the legal person or unit plus
the signature or seal of their legal representative or their authorized agent.

The signature on a negotiable instrument shall be the true name of the person who signs it.

Article 8

The amount of a negotiable instrument shall be written in both Chinese characters and in numerals and the two shall tally with each
other. The negotiable instruments shall be invalid if the words and figures do not tally.

Article 9

The items recorded in a negotiable instrument shall conform to the provisions of this law. The amount, date and name of the receiver
shall not be altered. If they are altered, the negotiable instrument shall become invalid.

Other matters recorded in a negotiable instrument may be altered by the original recorder and the alteration shall be certified by
a signature or seal put on it by the original recorder.

Article 10

The draft, acquisition and transfer of a negotiable instrument shall follow the principle of authenticity and creditability and be
treated as a real act of trading or debt payment.

A negotiable instrument shall be acquired against a corresponding price, that is, the price acknowledged by both parties to a negotiable
instrument.

Article 11

If a negotiable instrument is obtained free of charge according to law due to taxation, inheritance and donation, it is not restricted
by the corresponding price rule. But the rights to the instrument enjoyed shall not be superior than those enjoyed by the prior holder.

The prior holder refers to a debtor who puts his/her signature or seal to the negotiable instruments before acquired by the present
signer or holder.

Article 12

In the case of obtaining a negotiable instrument by deception, theft or coercion or obtaining a negotiable instrument which has been
knowingly obtained by deception, theft or coercion out of malicious motives, the holder shall not enjoy the rights associated with
the negotiable instruments.

A holder who has obtained the negotiable instruments not conformable to the provisions of this law due to major errors shall not enjoy
the rights associated with the negotiable instruments either,

Article 13

The debtor for a negotiable instrument shall not protest against the holder on the ground of protesting against the drawer or the
prior holder, except when the holder has obtained the negotiable instrument with the clear knowledge of the ground for protest.

The debtor for a negotiable instrument may protest against the holder having direct debtor-creditor relationship with him/her but
refusing to perform his/her agreed obligations.

The term “protest” used in this law refers to the act of the debtor for a negotiable instrument s to refuse to perform obligations
to the creditors according to the provisions of this law.

Article 14

Matters recorded on the negotiable instruments shall be true to the facts. Forging or alteration is not allowed. Those who forge or
alter the signatures or seals or other items recorded on the negotiable instruments shall bear legal responsibilities.

The forged or altered signatures or seals do not affect the validity of the true signatures or seals on the same negotiable instruments.

If any item recorded on the negotiable instruments has been altered, the person who signs the instrument before the alteration shall
be responsible for the matters originally recorded. The person who signs the instruments after the alteration shall be responsible
for the matters recorded after the alterations. If it is impossible to tell whether the signatures or seals are made before or after
the alteration, they are regarded as being made before the alterations.

Article 15

In the case of loss of a negotiable instrument, the person who loses it may timely notify the payer of the negotiable instrument to
refuse payment on the lost instrument, except in the cases in which the payer is not recorded or it is impossible to determine the
payee and the agency payer.

The payer shall suspend payment after receiving the notice for suspending payment due to lost instrument.

Owner of the lost negotiable instrument shall, within three days of issuing the notice for suspending payment due to lost instrument,
or immediately after the negotiable instrument is lost, apply for public summons with the People’s Court or indict with the People’s
Court.

Article 16

The exercising of the rights associated with the negotiable instruments on instrument debtors or the right for the protection of the
negotiable instrument shall be conducted at the business sites and during the business hours of the parties to the negotiable instruments
and, if the parties to the negotiable instruments have no business sites, it shall be conducted in their residences.

Article 17

The rights to the negotiable instruments shall expire if not exercised within the following time limits:

Within two years from the time of the maturity of the negotiable instruments for the right of the holder to the drawer and acceptor,
or, within two years from the date of draft for bills and notes payable at sight;

Within six months from the date of draft for the right of the holder to the drawer;

Within six months from the date of non-acceptance or dishonor for the right of recourse of the holder to the prior holder;

Within three months from the date of liquidation or the date of indictment for the right of re-recourse.

The date of draft and the due date shall be fixed by parties to the negotiable instruments according to law.

Article 18

Holders who have lost the right to the negotiable instruments due to the expiry of the validity period for the exercise of the rights
to the negotiable instruments or due to the inadequacy of the recordings on the negotiable instruments still enjoy the civil rights
and may request the drawers or acceptors to return the interests in equal amount specified in the negotiable instruments unpaid.

Chapter II Drafts

Section 1 Drawing of Drafts

Article 19

A draft is a bill signed by the drawer, requiring the entrusted payer to make unconditional payment in a fixed amount at the sight
of the bill or on a fixed date to the payee or the holder.

Drafts include bank drafts and commercial drafts.

Article 20

The drawing of a draft refers to the act of a drawer to sign and deliver the draft to the payee.

Article 21

The drawer of a draft shall have real authorized payment relations with the payees and have reliable sources of fund to pay the draft
amount.

It is forbidden to sign drafts without corresponding prices for the purpose of acquiring funds from banks or other parties to the
negotiable instrument by deception.

Article 22

A draft shall bear the following items:

Chinese characters denoting “draft”;

Commission on unconditional payment;

The amount of money fixed;

Name of the payer;

Name of the payee;

Date of draft;

Signature of the drawer.

A draft lacking one of the items listed above is invalid.

Article 23

The date of payment, place of payment and place of draft recorded on the draft shall be clear and definite.

If a draft does not bear the date of payment, it is a draft payable at sight.

If a draft does not bear the place of payment, the place of payment shall be the business site or the residence of the payer or the
place where the payer often lives.

If a draft does not bear the place of draft, the place of draft shall be taken as the business site or residence of the drawer or
the place where the drawer often lives.

Article 24

Items other than those provided for by this law may be recorded on a draft, but such items do not have the draft effect.

Article 25

The date of payment may be recorded in one of the following forms:

Payable at sight;

Dated payment;

Payable on a fixed date after draft;

Payable on a fixed date after sight.

The date of payment provided for in the preceding paragraph is the due date of the draft.

Article 26

After signing the draft, the drawer shall bear the responsibility of ensuring the acceptance and payment of the draft. If a drawer
has failed to get the draft accepted or paid, the drawer shall undertake to pay the amount and expenses provided for in Article 70
and Article 71 of this law.

Section 2 Endorsement

Article 27

The holder of a draft may transfer the rights associated with the draft or authorize others to exercise some of the rights.

If the drawer writes the Chinese characters meaning “Not Transferable” on a draft, the draft shall not be transferred.

In exercising the rights provided for in the first paragraph, the holder shall endorse it and deliver the draft.

“Endorsement” refers to the recording of items concerned on the backside of a draft or on the allonge to the draft with a signature
or seal put to the record.

Article 28

If the draft instrument has not enough space to satisfy the needs of writing, an allonge may be attached.

The first person who writes on the allonge shall put his/her signature or seal to the sticking line of the allonge.

Article 29

An endorsement shall be signed by the endorser, with the date of endorsement.

An endorsement without date shall be regarded as an endorsement before the due date.

Article 30

If a draft is endorsed over to another person entirely or in part, the draft shall bear the name of the endorser.

Article 31

In endorsing over a draft to others, the endorsement shall be in uninterrupted series. The holder shall prove the rights associated
with the draft by an uninterrupted series of endorsement. If a draft is not endorsed over to another person, the holder shall put
to the proof the right on the draft according to law.

The term “uninterrupted series” used in the preceding paragraph refers to the sequential consistency in the signatures or seals by
the endorser and the endorsee in the transfer of negotiable instruments.

Article 32

In endorsing a draft to others, the subsequent endorser shall be responsible for the authenticity of the endorsement by the immediate
prior endorser.

The subsequent endorser refers to the other debtors involved in the draft signed after the signer of the draft.

Article 33

An endorsement shall not have conditions attached, If an endorsement has conditions attached, the conditions do not have the effect
on the draft.

The endorsement which transfers part or the entire amount on the draft to two or more persons is invalid.

Article 34

If an endorser writes the words “Not Transferable” on a draft and the draft is transferred by the subsequent endorser, the original
endorser shall not bear the liability of guarantee to the subsequent endorsee.

Article 35

If an endorsement bears the word “Collection”, the endorsee has the right to exercise the rights to the draft commissioned on behalf
of the endorser. But the endorsee shall not re-endorse over a draft to others.

A draft may be mortgaged. In mortgaging a draft, the word “Hypothecation” shall be written in the form of endorsement. When having
acquired the hypothecation according to law, the endorsee may exercise the rights to the draft.

Article 36

A draft shall not be endorsed over to others when it has been refused to pay or accepted or the time of payment as indicated is overdue.
If such a draft is endorsed over to others, the endorser shall bear the liability of the draft.

Article 37

After an endorser has endorsed over a draft to others, the endorser shall be liable to ensure the draft in the hands of the subsequent
holder are accepted or paid. If an endorser cannot get the draft accepted or paid, the endorser shall undertake to claim payment
in the amount of the draft plus expenses from the holder as provided in Article 70 and Article 71 of this law.

Section 3 Acceptance

Article 38

Acceptance refers to a promise of a draft payer to pay the actual amount of draft when the draft is due.

Article 39

For a draft payable on a fixed date or on a fixed date set after the date of draft, the holder shall make presentation for acceptance
to the payer before the due date of draft.

Presentation for acceptance refers to the act of the holder to present the draft and demand for the pledge of the payer to pay.

Article 40

For a draft payable on a fixed date after sight, the holder shall present it for acceptance to the payer within one month starting
from the date of draft.

If a holder has failed to make presentation for acceptance according to the prescribed time limit, that holder shall lose the right
of recourse against the prior holder.

No presentation for acceptance is necessary for a draft payable at sight.

Article 41

A payer shall accept or refuse to accept a draft for which the presentation for acceptance has been made within three days after receiving
the draft for which presentation for acceptance is made.

After receiving the draft for which presentation for acceptance is made, the payer shall sign an acknowledgment for receiving the
draft. The acknowledgment shall specify the date of the presentation for acceptance and shall be signed.

Article 42

In accepting a draft, the payer shall write “Accepted” across the face of the draft and the date of acceptance and fix the seal. For
a draft payable on a fixed date after sight, the date of payment shall be recorded in acceptance.

If no date of acceptance is recorded on a draft, the last day of the time limit prescribed in the first paragraph of the preceding
article shall be taken as the date of acceptance.

Article 43

There shall be no conditions attached in accepting a draft. If there are conditions attached in acceptance, it shall be regarded as
refusal of acceptance.

Article 44

After accepting a draft, the payer shall be liable to pay when the draft is due.

Section 4 Guarantee

Article 45

A guarantor shall undertake the liabilities of guaranty for the debt involved in the draft. A guarantor shall be some person other
than the debtor of the draft.

Article 46

A guarantor shall record the following items on the draft or allonge:

The word “Guarantee”;

Name and residence of the guarantor;

Name of the guaranteed party;

Signature or seal of the guarantor.

Article 47

If a guarantor has failed to record item 3 of the preceding article on the draft or allonge, the acceptor shall be the guaranteed
party of the accepted draft; and the drawer shall be the guaranteed party for the draft not accepted.

If the guarantor has failed to record item 4 of the preceding article, the date of draft shall be the date of guaranty.

Article 48

A guarantor shall guarantee that there are no conditions attached. If conditions have been attached, they shall not affect the liability
of guaranty for the draft.

Article 49

A guarantor shall undertake the liability of guaranty for the right to the draft enjoyed by the holder who has acquired the draft
according to law, except cases when the debt guaranteed has become invalid due to inadequate recording in the draft.

Article 50

A guarantor shall undertake several liability together with the guaranteed for the draft under guarantee. If the draft is not paid
when due, the holder has the right to demand the guarantor for payment and the guarantor shall pay the full amount.

Article 51

If there are two or more guarantors, the guarantors shall undertake a joint and several liability.

Article 52

After the draft debt is cleared, the guarantor may exercise the right of recourse of the holder against the guaranteed and the prior
holder.

Section 5 Payment

Article 53

A holder of a draft shall make presentation for payment according to the following time limits:

Presentation for payment shall be made to the payer within one month starting from the date of draft for a draft payable at sight;

Presentation for payment shall be made to the acceptor within 10 days starting from the due date for a draft payable on a fixed date
or on a fixed date after the date of draft or on a fixed date after sight.

When the holder has failed to make presentation for payment within the time limited prescribed in the preceding paragraph and some
explanations are made, the acceptor or payer shall continue to undertake the liability of payment to the holder.

If the presentation for payment is made through banks entrusted with collection or through negotiable instruments exchange system,
it shall be regarded as presentation for payment made by the holder.

Article 54

If a holder presents for payment according to the provisions of the preceding article, the payer shall pay in the full amount of the
draft on the same day.

Article 55

If a holder has got the payment, the holder shall sign the draft and hand the draft to the payer. If a holder has entrusted a bank
for the collection, the bank entrusted shall enter into the account of the holder the amount of the draft collected and that shall
be regarded as signed and accepted.

Article 56

The liabilities of a bank entrusted with collection by the holder are confined to transferring of the amount of the draft into the
account of the holder according to the recordings on the draft.

Article 57

In making out payments, the payer or its entrusted payer shall examine the consistency of the endorsement and check the legal identification
or valid documents of the person who makes presentation for payment.

