MEASURES FOR THE SUPERVISION OVER AND ADMINISTRATION OF PHARMACEUTICAL PRODUCTION

State Food and Drug Administration

Order of the State Food and Drug Administration

No.16

The Measures for the Supervision over and Administration of Pharmaceutical Production, deliberated and adopted at the executive meeting
of the State Food and Drug Administration on May 28th 2004, is hereby promulgated, and shall be implemented as of the date of promulgation.

Zheng Xiaoyu, Director General of the State Food and Drug Administration

August 5th, 2004

Measures for the Supervision over and Administration of Pharmaceutical Production

Chapter I General Provisions

Article 1

With a view to strengthening the supervision over and administration of pharmaceutical production, the present Measures are formulated
pursuant to the Pharmaceutical Administration Law of the People’s Republic of China, Regulation on the Implementation of the Pharmaceutical
Administration Law of the People’s Republic of China (hereinafter referred to as the Pharmaceutical Administration Law, Regulation
on the Implementation of the Pharmaceutical Administration Law).

Article 2

The supervision over and administration of pharmaceutical production shall refer to the activities of the food and drug supervision
and administration departments who make examination, licensing, supervision and inspection on pharmaceutical production conditions
and process and other administrative activities.

Article 3

The State Food and Drug Administration shall be in charge of the work of supervision over and administration of pharmaceutical production
nationwide. The food and drug supervision and administration department of the provinces, autonomous regions, and municipalities
directly under the Central Government are responsible for the supervision over and administration of pharmaceutical production within
their own administrative regions.

Chapter II Application for and Examination and Approval of Launching Pharmaceutical Production Enterprises

Article 4

When launching a pharmaceutical production enterprise, the following conditions shall also be satisfied in addition to meeting the
pharmaceutical industry development plan and industrial policies of the state:

Having technicians in pharmacology, engineers and technicians and corresponding technical workers whose qualifications have been certified;
and the legal representative or responsible person of the enterprise and the person in charge of quality having no circumstances
as stipulated in Article 76 of the Pharmaceutical Administration Law;

Having workshops, facilities and sanitation environment fitting in with pharmaceutical production;

Having institutions, personnel that are able to make quality control of and inspection on the pharmaceuticals produced, and necessary
apparatus and equipment; and

Having regulations that can ensure the pharmaceutical quality.

Where the relevant state laws and regulations have different provisions on the production of narcotic pharmaceuticals, psychotropic
pharmaceuticals, toxic pharmaceuticals for medical treatment use, radioactive pharmaceuticals, precursor chemicals of the pharmaceutical
category, etc., those provisions shall apply.

Article 5

Any applicant, who intends to launch a pharmaceutical production enterprise, shall file an application to the food and drug supervision
and administration department of the province, autonomous region, or municipality directly under the Central Government at his/its
locality, and submit the following documents:

Basic information of the applicant and the pertinent certificate documents;

Basic conditions of the enterprise to be launched, including the name of the enterprise to be launched, varieties of production, type
of medicament, equipment, technics and throughput; statements on the site of the enterprise, environment around the sites, and infrastructures,
etc., as well as the statements on investment scale and other conditions;

Notice of pre-approval on the name of the enterprise to be launched issued by the department of industry and commerce administration,
production address and registration address, type of the enterprise, legal representative or responsible person of the enterprise;

Plan of the organizations of the enterprise to be launched (indicating the functions of each sector and their correlations, responsible
person of each sector);

Resumes, educational backgrounds and post_title certificates of the legal representative, responsible person of the enterprise to be launched
and the responsible person of each sector of the enterprise; registration form for the technicians of pharmacology and relevant professionals,
engineers and technicians, technical workers whose qualifications have been certified ipso jure with the indication of the sectors
and posts they are in; the proportion statement of the senior, medium and preliminary technicians;

The map for the environment around the enterprise to be launched, general plane figure, storage plane figure, plane figure of quality
inspection place;

Plan for the arrangement of production technics of the enterprise (including dressing room, water closet, passage for stream of people
and material circulation, and air brake, etc., and indicating the flowing direction of the people and materials and the grade of
air cleanliness factor), plan of the blow, return and ventilation of air cleansing system, and the plan for arrangement of technics
and equipment;

The scope, type of medicament, varieties, quality standard and basis of the pharmaceuticals to be produced;

The technical flow chart of the type of medicament and varieties of pharmaceuticals to be produced, with the major quality reference
points and items indicated;

10.

General situation on the validation of air cleansing system, water treatment system and the major equipment; conditions of checkout
of the production and inspection apparatus, instruments, and weighing apparatus;

11.

Lists of major production equipment and inspection apparatus; and

12.

Contents of documents on the production management and quality control of the enterprise to be launched.

The applicant shall be responsible for the truthfulness of all the contents of the application documents.

Article 6

Where a pharmaceutical production enterprise divides part of the production workshops and forms an independent pharmaceutical production
enterprise, it shall handle the Pharmaceutical Production License in conformity with the provisions of Articles 4 and 5 of the present
Measures.

Article 7

The food and drug supervision and administration departments of the provinces, autonomous regions, and municipalities directly under
the Central Government shall, after receiving the application, make handling in accordance with the following circumstances respectively:

Where the matters applied for do not fall within the scope of functions and powers of the corresponding department ipso jure, the
department shall make decision on not accepting it, and notify the applicant to apply to the relevant administrative department;

Where the application documents have mistakes that can be corrected on the spot, the applicant shall be allowed to correct on the
spot;

Where the application documents are incomplete or do not comply with the requirements for the examination on the format, the department
shall issue the Notice on Supplementing and Correcting the Documents to the applicant on the spot or within 5 workdays, and notify
the applicant of all the contents to be supplemented and corrected. If it fails to notify within the time limit, the date of acceptance
shall be the date when the department has received the application documents; and

If the application documents are complete and comply with the examination requirements, or the applicant has submitted all the supplementary
documents as required, the application shall be accepted.

Where any food and drug supervision and administration department of the provinces, autonomous regions, and municipalities directly
under the Central Government accepts or does not accept the application for the establishment of the pharmaceutical production enterprise,
it shall issue a Notice of Acceptance or Notice of Not Acceptance, which is sealed by the special seal of the corresponding department
and indicated with the date thereof.

Article 8

The food and drug supervision and administration department of the provinces, autonomous regions, and municipalities directly under
the Central Government shall make a decision within 30 workdays after the application is accepted.

If the application fulfills the requirements after examination, the department shall grant approval, and verify and issue the Pharmaceutical
Production License within 10 workdays as of the date when the decision on written approval has been made. If the application does
not fulfill the requirements, the department shall make a written decision on not approval, and explain the reasons, meanwhile notify
the applicant of his right to apply for administrative reconsideration or institute an administrative proceeding ipso jure.

Article 9

In case of launching a new pharmaceutical production enterprise, or a pharmaceutical production enterprise builds a new pharmaceutical
production workshop or newly adds production form of prepared pharmaceuticals, the enterprise shall file an application for certification
of Pharmaceutical Production Quality Control Criterions to the corresponding food and drug supervision and administration department
in accordance with the provisions of the State Food and Drug Administration within 30 days as of the date of obtaining pharmaceutical
production certificate documents or as of the date when it is approved to make production officially.

Article 10

The food and drug supervision and administration department of the provinces, autonomous regions, and municipalities directly under
the Central Government shall make a public notice on the website or at the office place of the administrative department on the conditions,
procedures and time limit for applying for the Pharmaceutical Production License, the whole documents to be submitted and the model
text of the application letter, etc.

The food and drug supervision and administration department of the provinces, autonomous regions, and municipalities directly under
the Central Government shall open the relevant information on the issuance of Pharmaceutical Production License. The general public
shall be enpost_titled to consult.

Article 11

The food and drug supervision and administration department of the provinces, autonomous regions, and municipalities directly under
the Central Government shall make an announcement on the process and result of examination and approval when making examination on
the application of the pharmaceutical production enterprise. The applicant and the interested parties may submit written opinions
to make statements and defense on the matters directly pertaining to their major interests.

Article 12

Where the application for the establishment of any pharmaceutical production enterprise directly involves major interest relations
between the applicant and others, the food and drug supervision and administration department of the provinces, autonomous regions,
and municipalities directly under the Central Government shall notify the applicant and the interested parties that they may enjoy
the right to apply for hearing pursuant to laws and regulations and other provisions of State Food and Drug Administration. When
making examination on the application for establishment of pharmaceutical production enterprises, the food and drug supervision and
administration department of the provinces, autonomous regions, and municipalities directly under the Central Government shall make
an announcement to the society on the major licensing matters concerning the public interests, and hold hearings.

Chapter III Administration on Pharmaceutical Production License

Article 13

The Pharmaceutical Production License shall have the original copy and the duplicate, the duplicate shall possess the same legal effect
as the original one, and the period of validity shall be five years.

The Pharmaceutical Production License shall be printed exclusively by the State Food and Drug Administration.

Article 14

The Pharmaceutical Production License shall bear the serial number of the License, name of the enterprise, legal representative, enterprise
type, registration address, production address, production scope, license issuing organ, date for license issuance, period of validity,
and other items, etc.. Among them the licensing matters that are subject to the approval of the food and drug supervision and administration
department shall be: responsible person of the enterprise, scope of production, and production address.

Such items as the name of the enterprise, legal representative, registration address, and enterprise type shall conform to the relevant
contents as specified in the business license issued by the administrative department for industry and commerce.The name of an enterprise
shall follow the principle of classified administration of pharmaceutical production enterprises. The production address shall be
filled in according to the actual pharmaceutical production address. The serial number of the License and the production scope shall
be filled in according to the methods and classes as stipulated by the State Food and Drug Administration.

Article 15

The alteration of Pharmaceutical Production License shall cover the alteration of the licensing matters and alteration of registration
matters.

The alteration of licensing matters shall refer to the alteration of the responsible person of the enterprise, production scope and
production address.

The alteration of the registration matters shall refer to the alteration of the matters as listed in paragraph 2 of Article 14 of
the present Measures.

Article 16

Where a pharmaceutical production enterprise alters the licensing matters in the Pharmaceutical Production License, it shall file
an alteration application to the original license issuing organ 30 days prior to the occurrence of alteration of the original licensing
matters. No enterprise may alter the licensing matters at will without authorization.