If a payer or its entrusted payer makes the payment out of malicious motives or out of major blunder, the payer or its entrusted payer
shall bear the liabilities on their own.

Article 58

If a payer makes the payment before the due date for draft payable on a fixed date or on a fixed date after the date of draft or on
a fixed date after sight, the payer shall bear the responsibilities arising there from on his own.

Article 59

If the draft amount is specified in foreign currency, the payment shall be made in Renminbi according to the market exchange rate
quoted on the day of payment.

If the parties to a draft have agreements concerning the currencies for payment, the provisions of the agreement shall apply.

Article 60

After the payer has paid the draft amount in full, the liabilities of all debts shall be relieved.

Section 6 Right of Recourse

Article 61

Upon a refusal of payment to a draft, the holder may exercise the right of recourse against the endorser, drawer or other debtors
of the draft.

The holder may also exercise the right of recourse before the due day of a draft in one of the following cases:

The acceptance of a draft is refused;

The acceptor or payer has died or fled, or is living in hiding;

The acceptor or payer has been declared bankrupt according to law or whose business operations have been suspended due to violations
of the law.

Article 62

In exercising the right of recourse, the holder shall provide the certificates relating to the refusal of acceptance or dishonor.

In refusing the presentation for acceptance or for payment by the holder, the acceptor or payer shall produce certificates of dishonor
or the statement on the ground for protest. If the acceptor or payer has failed to produce the certificate of dishonor or the statement
on the ground for protest, the acceptor or payer shall bear all the civil responsibilities arising therefrom.

Article 63

If no certificate of dishonor can be obtained due to the death, flee or hiding of the acceptor or payer or other reasons, other related
certificates may be obtained according to law.

Article 64

If an acceptor or a payer has been declared bankrupt by the people’s court according to law, the related judicial documents of the
people’s court have the effect of certifying the dishonor.

If an acceptor or a payer whose business operations have been suspended due to law violations, the related decisions on punishment
by related administrative department in charge have the effect of certifying the dishonor.

Article 65

If a holder is unable to present certificates of dishonor, the statement on the ground for protest or provide other legal certificates
within the prescribed time limit, the holder shall lose the right of recourse against the prior holder. But the acceptor or payer
shall continue to undertake the liabilities to the holder.

Article 66

A holder shall, within three days starting from the date of receiving the certificates relating to refusal of acceptance or dishonor,
notify in writing the prior holder of the dishonor. The prior holder shall, within three days of receiving the notice, notify in
writing the still preceding prior holder of the dishonor. The holder may also issue written notices to all the debtors of the draft
all the same time.

The holder may continue to exercise the right of recourse even if notification is not made within the time limit prescribed in the
preceding paragraph. If the holder has delayed the notification to the prior holder or drawer and caused losses thereby, the parties
that have failed to make the notification within the prescribed time limit shall be liable to compensate for the losses, with the
amount of compensation being the draft amount.

If the notice has been sent out according to the legal address or the addresses agreed upon within the prescribed time limit, the
notification is regarded as having been issued.

Article 67

The written notice served according to the provisions of the first paragraph of the preceding article shall contain the main recordings
of the draft and clearly indicates that the draft has been dishonored.

Article 68

The drawer, endorser, acceptor and guarantor shall bear a joint and several liability with regard to the holder.

A holder may exercise the right of recourse against one person or several persons or all the draft debtors in disregard of the sequential
order of the debtors.

After a holder has exercised the right of recourse against one person or several persons involving in the draft, the holder may also
exercise the right of recourse over others involved in the draft. The person against whom the right of recourse has been exercised
will enjoy the same right as the holder after the debt has been cleared.

Article 69

In the case in which the holder is the drawer, the holder has no right of recourse to the prior holder. In the case in which the holder
is the endorser, the holder has no right of recourse against the subsequent holders.

Article 70

In exercising the right of recourse, the holder may request the person subject to recourse to pay the following money and expenses:

The amount of the draft dishonored;

The interests calculated according to the rate fixed by the People’s Bank of China on the draft amount from the due date or the date
of presentation for payment to the date of liquidation.

The expenses incurred in obtaining the related certificates of dishonor and the issuing of notification.

When the person subject to recourse is clearing his debt, the holder shall deliver the draft and related certificates of dishonor
and produce the receipts for the interests and expenses received.

Article 71

After debt clearance according to the provisions of the preceding article, the person against whom the right of recourse has been
exercised may exercise the right of re-recourse against other draft debtors and request other debtors to pay the following amount
and expenses:

The complete amount cleared;

The interests on the amount cleared, calculated according to the rate fixed by the People’s Bank of China from the date of liquidation
to the date of liquidation for re-recourse.

Expenses on issuing notifications.

When the person who exercises the right of re-recourse is getting paid, that person shall deliver the draft and related certificates
of dishonor and produce the receipts for the interests and expenses received.

Article 72

The liabilities of the person against whom the right of recourse shall be relieved after the debt has been liquidated according to
the provisions of the preceding two articles.

Chapter III Promissory Notes

Article 73

A promissory note is an instrument written and issued by a drawer, promising to pay unconditionally a fixed amount of money to a payee
or holder at the sight of the instrument.

The term “promissory note” used in this law refers to the bank note.

Article 74

The drawer of a promissory note shall have a reliable source of funds for paying the amount of the promissory note and ensure payment.

Article 75

A promissory note shall record the following items:

The characters indicating “Promissory Note”,

Unconditional promise to pay;

Amount of money fixed;

Name of the payee;

Date of issue;

Signature of the drawer.

A promissory note is invalid if one of the above items is missing.

Article 76

The place of payment, the place of issue and other items recorded on the promissory note shall be clear and definite.

If the instrument does not bear the place of payment, the business site of the issuer shall be taken as the place of payment.

If the instrument does not bear the place of issue, the business site of the issuer shall be taken as the place of issue.

Article 77

When the holder of a promissory note presents the instrument, the drawer shall be liable to pay.

Article 78

The maximum time limit of payment shall not exceed two months starting from the date of draft.

Article 79

If a holder has failed to present the instrument according to the prescribed time limit, the holder shall lose the right of recourse
against the prior holders other than the drawer.

Article 80

The provisions on related draft in Chapter Two of this law shall apply with regard to the acts of endorsement, guaranty and payment
and the exercise of the right of recourse, except otherwise provided for in this chapter.

The provisions on related draft in Article 24 of this law shall apply with regard to the act of draft, except otherwise provided
for in this chapter.

Chapter IV Checks

Article 81

A check is an instrument issued by a drawer, at the sight of which the check deposit bank or other financial institutions unconditionally
pay the fixed amount to the payee or holder.

Article 82

In opening a check deposit account, an applicant shall use the true name and present the legal document that certifies his/her identification.

In opening a check deposit account and using checks, there must be a reliable creditability and a certain amount of money deposited
in the bank.

In opening a check deposit account, an applicant shall leave samples of the signature or seal in the true name of the applicant.

Article 83

A check can be cashed or transferred into other accounts. For account transfer, a clear indication shall be made across the fac

REGULATION OF NATIONAL ECONOMIC CENSUS

the State Council

Order of the State Council of the People’s Republic of China

No. 415

The Regulation of National Economic Census is hereby promulgated, and shall come into force as of the date of promulgation.

Premier of the State Council, Wen Jiabao

September 5, 2004

Regulation of National Economic Census

Chapter I General Provisions

Article 1

The present Regulation is formulated in accordance with the Statistics Law of the People’s Republic of China for the purpose of organizing
the implementation of national economic census scientifically and effectively and ensuring the accuracy and timeliness of economic
census data.

Article 2

The purpose of economic censuses is to control the overall conditions of the development scale, structure and benefit of the secondary
industry and the tertiary industry of our country, to establish and improve the directory and database system of the basic entities,
and to lay the foundation for researching and making national economic and social development plans, and for improving the level
of decision-making and management.

Article 3

The work of economic census shall be organized and carried out in light of the principle of unified national leadership, the division
of work and cooperation by each department, taking charge by local regions level by level, and joint participation by all the parties
concerned.

Article 4

The state organs, public organizations, enterprises and institutions, other organizations and individual businesses shall actively
take part in and closely cooperate with the economic census work in accordance with the Statistics Law of the People’s Republic of
China and the provisions of this Regulation.

Article 5

The publicity departments at all levels shall make full use of such media as newspapers and periodicals, radio broadcasts, television,
internet and outdoor advertisements, etc. to do a good job in social publicity and mobilization for economic census.

Article 6

The expenses needed for economic census shall be jointly taken on by the Central Government and the local people’s governments at
all levels, be listed into the financial budget of the corresponding year, and shall be allocated on time to ensure that they are
properly used.

The expenses for economic census shall be managed uniformly, used as special funds for special purpose, and the payout shall be strictly
controlled.

Article 7

The economic census shall be carried out once every five years, the standard time point shall be December 31st of the year of census.

Chapter II Objects, Scope and Method of Economic Census

Article 8

The objects of economic census shall be all the legal person entities, entities of industry activities and individual businesses that
undertake activities of the secondary and tertiary industry within the territory of the People’s Republic of China.

Article 9

The objects of economic census shall have the obligation to accept the investigation made by the economic census institutions and
economic census personnel according to law.

The objects of economic census shall fill in the economic census form according to the facts on time, no one may falsely report, hide
the truth in making reports, refuse to report or delay the report of economic census data.

The objects of economic census shall provide the materials relating to economic census in time according to the requirements of economic
census institutions and economic census personnel.

Article 10

The scope of industry of economic census shall include:

Mining industry;

Manufacturing industry;

Electric power, gas and water production and supply industry;

Construction industry;

Communications and transportation, storage and postal industries;

Information transmission, computer service and software industries;

Wholesale and retail industries;

Accommodation and catering industries;

Finance industry;

10.

Real estate industry;

11.

Tenancy and business service industries;

12.

Scientific research, technological service and geological prospecting industry;

13.

Water conservancy, environment and public facilities management industries;

14.

Residents service and other service industries;

15.

Education;

16.

Sanitation, social security and social welfare industries;

17.

Culture, physical culture and entertainment industries; and

18.

Public management and social organizations etc..

Article 11

The method of overall investigation shall be adopted for economic census, but in the case of the production and management of individual
business, the spot check method may be adopted.

Chapter III Form Format, Main Contents and Standards of Economic Census

Article 12

In conducting economic censuses, questionnaires of legal person entities, entities of industry activities and individual businesses
shall be designed on the basis of different types of objects.

Article 13

The main contents of economic census shall include: the basic attribute of an entity, employees thereof, financial status, production
and management conditions, throughput, consumption of raw materials and energy, and scientific and technological activities, etc..

Article 14

The statistical classification standards and catalogues prescribed by the state shall be adopted for an economic census.

Chapter IV The Organization and Implementation of Economic Census

Article 15

The State Council establishes a leading group and the office thereof for economic census. The leading group for economic census shall
be responsible for the organization and implementation of economic census. The office of the leading group is established in the
State Administration of Statistics, and is responsible for the routine organization and coordination of economic censuses.

The relevant departments of the State Council shall perform their own duties, closely cooperate with each other, and do the relevant
work well.

Article 16

The local people’s governments at all levels shall establish a leading group and a corresponding office for economic census, and organize
the implementation of local economic census work in light of the unified provisions and requirements of the leading group and its
office of economic census of the State Council.

The sub-district office and residents’ (villagers’) committee shall widely mobilize and organize the social power to actively participate
in and earnestly do well the economic census work.

Article 17

The relevant departments of the State Council and the local people’s governments at all levels shall establish economic census institutions,
which are responsible for completing the economic census tasks appointed by the offices of the leading groups for economic census
of the State Council and the local people’s government of the corresponding level.

Article 18

Large enterprises shall establish economic census institutions, which are responsible for completing and reporting the economic census
form of their own enterprises. Other various legal person entities shall designate relevant personnel to be responsible for completing
and reporting the economic census form of their own entities.

Article 19

The local economic census institutions at all levels shall hire or transfer census directors and census enumerators from relevant
entities after negotiation on the basis of the need of the work. All the relevant entities shall actively recommend qualified personnel
to act as census directors and census enumerators.

The census directors and census enumerators shall be in good health, have a strong sense of responsibility and have corresponding
professional knowledge.

Article 20

The personnel hired shall be paid labor remunerations by the local economic census institutions. The wages of the personnel transferred
after negotiation shall be paid by the original entities, and their welfare and treatment shall remain unchanged.

Article 21

The local economic census institutions at all levels shall offer uniform professional training to census directors and census enumerators,
and for those who have passed the examination, a certificate of census directors and census enumerators shall be issued. The census
directors and census enumerators shall initiatively offer to show their certificates during performing economic census tasks.

The census enumerators shall be responsible for organizing and directing objects of economic census to fill in economic census forms,
and the census directors shall be responsible for directing and inspecting the work of census enumerators.

Article 22

The census directors and census enumerators are enpost_titled to consult the relevant original documents of finance and accounting, statistics
and business accounting and the relevant business management certificates in relation to the economic census of any legal person
entity, entity of production activities and individual business, and are enpost_titled to demand the objects of economic census to correct
the inaccurate contents in their economic census forms.

Article 23

The economic census institutions at all levels shall check the entities during the period of preparation for economic census and accurately
define the kinds of economic census forms.

The departments of staffing, civil affairs, taxation, industry and commerce, quality inspection at all levels and other departments
that have functions of examining, approving and registering the establishment of an entity shall be responsible for providing the
materials of the entities subject to their examination, approval and registration to the economic census institutions at the corresponding
level, and do the work well for entity check together.

The economic census institutions at the county level shall make verification and check one by one in light of the economic census
districts, on the basis of the directory database of the existing basic entities of relevant district, in combination with the entity
materials provided by the relevant departments, so as to form into a directory of economic census entities.

Article 24

The economic census institutions at the county level shall do well the work for the distribution, collection, checking, recording
and reporting of economic census forms according to the entity directory formed through checking.

Legal entities shall fill in the questionnaire of legal person entities and shall be responsible for organizing their subordinate
entities of industry activities to fill in the questionnaire of entities of industry activities.

Article 25

The economic census institutions at all levels and the economic census personnel shall exercise their authority of investigation,
report and supervision independently according to law, with which no entity or individual may interfere.

No leader of each region, department or entity may alter, without permission, the economic census materials provided by any economic
census institution or economic census personnel according to law, nor shall they order by force or authorize any economic census
institution or economic census personnel to juggle the economic census materials or fabricates false data.

Chapter V Data Processing and Quality Control

Article 26

The work for data processing of economic census shall be implemented by the economic census institutions at or above the county level.

The office of the leading group of economic census of the State Council shall be responsible for providing the data processing standards
and procedures used for all the local regions.

The local economic census institutions at all levels shall carry out the data processing in accordance with the unified requirements
and standards provided for by the office of the leading group of economic census of the State Council, and report the economic census
data level by level.

Article 27

After the end of economic census data processing, the economic census institutions at all levels shall do a good job in making backup
copies of data and putting them into the database, establish and improve the directory of basic entities and the database system,
as well as strengthen routine management and maintenance and update.

Article 28

The local economic census institutions at all levels shall establish post responsibility system for quality control of economic census
data in accordance with the unified provisions of the office of the leading group of economic census of the State Council, and make
quality control and check and acceptance on each link in the implementation of economic census.

Article 29

The office of the leading group of economic census of the State Council shall uniformly organize the work for quality spot check of
economic census data, the result of the spot check shall be regarded as the main basis for evaluating the quality of the economic
census data of the whole nation and all the local regions.

The economic census institutions at all levels shall make a careful analysis and comprehensive appraisal on the collective data of
economic census.

Chapter VI Data Publicity, Material Management and Development and Application

Article 30

The economic census institutions at all levels shall publicize economic census gazettes in accordance with the state provisions.

The local economic census institutions at all levels shall be subject to the approval by the upper level economic census institutions
when publicizing economic census gazettes.

Article 31

The economic census institutions at all levels shall handle well the work related to keeping and managing economic census data and
providing service to the general public, and make development and application on economic census materials.

Article 32

The economic census institutions at all levels and their staff members shall abide by the relevant provisions of the Statistics Law
of the People’s Republic of China and the Detailed Rules for the Implementation of the Statistics Law of the People’s Republic of
China, and perform the duty of keeping secret of the state secrets and commercial secrets of the objects of economic census they
know in economic census.

Article 33

The materials relating to the entities and individuals obtained through economic census shall be restricted strictly for economic
census purpose, and shall not be used for the basis for any entity to implement punishment on objects of economic census.

Chapter VII Commendation and Punishment

Article 34

The advanced entities and advanced individuals who have made outstanding contributions to the economic census work shall be given
honor and awards by the economic census institutions at all levels.

Article 35

In case any leader of any local region, department or entity revises economic census materials without permission, fabricates false
data or orders by force or authorizes any economic census institution or economic census personnel to juggle economic census materials
or fabricate false data, he shall be subject to administrative punishment or disciplinary punishment according to law, and the statistical
institutions of the people’s government at or above the county level shall circulate a notice of criticism.

In case any economic census personnel participates in juggling economic census materials, or fabricating false data, the statistical
institutions of the people’s government at or above the county level shall circulate a notice of criticism and give administrative
punishment according to law or suggest the relevant department or entity give administrative punishment or disciplinary punishment
according to law.

Article 36

In case any economic census object has any of the following illegal acts, the statistical institutions of the people’s government
at or above the county level shall order it to correct and circulate a notice of criticism; if the circumstances are serious, the
relevant departments or entities shall be suggested to give administrative punishment or disciplinary sanction on the competent person
directly liable and other personnel directly liable according to law:

Refusing or impeding the investigation conducted by any economic census institution or economic census personnel according to law;

Providing false or incomplete economic census materials; or

Failing to provide materials relating to economic census, and still failing to do so after being urged to make report.

In case any enterprise or institutional organization has any one of the illegal acts as enumerated in the preceding paragraph, the
statistical institutions of the people’s government at or above the county level shall give it a warnings and impose upon it a fine
of less than RMB 50 thousands Yuan; in case any individual business has any one of the illegal acts as enumerated in the preceding
paragraph, the statistical institutions of the people’s government at or above the county level shall give it a warnings and impose
upon it a fine of less than RMB 10 thousands Yuan.

Article 37

The economic census institutions at all levels shall set up informants’ hot-line telephone to accept the complaint and supervision
of the whole society on the illegal acts of any entity or individual in the economic census and give award to the person who makes
contributions to such report.

Chapter VIII Supplementary Provisions

Article 38

The present Regulation shall be implemented as of the date of promulgation.

the State Council
2004-09-05

MEASURES FOR THE ADMINISTRATION OF POST-HOLDING OF SENIOR MANAGERS OF SECURITIES INVESTMENT FUND INDUSTRY

China Securities Regulatory Commission

Order of China Securities Regulatory Commission

No. 23

The Measures for the Administration of Post-holding of Senior Managers of Securities Investment Fund Industry, adopted at the 98th
executive meeting of the chairman of China Securities Regulatory Commission on June 29, 2004, are hereby promulgated and shall come
into force as of October 1, 2004.

Chairman, Shang Fulin of China Securities Regulatory Commission

September 22, 2004

Measures for the Administration of Post-holding of Senior Managers of Securities Investment Fund Industry

Chapter I General Provisions

Article 1

With the view of standardizing the administration of post-holding of senior managers in the securities investment fund industry and
protecting the legitimate rights and interests of the investors and other related parties and the public benefits, the present Measures
are formulated in accordance with the Law on Securities Investment Funds, the Company Law and other relevant laws and administrative
regulations.

Article 2

Senior managers in the securities investment fund industry (hereinafter referred to as “senior mangers”) as referred to herein mean
the chairman of the board of directors, general managers, deputy general managers, chairmen of the supervisory committees and other
personnel actually performing the duties of such posts in securities investment fund management companies, and the general managers,
deputy general managers and other personnel actually performing the duties of such posts in the fund trusteeship departments of fund
trusteeship banks.

Article 3

The selection and appointment and the change of posts of senior managers shall be subject to the examination and approval of China
Securities Regulatory Commission (hereinafter referred to as the “CSRC”).

Without approval of the CSRC, no fund management company or fund trusteeship bank may select and appoint or change the post of any
senior manager or determine any person to perform the duty as a senior manager by violating the relevant provisions.

Article 4

Every senior manager shall observe laws, administrative regulations and provisions of the CSRC, comply with the relevant articles
of association and the industrial standards, scrupulously abide by good faith, keep prudent and diligent in his work, faithfully
perform his duties, and safeguard the legitimate rights and interests of fund unit holders.

Article 5

The CSRC shall conduct supervision and control over the senior managers according to law and formulate specific provisions on the
administration of senior managers, directors and fund managers.

The appointment and removal of any director and fund manager of a fund management company shall be reported to the CSRC.

Chapter II Qualification for Holding a Post of a Senior Manager and the Procedures of Examination and Approval

Article 6

To apply for qualification for holding the post of a senior manager, one must meet the following requirements:

(1)

being qualified for practice in the fund management industry;

(2)

having passed the examination on knowledge of laws concerning securities investment for senior managers as organized by the CSRC or
any agency authorized by it;

(3)

having experienced in finance-related fields such as fund management, securities and banking for three years or more and experienced
in management on the corresponding post that he is to hold ; and in the case of a chairman of a supervisory commission, having experienced
in the fields of law, accounting, supervision and audit in addition;

(4)

being not involved in any circumstance that would prevent one from being a director, supervisor, manager or person qualified for practice
in the fund management industry pursuant to laws and administrative regulations such as the Company Law and the Law on Securities
Investment Funds; and

(5)

being not subject to any administrative penalty imposed by the administrative authority departments of securities, banking, industry
and commerce or taxation in the last three years.

Article 7

To apply for the qualification of a senior manager in a fund management company, the following materials shall be submitted to the
CSRC by the fund management company:

(1)

an application form for examining and approving the qualifications of the person proposed to be a senior manager (hereinafter referred
to as the “candidate”) and an application form for holding the post;

(2)

the resolutions of relevant meetings;

(3)

the certificate certifying the candidate’s experiences as specified in Item (3) of the preceding article;

(4)

the post-leaving audit report, the post-leaving inspection report or the appraisal opinion given by the work units of the candidate
in the last three years;

(5)

review comments on the candidate;

(6)

copies of the ID, academic certificates and degree certificates of the candidate;

(7)

the copy of the candidate’s certificate of qualifications for practice in the fund management industry;

(8)

the copy of the certificate showing that the candidate has passed the examination on the knowledge of laws concerning securities investment
for senior managers;

(9)

a legal position paper confirming that the conditions of the candidate for holding the post and the appointment procedure accord with
laws, administrative regulations, provisions of the CSRC and the relevant articles of association; and

(10)

other materials as required by the CSRC.

To apply for the qualification for holding a post of a senior manager of a fund trusteeship department, materials as provided in the
preceding paragraph except those in Items (2) and (9) shall be submitted to CSRC by the fund trusteeship bank.

All the above-mentioned materials shall be in Chinese and triplicate. If the original of any of such materials is in foreign language,
a Chinese translation of it shall be attached together.

Article 8

The CSRC shall accept and censor the application materials in accordance with law.

The CSRC may censor the candidates through tests or interviews, which shall be held by two functionaries. A record shall be made for
the interview with the signatures of both the examiner and the candidate thereon.

Article 9

The applying institution shall make a decision on the selection and appointment or on the change of posts of senior managers and go
through the relevant formalities according to the constitution of the institution within 20 working days after receipt of the approval
letter issued by the CSRC.

Article 10

Where any candidate fails to perform his duties as required by the appointed institution within 20 working days from the date when
he obtains the practice qualification, his practice qualification shall automatically become invalid except with warrants.

In case any senior manager leaves his post, his practice qualification for such a post shall automatically become invalid as of the
date of leave.

Article 11

Where any fund management company is to remove any of its senior managers, appoint or remove the chairman of the board of directors
or its fund manager, or any fund trusteeship bank is to remove any of its senior managers of its fund trusteeship department, they
shall report that to the CSRC by submitting the reporting materials concerning appointment or removal within three working days from
the decision thereon.

Article 12

The director of a fund management company shall meet the requirements as prescribed in Items (4) and (5) of Article 6 hereof.

An independent director shall meet the following requirements in addition:

(1)

having experienced in the fields of banking, law or financial affairs for five years or more;

(2)

having adequate time to perform his duty;

(3)

having not held any post in the appointed fund management companies, any shareholder entity of such companies, or in any institution
having business relationship or benefit relationships with such companies;

(4)

having no relations of interests with any senior manager, other director, supervisor, fund manager, person in charge of the financial
affairs of the fund management company for which he is to hold a post as an independent director; and

(5)

none of his lineal relatives holding any post in the fund management company for which he is to hold a post as an independent director.

Article 13

Reporting materials on holding a post of a director of a fund management company shall include:

(1)

the report on the appointment of the director and the appointment registration form;

(2)

the resolution of relevant meetings; and

(3)

materials as provided for in Items (4) ?C (6) and (9) of Article 7 hereof.

The reporting materials of an independent director shall also include a certificate proving the person’s five-year experience in fields
of banking, law or financial affaires and a letter of undertaking given by the person for his compliance with the provisions of Items
(2) ?C (5) of Paragraph 2 of the preceding article.

Article 14

The fund manager of a fund management company shall have three-year experience in securities investment management and meet the requirements
as prescribed in Items (1), (2), (4) and (5) of Article 6 hereof.

Article 15

Reporting materials concerning the appointment of a fund manager shall include:

(1)

a report on the appointment of the fund manager and an appointment registration form;

(2)

the resolution of relevant meetings;

(3)

a certificate certifying the person’s three-year experience in securities investment management; and

(4)

materials as prescribed in Items (4) ?C (7) of Article 7 hereof.

Article 16

Where any fund management company is to remove any of its senior managers or directors, or any trusteeship bank is to remove any of
its senior managers of its fund trusteeship department, they shall hand in to the CSRC the following reporting materials concerning
such removal:

(1)

a report on the removal;

(2)

the resolution of relevant meetings; and

(3)

a legal position paper confirming the compliance of the removal with laws, administrative regulations, provisions of the CSRC and
the articles of association of the company or bank.

Where the fund management company is to remove its fund manager, it shall submit to the CSRC the reporting materials concerning the
removal as prescribed in Items (1) and (2) of the preceding paragraph.