The original license-issuing organ shall make a decision on whether to approve the alteration or not within 15 workdays as of the
date when the application for alteration of an enterprise is received. If it does not grant the alteration, it shall explain the
reason in writing, and notify the applicant of his/its rights to apply for administrative reconsideration or to institute an administrative
proceeding ipso jure.

In case of alteration of production scope or production address, a pharmaceutical production enterprise shall submit the relevant
documents pertaining to the contents of alteration as stipulated in Article 5 of the present Measures, and report to the food and
drug supervision and administration department of the province, autonomous region, and municipality directly under the Central Government
at its locality for examination and determination.

After a pharmaceutical production enterprise has gone through formalities for alteration of licensing matters in the Pharmaceutical
Production License, it shall handle formalities for the alteration of the enterprise registration to the administrative department
for industry and commerce in time.

Article 17

Where a pharmaceutical production enterprise alters the registration matters in the Pharmaceutical Production License, it shall apply
for alteration registration on Pharmaceutical Production License to the original license issuing organ within 30 days after the alteration
is approved by the administrative department for industry and commerce.

Article 18

After the alteration of the Pharmaceutical Production License, the original license issuing organ shall record the contents and time
of alteration on the duplicate of the Pharmaceutical Production License, and reissue the original copy of the Pharmaceutical Production
License in accordance with the contents altered, and take back the former original copy of the Pharmaceutical Production License.
The period of validity of the Pharmaceutical Production License shall remain unchanged.

Article 19

Where the period of validity of the Pharmaceutical Production License expires and it is necessary to continue to produce pharmaceuticals,
the pharmaceutical production enterprise shall file an application for changing of the Pharmaceutical Production License to the original
license issuing organ 6 months prior to the expiry of the period of validity.

The original license issuing organ shall, in combination with the situations of the enterprises on their observance of laws and regulations,
and the Pharmaceutical Production Quality Control Criterions and operation of quality system, make examination on the procedures
and requirements for the establishment of pharmaceutical production enterprises as prescribed by the present Measures, and make decision
on whether to grant the change of the Pharmaceutical Production License or not before the expiry of the period of validity. In case
the requirements are fulfilled and the change of license is granted, the original license shall be taken back, and a new license
shall be issued. If the requirements are not fulfilled, the organ shall make a decision in writing on not granting the change of
license, and explain the reason, meanwhile, notify the applicant of his/its rights to file application for administrative reconsideration
or constitute an administrative proceeding ipso jure. In case the organ fails to make decision within the prescribed time limit,
it shall be deemed as agreeing to the change of license, and go through the corresponding due formalities.

Article 20

Where a pharmaceutical production enterprise terminates pharmaceutical production or is closed, the original license issuing organ
shall revoke its Pharmaceutical Production License, and notify the administrative department for industry and commerce.

Article 21

Where the Pharmaceutical Production License is lost, the pharmaceutical production enterprise shall file an application to the original
license issuing organ for reissue, and publish a lost license statement in the media designated by the original license issuing organ,
who shall then reissue the Pharmaceutical Production License within 10 workdays in accordance with the original approval matters
at the date when the enterprise has published the loss license statement for one full month.

Article 22

No entity or individual may forge, alter, sell or purchase, lease, or lend Pharmaceutical Production License.

Article 23

The food and drug supervision and administration department of the provinces, autonomous regions, and municipalities directly under
the Central Government shall report to and put on archives the issuance, change, alteration, reissue, revocation, withdrawal and
capture, writing off of the Pharmaceutical Production License to the State Food and Drug Administration within 20 workdays after
completing the work for the handling them.

Chapter IV Administration on Production of Pharmaceuticals by Entrustment

Article 24

The entrusting party of pharmaceutical production by entrustment shall be the pharmaceutical production enterprise that has obtained
the registered number of approval for the pharmaceutical.

Article 25

The entrusted party of pharmaceutical production by entrustment shall be the pharmaceutical production enterprise that has the certification
certificate of Pharmaceutical Production Quality Control Criterions corresponding with the production conditions of such pharmaceuticals.

Article 26

The entrusting party shall be responsible for the quality and sale of the pharmaceuticals produced through entrustment. The entrusting
party shall make scrutiny on the production conditions, production technical level and quality control status of the entrusted party,
and shall provide the technology and quality documents to the entrusted party on pharmaceuticals produced through entrustment, and
make guidance to and supervision over the whole process of production.

The entrusted party shall make production in accordance with the Pharmaceutical Production Quality Control Criterions and keep all
the documents and records on the production through entrustment as required.

Article 27

The two parties of pharmaceutical production through entrustment shall sign a contract. The contents of the contract shall include
the rights and obligations of both parties, and stipulate the rights and obligations of the two parties in the technology, quality
control and other aspects of the pharmaceutical production through entrustment, and shall abide by the relevant pharmaceutical administrative
laws and regulations of the state.

Article 28

The application for the production of injections, biological products (with an exception of bacterin products, and blood products)
and for the trans-province, trans-autonomous region, and trans-municipality pharmaceuticals production through entrustment shall
be accepted and subject to the examination and approval of the State Food and Drug Administration.

The bacterin products, blood products and other pharmaceuticals as provided for by the State Food and Drug Administration may not
be produced through entrustment.

The production of narcotic pharmaceuticals, psychotropic pharmaceuticals, toxic pharmaceuticals for medical treatment use, radioactive
pharmaceuticals, precursor chemicals of the pharmaceutical category through entrustment shall be conducted according to the relevant
laws and regulations.

Article 29

The application for the production through entrustment of other pharmaceuticals which are not included in Article 28 of the present
Measures shall be accepted by and subject to the examination and approval of the food and drug supervision and administrative department
of the provinces, autonomous regions, and municipalities directly under the Central Government at the locality of both parties of
the production through entrustment.

Article 30

Where a pharmaceutical is produced through entrustment, the entrusting party shall file an application to the State Food and Drug
Administration or the food and drug supervision and administration department of the provinces, autonomous regions, or municipalities
directly under the Central Government, and submit the application documents as stipulated in Article 34 of the present Measures.
The food and drug supervision and administration department shall accept it by referring to the provisions of Article 7 of the present
Measures.

Article 31

The food and drug supervision and administration department that accepts the application shall, within 20 workdays as of the date
of accepting the application, make examination on the application for pharmaceutical production through entrustment in conformity
with the conditions as prescribed by the present Chapter, and make decisions on it. In case it cannot make decisions within 20 workdays,
it may extend 10 workdays upon the approval of the responsible person of its own department, and notify the entrusting party of the
reasons for the extension.

Where, after examination, the application fulfills the requirements, an approval shall be granted, and the entrusting party shall
be issued the Document of Approval for Pharmaceutical Production through Entrustment within 10 workdays as of the date when the decision
on written approval has been made. In case it does not fulfill the requirements, the department shall notify the entrusting party
in writing and state the reason, and meanwhile notify the entrusting party of its right to apply for administrative reconsideration
or to institute an administrative proceeding ipso jure.

Article 32

The period of validity of the Documents of Approval for Pharmaceutical Production through Entrustment may not exceed two years, and
may not exceed the effective time as prescribed by the certificate documents of approval of the pharmaceutical.

Article 33

Where the period of validity of the Document of Approval of Pharmaceutical Production through Entrustment expires and it is necessary
to continue to produce pharmaceuticals through entrustment, the entrusting party shall submit the relevant documents in conformity
with the provisions of Article 34 of the present Measures, and go through formalities for extension.

Where the contract of production through entrustment terminates, the entrusting party shall go through the formalities for write-off
of the Document of Approval for Pharmaceutical Production through Entrustment in time.

Article 34

Items of application documents for pharmaceutical production through entrustment:

The photocopies of the Pharmaceutical Production License and the business license of the entrusting party and the entrusted party;

Photocopy of the certification certificate of the Pharmaceutical Production Quality Control Criterions of the entrusted party;

The conditions concerning the entrusting party’s examination on the production and quality guaranty conditions of the entrusted party;

Photocopy of the certificate documents of approval for pharmaceutical production through entrustment with the attachments of quality
standard, production technics, and the actual samples of packaging, label, and the instructions;

The pattern of the packaging, label, and the instructions and the color labels to be adopted for the pharmaceutical produced through
entrustment;

Contract of production through entrustment;

The product testing report of three consecutive batches of the products issued by the pharmaceutical testing offices at the level
of province at the locality of the entrusted party. Where of producing biological products through entrustment, the three batches
of samples shall be taken out and sealed up for keeping by the pharmaceutical testing offices at the level of province at the locality
of the entrusted party. And the National Institute for the Control of Pharmaceutical and Biological Products shall be responsible
for the testing and issue the testing report;

The food and drug supervision and administration department of the province, autonomous region, and municipality directly under the
Central Government at the locality of the entrusted party shall put forward opinions on the enterprise technicians, workshops, facilities,
equipment and other production conditions and abilities, and the examination on the quality inspection organs, testing equipment
and other quality guaranty systems.

The items of application documents as required for the application for extension of pharmaceutical production through entrustment:

Photocopies of the Pharmaceutical Production License and business license of the entrusting party and the entrusted party;

Photocopy of the certification certificate of the Pharmaceutical Production Quality Control Criterions of the entrusted party;

Photocopy of the Document of Approval for Pharmaceutical Production through Entrustment approved in the last time;

Summaries of the periods, production and quality conditions of the production through entrustment of the last time; and

Certificate documents on the changes compared with the Document of Approval for Pharmaceutical Production through Entrustment of the
last time.

Article 35

The national pharmaceutical quality standard shall be carried out for the quality standards for pharmaceuticals produced through entrustment,
and the prescriptions, production technics, packaging specifications, labels, instructions for the use, registered number of approval,
etc., shall be in conformity with the contents approved originally. The name, registration address of the entrusting enterprise and
the name and production address of the entrusted enterprise shall be indicated in the packaging, labels, and instructions of the
pharmaceutical produced through entrustment.

Article 36

The food and drug supervision and administration department shall refer to the relevant provisions of Articles 10 through 12 of Chapter
II of the present Measures when making examination on the application for pharmaceutical production through entrustment.