Article 17

The CSRC shall censor the reporting materials concerning the removal of senior managers according to law. If it finds any noncompliance
of any removal procedure with the relevant provisions, the CSRC shall charge the relevant institution to make corrections.

Article 18

The CSRC shall censor according to law the reporting materials concerning the appointment and removal of directors and fund managers
of fund management companies.

Where any director or fund manager fails to meet the statutory requirements for holding the post, the CSRC shall charge the relevant
fund management company to make replacement according to the relevant provisions. In the case of any noncompliance of any appointment
or removal procedure with the relevant provisions, the CSRC shall order the relevant fund management company to make corrections.

Chapter III Fundamental Code of Conduct

Article 19

Every senior manager and every fund manager of a fund management company shall safeguard the legal benefits of the fund under his
management. And they shall abide by the principle of the priority of the interests of fund unit holders when there is any conflict
between the interests of fund unit holders and the fund management company or the fund trusteeship bank.

No senior managers or fund managers of any fund management company may conduct or be cooperative in any activity that impair the interests
of the fund unit holders, or conduct any activity contrary to the legitimate interests of the fund management company or the fund
trusteeship bank for which he works.

Article 20

Every senior officer and every fund manager of a fund management company shall possess fine professional ethics, keep diligent in
his work and devoted to his duties and effectively perform his duties as prescribed in fund contracts, articles of association and
the rules and regulations of the company concerned. They may not abuse his power or authority, delegate his duty to another person
in violation of the relevant provisions, enlist private gains by taking advantage of his power or leave his post without going through
the statutory procedure.

Article 21

Every director of a fund management company shall attend board meetings, participate in the activities of the company and effectively
perform his duties in accordance with the articles of association of the company.

Any independent director shall give independent opinions objectively and prudently and effectively protect the legitimate rights and
interests of the fund unit holders.

Article 22

The general manager of a fund management company shall conscientiously execute the resolution of the board of directors, effectively
implement the systems of the company, prevent and eliminate management risks, promote the efficiency of the operation and management,
ensure the stable operation of the managed business and the safety and integrity of the fund property under the management so as
to speed up the continuous, stable and healthy development of the company.

The deputy general manager of a fund management company shall assist the general manager and faithfully perform his duties.

Article 23

The general manager of a fund management company shall conscientiously perform his duties and conduct the supervision and audit over
various systems, the legality and regularity of the business and the implementation of the internal control system of the company.

Article 24

The fund manager of a fund management company shall strictly abide by the relevant fund contracts and the provision the company concerning
the investment system, keep prudent and diligent in his work, fully bring into play his ability to make professional judgment without
interference from others and independently exercise his investment decision-making power within his authority.

Article 25

The general manager and deputy general manager of the fund trusteeship department of a fund trusteeship bank shall set up and perfect
various businesses and management systems of the department, ensure the effective performance of duties of the department as a trustee,
supervise the investment operation by the manager of the fund and maintain the independence and integrity of the fund property.

Article 26

The senior managers and the director and fund manager of a fund management company shall strengthen their operation study, run after
the development of the industry, participate in the operation training according to the relevant provisions of the CSRC and steadily
raise their management level and professional ability.

Chapter IV Supervision and Administration

Article 27

Where any candidate cheats in the examination on knowledge of laws concerning securities investment for senior managers or submits
false materials on the qualification for holding a post of a senior manager, the CSRC shall not be accept his application for holding
the post of a senior manager within three years.

Article 28

The fund management company and the fund trusteeship bank shall set up a senior officer assessment system, conduct periodic assessments
of senior managers and set up assessment archives.

The CSRC shall conduct periodic or aperiodic inspections on the archives of senior managers and make assessment of the compliance
of senior managers with laws and regulations.

Article 29

The CSRC shall set up the management information system of senior managers and put on records the relevant circumstances of senior
managers in fund business operation.

The fund management company and the fund trusteeship bank shall disclose the alternation of its senior managers according to law.

Article 30

In case the chairman of the board of a fund management company is to concurrently hold another post, he shall be subject to the approval
of the board of directors of the company and report it to the CSRC within three working days from the date of such approval. Other
senior managers may not hold another post concurrently in any operational agency.

No directors of any fund management company may hold any post in any fund trusteeship bank or any other fund management company. In
the case that any director holds another post in such a bank or company as a part-time job, the fund management company shall report
it to the CSRC within three working days from the date when the director starts the part-time job.

Article 31

In case any senior manager of a fund management company is under any of the following circumstances, the chairman of the supervisory
committee shall report it to the CSRC within three working days from the date when he knows the information

(1)

being investigated or dealt with by the relevant departments due to being suspected of involvement in any violation of laws or disciplines;

(2)

resigning, leaving office or being unable to perform his duties due to the loss of capacity for civil conduct or any other reasons;

(3)

planning to leave the country for any personal purpose for at least one month or having not returned from abroad within the specified
time limit;

(4)

having any lineal relative who is to reside or has resided abroad;

(5)

holding another post concurrently in any non operational institutions; or

(6)

any other circumstances that may influence senior managers to perform their duties.

Where the chairman of the supervisory committee is involved in any of the above-mentioned circumstances, the general manager or any
other senor manager of the company shall report it to the CSRC.

Article 32

Where a fund management company is imposed on disciplinary punishment by self-discipline organizations such as the trade association
and the stock exchange or is put on record for investigation and given administrative punishment by administrative management departments
such as the industry and commerce, taxation and audit department, the company shall report it and submit a list of senior managers
responsible to the CSRC within three working days after it has come to its notice.

Article 33

Where the chairman of the board of directors, the general manager or the chairman of the supervisory committee of a fund management
company is unable to perform his duties for some reasons, the board of directors of the company shall, within 15 working days, make
a decision on the person qualified for being a senior manager to perform the duties as a representative and report such decision
to the CSRC within three working days from the date of the decision.

In case the person selected by the board of directors to perform the duties as a representative does not meet the requirements for
being a senior manager, the CSRC shall charge the board of directors to select another qualified person to perform the duties as
a representative within a specified time limit.

The period during which the person performs the duties as a representative shall not exceed 90 days except for other circumstances
provided by laws or administrative regulations.

Article 34

Where both the chairman of the board of directors and the general manager of a fund management company are unable to perform their
duties and the board of directors is unable to make a decision according to the preceding article, the major shareholders shall hold
a temporary shareholders’ meeting for making such a decision.

Article 35

Where the fund management company, the fund trusteeship department of any fund trusteeship bank or any senior manager is involved
in any of the following circumstances, the CSRC shall issue a warning letter to or make a supervisory conversation with the relevant
senior manager:

(1)

The business activities may cause serious damage to the fund property or to the interests of fund unit holders;

(2)

The governance structure or the internal control system of the fund management company or the internal control system of the fund
trusteeship department of the fund trusteeship bank has not been well established or effectively implemented, which has brought about
or may bring about grave hidden troubles and may influence the performance of duties as a fund manager or a fund trustee;

(3)

It or he is in a violation of its or his obligation of good faith, prudence, diligence or devotion to duties; or

(4)

It or he has been involved in any other circumstances prescribed by the CSRC according to the principle of prudent supervision.

Article 36

The CSRC may suggest that the institution concerned suspend or remove the duty of its senior manager, if he has one of the following
circumstances:

(1)

having received at least two warning letters or supervisory conversations from the CSRC in a year or failed to make corrections as
ordered after receipt of the warning letter or the supervisory conversation;

(2)

having been twice subject to a disciplinary sanction by the trade association or to public censure by the stock exchange in a year;

(3)

being absent without permission;

(4)

having provided false information to or concealing important facts from the CSRC, or refused to be cooperative in CSRC’s supervision;
or

(5)

having been involved in any other circumstances prescribed by the CSRC.

Article 37

The CSRC shall notify the institution in which the relevant senior manager holds a post before making a proposal in accordance with
the preceding article. The relevant senior manager may make a statement to the institution within three working days. If the institution
disagrees to the proposal to be made by the CSRC, it shall report such disagreement to the CSRC within ten working days.

The institution shall, within 20 working days from receipt of the proposal of the CSRC, make a decision on whether or not to suspend
or remove the duty of the relevant senior manager and report it to the CSRC within three working days form the date of such decision.

No persons with their duties removed in accordance with the preceding paragraph may be employed to be a senior manager by any fund
management company or fund trusteeship bank before it has been two years since such removal.

Article 38

The fund management company shall set up a post-leaving system for its senior managers, directors and fund managers and make provisions
on proceedings such as the audits and the examinations on their departures.

The fund trusteeship bank shall set up a post-leaving system for its senior managers of the fund trusteeship department and make provisions
concerning the examinations on their departures.

Article 39

Where the chairman of the board or the general manager of a fund management company leaves his post, the company shall immediately
retain an accounting firm qualified for securities-related business to make a post-leaving audit and submit the audit report to the
CSRC within 30 working days from the departure.

The audit report shall be attached with the written opinion of the audited person; if the audited person refuses to give such an opinion,
it shall be indicated.

Article 40

Where the deputy general manager, the chairman of the supervisory committee or the fund manager of a fund management company leaves
his post, the company shall immediately conduct a post-leaving examination on him and shall submit the examination report to the
CSRC within 30 working days from the departure.

In case any senior manager leaves his post, the fund trusteeship bank shall immediately conduct a post-leaving examination on him
and, within 30 working days, submit the examination report to the CSRC.

The examination report shall be attached with the written opinion of the examined person; it shall be indicated if the person refuses
to give such an opinion.

Article 41

Where any senior manager or the fund manager is to leave the institution he works in, he shall cooperate with the institution to complete
the handover of work and accept a post-leaving audit or examination during which they may not hold any post in any other fund management
company or the fund trusteeship department of any fund trusteeship bank.

Article 42

After departure, no senior managers or fund managers may disclose any non-open information of the institution in which he has held
the post or enlist gains for himself or any others by using such non-open information.

No fund management companies may employ any person to conduct securities investment business, if it has not been three months since
this person left his post as a senior manager or fund manager.

Chapter V Legal Liability

Article 43

Any senior manager or any director or fund manager of a fund management company, who has violated laws, administrative regulations
or provisions of the CSRC and is imposed on administrative punishment according to law, shall be subject to penalty according to
the relevant provisions. In the case of any suspected crime, they be transferred to the judicial organ according to law for the investigation
of his criminal responsibility.

Article 44

Where the fund management company or the fund trusteeship bank has selected and appointed or has changed the post of any senior manager
without examination and approval of the CSRC, they shall be charged to make corrections, and the directly responsible governor and
other personnel directly responsible shall be given warnings and fines.

Where the fund management company violates provisions of the present Measures and makes a decision to perform the duty as a representative,
it shall be ordered to make corrections, and the directly responsible governor and other personnel directly responsible shall be
given warnings and fines.

Article 45

In case any fund management company or fund trusteeship bank is involved in any of the following circumstances, it shall be charged
to make corrections and the directly responsible governor and other personnel directly responsible shall be given warnings and fines:

(1)

failing to perform its reporting obligation according to the present Measures or providing any false reporting materials;

(2)

removing the duty of any senior manager or appointing and removing any director or fund manager of the fund management company in
violation of the statutory procedures;

(3)

failing to properly respond to any proposal of the CSRC for the suspension or removal of the duty of any senior manager;

(4)

employing any person conducting investment business, in case that the company or the bank violates Paragraph 2 of Article 42 hereof;
or

(5)

failing to conduct a post-leaving audit or examination on any leaving person according to the present Measures.

Article 46

Any senior manager or any director of a fund management company holding a concurrent post in violation of the present Measures shall
be charged to make corrections with a warning and a fine imposed.

Article 47

Where any senior manager violates any law, administrative regulations or any provisions of the CSRC and the circumstance is serious,
their qualification for a senior manager shall be suspended or revoked according to law.

Where any manager of fund or fund trustee violates the Law on Securities Investment Funds or any other laws, administrative regulations
or any provisions of the CSRC and the circumstance is serious, its senior manager directly responsible shall have his qualification
of a senior manager suspended or revoked according to law.

Chapter VI Supplementary Provisions

Article 48

The present Measures shall come into force as of October 1, 2004. The Interim Provisions on Measures for the Administration of Qualification
of Personnel Engaging in Fund Business (No. 53 [1999] of the CSRC) as issued by the CSRC shall be abolished simultaneously.

China Securities Regulatory Commission
2004-09-22

MEASURES FOR THE ADMINISTRATION OF SENIOR MANAGERS OF SECURITIES COMPANIES

China Securities Regulatory Commission

Order of China Securities Regulatory Commission

No. 24

The Measures for the Administration of Senior Managers of Securities Companies, which were deliberated and adopted at the 93rd executive
meeting of the chairman of China Securities Regulatory Commission on June 4, 2004, are hereby promulgated and shall go into effect
as of November 15, 2004.

Chairman, Shang Fulin of China Securities Regulatory Commission

October 9, 2004

Measures for the Administration of Senior Managers of Securities Companies

Chapter I General Provisions

Article 1

With the view of regulating the administration of senior managers of securities companies, promoting the formation of professional
management contingents in securities industry, and improving business management level of securities companies, and protecting the
lawful rights and interests of investors, the present Measures are formulated according to the Securities Law, the Company Laws,
the Decision of the State Council on the Decision of the State Council about Setting Administrative Licensing for the Administrative
Examination and Approval Items To Be Preserved Setting Administrative Licensing For the Administrative Examination and Approval Projects
Necessary To Be Preserved and other laws and administrative regulations .