Article 37

Where any pharmaceutical production enterprise accepts the entrustment of any overseas pharmaceutical factory to process pharmaceuticals
within the territory of China, it shall put it on archives at the food and drug supervision and administration department of the
province, autonomous region, and municipality directly under the Central Government at its locality within 30 days after signing
the contract of production through entrustment. The pharmaceuticals processed may not be sold and used in any forms within the territory
of China.

Article 38

The food and drug supervision and administration department of the provinces, autonomous regions, and municipalities directly under
the Central Government shall report the conditions for the approval and archival filing of pharmaceutical production through entrustment
to State Food and Drug Administration.

Chapter V Supervision and Inspection

Article 39

The food and drug supervision and administration department of the provinces, autonomous regions, and municipalities directly under
the Central Government shall be responsible for the supervision over and inspection on pharmaceutical production enterprises within
their own administrative regions, and shall establish an operation mechanism and administration system for the implementation of
supervision and inspection, clarify the functions of supervision over and inspection on food and drug supervision and administration
organs at the level of cities divided into districts and the food and drug supervision and administration organs at the county level.

State Food and Drug Administration may make supervision over and inspection on pharmaceutical production enterprises directly, and
make supervision over and selective examination on the supervision and inspection work of the food and drug supervision and administration
department of the provinces, autonomous regions, and municipalities directly under the Central Government and on the implementation
of the Pharmaceutical Production Quality Control Criterions on the production enterprises that have passed the certification.

Article 40

The major contents of supervision and inspection shall include: conditions concerning the implementation of the relevant laws, regulations
and the implementation of the Pharmaceutical Production Quality Control Criterions. Supervision and inspection includes the on-the-spot
inspection on the change of Pharmaceutical Production License, the follow-up inspection on Pharmaceutical Production Quality Control
Criterions and ordinary supervision and inspection, etc..

Article 41

The food and drug supervision and administration departments at all levels shall formulate inspection plans when organizing supervision
and inspection, clarify inspection standards, and record on-site inspection conditions according to the facts. The ins

INTERIM PROVISIONS ON THE MANAGEMENT OF MONETARY MARKET FUNDS

the China Securities Regulatory Commission, the People’s Bank of China

Notice of the China Securities Regulatory Commission and the People’s Bank of China about Promulgating the Interim Provisions on the
Management of Monetary Market Funds

Zheng Jian Fa [2004] No. 78

The regulatory bureaus of the China Securities Regulatory Commission in all the provinces, autonomous regions, municipalities directly
under the Central Government, and the cities specifically designated in the state plan, all the branches, business management departments,
central sub-branches of provincial capital cities, and central sub-branches of Shenzhen, Dalian, Qingdao, Ningbo and Xiamen of the
People’s Bank of China:

For the purpose of regulating the operations of monetary market funds and protecting the lawful rights and interests of the fund investors,
China Securities Regulatory Commission and People’s Bank of China formulated the Interim Provisions on the Management of Monetary
Market Funds. They are hereby promulgated and take into effect as of the date of promulgation.

China Securities Regulatory Commission

People’s Bank of China

August 16, 2004

Interim Provisions on the Management of Monetary Market Funds

Article 1

For the purpose of promoting the development of securities investment funds (hereinafter refers to SIF), regulating the raising and
operation of monetary market funds and other relevant activities, and protecting the lawful rights and interests of the investors
and other relevant parties, the present Provisions are formulated in light of the Securities Investment Funds Law, the Measures Governing
the Operations of the Securities Investment Funds, the Provisions Governing the Fund Management Companies’ Entry into the Inter-bank
Market and other related provisions.

Article 2

The term of “monetary market funds” as referred to in the present Provisions means the funds merely invested into the monetary market
instruments.

Any fund, whose name contains “money”, “cash”, “flowing”, “ready money”, “short-term bond” or other similar words, shall meet the
relevant requirements of the present Provisions.

Article 3

Monetary market fund shall be invested into the financial instruments as follow:

(1)

Cash;

(2)

Fixed-term bank deposits and lump sum deposit slips within one year (including one year);

(3)

Bonds with a residual maturity not more than 397 days (including 397 days);

(4)

Repurchases of bonds with a residual maturity within one year (including one year);

(5)

Central bank bills within one year (including one year); and

(6)

Other monetary market instruments with good liquidity as acknowledged by the China Securities Regulatory Commission (CSRC) and the
People’s Bank of China (PBC).

Article 4

Any monetary market fund may not be invested in the following financial instruments:

(1)

Stocks;

(2)

Convertible bonds;

(3)

Bonds with a residual maturity more than 397 days;

(4)

Enterprise bonds with a credit rating below AAA; or

(5)

Other financial instruments prohibited by the CSRC and the PBC.

Article 5

The investment combination of monetary market fund shall comply with the following provisions:

(1)

The investments ratio of the short-term enterprise bond issued by the same company shall be within 10% of the net value of the assets
of the fund;

(2)

The ratio of the deposits in the same commercial bank with the fund custodian qualifications shall be within 30 % of the net value
of the assets of the fund; that in the same commercial bank without the fund custodian qualifications shall be within 5 % of the
net value of the assets of the fund;

(3)

The ratio of the balance of the repurchase of bonds from the national inter-bank bond market shall not exceed 40 % of the net value
of the assets of the fund; and

(4)

Other ratio limits provided by the CSRC and the PBC.

Article 6

The average residual maturity of the investment combination of monetary market fund shall not exceed 180 days.

Article 7

Excluding the circumstances as listed below, the residual maturity of a bond in the investment combination of a monetary market fund
means the residual days from the computation date to the maturity date of the bond:

(1)

With regard to a bond with changeable interest rate or floating interest rate on the basis of the market interest rates, if the interest
adjustment frequency is not more than one year, the residual maturity is equal to the remaining period from the computation date
to the next interest adjustment date;

(2)

The residual maturity of a repurchase agreement is equal to the remaining period from the computation date to the date for dealing
of the basic bonds as stipulated in the said agreement; and

(3)

Other circumstances otherwise as provided for by the CBRC.

Article 8

The monetary market fund shall disclose the average residual maturity of the investment combination of SIF in the part of investment
combination of its annual report, semi-annual report and quarterly report.

Article 9

With regard to a monetary market fund for which price-offering is made every day on the basis of par value, in the fund contract,
the way of distribution of yields may be stipulated as re-investment of bonuses, and the distribution of yields shall be conducted
each day.

Article 10

As to monetary market fund for which no purchase or redemption fee is charged, not more than 0.25 % of the fund may be drawn from
the assets thereof as exclusive provision for serving the sellers and holders of this fund. The annual report of the fund shall make
special explanation about the expenses under this provision.

Article 11

A fund management company shall state it clearly in its prospectuses and publicity materials, that an investor’s purchasing monetary
market fund isn’t equivalent to depositing money into a bank or financial institution that accepts deposits, and that it can’t promise
that the fund will make profits, nor does it promise the minimum yields thereof.

Article 12

A monetary market fund shall adopt stable and proper accounting and estimation approaches so as to ensure that the net value of the
assets of the fund can fairly reflect the value of the fund. The accounting approach shall be stipulated in the fund contract, and
its prospective consequences to the fluctuation of the net value of the fund shall be disclosed in the prospectuses.

In case the fund estimation approach as mentioned in the preceding paragraph can’t fairly reflect the value of the fund under a special
circumstance, the monetary market fund may adopt other estimation approaches. Such special circumstances and the estimation approaches
thereof shall be stipulated in the fund contract.

The occurrence of the circumstance as mentioned in the preceding paragraph shall be disclosed through the financial accounting statement
in the annual report or semi-annual report of the monetary market fund.

Article 13

The activities such as raising, purchase, redemption, investment, information disclosure and publicity of a monetary market fund shall
not only abide by the present Provisions, but also comply with the Securities Investment Fund Law, the Measures Governing the Operation
of Securities Investment Funds, the Measures Governing the Sale of Securities Investment Funds, the Measures Governing the Information
Disclosure of Securities Investment Funds, the Provisions Governing the Fund Management Companies’ Entry into the Inter-bank Market
and other pertinent provisions.

Article 14

When conducting the activities of the dealings and settlements in the national inter-bank market, monetary market fund shall abide
by the provisions governing the national inter-bank market of the People’s Bank of China and shall be subject to the supervision
and dynamic inspection of the People’s Bank of China.

Article 15

The right to interpret the present Provisions shall reside in the China Securities Regulatory Commission and the People’s Bank of
China.

Article 16

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

the China Securities Regulatory Commission, the People’s Bank of China
2004-08-16

LAND ADMINISTRATION LAW OF THE PEOPLE’S REPUBLIC OF CHINA (2004 REVISION)

e00300

Standing Committee of the National People’s Congress

Land Administration Law of the People’s Republic of China (2004 Revision)

(Approved at the 16th Session of the Standing Committee of the Ninth National People’s Congress of the People’s Republic of China
on June 25th, 1986. Revised in accordance with the Decision on amending Land Administration Law of the People’s Republic of China.
Revised and adopted at the Fourth Session of the Standing Committee of the Ninth National People’s Congress of the People’s Republic
of China on August 29th, 1998, to be put into effective as of January 1st, 1999. Revised at the 11th Session of the Standing Committee
of the Tenth National People’s Congress on August 28th, 2004)

ContentsChapter I General Provisions

Chapter II Ownership and Right of Use of Land

Chapter III General Plans for the Utilization of Land

Chapter IV Protection of Cultivated Land

Chapter V Land for Construction Purposes

Chapter VI Supervision and Examination

Chapter VII Legal Responsibilities

Chapter VIII Supplementary Provisions

Chapter I General Provisions

Article 1

The law is formulated in accordance with the Constitution with a view to strengthening the administration of land, safeguarding the
socialist public ownership of land, protecting and developing land resources, ensuring a rational use of and giving a real protection
to cultivated land to promote sustainable development of the socialist economy.

Article 2

The People’s Republic of China resorts to a socialist public ownership of land i.e. an ownership by the whole people and ownerships
by collectives.

In ownership by the whole people, the State Council is empowered to be on behalf of the State to administer the land owned by the
State.

No unit or individual is allowed to occupy, trade or illegally transfer land by other means. Land using right may be transferred by
laws.