Article 2

The “senior managers of securities companies” (hereinafter referred to as SM) mentioned in the present Measures shall refer to persons
who have leadership duty to make decisions, operate business and manage the company, namely, the chairman of the board, vice chairman
of the board, supervisor, general manager, vice general manager, person in charge of finance of the company, responsible person for
compliance with regulations of the company and the persons who actually perform the aforesaid functions.

Article 3

A securities company shall select and engage persons who have obtained the qualification for assuming the posts of SMs of the securities
company (hereinafter referred to as the SM qualification) to assume the office of SMs. No person failing to obtain the SM qualification
may assume the office of SMs.

The SM qualification shall be subject to the approval of China Securities Regulatory Commission (hereinafter referred to as the CSRC)
according to law.

Article 4

The SMs shall observe laws, administrative regulations and the provisions of the CSRC, comply with the articles of association of
the company and the industry criterion, scrupulously abide by good faith, keep prudent and diligent and faithfully perform their
duties.

Article 5

The CSRC shall make supervision and administration on the SMs according to law.

The Securities Association of China and the stock exchanges shall make management on the SMs according to laws, administrative regulations,
provisions of the CSRC and the self-disciplinary rules.

Chapter II Qualification for Holding a Post

Article 6

When applying for such SM qualifications as the board chairman, vice chairman of the board and the supervisor, the applicant shall
meet the following conditions:

Having engaged in securities work for more than three years, or work in fields of finance and law or as accountant for more than five
years, or work in economic field for more than ten years;

Having passed the test on qualification level as approved by the CSRC;

Having the educational background of graduate of college or university or above;

Being honest and keeping faith, having good professional ethics and no bad records within the past five years;

Knowing well the relevant legal knowledge on business management of securities companies, and having abilities of the business management
and the organization and coordination that are necessary for performing the function of SM;

Having no circumstances that prohibit him from holding the post of SM and from being the practicing personnel by laws and administrative
regulations such as the Company Law and Securities Law; and

Other conditions as prescribed by the CSRC.

Article 7

When applying for such SM qualifications as the general manager, vice general manager, person in charge of finance and responsible
person for compliance with regulations, the applicant shall satisfy the following conditions in addition to those as prescribed in
items from the second to the sixth of Article 6 of the present Measures:

Having obtained the qualification for practice in securities industry;

Having engaged in securities work for more than three years or in field of finance e for more than five years; and

Having held posts of department responsible persons or above in such financial institutions as securities, funds, futures, banks,
insurance and etc. for not less than two years, or having work experiences of management of the equivalent posts.

The board chairman or vice board chairman who exercises the business management powers of a company shall meet the conditions for
holding the post as prescribed in this Article.

Article 8

When applying for the SM qualification, the applicant shall be recommended by two SMs currently holding the posts for more than one
year, and submit the written recommendation opinions from them.

Article 9

An applicant shall submit the following application documents to the CSRC when applying for the SM qualification:

The application form for the SM qualification;

The recommendation opinions of two persons making the recommendation.

The audit report on his leave-post issued by the entity where he once held the post, the appraisal opinions issued by the entity/entities
where he once held the post in the past three years and the supervision opinions issued by the supervision department of the financial
institution he once held the post in the past five years on the conditions concerning the practice experiences of the applicant and
whether he has ever been punished or had any bad records, etc.;

The copy of the identity certificate;

Copies of certificate of educational background, certificate of qualification on securities practice, conformity certificate for qualification
level testing and certificate of professional qualification;

The legal opinion paper issued by law firms; and

Other materials prescribed by the CSRC.

The recommendation opinions, the audit report for leaving the post, the appraisal opinions and the supervision opinions as prescribed
in the second item and third item of the preceding paragraph shall be mailed to the CSRC and the detached office at the place of
residence of the applicant by the entity or individual that issues the opinions as an agent, and other application documents shall
be submitted to the detached office of the CSRC at the residence of the applicant for putting on records concurrently.

Article 10

The recommendation opinions issued by the person making the recommendation shall focus on the statement of complexion such as the
individual morality of the applicant, his observance of laws and disciplines, vocational level and management ability and shall clearly
express the recommendation opinion.

Article 11

The detached offices of the CSRC shall make examination on the materials for putting on records within 10 workdays as of the date
of receiving them, and review and talk with the applicant, as well as submit the examination opinions and the working paper on the
review and talk to the CSRC.

Article 12

The CSRC shall make acceptance and examination on the application materials according to law and make decision on administrative licensing.
If the application meets the conditions, the licensing shall be granted and the certificate of SM qualification shall be issued.

The CSRC may check the morality, working ability and working experiences of the applicant through ways such as review and talk.

Article 13

Where any applicant applies for the SM qualification by disguising the relevant conditions or providing false materials, the CSRC
shall reject the application or not approve the application for assuming the post and the applicant is prohibited to reapply for
the SM qualification within one year. Where any applicant obtains the SM qualification by cheating or bribery or other malfeasance
means, the applicant may not reapply the SM qualification within 3 years.

Article 14

The board of directors of a securities company shall sign engagement agreements with the engaged the general manager, the vice general
manager, the person in charge of finance and the responsible person of compliance with regulations, and make stipulations on terms
of the duty, the examination on performance, reasons for dismissal, rights and obligations of both parties, liabilities for breach
of contract and etc..

Article 15

Where a securities company selects and engages an SM, it shall submit the following archival-filing materials for assuming the post
to the CSRC and its detached offices at the place of registration of the company and the residence of the SM within 5 workdays from
the date when the decision on engagement is made:

The archival-filing report for holding the post of SM, which includes the duty and the scope of functions of the engaged SM;

The documents of decision on engagement and the engagement agreement;

The letter of commitment signed by the engaged SM for making management in good faith; and

Other materials prescribed by the CSRC.

Article 16

The CSRC shall check up the archival-filing materials for holding the post of SMs according to law. In case the procedures for assuming
the post of SM do not comply with the provisions, the CSRC shall order the company where the SM assumes the post to make correction.

Article 17

In case any SM has any of the following circumstances, his SM qualification shall be invalidated automatically:

Having circumstances that prohibit him from assuming the office of the director, supervisor or manager as prescribed by the Company
Law and the Securities Law;

Being subject to criminal punishments;

Failing to hold the post of SM in any securities company within 5 years as of the date of obtaining the SM qualification;

Being liable for the entrusted custody, the administrative taken-over, the revocation or the charge of closing the securities company
where he assumes the post due to grave actions in violation of laws and regulations;

Failing to take part in the annual examination as required; or

Other circumstances prescribed by the CSRC.

Chapter III Fundamental Behavior Criterions

Article 18

The SM shall earnestly perform duties as prescribed by laws and the company constitution, promote the company to establish and improve
internal control and the risk management system, ensure the effective implementation of the relevant systems, maintain the effective
operation of the control system and bear the leadership liabilities for actions in violation of laws and regulations in the business
that he is in charge of.

Article 19

The SM shall exercise duty in accordance with the provisions of the company constitution and may not authorize any person who fails
to obtain the SM qualification to make exertion of the authorities as a representative.

Article 20

The SM shall refuse to perform any instruction or authorization of any institution or individual that infringes upon the interests
of the company or the lawful rights and interests of any customer. Once discovering any action in violation of laws and regulations
that infringes upon the lawful rights and interests of any customer, the SM shall report to the detached office of the CSRC at the
place of registration of the company in time..

The CSRC shall protect the lawful rights and interests of any SM who suffers from unjust treatment due to lawful performance of duties
and earnestly maintaining the customers’ interests.

Article 21

No SM may accept or take bribery or obtain other illegal incomes by making use of his authority, or embezzle the assets of the company
or any customer, or make loans to others of the capital of the company or any customer, or provide guaranty for the debts of the
company, shareholders of the company or other institutions as well as individuals by using any customers’ assets.

Article 22

The general manager, vice general manager, person in charge of finance, and the responsible person of compliance with regulations
may not hold another post concurrently in other profit-making entities except the equity-shared companies of the securities company
or undertake other business activities apart from his own work.

Chapter IV Supervision and Administration

Article 23

Where any person who has obtained the SM qualification and practices in a securities company has any of the following circumstances,
the company shall report to the detached office of the CSRC at its registration place within 5 workdays from the date of such occurrence
and explain the reasons:

Being subject to a criminal punishment and an administrative punishment;

Being put on records for investigation by the administrative or judicial department;

Being subject to the punishment of any self-disciplinary management institution;

Being deposed or punished by the company;

Failing to perform duties due to resignation, leaving job, losing capacity of civil behavior or other reasons; or

Other circumstances that may influence his normal performance of duties or qualification for holding the post.

Where any person, who has obtained the SM qualification but does not practice in a securities company, is subject to the aforesaid
circumstances, he shall report it to the detached office of the CSRC at its residence within 5 workdays from the date of such occurrence
and explain the reason. The person making the recommendation shall urge the person recommended making report in time. In case the
person making the recommendation finds that the recommended person fails to report in time, he shall report to the detached office
of the CSRC at the place of residence of the person being recommended within 15 workdays from the date of occurrence.

Article 24

Where there is any adjustment on division of responsibilities of SMs, the company shall report to the CSRC and the detached office
of the CSRC at the place of registration of the company.

Article 25

In case the board chairman of any securities company is unable to perform his duties or the post of board chairman becomes vacant,
the vice board chairman or other directors who have the SM qualification shall perform the duty of the board chairman in accordance
with the Company Law and the provisions of the articles of associations of the company.

In case the general manager of a securities company is unable to perform his duties or the post of the general manager becomes vacant,
the board of directors shall decide to have another SM of the company to perform his duty as an agent within 15 workdays.

The time for performing the duty as an agent may not exceed 90 days, unless it is specified differently by laws and administrative
regulations.

Article 26

Where any securities company or any SM is suspected of any serious action in violation of laws and regulations and is under investigation
of the administrative or judicial department, the board of directors of the company shall suspend the duty of the relevant SMs.

Where any of the following circumstances occurs in any securities company, the CSRC may order the board of directors of the company
to change the SM within a prescribed time limit or designate another person to perform the duty of SM temporarily:

The company has major business risk and fails to implement effective control and dissolving measures;

The SM fails to perform his duties according to law;

The SM fails to fulfill the duties diligently, which results in or may result in the occurrence of great risks or hidden trouble of
risks of the company; or

Other circumstances as determined by the CSRC according to the principle of prudent supervision.

Article 27

Where a securities company changes its board chairman or general manager, it shall go through formalities for alteration of the license
for securities business operation within 15 workdays from the date when the CSRC approves the holding of the post.

Article 28

The CSRC shall make annual examination on the work of any SM and his observance of laws and compliance with regulations.

The SM shall, from the second year of holding the post, submit the annual examination form signed with the opinions of the securities
company to the detached office of the CSRC at the place of registration of the company within the first quarter of each year.

The SM who has obtained the SM qualification but has not held the post in a securities company shall, from the next year after obtaining
the qualification for holding the post, submit the annual examination form signed with the opinions by the two persons who have recommended
him to the detached office of the CSRC at his residence place within the first quarter of each year.

Article 29

The detached offices of the CSRC shall complete the annual examination on the SMs before June 30 each year and submit the result of
examination to the CSRC.

Article 30

The persons who have obtained the SM qualification shall take part in vocational training organized by the Securities Association
of China or other institutions approved by the CSRC.

Article 31

Where any SM leaves his post, the company shall make audit on leave-post immediately to him and submit the audit report to the CSRC
and its detached office at the place of registration of the company for archival filing within 60 days from the date when the SM
leaves his post. The audit report on leave-post shall include the following contents:

The fundamental conditions of the business such as the scale, profits and losses and assets quality;

Conditions of the internal control and the effectiveness of risk control on the business;

The compliance circumstances with the regulations of the business he is in charge of, including whether there have occurred any major
acts in violation of laws and regulations within the scope of his duty and the liabilities that shall be burdened by himself; and

The audit conclusion.

The audit for leaving the post of the chairman of the board or of the general manager of a securities company and that of the SM who
is dismissed of duties due to acts in violation of laws and regulations shall be handled by the accountant firms that have the qualification
of relevant securities business through the entrustment of the supervisory board of the company.

Article 32

No SMs may hold a post in any other securities company during the period of being audited for leaving his post.

Article 33

Under any of the following circumstances, the CSRC and its detached office may issue a warning letter to or make a supervision talk
with the SM directly liable or having leadership liability:

The securities company or the SM himself is suspected of violating laws, administrative regulations or the provisions of the CSRC;

There is major hidden trouble in the corporate governance structure and internal control of the securities company;

The SM does not keep his promise; or

The financial indexes of the securities company do not comply with the risk monitoring indexes as prescribed by the CSRC.

Article 34

Where a securities company is subject to the disciplinary punishment by the Securities Association of China and the securities exchanges
and other self-disciplinary organizations, or is subject to an administrative punishment by the administrative departments of taxation,
audit or industry and commerce, it shall report in written form the reasons for the punishment and penalties and the list of names
of the SMs who shall assume leadership liabilities to the detached office of the CSRC at the registration place within 10 workdays
from the date of occurrence of such facts.