The state may make expropriation or requisition on land according to law for public interests, but shall give compensations accordingly.

The State introduces the system of compensated use of land owned by the State except the land has been allocated for use by the State
according to laws.

Article 3

To cherish and give a rational use to the land as well as to give a real protection to the cultivated land are seen as a basic principle
of land use in the country. The people’s governments at all levels shall take measures to make an overall plan for the use of land
to strictly administer, protect and develop land resources and curb any illegal occupation of land.

Article 4

The State is to carry out control system on the usages of land.

The State shall draw up general plans to set usages of land including those of farm or construction use or unused. A strict control
is to place on the transformation of land for farm use to that for construction use in order to control the total amount of land
for construction use and exercise a special protection on cultivated land.

Land for farm use in the previous Article refers to land directly used for agricultural production, including cultivated land, wood
land, grassland, land for farmland water conservancy and water surfaces for breeding; land for construction use refers to land on
which buildings and structures are put up, including land for urban and rural housing and public facilities, land for industrial
and mining use, land for building communications and water conservancy facilities, land for tourism and land for building military
installations. The term land unused refers to land other than that for agricultural and construction uses.

Land shall be used strictly in line with the purposes of land use defined in the general plan for the utilization of the land whether
by units or individuals.

Article 5

The land administrative department of the State Council shall be unifiedly responsible for the administration and supervision of land
in the whole country.

The setup and functions of land administrative departments of people’s governments at and above the county level shall be decided
by the people’s governments of provinces, autonomous regions and municipalities under the direct jurisdiction of the central government
(hereinafter referred to as municipalities) according to the relevant provisions of the State Council.

Article 6

Units or individuals shall all be obliged to abide by the laws and regulations concerning land administration and have the right to
report or prosecute acts of violating land administration law and regulations.

Article 7

People’s governments shall award units or individuals who have made outstanding achievements in protecting and developing land resources,
rational utilization of land and in carrying out research in this regard.

Chapter II Ownership and Right of Use of Land

Article 8

Land in urban districts shall be owned by the State.

Land in the rural areas and suburban areas, except otherwise provided for by the State, shall be collectively owned by farmers including
land for building houses, land and hills allowed to be retained by farmers.

Article 9

Land owned by the State and land collectively owned by farmers may be allocated to be used by units or individuals according to law.
Units or individuals using land shall be responsible for the protection, management and a rational use of the land.

Article 10

In lands collectively owned by farmers those have been allocated to villagers for collective ownership according to law shall be operated
and managed by village collective economic organizations or villagers’ committee and those have allocated to two or more farmers
collective economic organizations of a village, shall be operated and managed jointly by the collective economic organizations of
the village or villagers’ groups; and those have allocated to township (town) farmer collectives shall be operated and managed by
the rural collective economic organizations of the township (town).

Article 11

People’s government at the county level shall register and put on record lands collectively owned by farmers and issue certificates
to certify the ownership concerned.

People’s government at the county level shall register and put on record the use of land collectively owned by farmers for non-agricultural
construction and issue certificates to certify the right to use the land for construction purposes.

People’s government at the country level shall register and put on record uses of land owned by the State by units or individuals
and issue certificates to certify the right of use. The State Council shall designate specific units to register and put on record
State-owned land used by central government organs.

Certifications of ownership or use right of wooded land and grassland and the uses or of water surface and beach land for breeding
purpose shall be administrated according to relevant provisions of the Forest Law of the People’s Republic of China, the Grassland
Law of the People’s Republic of China and the Fisheries Law of the People’s Republic of China.

Article 12

Changes of owners and usages of land, shall go through the land alteration registration procedures.

Article 13

The ownership and use right of land registered according to law shall be protected by law and no unit or individual is eligible to
infringe upon it.

Article 14

Land collectively owned by farmers shall be contracted out to run by members of the collective economic organizations for use in crop
farming, forestry, animal husbandry and fisheries production under a term of 30 years. The contractees shall sign a contract with
the correspondents’ contractor to define each other’s rights and obligations. Farmers who have contracted land for operation are
obliged to use the land rationally according to the purposes agreed upon in the contracts. The right of land contractual operation
by farmers shall be protected by law.

Within the validity term of a contract, the adjustment of land contracted by individual contractors shall get the consent from over
two-thirds majority vote of the villagers’ congress or over two-thirds of villagers’ representatives and then be submitted to land
administrative departments of the township (town) people’s government and county level people’s government for approval.

Article 15

Land owned by the State may be contracted out to run by units or individuals for farming, forestry, animal husbandry and fisheries.
Land collectively owned by farmers may be contracted out to units or individuals who are not belonging to the corresponding collectives
for farming, forestry, animal husbandry and fisheries operations. The contractees and contractors shall sign land use contracts to
define each other’s rights and obligations. The contracted term for operation is to be agreed upon in the land use contracts. Contractors
for the land operation are obliged to protect and use the land rationally according to the usages stipulated in the contracts.

Whereas a land collectively owned by farmers is contracted out for operation to those not belonging to the corresponding collective
organizations, a consent shall be got from the over two-thirds majority vote of the villagers’ congress or over two-thirds of the
villagers’ representatives with the resulted contract being submitted to the township (town) people’s government for approval.

Article 16

Disputes arising from the ownership or use right of land shall be settled through negotiation among parties concerned; If negotiation
fails, the disputes shall be handled by people’s governments.

Disputes among units shall be handled by the people’s government above the county level; disputes among individuals or between individuals
and units shall be handled by township level people’s government or people’s governments at the county level or above.

Whereas parties concerned refuse to accept the decisions by relevant people’s government, the dispute may be brought before the people’s
court within 30 days after the notification on the decision is received.

No party shall change the status quo of the land before the disputes over ownership and use right are settled.

Chapter III General Plans for the Utilization of Land

Article 17

People’s governments at all levels shall manage to draw up general plans for land uses in accordance with the national economic and
social development program, requirements of national land consolidation and resources and environmental protection, land supply capacity
and the requirements of various construction projects.

The validity term of the general plans for land use shall be determined by the State Council.

Article 18

General plans for land use at a lower level shall be compiled according to the general plans for the utilization of land at the next
higher level.

The total amount of land for construction uses in the general plans of land use compiled by local people’s governments at all levels
shall not exceed the controlled targets set in the general plans for land use at the next higher level and the total amount of cultivated
land shall not be lower than the controlled targets set in the general plans for land use at the next higher level.

In mapping out the general plans for land use, the provinces, autonomous regions and municipalities shall ensure that the total amount
of cultivated land under their jurisdiction shall not be reduced.

Article 19

General plans for land use shall be mapped out according to the following principles:

Strictly protect the basic farmland and control the occupation of agricultural land for nonagricultural purposes.

Raise the utilization rate of land.

Make an overall plan and arrangements about the use of land in various kinds and various areas.

Protect and improve the ecological environment to ensure a sustainable use of land.

Keep a balance between the occupied area of cultivated land and the developed and reclaimed area of cultivated land.

Article 20

General plans for land use at the county level shall define the areas and purposes of land use.

General plans for the land use at the township (town) level shall define the areas for the utilization of land and define the purpose
of each tract of land according to the actual conditions for the use of land and make an announcement.

Article 21

General plans for land use shall implement graded examination and approval.

General plans for land use of provinces, autonomous regions and municipalities shall be approved by the State Council.

General plans for land of cities where the people’s governments of province and autonomous regions and municipalities are seated and
cities with a population of over one million and cities designated by the State Council shall be examined by the People’s governments
of relevant provinces and autonomous regions and municipalities and submit them to the State Council for approval.

General plans for land use other than those provided for in the second and third paragraphs of this article shall be submitted for
approval step by step to the people’s governments of provinces, autonomous regions and municipalities. General plans for land uses
of townships (towns) may be approved by the people’s governments of cities or autonomous prefectures authorized by the provincial
level people’s governments.

Once approved, the general plans for the land use shall be implemented strictly.

Article 22

The amount of land used for urban construction shall conform to the standards prescribed by the State so as to make full use of the
existing land for construction purposes, not to occupy or occupy as less agricultural land as possible.

Urban general planning and the planning of villages and market towns shall be in line with the general plans for land use. The amount
of land for construction use in the urban general planning and the planning of villages and market towns shall not exceed the amount
of land used for construction purposes in cities, villages and market towns fixed in the general plans for the utilization of land.

The land for construction purposes in cities, villages and market towns within the planned areas of cities, villages and market towns
shall conform to the city planning and the planning of villages and market towns.

Article 23

The plans for the comprehensive treatment, development and utilization of rivers and lakes shall be applied in accordance with the
general plans for land use. Land uses within the areas of management and protection of rivers, lakes and reservoirs and flood storage
and detention areas shall be in line with plans for the comprehensive control, development and utilization of rivers and lakes and
to the requirements of river channels, flood flows of rivers and lakes, flood storage and water transmission.

Article 24

People’s governments at all levels shall strengthen the administration of plans for land use and exercise control of the aggregate
land for construction purposes.

The annual plan for the land use shall be compiled in line with the national economic and social development program, the State industrial
policies, general plans for land and the actual situation about the land for construction uses and the land utilization. The examination
and approval procedures for the compilation of annual land use plans shall be the same as that for the general plans for land use.
Once approved, they shall be implemented strictly.

Article 25

The people’s governments of provinces, autonomous regions and municipalities shall report the implementations of their annual plans
for the use of land to the people’s congresses at the same level as part of the implementation of their economic and social development
plans.

Article 26

Revision of the general plans for land use shall be approved by the original organ of approval. Without approval, the usages of land
defined in the general plans for the utilization of land shall not be changed.

Whereas the purpose of land use defined in the general plans for the utilization of land needs to be changed due to the construction
of large-scale energy, communications, water conservancy and other infrastructure projects approved by the State Council, it shall
be changed according to the document of approval issued by the State Council.

If the purpose of land defined in the general plans for the utilization of land needs to be changed due to the construction of large-scale
energy, communications, water conservancy and other infrastructure projects approved by provinces, autonomous regions and municipalities,
it shall be changed according to the document of approval issued by the provincial level people’s governments if it falls into their
terms of reference.

Article 27

The State fosters land survey system.

The land administrative departments of the people’s governments at and above the county level shall carry out land surveys together
with relevant departments at the same level. Land owners or users shall provide good cooperation and necessary data and materials
required.

Article 28

Land administrative departments of the people’s government at and above the county level shall, together with relevant departments
at the same level, grade the land according to the results of the surveys, their planned uses and the unified standards formulated
by the State.

Article 29

The State establishes the land statistical system.

Land administrative departments of the people’s governments at and above the county level shall, together with the statistical departments
at the same level shall, formulate plans for statistical surveys and compile statistics about land according to law and regularly
issue statistical data about the land. Land owners and users shall provide relevant materials and it is strictly forbidden to provide
false and concealed materials or refuse to provide or delay the delivery of materials.

The statistical materials about the land areas issued by land administrative departments and statistical departments serve as the
basis for people’s governments at all levels in compiling the general plans for the utilization of land.

Article 30

The State shall establish the national land management information system to conduct dynamic monitoring of the utilization of land.

Chapter IV Protection of Cultivated Land

Article 31

The State protects the cultivated land and strictly controls the conversion of cultivated land into non-cultivated land.

The State fosters the system of compensations to cultivated land to be occupied. In the case of occupying cultivated land for non-agricultural
construction, the units occupying the cultivated land shall be responsible for reclaiming the same amount of land in the same quality
as occupied one according to the principle of reclaiming the same amount of land occupied. Whereas units, which occupy the cultivated
land, are not available with conditions of reclamation of land or the land reclaimed is not up to requirements, the units concerned
shall pay land reclamation fees prescribed by provinces, autonomous regions and municipalities for reclaiming land for cultivation
the land reclaimed.

The people’s governments of all provinces, autonomous regions and municipalities shall formulate plans for reclamation of cultivated
land, see to it that units which occupy cultivated land shall reclaim land as planned or organize the land reclamation according
to plan and examine and accept the land reclaimed.

Article 32

The local people’s governments at and above the county level may demand units which occupy cultivated land to use the topsoil of the
land occupied for use in the newly reclaimed land, poor land or other cultivated land for soil amelioration.

Article 33

People’s governments of all provinces, autonomous regions and municipalities shall strictly implement the general plans for the utilization
of land and annual plan for the use of land, adopt measures to ensure not to reduce the total amount of cultivated land within their
jurisdictions. Whereas reductions occur, the State Council shall order it to organize land reclamation within the prescribed time
limit to make up for the reduced land in the same quantity and quality and the land administrative department of the State Council
shall, together with agricultural administrative department, examine and accept it. Whereas individual provinces and municipalities
find it difficult to reclaim enough land to make up for the land occupied due to scarce reserve resources, the total amount of land
due to be reclaimed in their own regions may be reduced with the approval of the State Council but the rest of land for reclamation
shall be made up for elsewhere.

Article 34

The State fosters the basic farmland protection system. The following cultivated land shall be demarcated as basic farmland protection
areas and subject to stringent control according to the general plans for the utilization of land:

Cultivated land in the grain, cotton and oil-bearing crops production bases approved by the land administrative department of the
State Council or the local people’s governments at and above the county level;

Cultivated land with good water conservancy and water and soil conservation facilities and medium-and low-yielding land where the
execution of amelioration plan is in progress or medium-and low-yielding land that is transformable.

Vegetable production bases;

Experimental plots for research and teaching;

Other cultivated land that shall be designated as basic farmland protection areas as provided for by the State Council.

Areas of basic farmland demarcated by various provinces, autonomous regions and municipalities shall make up over 80% of the cultivated
land within their administrative areas.

Basic farmland protection areas shall be demarcated with township (town) as the unit and the protection of which shall be carried
out by the land administrative departments of the county level people’s governments together with agricultural administrative departments
of the same level.

Article 35

People’s governments at all levels shall take measures to maintain and protect irrigation and drainage facilities, ameliorate the
soil to raise fertility and prevent desertification, salinization, water loss and soil erosion and pollution.

Article 36

Land shall be used sparingly for non-agricultural construction purposes. Whereas wasteland can be used, no cultivated land shall be
occupied; whereas poor land can be used, no good land shall be occupied.

It is forbidden to build kilns, graves or houses on cultivated land or to dig sand, collect stones, do mining and carry soil away
from cultivated land.

It is forbidden to occupy basic farmland to develop horticulture or dig ponds to breed fish.

Article 37

No unit or individual is allowed to let the land idle or go wasted. Whereas a cultivated land which has been occupied for non-agricultural
construction upon approval and can sure start construction within one year is found cultivable and yieldable, it shall be cultivated
by the unit or individual that originally cultivates the land or cultivated by units occupying the land. Whereas construction work
fails to start for over one year, land idling fees shall be paid according to the provisions by various provinces, autonomous region
and municipalities. Whereas construction work fails to start for two successive years, the people’s governments at and above the
county level shall revoke the use right of the land with the approval of the original organ of approval. Whereas the land used to
be owned by farmer collectives, it shall be turned over to original rural collective economic organizations for recultivation.

Idle land that is laying within the urban plan areas and whose use right has been leased for real estate development shall be handled
according to the Urban Property Administration Law of the People’s Republic of China.

Whereas a unit or individual that has contracted for land operation has given up cultivation and allowed the land to go wasted for
two successive years, the original constracting-out party shall terminate the contract and recover the land contracted out for cultivation.

Article 38

The State encourages development of unused land by units or individuals according to the general plans for the utilization of land
and under the precondition of protecting and improving the ecological environment, preventing water loss, soil erosion and desertification.

Land suitable for agricultural use shall have the priority of developing into land for agricultural use.

The State protects the legitimate rights and interests of developers.

Article 39

Reclaiming unused land shall go through scientific argumentation and evaluation and can proceed according to law after approval within
the reclaimable areas demarcated in the general plans for the utilization of land. It is forbidden to destroy forests and grassland
in the process of land reclamation. It is forbidden to carry out landfill of lakes and occupy beachland of rivers.

Whereas reclaimation of a land or rounding up of a land for reclaimation would give harm to ecological environment the land concerned
shall be restored as forerts, pasture fields or lakes step by step and in a planned manner according to the general plans for the
utilization of land.

Article 40

For developing waste hills, land or beachland whose use rights have not been ascertained for crop cultivation, forestry, animal husbandry
or fisheries, the use rights may be given to developers or individuals for long-term use with the approval of the people’s government
at and above the county level according to law.

Article 41

The State encourages land consolidation. People’s governments of counties and townships (towns) shall organize rural collective economic
organizations to carry out comprehensive consolidation of fields, water surface, roads, woods and villages according to the.

general plans for the utilization of land to raise the quality of cultivated land and increase areas for effective cultivation and
improve the agricultural production conditions and ecological environment.

Local people’s governments at all levels shall adopt measures to ameliorate medium-and low-yielding land and consolidate idle and
scattered and abandoned land.

Article 42

Whereas land is damaged due to digging, cave-in and occupation, the units or individuals occupying the land shall be responsible for
reclamation according to the relevant provisions of the State; for lack of ability of reclamation or for failure to meet the required
reclamation, land reclamation fees shall be paid, for use in land reclamation. Land reclaimed shall be first used for agricultural
purposes.

Chapter V Land for Construction Purposes

Article 43

Any unit or individual that need land for construction purposes shall apply for the use of land owned by the State according to law,
except land owned by farmer collectives used by collective economic organizations for building township enterprises or building houses
for villagers or land owned by farmer collectives approved according to law for use in building public facilities or public welfare
facilities of townships (towns).

The term apply for the use of land owned by the State according to law used in the preceding paragraph refers to land owned by the
State and also land originally owned by farmer collectives but having been expropriated by the State.

Article 44

Whereas occupation of land for construction purposes involves the conversion of agricultural land into land for construction purposes,
the examination and approval procedures in this regard shall be required.

For projects of roads, pipelines and large infrastructure approved by the people’s governments of provinces, autonomous regions and
municipalities, land for construction has to be approved by the State Council whereas conversion of agricultural land is involved.

Whereas agricultural land is converted into construction purposes as part of the efforts to implement the general plans for the utilization
of land within the amount of land used for construction purposes as defined in the general plans for cities, villages and market
towns, it shall be approved batch by batch according to the annual plan for the use of land by the organs that approved the original
general plans for the utilization of land. The specific projects within the scope of land approved for conversion shall be approved
by the people’s governments of cities or counties.

Land to be occupied for construction purposes other than those provided for in the second and third paragraphs of this article shall
be approved by the people’s governments of provinces, autonomous region and municipalities whereas conversion of agricultural land
into construction land is involved.

Article 45

The expropriation of the following land shall be approved by the State Council:

Basic farmland;

Land exceeding 35 hectares outside the basic farmland;

Other land exceeding 70 hectares.

Expropriation of land other than prescribed in the preceding paragraph shall be approved by the people’s governments of provinces,
autonomous regions and municipalities and submitted to the State Council for the record.

Expropriation of agricultural land shall first of all go through the examination and approval procedure for converting agricultural
land into land for construction purposes according to the provisions of Article 44 of this law. Whereas conversion of land is approved
by the State Council, the land expropriation examination and approval procedures shall be completed concurrently with the procedures
for converting agricultural land to construction uses and no separate procedures are required. Whereas the conversion of land is
approved by people’s governments of provinces, autonomous regions and municipalities within their terms of reference, land expropriation
examination and approval procedures shall be completed at the same time and no separate procedures are required. Whereas the terms
of reference has been exceeded, separate land expropriation examination and approval procedures shall be completed according to the
provisions of the first paragraph of this article.

Article 46

For expropriation of land by the State the local people’s governments at and above the county level shall make an announcement and
organize the implementation after the approval according to the legal procedures.

Owners or users of the land expropriated shall, within the time limit specified in the announcement, go through the compensation registration
for expropriated land with the land administrative departments of the local people’s governments on the strength of the land certificate.

Article 47

In expropriating land, compensation shall be made according to the original purposes of the land expropriated.