Article 35

In case any SM has any of the following circumstances, the CSRC may determine recognize him as an improper person:

Being issued warning letters or supervision talks having been made with him for three times accumulatively by the CSRC;

Having been subject to disciplinary punishments for three times accumulatively by self-disciplinary organizations;

Having leadership liability for the disciplinary punishment or administrative punishment imposed on the company for 5 times accumulatively;

There being evidences proving that he is lack of professional competency, and fails to do well the management work or goes against
his commitment;

Failing to effectively implement the relevant systems concerning the corporate governance and the internal control;

Being absent without leave;

Being liable for the business risks occurred in the company or acts in violation of laws and regulations as showed in the audit report
for leaving his post;

Authorizing any person who does not have the SM qualification or whose SM qualification is invalidated or any improper person elected
to exercise power as his representative;

Determining the person who is to perform the duties as a representative in violation of the provision of Article 25 of the present
Measures;

10.

Concealing or failing to report acts in violation of laws and regulations or major business management liabilities of other SMs of
the company;

11.

Refusing to provide relevant supervision information to the CSRC or other circumstances under which he does not cooperate in the supervision;
or

12.

Violating the provision of Article 22 of the present Measures.

In case the CSRC plans to determine any relevant SM to be an improper person elected, it shall notify the company and the person himself
before sending a letter of suggestion on improper person selected to the securities company. The SM may put forward written statement
to appeal to the CSRC within 10 workdays as of the date of receiving the letter of suggestion.

Article 36

A securities company shall exempt the person selected from the post of an SM within 10 workdays from the date when it receives the
letter of suggestion of the CSRC on determination that he is not proper, and shall report the removal in writing to the CSRC and
its detached office at the registration place of the company within 15 workdays from the date of receiving the suggestion letter.

No securities companies may select or engage a person who is determined as an improper person selected by the CSRC to hold the post
of an SM within two years after the determination.

Article 37

Where any SM is dismissed of his duty due to the invalidity of the SM qualification or being determined as an improper person selected,
he shall cooperate with the company to complete the handover of work and accept the audit for leaving his post.

Article 38

Where the CSRC determines that a person recommended is an improper person selected or the person is revoked or suspended of qualification
for holding the post within one year from the date when the person making recommendation signs the recommendation opinions, the CSRC
shall not accept the recommendation opinions of the person who makes the recommendation or the annual examination form signed with
his opinions from the date when making the decision on revocation and suspension.

Article 39

Where any securities company violates the provisions of the present Measures, the CSRC shall charge the company to make rectification
and correction. During the period of rectification and correction, the CSRC may suspend acceptance or examination of such application
matters concerning the operation qualifications and newly established institutions of the company.

Article 40

The CSRC shall establish an SM database to record contents of the persons who have obtained the SM qualification such as the identity
information, information on qualification for holding the post, practicing acts, conditions of law violation and discipline violation
and etc..

The CSRC may throw daylight on the relevant information concerning the SMs by taking proper means.

Chapter V Legal Liability

Article 41

Where any SM of a securities company violates laws, administrative regulations and the provisions of the CSRC and shall be subject
to the administrative punishment according to law, he shall be punished according to relevant provisions. In case he is suspected
of committing a crime, he shall be transferred to the judicial organ and subject to criminal liability.

Article 42

Where any applicant applies for the SM qualification by concealing the relevant conditions or providing false materials, he shall
be given warnings.

Where anyone obtains the SM qualification by cheating, bribery or other malfeasance means, he shall be revoked of the qualification
for holding the post and be fined less than 30,000 Yuan.

Article 43

In case anyone has any of the following circumstances, he shall be ordered to make correction, and the company and the SM who is liable
shall be given warnings singly or concurrently and be fined less than 30,000 Yuan. If the circumstances are serious, the relevant
operation qualification of the company shall be suspended within 6 months, and the SM who is liable shall be given warnings, suspended
or revoked of the SM qualification:

In the company occurs a greater business risk, major economic loss or occur major cases of financial crime;

Impairing the lawful rights and interests of customers;

Providing false information or concealing major matters c to the CSRC;

Failing to make rectification as required by the CSRC or the rectification is not effective;

Failing to perform duties of reporting and archival filing as required; or

Failing to make audit on SMs as required when they leave the post.

Article 44

Where anyone violates the provision of Article 22 of the present Measures, he shall be ordered to make correction, given warnings
singly or concurrently, or fined less than 30,000 Yuan. If the circumstance is serious, his SM qualification shall be suspended or
revoked.

Chapter VI Supplementary Provisions

Article 45

The persons who have obtained the SM qualification before the implementation of the present Measures shall apply for the SM qualification
certificates within the time limit prescribed by the CSRC.

Article 46

The present Measures shall come into force as of November 15, 2004.

China Securities Regulatory Commission
2004-10-09

CIRCULAR OF MOFCOM, MOF, MOA, PBOC, SAT, GAQSIQ, AND CAA ON PRINTING AND ISSUING THE INSTRUCTIONAL OPINIONS CONCERNING THE EXPANSION OF AGRICULTURAL PRODUCTS EXPORT

Ministry of Commerce, Ministry of Finance, Ministry of Agriculture, People’s Bank of China, State Administration of Taxation, General
Administration of Quality Supervision, Inspection and Quarantine, Certification and Accreditation Administration

Circular of MOFCOM, MOF, MOA, PBOC, SAT, GAQSIQ, and CAA on Printing and Issuing the Instructional Opinions Concerning the Expansion
of Agricultural Products Export

Shang Mao Fa [2004] No. 491

In order to implement the spirit of the Central Committee Document No.1 in terms of the expansion of agricultural products export,
the Ministry of Commerce, the Ministry of Finance, the Ministry of Agriculture, the People’s Bank of China, the State Administration
of Taxation, the General Administration of Quality Supervision, Inspection and Quarantine have jointly promulgated the Instructional
Opinions Concerning the Expansion of Agriculture Products Export. The relevant entities in all regions shall put it into practice
in light of actual conditions of all localities with a view to boosting export of agricultural products in China.

Hereby notified.

Appendix: Instructional Opinions Concerning the Expansion of Agricultural Products Export

Ministry of Commerce

Ministry of Finance

Ministry of Agriculture

People’s Bank of China

State Administration of Taxation

General Administration of Quality Supervision, Inspection and Quarantine

Certification and Accreditation Administration

October 18, 2004 Appendix:Instructional Opinions Concerning the Expansion of Agricultural Products Export

Since China is a large agricultural country, a good solution to problems concerning “agriculture, countryside and farmers” will be
the significant work of our Party and government for a long time to come. The development of agricultural products export is an important
embodiment of implementing the scientific concept of development, overall planning of the urban-rural development, the development
in different regions, the eco-social development, the harmonious development between human and environment, and the domestic development
as well as the opening up, all of which were brought forward at the Third Plenary Session of the Sixteenth Central Committee of CPC;
The development of agricultural products export is of great significance to the building a well-off society in an all-round way.
Practice has proved that expanding the export of agricultural products is an important avenue to increasing farmer employment, boosting
income increase of farmers, giving impetus to the restructuring of agriculture industry and enhancing the competitiveness in agriculture.

In recent years, the export of agricultural products in China have been developing fast from a figure of less than US$100 billion
in1990 to US$212.1 in 2003, which, especially since 2000, has enjoyed a rapid growth with an average growth rate per annum of 13%.
Presently China comes up to the sixth place in the world in terms of agricultural products export. Meanwhile with the continuous
optimization in ranks engaged in the export of agricultural products, enterprises of integrated operations of trade, industry and
agriculture become the main force for the export of agricultural products; The comparative advantageous and internal competitiveness
of labor-intensive agricultural products are growing stronger day by day with market shares rising high; Channels for export are
further broadened with an increasing number in export varieties and new trading modes are explored with the preliminary appearance
of diversified market pattern, predicting the export of agricultural products in China into a new stage. However, we also should
notice that there still exist many problems in terms of agricultural products export, such as prominent problem of quality safety,
backward processing level, shortage of products with brand, small size of export enterprises, weak international competitiveness,
laggard development of trade organizations, shortage of effective export service, for which the strengthening of the intensity of
policy support and enhancement of competitiveness are urgently required. According to the “to further better and promote policies
and measures on the export of agricultural products in China” set forth in the Opinions of the State Council and Central Committee
of CPC on Certain Policies Concerning the Promotion of Increase in Farmers’ Income (Zhong Fa2004No. 1), all the related departments
shall, based on the comprehensive analysis on current situation and development potential of Chinese agricultural products export,
determine the goal of expanding the export of agricultural products in the future, namely, in an effort to reach an agricultural
products export figure of or more than US$ 30 billion for the next four to five years and a figure of or more than US$40 billion
by 2013, to greatly improve product quality and sanitation safety, to largely expand and enhance enterprise scale and competitiveness,
to make the market pattern more reasonable, cultivate a group of key enterprises and lots of famous brands, and give more full play
to goals of striding into a well-off society and early realization of quadruples. For the purposes stated above, what we should do
is to for the coming 5 to 10 years select labor intensive aquatic and ocean products, gardening products and livestock that enjoy
certain competitive edge and development potentials, as well as products processed therefrom as the key point for the expansion of
agricultural products export, meanwhile to develop the export of characteristic agricultural products, organic agricultural products
and agricultural products that are subject to the registration of origin place marks so as to stimulate the adjustment of agricultural
industry structure and overall competitiveness. In order to comply with these requirements, the specific instructional opinions are
hereby notified as follows:

To mark out development goals of agricultural products export according to overall arrangement, carefully study and implement scientific
concept of development, which was put forward at the Third Plenary Session of the Sixteenth Central Committee and by which our export
of agricultural products shall be guided. To conduct research on goals and planning that can, by exporting agricultural products,
give an impetus to adjustment to industrial structure of agriculture, increase in farmers’ employment and promotion of increase income
of farmers in this area, present exported agricultural products with comparative advantages and market potential in such area, formulate
support policies, and encourage localities to draw out support policies for agricultural products export in this area wherever conditions
permit.

II.

To stress the safety management of agricultural products quality and increase the competitiveness of agricultural products export.
Since problem of quality safety management is the chief obstacle to agricultural products export in China for the current stage,
its strengthening is an effective means to the enhancement of the competitiveness of exported agricultural products. From now on
to gradually implement regional administration of animal and plant diseases and insect pests, strengthen the construction of demonstration
region without epidemic diseases of specified animals and practically raise the sanitation level of animals and plants; further popularize
the operational mode of “company + base” of exporting agricultural products, support enterprises of agricultural products export
to establish self-owned bases of planting and breeding, conduct the certification of agricultural products and food, and further
propel the standardized production and set up a quality control system. To encourage export enterprises to obtain certification for
organic products that meet the requirements of import markets and other international certification, obtain registration of sanitation
and marks of place of origin, and establish records on the planting and breeding of agricultural products and traceable system of
their quality; to further perfect the inspection, testing and safety monitoring system of exported agricultural products, encourage
the inspection and testing organ to be granted National Accreditation for Laboratories, focus on tightening and bettering the inspection
and testing of advantageous agricultural products and pertinent input products of agriculture, accelerate the construction of agroecological
environment inspection and testing center and enhance the competitiveness of Chinese agricultural products in the international market.

III.

To optimize the structure of export commodities and establish a brand of agricultural products export, encourage enterprises to develop
the export of deeply-processed agricultural products and enhance the added value of agricultural products; to support enterprises
in the establishment of a brand of agricultural products export and give preferential assistance to such establishment; propel enterprises
to, by means of the mode of introducing advanced technology and fine variety from abroad and equally emphasize independent research
and development at home, develop self-product of intellectual property rights, and increase core competitiveness; to actively boost
the mark registration system for place of origin of agricultural products and preferentially exempt agricultural products from being
inspected, which are subject to the protection of origin place marks due to conformity with provisions on inspection exemption; to
offer convenient customs clearance service to export enterprises that enjoy the protection of origin place marks and have good reputation.

IV.

To cultivate a group of key enterprises of agricultural products export and fasten the construction of trade organization of agricultural
products, cultivate in the area of Chinese agricultural products with comparative advantages, a lot of enterprises of agricultural
products export which enjoy a relatively strong competitive edge in the world, large-scale export and good economical returns and
yield notable results in stimulating employment and income increase of farmers; to establish and improve trade organizations and
commodity associations by selecting key exported products like aquatic and ocean products, poultry and meat, vegetables and fruits
so as to response to the new situation of the international trade of agricultural products; give support to the setting up of trade
organizations of agricultural products export with their own characteristics in various regions; propel enterprises to incorporate
trade organization on a voluntary basis and to conduct self-management, self-service and self-supervision; to bring trade organization
into full play, enhance the level of trade organization, regulate the export order of agricultural products and actively deal with
international trade disputes.

To explore internal markets with great exertion and strengthen the promotion of agricultural products export, gradually adjust the
market structure of the export of agricultural products and establish a market system of the export of global agricultural products,
which is characterized by “market diversification”; to actively explore new markets in Europe, middle east and CIS countries, vigorously
develop the markets in Latin America, Africa and Oceania, encourage enterprises of agricultural products to conduct international
marketing, and carry out activities on introduction of agricultural products; to preferentially support enterprises of agricultural
products export to participate in Internal Professional Exhibitions and promotional activities of new markets and new products with
funds of middle and small sized enterprises for exploring international market; to strengthen the technology exchange and cooperation
between related international organizations of certification and accreditation, propel the accreditation conducted by counties each
other through the world for Chinese agricultural products and food, give support to domestic accreditation organs to carry out accreditation
conforming to the requirements of import markets; draw upon foreign advanced experience, raise the lever of information service,
effectively integrate information resource, accelerate the development of public information products, provide enterprises of agricultural
products export with such various information as foreign market, commodities, technology standards and trade policies, give assistance
to the said enterprises in the exploration of international market.