Compensation fees for land expropriated include land compensation fees, resettlement fees and compensation for attachments to or green
crops on the land. The land compensation fees shall be 6-10 times the average output value of the three years preceding the expropriation
of the cultivated land. The resettlement fee shall be calculated according to the number of agricultural population to be resettled.
The number of agricultural population to be resettled shall be calculated by dividing the amount of cultivated land expropriated
by the per capital land occupied of the unit whose land is expropriated. The resettlement fees for each agricultural person to be
resettled shall be 4-6 times the average annual output value of the three years preceding the expropriation of the cultivated land.
But the maximum resettlement fee per hectare of land expropriated shall not exceed 15 ti

CIRCULAR OF THE MINISTRY OF COMMERCE ON RELEVANT ISSUES CONCERNING THE IMPLEMENTATION OF THE MEASURES FOR ADMINISTRATION OF THE OPERATIONAL QUALIFICATION FOR OVERSEAS LABOR SERVICE COOPERATION

Ministry of Commerce

Circular of the Ministry of Commerce on Relevant Issues concerning the Implementation of the Measures for Administration of the Operational
Qualification for Overseas Labor Service Cooperation

Competent departments of commerce in all provinces, autonomous regions, municipalities directly under the Central Government, and
cities specially designated in the state plan, and China International Contractors Association:

On July 26, 2004, the Ministry of Commerce and the Sate Administration for Industry and Commerce released the joint Decree No.3, promulgating
the Measures for Administration of the Operational Qualification for Overseas Labor Service Cooperation (hereinafter referred to
as these Measures), which entered into force as of the date of August 26, 2004. And in order to better implement and carry out the
Measures, to strengthen the administration of overseas labor service cooperation, and to promote an orderly development of overseas
labor service cooperation, this circular on relevant issues is hereby given as follows:

The Examination and Approval of the Operational Qualification for Overseas Labor Service Cooperation

In accordance with the provisions in Article V and Article VI of these Measures, the commerce authorities in charge in all provinces,
autonomous regions, municipalities under direct control of the Central Government, and cities specially designated in the state plan
(hereinafter referred to as the local commerce authorities in charge) shall conduct a strict examination of the first instance on
the applicant enterprises’ operational qualifications for overseas labor service cooperation, and an on-the-spot examination, if
necessary, shall also be conducted on such as items as their reported business places, employees, management operating systems (including
the emergent measures for overseas labor disputes and accidents) etc.; and if fraudulences detected, a pass shall not be granted
to the examination of the first instance to be submitted and their applications for operational qualification shall not be handled
within one year. With regard to such enterprise that has already obtained the operational qualification for overseas labor service
cooperation (hereinafter referred to as the “operational company”), an attestation specifying the number of its laborers sent to
overseas shall be issued to the applicant enterprise while carefully checking according to the statistical data of its operation
and the operational company may be required to present its relevant contract or agreement, and if fraudulences detected in the attestation
documents of the operational company, a pass shall not be granted to this company concerned upon the annual examination of its Certificate
of Operational Qualification for Overseas Labor Service Cooperation (hereinafter referred to as the Certificate of Operational Qualification).

In accordance with the provisions in Article XVI of these Measures, such enterprise as has obtained an all-round or industry-confined
operational qualification for overseas labor service cooperation, if meeting the conditions stipulated in Section I-VII of Article
V of the Measures, may, as of the date of August 26, 2004, procedurally apply for the issuance of a new Certificate of Operational
Qualification; and if the standard requirements stipulated in the Measures still fail to be met till August 26, 2004, the operational
qualification of this company concerned shall automatically be deprived of.

In accordance with the provisions in Article XIII of these Measures, such enterprise as has obtained the operational qualification
to engage in foreign contracted project, shall naturally possess the qualification to send labor personnel to its contracted overseas
project, it, however, shall not engage in the simplex labor-subcontracting activities, and the aforesaid labor personnel shall be
integrated into the unified management of the foreign contracted project; in case that overseas labor service cooperation business
beyond the labor service under the project is to be conducted, another Certificate of Operational Qualification shall be obtained
in accordance with the provisions in Article V of the Measures.

Where the enterprise applies for operational qualification for overseas labor service cooperation or the operational company applies
for the issuance of a new Certificate of Operational Qualification and it has other similar qualifications for overseas labor service,
the local commerce authorities in charge may refuse to handle.

Where the enterprise applies for operational qualification for labor service cooperation concerning Hong Kong SAR, Macau SAR and Taiwan
Province, the application shall be handled in accordance with the national policy of labor service cooperation concerning the Hong
Kong Special Administrative Region, the Macau Special Administrative Region and Taiwan Province. Where the enterprise engaging in
the petty trade in the border areas applies for operational qualification for labor service cooperation, the application shall, in
accordance with the current national policy, be subject to the examination and approval of the local commerce authorities in charge
and be filed with the Ministry of Commerce for record.

In accordance with the provisions in Article XV of the Measures, the Ministry of Commerce will, together with other relevant authorities,
formulate measures for administration of operational qualification for overseas labor service for special industries; and the operational
qualification for overseas labor service that the enterprise has obtained shall remain valid before the release of new measures.

II.

Strengthening the Administration of Overseas Labor Service Cooperation

In accordance with the provisions in Article XVIII of these Measures, the local commerce authorities shall, in accordance with the
principles of territory and of the contract-signer assuming the liability, strengthen the administration of the local overseas labor
service cooperation, guide and supervise the operational company.

In accordance with the provisions in Article IV of these Measures, the operational qualification for overseas labor service cooperation
shall be subject to the examination and approval of the Ministry of Commerce, and the local commerce authorities in charge shall
not exceed their powers to examine and approve or grant to the local enterprise the operational qualification for overseas labor
service cooperation and such related qualifications for consultation on overseas labor service, providing the operational company
with labor personnel to be sent overseas etc..

The operational company shall systematically recruit, select, train and send labor personnel, and assume the post-sending management
responsibility, and shall not act as an agent of overseas labor service for other enterprises, units or individuals, and shall not
accept the “affiliated” operation or contracted operation by other enterprises, units or individuals.

The operational company, when entrusting other enterprise or unit to recruit labor personnel, may, in accordance with the provisions
in the Contract Law, conclude with the entrusted enterprises or units an Entrust Agreement on Recruiting Labor Personnel to Be Sent
Overseas and issue it a Certificate of Entrust, with which the local commerce authorities in charge shall then be filed for record.
The entrusted enterprise or unit shall not directly sign contracts with foreign parties, and shall not charge the labor personnel
any fees, and the cost arising from the entrusted recruiting labor personnel shall be paid by the operational company. The operational
company shall not directly authorize or entrust individuals to recruit labor personnel for it. Other enterprise or unit shall not
be entrusted to recruit the labor personnel that the enterprise engaging in the petty trade in border areas needs to conduct overseas
economic cooperation and that the enterprise engaging in overseas contracted project needs to send to its contracted project.

Where the operational enterprise directly recruits labor personnel transregionally (province, autonomous region, municipalities under
direct control of the Central Government, and cities specially designated in the state plan), the commerce authorities in charge
of where the labor personnel comes shall be filed for record with the program exanimation opinions issued by the commerce authorities
in charge of where the operational company comes (such enterprise as is able to apply for visa itself may issue the program examination
opinions itself); and with regard to such program as shall be subject to the examination of the Ministry of Commerce, the commerce
authorities in charge of where the labor personnel comes shall be filed for record with the duplicated copy of the approval document
issued by the Ministry of Commerce. Where other enterprise or unit is entrusted to transregionally recruit labor personnel, the Entrust
Agreement on Recruiting Labor Personnel to Be Sent Overseas and the Certificate of Entrust shall also be simultaneously submitted.

The local commerce authorities in charge shall timely inform relevant authorities and demand them to, according to law, investigate
and prosecute such enterprise, unit or individual as recruits or sends labor personnel without the authorization of the operational
company and the Entrust Agreement on Recruiting Labor Personnel to Be Sent Overseas concluded with the company concerned.

Before the labor personnel leaves the territory of the People’s Republic of China, the operational company shall, in accordance with
its Contract for Overseas Labor Service Cooperation conclude with foreign employers, directly conclude with the labor personnel hereof
a Contract for Overseas Labor Service and acquire a legal work permit for the labor personnel, and shall not send overseas labor
personnel in the form of tourist or business visa etc.. And after the labor personnel leaves the territory of the People’s Republic
of China, the operational company shall help the labor personnel conclude with the foreign employers a Contract of Employment, and
assume the overseas management responsibility, timely and properly deal with the labor disputes or accidents.

The local commerce authorities in charge shall actively strengthen their coordination and cooperation with relevant authorities and
construct and improve the long-term cooperative administration mechanism for overseas labor service cooperation so as to maintain
the business order together.

The local commerce authorities in charge and China International Contractors Association are required to distribute this Circular
to the local operational enterprises and the association members of enterprises directly administered by the Central Government as
soon as possible, and to urge them to carry it out earnestly.

This Circular is hereby given.

Ministry of Commerce

September 2, 2004

Ministry of Commerce
2004-09-02

REGULATION OF THE PEOPLE’S REPUBLIC OF CHINA ON THE IMPLEMENTATION OF THE CUSTOMS ADMINISTRATIVE PUNISHMENT

the State Council

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

No. 420

The Regulation of the People’s Republic of China on the Implementation of the Customs Administrative Punishment, which was adopted
at the 62nd executive meeting of the State Council on September 1st, 2004, is hereby promulgated, and shall come into force as of
November 1st, 2004.

Premier, Wen Jiabao of the State Council

September 19, 2004

Regulation of the People’s Republic of China on the Implementation of the Customs Administrative Punishment

Chapter I General Provisions

Article 1

With the view of regulating the customs administrative punishment, ensuring the wielding power of the customs according to law and
protecting the lawful rights and interests of citizens, legal persons or other organizations, the present Implementation Regulation
is formulated in accordance with the Customs Law of the People’s Republic of China (hereinafter referred to as the Customs Law) and
the stipulations of other relevant laws.

Article 2

The present Implementation Regulation shall be applicable to the smuggling acts not subject to criminal liabilities according to law,
acts in violation of the supervision stipulation of the customs and the disposal of acts subject to the administrative punishment
conducted by the customs according to provisions of laws and administrative regulations.

Article 3

The customs administrative punishment shall be subject to the jurisdiction of the customs that has discovered the illegal act, or
may be ruled by the customs where the illegal act occurs.

Cases over which two or more customs have jurisdictions shall be subject to the jurisdiction of the customs that first discovers the
illegal act.

If the jurisdiction to a case is not clear, the jurisdiction shall be determined by relevant customs through negotiation. If they
can’t reach an agreement through the negotiation, they shall report it to their mutual superior customs for the designation of jurisdiction.

For grave and complicated cases, the General Administration of Customs shall designate jurisdiction.

Article 4

In case any customs finds out any illegal act that shall be subject to the disposal of other administrative departments according
to law, the customs shall transfer it to relevant administrative departments for disposal; if the illegal act is suspected of committing
a crime, it shall be transferred to the public security organ under the customs that detects smuggling crimes or the local public
security organ for disposal according to law.

Article 5

Where such administrative punishment as warning or penalty is imposed upon any party in accordance with the present Implementation
Regulation, but no entry/exit goods, articles or transportation vehicles are expropriated, the relevant party’s obligations for paying
taxes according to law, submitting import and export license certificates or going through relevant formalities of customs shall
not be exempted.

Article 6

Where any party rejects or hampers public security organs under the customs that detects smuggling crimes from performing their duties
according to law, the public security organs under the customs that detects smuggling crimes, established at the customs directly
under the General Administration of Customs and at the subsidiary customs authorized by the customs directly under the General Administration
of Customs, shall give punishment in accordance with the relevant provisions on the punishment in the sight of the management of
public security.

Where any party rejects or hampers any other customs staff from performing their duties according to law, it shall be reported to
the local public security organ for disposal according to law.

Chapter II Smuggling Acts and Punishment

Article 7

In case anyone violates the Customs Law or other relevant laws and administrative regulations, evades the customs supervision, escapes
taxes payable, or gets out of the relevant prohibitive or restrictive entry/exit administrations and has any of the following circumstances,
such acts shall be determined as smuggling acts:

To transport or carry into or out of the territory goods or articles prohibited or restricted by the state, or goods or articles subject
to taxation according to law from places where no customs is established without approval of the State Council or the departments
authorized by the State Council;

To transport carry, or mail goods or articles prohibited or restricted by the state out and in through the territory or goods or articles
subject to taxation out and in through the territory according to law by concealing, disguising, disguising the report, or falsely
reporting or other ways to evade the customs supervision when passing through places where the customs is established;

To sell goods, articles under customs supervision or overseas transportation vehicles entering into the territory in the territory
without permission by using fabricated or altered handbooks, documentations, seals, account books, electronic data or other means
to evade the customs supervision;

To cause goods or articles under customs supervisions out of the supervision of the customs by using fabricated or altered handbooks,
documentation, seals, account books, electronic data or falsely reporting the unit consumption of materials for finished products
in processing trade;

To evade the customs supervision by concealing, disguising, disguising the report, falsely reporting or other ways to ship out of
the zones without permission the goods or articles under the customs supervision in the bonded zones, export processing zones and
other special customs supervision zones;

Other acts of evading customs supervision and constituting smuggling act.

Article 8

In case anyone has any of the following acts, he shall be punished for smuggling:

Knowingly to purchase imported goods or articles through smuggling directly from smugglers in violation of laws;

Ships and the personnel carried by them transport, purchase, or vend goods or articles prohibited or restricted by the state to enter
or exit the territory or goods subject to taxation according to law without legal certificates in inner seas, marginal seas, boundary
rivers and boundary lakes.

Article 9

In case anyone has any of the acts enumerated in Articles 7 and 8 of the present Implementation Regulation, he shall be punished according
to the following provisions:

Where anyone smuggles goods prohibited for import and export by the state, the smuggled goods and the illegal gains shall be confiscated
and a fine lower than one million Yuan may be imposed concurrently; where anyone smuggles goods prohibited to enter or exit the territory
by the state, the smuggled goods and the illegal gains shall be confiscated and a fine lower than 100,000 Yuan may be imposed concurrently;

Where anyone, who fails to submit his license certificate that should be submitted but does not evade the tax money, smuggles goods
or articles prohibited to enter or exit the territory by the state, the goods or articles and the illegal gains shall be confiscated,
and a fine lower than the equivalence of the goods or articles smuggled may be imposed concurrently;

Where anyone, who evades taxes payable but does not evade the administration of license certificates, smuggles goods or articles subject
to taxation according to law, the goods or articles smuggled and the illegal gains shall be confiscated, and a fine lower than three
times of the taxable money evaded may also be imposed.

Transportation vehicles specially used for smuggling or goods and articles specially used for cloaking the smuggling act, and transportation
vehicles used for smuggling or goods and articles for cloaking the smuggling act for three or more times within two years shall be
confiscated. The specially made equipments, interlayers and hidden compartments for concealing goods or articles smuggled shall be
confiscated or ordered to be demolished. In case anyone conducts the smuggling act by using specially made equipments, interlayers
or hidden compartments, he shall be given a heavier punishment.

Article 10

In case anyone colludes with any smuggler and provides the smuggler with loans, capital, account numbers, invoices, certificates,
or customs documentations for, or colludes with any smuggler and helps him pick up, deliver, transport, keep, mail goods or articles
smuggled or provides other convenience, he, regarded as an accomplice of the smuggling act, shall be punished in accordance with
the provisions of article 9 of the Implementation Regulation and the illegal gains shall be confiscated.

Article 11

In case any customs declaration enterprise or customs clearance agent and any enterprise permitted by the customs house to undertake
such businesses as transportation, storage, processing, assembly, consignment sale, exhibition of goods under the customs supervision
constitutes a crime of smuggling or engages in smuggling two or more times, the customs may revoke its registration and cancel its
qualification of practicing customs declaration.

Chapter III Acts in Violation of Provisions of the Customs Supervision and Penalties to Them

Article 12

Acts, which violate the Customs Law and other relevant laws, administrative regulations and rules but do not constitute a smuggling
act shall be acts in violation of customs supervision provisions.

Article 13

Where anyone violates the state provisions on import and export administration and imports and exports goods prohibited to import
and export by the state, he shall be ordered to transport the goods back and be imposed a fine lower than 1 million Yuan.

Article 14

Where anyone violates the state provisions on import and export administration, imports or exports goods restricted by the state and
the consignee or consignor of the import and export goods cannot submit the license certificate when making declaration to the customs,
the import or export goods shall not be discharged and a fine 30% of the value of the goods shall be imposed upon him.

Where anyone violates the state provisions on import and export administration, imports or exports goods falling within the scope
of automatic import and export license administration and the consignee or consignor of import and export goods fails to submit its
automatic license certificate to the customs when making declaration, the import and export goods shall not be discharged.

Article 15

Where the article name, tariff serial number, quantity, specification, price, way of trading, place of origin, place of shipment,
place of arrival, and final place of destination of the import and export goods or other items that should be declared fail to be
declared or be declared falsely, punishment shall be given separately in accordance with the following provisions. And the illegal
gains shall be confiscated, if any:

In case it influences the accuracy of the customs statistics, a warning shall be given or a fine of 1000 Yuan to 10,000 Yuan shall
be imposed;

In case it influences the order of the customs supervision, a warning shall be given or a fine of 1000 Yuan to 30,000 Yuan shall be
imposed;

In case it influences the administration if the state license certificates, a fine 5% to 30% of the value of the goods shall be imposed;

In case it influences the state tax collection, a fine 30% to 2 times of the tax money evaded shall be given;

In case it influences the administration of the state foreign exchange and export tax refund, a fine 10% to 50% of the declaration
price may be imposed.

Article 16

Where any consignee or consignor of import and export goods fails to provide the true instances of the customs declaration matters
entrusted by any customs declaration enterprise, which leads to the occurrence of any of the circumstances prescribed in Article
15 of the present Implementation Regulation, the entrusting party shall be punished in accordance with the provisions of Article
15 of the present Implementation Regulation.

Article 17

Where any customs declaration enterprise or customs clearance agent fails to make proper examination on the truthfulness of the conditions
provided by a client, or neglects in work, which lead to the occurrence of any of the circumstances prescribed in Article 15 of
the present Implementation Regulation, the customs declaration enterprise shall be imposed upon a fine 10% of the value of the goods
and be suspended from undertaking customs declaration business or practice within 6 months; if the circumstances are serious, its
customs declaration registration shall be revoked and its qualification for practicing customs declaration shall be cancelled.

Article 18

In case anyone has one of the following acts, a fine 5% to 30% of the value of goods may be imposed upon. And the illegal gains shall
be confiscated, if any:

To open, draw, deliver, ship, exchange, refit, mortgage, impawn, remain, transfer, change marks, use for other purposes or make other
disposal on goods supervised by the customs without permission of the customs;

To storage goods under customs supervision outside of the customs supervision zones without permission of the customs;

Unable to provide justifiable reasons for the loss of relevant goods, the lack in its quantity or the untrue records of it when managing
businesses such as transportation, storage, processing, assembly, consignment sale and exhibition of goods under customs supervision;

Unable to go through such formalities as the receiving and keeping, delivery, carrying forward, and canceling after verification as
required, or failing to go through the formalities at the customs house as required for suspension, extension, alteration or transfer
of relevant contracts when operating such businesses as transportation, storage, processing, consignment sale, exhibition of bonded
goods;

Failing to declare to the customs house the unit consumption of materials for finished products in processing trade according to the
facts;

Failing to transport out of the territory the trans-boundary, transferring goods or through cargo within the prescribed time limit
and keeping them within the territory without permission;

Failing to re-transport out of the territory or into the territory the goods temporarily imported or exported within the prescribed
time limit but keeping them within or outside the territory without permission; or

Other acts in violation of the customs supervision provisions, which make the customs incapable or being interrupted in conducting
supervision over the import or export goods.

Where the goods involved in the preceding provisions fall within those restricted ones by the state to import or export, the license
certificates needs to be submitted. If the parties fail to submit their license certificates within the prescribed time limit, a
fine 30% of the value of the goods may be imposed; if there is any evasion of tax money, a fine one time of the tax money evaded
may be given additionally.