VI.

To improve and promote the political system for agricultural products export. To implement the spirit of Central Committee Document
No. 1 concerning the expansion of advantageous products export, further perfect and promote the requirements of policies and measures
for the export of agricultural products in China, as well as establish, improve and boost the package policies and measures with
respect of agricultural products export, and to actively give credit aid to enterprises of agricultural products export that satisfy
the requirements for being provided with credit. Taxation authorities shall conscientiously carry out the decision of the State Council
on No New Outstanding Accounts for Export Tax Refunds, and in time examine and approve the tax refunds on exported agricultural products;
to utilize funds special for the promotion of agricultural products export, which have been set aside in the foreign trade development
funds of the Central Government and preferentially support agricultural products export with the funds for the exploration of international
markets for medium and small sized enterprises at the same time. To actively formulate related support policies and give assistance
to enterprises of agricultural products export and lend an impetus to the export of advantageous agricultural products in various
regions. To strengthen the supervision over funds and raise the efficiency for using such funds by taking effective steps. And to
go a step further in intensifying the coordination and cooperation among departments so as to form joint forces for the promotion
of agricultural products export together.

VII.

To improve the system of agricultural products export credit insurance and increase the risk prevention capacity of enterprises dealing
with agricultural products export. To strengthen the intensity of publicity for agricultural products export credit insurance, as
well as research and develop new categories of the said credit insurance according to the characteristics and requirements of agricultural
products export; to raise the rate of support given by the State for premium of agricultural products export credit insurance, concretely
speaking, in western areas to raise such rate to 50% and 40% within other regions for enterprises that are insured against short-term
export credit insurance for agricultural products; to popularize with great exertion the export credit insurance, encourage enterprises
dealing with agricultural products export to participate in export credit insurance and raise the level of risk management.

Departments of commerce, finance, agriculture, banking, taxation as well as inspection and quarantine at various levels shall carefully
implement the spirit of Third Plenary Session of the Sixteenth Central Committee and carry out all the requirements and measures
laid down in the Central Committee Document No.1, all sorts of wiles and methods to soundly deal with the export of agricultural
products by unifying their respective thoughts, cooperating one another closely, and keeping forging ahead in an innovative way so
as to make new contributions to the solution to problems concerning “agriculture, countryside and farmers”.

Ministry of Commerce, Ministry of Finance, Ministry of Agriculture, People’s Bank of China, State Administration of
Taxation, General Administration of Quality Supervision, Inspection and Quarantine, Certification and Accreditation Administration
2004-10-18

CIRCULAR OF THE MINISTRY OF LAND AND RESOURCES ON PROMULGATING AND IMPLEMENTING CONTROLLING INDEX FOR INDUSTRIAL PROJECTS CONSTRUCTION LAND UTILIZATION (FOR TRIAL IMPLEMENTATION)

Circular of the Ministry of Land and Resources on Promulgating and Implementing Controlling Index for Industrial Projects Construction
Land Utilization (for Trial Implementation)

Guo Tu Zi Fa [2004] No. 232
November 1, 2004

Departments of land and resources (departments of land, environment and resources, bureaus of land, resources and house administration,
bureaus of house, land and resources administration, and bureaus of programming, land and resources) of provinces, autonomous regions
and municipalities directly under the central government, bureaus of land administration of PLA as well as bureau of land and resources
of Sinkiang Production and Construction Corps:

In order to implement the Decision of the State Council on Deepening Reform and Strictly Administrating Land ([2004]No. 28), strengthen
the administration of industrial construction projects land and promote intensive utilization of construction land utilization, the
Ministry has formulated the “Controlling Index for Industrial Projects Construction Land Utilization (for Trial Implementation)”
(hereinafter referred to as Controlling Index) and promulgated it.

The administrative departments of land and resources at all levels shall strictly enforce Controlling Index and the relevant index
for industrial projects construction land, strictly control land supply. No land shall be supplied or the acreage of projects land
utilization shall be reduced for industrial projects not meeting the requirements of controlling index. Where there are such special
requirements as technological processes, production security and environmental protection that the Controlling Index really need
to be broken, when applying for construction projects land utilization for preliminary examination and submitting for approval, the
relevant verification documents shall be provided . Not until the circumstance is found truly reasonable, preliminary examination
is passed or land utilization is approved, and legal documents such as approval documents and land use contract shall be filed with
administration departments of land and resources of provinces (autonomous regions , municipalities directly under the central government)
for record.

II.

When supplying land, administration departments of land and resources of cities or counties shall specify requirements of controlling
index and liabilities for breach of a contract such as investment intensity and capacity ratio pursuant to the provisions of Controlling
Index. Land users failing to perform duties shall bear the liability for breach of a contract.

III.

Administration departments of land and resources of cities or counties shall strengthen supervision of the implementation of Controlling
Index, explore good experiences and practice in using land intensively during attracting bid for inviting investments and promoting
industrialization, summarize examples, step up publicity and promotion, continually improve and regulate the enforcement procedures
and measures of Controlling Index, strengthen the evaluation and analysis of the condition of land use, step up efforts to promote
intensive utilization of industrial land utilization, formulate the local index for industrial projects construction land control
on the premise of conformity with the requirements of Controlling Index and file with the Ministry for record.

IV.

The Ministry will appropriately revise Controlling Index according to social and economic development, technological advancement,
requirements of intensive land use and the enforcement of Controlling Index.

The Controlling Index for Industrial Project Construction Land Utilization (for Trial Implementation)

The controlling index for industrial projects construction land (hereinafter referred to as Controlling Index) are formulated to
carry out the basic national policy of treasuring land, rational utilization of land and cultivated land protection, to promote the
intensive utilization and optimum distribution of construction land and improve administration level of industrial projects construction
land.

II.

The Controlling Index is controlling criteria for an industrial project or individual project or its supporting projects in land
use

III.

The Controlling Index is significant norms by which administration departments of land and resources confirm industrial projects
land utilization scale in the stage of pre-examining and examining and approving construction land utilization, and crucial basis
for industrial enterprises and designing entities to establish industrial projects feasible study report and preliminary designing
documents

Where there is index formulated by the state concerning relevant engineering project construction land utilization in an industry
that the industrial project is subject to, it shall be used in conjunction with the present controlling index.

IV.

The Controlling Index is composed of investment intensity, capacity ratio, construction quotiety, and proportion of administrative
office land and social amenities land. Industrial projects construction land utilization must meet the four indexes simultaneously.

Investment intensity shall meet the provision in table 1;

Capacity ratio shall meet the provision in table 2;

Construction quotiety shall not be lower than 30%; and

The acreage of land of administration and social amenities necessary to industrial projects shall not exceed a maximum of 7% of total
acreage of industrial projects land utilization. The building of non-productive accommodations such as residences, expert building,
hotels, hostels and training centers etc. is strictly prohibited.

Industrial projects construction shall adopt advanced production technology and facilities, shorten technological processes and economize
utilization of land. Industrial projects shall be established in standard multistory industrial building production if adapted, and
no land is supplied separately in principle.

VI.

Industrial projects construction shall strictly control afforestation percentage in production area. In industrial development zone
or industrial projects land, no garden-like factory is permitted.

VII.

This Controlling Index is composed of four parts, i.e. text, Application Introduction of Controlling Index (Appendix 1), City Grade
Division (Appendix 2) and Notes on the Classification of National Economic Industries (Appendix 3).

VIII.

The controlling index shall apply to newly-built industrial projects and mutatis mutandis to reconstruction and expansion industrial
projects.

Regional Categories

Industry Code

Category
1

Category
2

Category 3

Category 4

Category 5

Category
5

Category 7

Grade of City and County

Grade1,2,3,4

Grade 5,6

Grade 7,8

Grade 9,10

Grade 11,

Grade 13,

Grade 15

680

350

680

350

680

350

680

350

680

350

680

350

680

350

080

575

260

680

350

250

800

305

680

350

250

800

305

250

800

305

375

700

965

350

ANNOUNCEMENT OF MINISTRY OF COMMERCE ON PROMULGATION OF LISTS OF WASTE MATERIALS THAT CAN BE USED AS RAW MATERIAL UNDER THE IMPORT RESTRICTION (THE THIRD BATCH)

Ministry of Commerce

Announcement of Ministry of Commerce on Promulgation of Lists of Waste Materials that Can Be Used as Raw Material under the Import
Restriction (the third batch)

[2004] No.66

November 22, 2004

In accordance with the Laws of the People’s Republic of China on Prevention of Solid Waste Pollution and the Import and Export Administrative
Regulations of the People’s Republic of China, the Lists of Waste Materials that Can Be Used as Raw Material under the Import Restriction
(the third batch) is now announced as follows, which will take effect on January 1, 2005.

Appendix: Lists of Waste Materials that Can Be Used as Raw Material under the Import Restriction (the third batch) htm/e03761.htmNew Page 1

Appendix:

Lists of Waste Materials that Can Be Used as Raw Material under the Import Restriction (the third batch)

No.	Commodity Code	Name of Waste Materials Remark
1	8101,9700	waste bits of tungsten
2	8101,9700	waste bits of magnesium
3	8108,3000	waste bits of titanium
4	6310,1000,10	sorted macerated fabrics made of new or unused textile materials (including waste thread, line, rope, cable and related products)
5	6310,9000,10	other macerated fabrics made of new or unused textile materials (including waste thread, line, rope, cable and related products)

MEASURES FOR THE ADMINISTRATION OF LICENSES FOR THE IMPORT OF GOODS

e012872004121020050101the Ministry of CommerceOrder of the Ministry of Commerce of the People’s Republic of ChinaNo.27The Measures for the Administration of Licenses for the Import of Goods, which were adopted at the 17th executive meeting of the Ministry
of Commerce on December 9th, 2004, are hereby promulgated and shall go into effect as of January 1st, 2005.Minister of the Ministry of Commerce Bo XilaiDecember 10, 2004epdf/e03862.pdfA5,P2goods, licenses for the import, catalogue for goods, catalogue for graded license issuance, quota license, application documents,
basis for issuance of license, sign and issue, period of validitye03862Measures for the Administration of Licenses for the Import of GoodsChapter I General ProvisionsArticle 1 With a view to regulating the administration on the import licenses, maintaining the order of import of goods and promoting the healthy
development of foreign trade, the present Measures are formulated in accordance with the provisions of the Foreign Trade Law of the
People’s Republic of China and the Ordinance of the People’s Republic of China on the Administration of Import and Export of Goods.Article 2 The State shall implement the uniform system of licenses for the import of goods. And for goods under import restriction, the State
shall apply the import license administrationArticle 3 The Ministry of Commerce shall be the department of centralized administration of import licenses of the whole country, and shall
be responsible for formulating the rules and regulations on the administration of import licenses, supervising and inspecting the
enforcement of the measures for the administration of import licenses and punishing the rule-breaking acts.The Ministry of Commerce shall, together with the General Administration of the Customs, formulate, regulate and promulgate the annual
Catalogue for Goods Subject to the Administration of Import Licenses. The Ministry of Commerce shall be responsible for formulating,
regulating and promulgating the annual Catalogue for Graded License Issuance of Goods Subject to the Administration of Import Licenses.The Catalogue for Goods Subject to the Administration of Import Licenses and the Catalogue for Graded License Issuance of Goods Subject
to the Administration of Import Licenses shall be promulgated by the Ministry of Commerce in the form of public notice.Article 4 The Ministry of Commerce shall authorize the Quota License Affaires Bureau (hereinafter referred to as the License Bureau) to be in
uniform charge and guide the work for the issuance of import licenses by the license-issuing agencies of the whole country. The License
Bureau shall be responsible to the Ministry of Commerce.Article 5 The License Bureau, the special commissioner’s offices of the Ministry of Commerce in all localities (hereafter referred to as the
local special commissioner’s offices) and the commerce offices or bureaus and the commissions, offices or bureaus of foreign trade
and economic cooperation of all the provinces, autonomous regions, municipalities directly under the Central Government, cities directly
under state planning and other provincial capital cities authorized by the Ministry of Commerce (hereafter referred to as the local
license issuing agencies) shall be the import license issuing agencies, which shall, under the uniform administration of the License
Bureau, be responsible for the work of issuance of licenses within their respective authorized purview.Article 6 The import license shall be a legal warrant on basis of which the state administers the import of goods. A foreign trade operator
(hereinafter referred to as the operator) shall apply for the import license as required to the designated license-issuing agency
for those goods subject to the administration of import license before the import, unless it is otherwise specified by the State.
And the customs shall accept the application and release the goods on the basis of the import license.Article 7 The import license shall apply to the import of goods within the Catalogue for Goods Subject to the Administration of Import Licenses.Article 8 No import licenses may be sold, transferred, altered, forged or changed.Chapter II Application Documents To Be Submitted for Import LicensesArticle 9 The operator shall carefully fill in the application form for import license according to the facts when applying for an import license,
and stamp on it with his seal.Article 10 The operator shall submit the documents of approval for import and the relevant documents as prescribed in the “Basis for Issuance
of Import Licenses” of Chapter III of the present Measures to the license issuing agency in the light of the conditions of import
of goods.Article 11 The operator shall submit the qualified Enterprise Juridical Person Registration Business License after annual examination, and the
Form for Archival Filing and Registration of Foreign Trade Operators with the special seal for archival filing and registration of
the foreign trade operator, or the qualification certificate of import and export enterprises. If the operator is a foreign-funded
enterprise, it shall also submit the certificate of approval for a foreign-funded enterprise. If the goods to be imported fall within
the scope of state-owned trade or there are other requirements of qualification administration on them by the State, the relevant
documents of the Ministry of Commerce or of the relevant departments shall also be offered.Chapter III Basis for Issuance of Import LicensesArticle 12 Every license-issuing agency shall issue import licenses in accordance with the following provisions and on the basis of the scope
as prescribed in the Catalogue for Goods Subject to the Administration of Import Licenses and the Catalogue for Graded License Issuance
of Goods Subject to the Administration of Import Licenses as formulated by the Ministry of Commerce:1.For the chemical products under supervision and control, the license-issuing agency shall issue the import license on the strength
of the Ratification Form for the Import of Chemicals under Supervision and Control as approved by the Office of the State Leading
Group for Performance of the Convention on Chemical Weapons and the import contract (a photocopy of the original).2.For the chemicals liable to producing narcotic drugs, the license-issuing agency shall issue the import license on the strength of
the Reply on Import of Chemicals Liable to Producing Narcotic Drugs of the Ministry of Commerce;3.For the ozonosphere-consuming materials, the license-issuing agency shall issue the import license on the strength of the Form for
Examination and Approval of the Import of Ozonosphere-Consuming Materials under Control as approved by the State Office of the Administration
of Import and Export of Ozonosphere-Consuming Materials. And4.For other commodities whose import is restricted according to the provisions of any law or any administrative regulation, the license-issuing
agency shall issue the import license in light of the licensing documents issued by the competent department of commerce of the State
Council or by the competent department of commerce of the State Council together with other relevant departments.Article 13 For the import of chemicals under supervision and control, chemicals liable to producing narcotic drugs and ozonosphere-consuming
materialsin processing trade, which are subject to the administration of import licenses, the license-issuing agency shall cope with
it respectively according to the provisions of paragraph 1, paragraph 2, and paragraph 3 of Article 12 .Article 14 If a foreign-funded enterprise imports chemicals under supervision and control, chemicals liable to producing narcotic drugs and ozonosphere-consuming
materials subject to the administration of import licenses, the license-issuing agency shall cope with it respectively according
to the provisions of paragraph 1, paragraph 2, and paragraph 3 of Article 12 .Article 15 When applying for an import license, the operator shall make application according to the facts pursuant to the present Measures,
and may not make falsification or cheat to receive the import license by means of fake documents or fake contract.Chapter IV Issuance of Import LicensesArticle 16 The license-issuing agency shall issue the import licenses for the relevant commodities strictly in accordance with the annual Catalogue
for Goods Subject to the Administration of Import Licenses and the Catalogue for Graded License Issuance of Goods Subject to the
Administration of Import Licenses as promulgated by the Ministry of Commerce. When importing commodities in the Catalogue for Goods
Subject to the Administration of Import Licenses, the operator shall apply for an import license to the license-issuing agency as
designated in the Catalogue for Graded License Issuance of Goods Subject to the Administration of Import Licenses.Article 17 Every license-issuing agency shall issue import licenses in light of the basis for license issuance of Chapter III of the present
Measures, and may not issue any import license by exceeding his authority or exceeding the scope of license issuance.Article 18 The administration on import license shall apply the administration of “one license for one customs house”. Generally, an import license
shall apply “one batch, one license”. Where “non-one batch, one license” is to be applied, the words “non-one batch, one license”
shall be printed in the remark column of the import license.The “one license for one customs house” shall mean that one import license may only be declared at one customs house; the “one batch,
one license” shall mean that one import license may be used in customs declaration only once within the period of validity; the “non-one
batch, one license” shall mean that one import license may be used for many times in customs declaration within the period of validity
but not more than 12 times at most, and the customs shall endorse in the “endorsement column of customs examination and release”
on the back of the license to verify and reduce the import quantities batch by batch.For the import of large amount of goods in bulk subject to license administration, the amount of overload shall be dealt with in pursuance
of the international trade convention, that is, the amount of overloaded large amount of goods in bulk declared to the customs for
import shall not exceed 5% of the amount of import as listed in the import license. Those large amount of goods in bulk not subject
to the system of “one batch, one license” shall be verified and deducted in light of the actual import amount after verifying while
importing every batch of the goods. When the last batch of goods are imported, their overloaded amount shall be calculated based
on the actual remaining amount of the license and within 5% above the upper limit of the overload.When issuing the licenses for the import of goods of this kind, the license-issuing agency shall issue the license strictly according
to the amount of import quota and the amount as checked by the approval documents, verify and deduct the amount of quota in pursuance
of the actual issuance amount in the license, and shall not issue the license pursuant to the amount of import quota or the amount
checked by the approval documents plus the overloaded amount as permitted by the international trade convention.Article 19 If an application meets the requirements, the license-issuing agency shall issue the import license within 3 workdays as of the date
of receiving the application. Under special circumstances, it shall not exceed ten workdays at most.Chapter V The Periods of Validity of Import LicensesArticle 20 The period of validity of an import license shall be one year.1.The import license shall be issued within the period of validity as prescribed by the approval documents of the administrative department
of import.2.The import license shall be effective at the current year. Where it is necessary to be used in the crossing years, the period of validity
shall not at most exceed March 31st of the next year; and3.The import license shall be used within the period of validity. Where the time limit of validity expires, it will be invalid automatically,
and the customs shall not release the goods.Article 21 Where an import license fails to be used within the period of validity due to some reasons, the operator shall apply for extension
to the original license-issuing agency within the period of validity. The license-issuing agency shall take back the original license,
and reissue an import license after writing off the original license in the computer management system of the import and export licenses,
and indicate in the remark column the extended use and the number of the original license.Where an import license fails to be fully used within the period of validity due to some reasons, the operator shall apply for extension
of the part unused to the original license-issuing agency within the period of validity. The license-issuing agency shall take back
the original license, cancel the quantity that has been used after verification of the original license in the license issuance system,
and then reissue an import license and indicate in the remark column the extended use and the number of the original license.An import license may only be extended for once, and the period of extension shall not exceed three months at most.Where an application for extension fails to be filed within the period of validity of an import license, the import license shall
be invalidated automatically, and the license-issuing agency shall not accept the application for extension of the license. The import
license shall be regarded as being given up automatically by the holder.Article 22 Once an import license is issued, no one may alter its contents in the surface of the license without permission. Where it is necessary
to alter it, the operator shall file an application for alteration within the period of validity of the license, and return the license
to the original license-issuing agency that shall then change and reissue the license.If the alteration of a license involves the operator, tax number, amount, sum of money, price, original place for production, import
usage, sources of foreign exchange, ways of trade, declaration port of the import commodity and etc., and the original approval organ
has corresponding restrictions, the operator shall provide the approval documents for alteration by the original approval organ.Article 23 In case an import license received is lost, the operator shall report the loss in written form to the customs house at the place of
the import port as indicated in the surface of the license and the relevant license-issuing agency, announce cancellation of the
license, and shall report the case to the public security organ in time. The license-issuing agency may revoke the original import
license and issue a new license after receiving the report of such loss from the operator and verifying that the license has really
been not used for passing through the customs.Article 24 Where such entities as the customs, industry and commerce, public security, disciplinary inspection and the court need to inquire
or investigate about any import license to any license-issuing agency, it shall show the relevant certificates according to law,
and the license-issuing agency shall accept the inquiry.Article 25 Where the license-issuing agency is adjusted for any commodity subject to the administration of import licenses, the former license-issuing
agency shall not reissue the import license for this commodity as of the date of such adjustment, and shall report the conditions
of application of the operator before adjustment to the license-issuing agency. The license applied for and received by the operator
before the adjustment shall be effective continuously within the period of validity. If the import license is not used or not fully
used within the period of validity, the operator shall go through formalities for extension at the license-issuing agency after adjustment.Chapter VI Inspection and PunishmentArticle 26 The Ministry of Commerce shall authorize the License Bureau to make regular inspections on every license-issuing agency. The inspection
shall include the conditions of the implementation of the present Measures by the license-issuing agency, and shall focus on whether
there are such acts in violation of regulations as issuing license by exceeding his authority or grades or without approval documents
for certificate issuance. The method combining regular or irregular self-inspection of each license-issuing agency with the spot
check of the License Bureau shall be applied as the ways of inspection. The License Bureau shall report the inspection conditions
to the Ministry of Commerce.Article 27 Every license-issuing agency shall transmit the data on license issuance in time pursuant to the provisions of the Ministry of Commerce
on online checking of licenses, so as to ensure that the operator may apply to the customs successfully and ensure the checking of
the customs. It shall carefully check up the checked data fed back by the customs, and inspect the conditions for the use of the
license and find out the current problems. The License Bureau shall report regularly the checked data checked and fed back by the
customs to the Ministry of Commerce.Article 28 The import license, which is issued by exceeding the authority or grades or without effective approval documents, shall be invalid.
If any license-issuing agency violates the provisions, the Ministry of Commerce shall give it warnings, suspend or cancel its authority
to issue licenses in light of the circumstances.Article 29 Where anyone has received an import license by fraud or other improper means in violation of the present Measures, the import license
shall be taken over according to law. And the Ministry of Commerce shall not accept the application of the violator for import licenses
within three years, or prohibit the violator from undertaking the relevant business activities of import of goods within the period
of one to three years.Article 30 Where anyone forges, alters or purchases any import license, he shall be subject to criminal liabilities in accordance with the provisions
of the Criminal Law on the crime of illegal management or the crime of forging, altering or purchasing the documents, certificates
and seals of the state organ. If the circumstance is not serious enough to be subject to criminal punishment, a punishment shall
be given according to the relevant provisions of the Customs Law. And the Ministry of Commerce may prohibit the violator from undertaking
the relevant business activities of import of goods within the time limit of one to three years.Article 31 The Ministry of Commerce shall take over or revoke the import licenses involved in Articles 28, 29 and 30 once it confirms the fact
after investigation. For issues concerning the aforesaid licenses, which are discovered by the customs during the process of actual
supervision or case handling, the license-issuing agency shall give clear reply and positive cooperation.Article 32 Where any staff member of a license-issuing agency has any act in violation of regulations, which does not constitute a crime, he
shall be transferred from his post and be subject to administrative punishment respectively according to the circumstances. If a
crime is constituted, he shall be transferred to the department of justice and subject to criminal liabilities.Chapter VII Supplementary ProvisionsArticle 33 Where there are otherwise provisions in laws and administrative regulations on the administration of import goods in bonded warehouses,
bonded zones and export processing zones, those provisions shall prevail.Article 34 The power to interpret the present Measures shall remain with the Ministry of Commerce.Article 35 The present Measures shall go into effect as of January 1st, 2005. The Measures for the Administration of Licenses for the Import
of Goods (Order No.22 [2001] of the Ministry of Foreign Trade and Economic Cooperation) as printed and distributed by the former
Ministry of Foreign Trade and Economic Cooperation shall be abolished simultaneously.

the Ministry of Commerce
2004-12-10

1...101112...29 Page 11 of 29

Brazilian Laws

CONSTITUTIONAL AMENDMENTS part 4 – 1988 Constitution

CONSTITUTIONAL AMENDMENTS part 3 – 1988 Constitution

INTERIM MEASURES FOR THE CONTROL OF OVERSEAS USE OF INSURANCE-RELATED FOREIGN EXCHANGE FUNDS

MEASURES FOR THE ADMINISTRATION OF EXAMINATION AND APPROVAL OF RADIO STATIONS AND TELEVISION STATIONS

NEGOTIABLE INSTRUMENTS LAW OF THE PEOPLE’S REPUBLIC OF CHINA (2004 REVISION)

REGULATION OF NATIONAL ECONOMIC CENSUS

MEASURES FOR THE ADMINISTRATION OF POST-HOLDING OF SENIOR MANAGERS OF SECURITIES INVESTMENT FUND INDUSTRY

MEASURES FOR THE ADMINISTRATION OF SENIOR MANAGERS OF SECURITIES COMPANIES

CIRCULAR OF MOFCOM, MOF, MOA, PBOC, SAT, GAQSIQ, AND CAA ON PRINTING AND ISSUING THE INSTRUCTIONAL OPINIONS CONCERNING THE EXPANSION OF AGRICULTURAL PRODUCTS EXPORT

CIRCULAR OF THE MINISTRY OF LAND AND RESOURCES ON PROMULGATING AND IMPLEMENTING CONTROLLING INDEX FOR INDUSTRIAL PROJECTS CONSTRUCTION LAND UTILIZATION (FOR TRIAL IMPLEMENTATION)

ANNOUNCEMENT OF MINISTRY OF COMMERCE ON PROMULGATION OF LISTS OF WASTE MATERIALS THAT CAN BE USED AS RAW MATERIAL UNDER THE IMPORT RESTRICTION (THE THIRD BATCH)

MEASURES FOR THE ADMINISTRATION OF LICENSES FOR THE IMPORT OF GOODS

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