Article 19

In case anyone has one of the following acts, a warning shall be given and a fine 20% of the value of goods may be imposed upon. And
the illegal gains may be confiscated, if any:

To open, deliver, mail, transfer or make other disposal on articles that have not been discharged by customs to enter or exit the
territory without the permission of the customs;

An individual fails to declare to customs the excess of reasonable amount of personal transporting, carrying or posting self-used
articles;

An individual fails to make declaration to customs of the excess of the prescribed amount of personal transporting, carrying, or posting
entry/exit self-used articles restricted by the state to enter or exit the territory but do not evade customs’ supervision by ways
of concealing or disguising;

To make false declaration when transporting, carrying or mailing articles to enter or exit the territory;

Failing to re-carry out of or into the territory the articles allowed to enter or exit the territory but exempted from tax temporarily
after customs registration; or

A person who passes through the territory keeps the articles carried by him within the territory without the approval of the customs.

Article 20

Where anyone who fails to make declaration to the customs for his transportation, carriage, posting goods prohibited by the state
to enter or exit the territory but does not evade customs’ supervision by ways of concealing or disguising, the goods shall be confiscated
or ordered to be taken back, or destroyed or made technological disposal under the customs supervision.

Article 21

Where anyone has one of the following acts, he shall be given a warning and be imposed a fine less than 100,000Yuan. And the illegal
gains shall be confiscated, if any:

Any transportation vehicle enters or exits the territory without passing through the places where the customs has been established;

Any entry/exit transportation vehicle staying in a customs surveillance zone moves away without the permission of the customs;

Any entry/exit transportation vehicle moves away from one place where the customs has been established another such place without
completing the going through of the customs formalities and without approval of the customs, and midway changes to move overseas
or places with e no customs established within the territory; and

Any entry/exit transportation vehicle arrives or moves away from the place where the customs has been established without making declaration
to the customs and submitting the relevant documentation for checking, or submitting inauthentic documentations.

Article 22

Where anyone has any of the following acts, he shall be given a warning and be imposed a fine less than 50,000 Yuan. And the illegal
gains shall be confiscated, if any:

Any entry/exit transportation vehicle loads or unloads goods or articles carried out of and into the territory, or embarks or disembarks
passengers entering or exiting the territory without approval of the customs;

Any entry/exit transportation vehicle manages concurrently domestic transportation of passengers or articles or is used for any other
purposes than entry/exit transportation without approval of the customs;

Any entry/exit transportation vehicle changes to operate domestic transportation without permission and without going through customs
formalities according to regulations;

Failing to transmit electronic data such as shipping bills to the customs within the prescribed time limit or transmitting inaccurate
electronic data or failing to save the relevant electronic data within the prescribed time limit, which influences the customs supervision;

The entry transportation vehicle, after entering into the territory and before making declaration to the customs, fails to go along
the route designated by the competent department in charge of transportation or the customs; the exit transportation vehicle fails
to do so after completing the customs formalities and before leaving the territory;

Any ship or car carrying goods under the customs supervision fails to go along the route designated by the customs;

Any entry/exit ship or air craft, due to certain force majeure, has to anchor or land at the place where no customs is established,
or chucks, loads or unloads goods or articles within the territory without justifiable reasons not to report to the nearest customs
house;

Failing to notify the customs in advance without special reasons the time when any entry/exit ship, train or air craft arrives, the
place where it stops, or the time or place changed; or

Failing to accept the examination or verification on entry/exit transportation vehicles, goods or articles conducted by the customs
as required.

Article 23

In case anyone has any of the following acts, he shall be given a warning and be imposed upon a fine less than 30,000Yuan;

Opening or destroying customs marks of seal without permission;

Having lost supervision vouchers such as documents and handbooks made and issued by the customs, which has impeded the customs supervision;
or

Having other acts in violation of the customs supervision provisions, which leads to the incapability or interruption of the customs
to make supervision over the transportation vehicles or articles entering or exiting the territory.

Article 24

Where anyone fabricates, alters or markets the customs documentations, a fine of 50 Yuan up to 500,000 Yuan shall be imposed upon
him; and the illegal gains shall be confiscated, if any; if a crime is constituted, he shall be subject to criminal liabilities according
to law.

Article 25

Where anyone imports or exports goods that has infringed upon the intellectual property subject to the protection of the laws and
administrative regulations of the People’s Republic of China, the infringing right goods shall be confiscated and a fine less than
30% of the value of the goods shall be imposed; where a crime is constituted, he shall be subject to criminal liabilities according
to law.

Where it is necessity to declare the status of the intellectual property to the customs, and the consignee and consignor of the import
or export goods and its agents fail to declare to the customs according to law the relevant status of intellectual property, or fail
to submit the lawfully used certificates of relevant intellectual property, a fine less than 50,000 Yuan may be imposed upon them.

Article 26

In case any customs declaration enterprise, customs clearance agent or enterprise, permitted to undertake such business as the transportation,
storage, processing, assembly, consignment sale or exhibition of goods under the customs supervision, has one of the following acts,
it/he shall be ordered to make correction, be given warnings and may be suspended to undertake the relevant operation or practice
for 6 months:

Defaulting the payment of taxation or failing to perform the duty of tax payment;

The customs declaration enterprise remises its name to other people for their disposal of taxpaying matters on import and export goods
in customs declaration;

Failing to provide justifiable reasons for damaging or losing goods under customs supervision; or

Having other illegal acts requiring suspending its/his undertaking of the relevant operation or practice.

Article 27

In case any customs declaration enterprise, customs clearance agent or enterprise, permitted to undertake such business as the transportation,
storage, processing, assembly, consignment sale, exhibition of goods under customs supervision, has any of the following circumstances,
the customs may revoke its/his registration, cancel its/his qualification for practicing in customs declaration:

Being suspended from practice by the customs for more than 3 times within one year;

Being suspended from undertaking the relevant operation or practice by the customs, and reoccurring the circumstances as prescribed
in Article 26 of the present Implementation Regulation within one year after being resumed to undertake the relevant operation or
practice; or

Having other illegal acts under which it is necessity to revoke its/his registration or cancel its/his qualification of practice in
customs declaration.

Article 28

Where any customs declaration enterprise or customs clearance agent illegally acts as an agent for others to make customs declaration
or makes customs declaration activities beyond the practice scope as granted by the customs, it/he shall be charged to make correction
be imposed upon a fine less than 50, 000 Yuan and be suspended from undertaking customs declaration operation or practice within
6 months; if the circumstances are serious, its/his customs declaration registration shall be revoked and its/his customs practicing
qualification shall be cancelled.

Article 29

Where any consignee and consignor of the import or export goods, customs declaration enterprise, or customs clearance agent bribes
the customs functionaries, his/its customs declaration registration shall be revoked, the customs declaration qualification shall
be cancelled and a fine less than 10,000 Yuan shall be imposed upon him/it; if a crime is constituted, he/it shall be subject to
criminal liabilities according to law and shall not reregister as customs declaration enterprise or obtain qualification of practice
in customs declaration.

Article 30

Where anyone undertakes customs declaration business without going through customs registration or fails to obtain the customs declaration
practicing qualification, he/it shall be banned, shall be confiscated of the illegal gains and may be imposed upon a fine less than
100,000 Yuan.

Article 31

Where anyone provides false materials to cheat in customs registration and customs declaration practicing qualification, it/he shall
be revoked of the registration, be cancelled of the qualification for practice in customs declaration shall and be imposed upon a
fine less than 300,000 Yuan.

Article 32

In case any juridical person or other organization has any act in violation of the customs law, the person in charge and the person
directly liable shall be given warnings and may be imposed a fine less than 50,000 Yuan apart from punishing the juridical person
or organization. And the illegal gains may also be confiscated, if any.

Chapter IV Investigation of Acts in Violation of Customs Law

Article 33

Where any customs finds out any citizen, juridical person or other organization has any act that shall be subject to the administrative
punishment by the customs according to law, the customs shall put it on record and make investigation.

Article 34

After putting a case on record, the customs shall make investigation and collect evidences completely, objectively, fairly and in
time.

When making investigation and collecting evidences, the customs shall handle it in accordance with laws, administrative regulations
and the requirements of other relevant provisions.

When making investigation and collecting evidences, the customs functionaries shall not be less than 2 persons and they shall show
their certificates to the person being investigated.

Where the evidences investigated into and collected by the customs involve the secrets of the state and trade secrets or individual
privacy, the customs shall keep secret.

Article 35

In case customs inspects the body of any suspect of smuggling act, it shall conduct it in the hidden place or out of the sight of
non-inspectors and the check shall be conducted by 2 or more customs functionaries who have the same sex with the person being inspected.

The suspect of smuggling act shall accept inspection and shall not hinder it.

Article 36

When making inspection on transportation vehicles and places and checking goods and articles according to law, the customs shall made
transcripts of inspection and check.

Article 37

When detaining any suspect of smuggling crime according to law, the customs shall make and issue a written decision on detaining the
suspect of smuggling crime. The time limit for detaining the suspect of smuggling crime shall not exceed 24 hours and it may be extended
to 48 hours under special circumstances.

The customs shall make checkup on the person detained within the legal detention period. If the person is cleared off suspicion of
a crime or the legal detention period expires, the customs shall release the suspect from detention immediately and issue written
decision on unchaining the detention.

Article 38

Customs may seize the following goods, articles, transportation vehicles and the relevant account books, documents and other materials
according to law:

Goods, articles or transportation vehicles that are suspected of being smuggled;

Goods, articles or transportation vehicles in violation of the Customs Law or other relevant laws and administrative regulations;

Account books, documents and other materials in relation to the goods, articles, or transportation vehicles that may be detained according
to law and administrative regulations; or

Other materials as goods, articles, transportation vehicles and the relevant account books and documents that may be detained according
to law and administrative regulations.

Article 39

Where it is unable or inconvenient to detain the goods, articles or transportation vehicles that are suspected of violating laws,
the parties concerned or the person in charge of the transportation vehicle shall provide equivalent guaranty to the customs; if
they fail to do so, the customs e may seize other property of the same equivalence of the parties concerned.

Article 40

The time limit for the customs to seize the goods, articles, transportation vehicles, account books, documents and other materials
shall not exceed one year. The time limit may be extended due to the need of investigation into the case with approval of the director
general of the customs directly under the General Administration of Customs or the director general of the subject customs authorized
by the customs directly under the General Administration of Customs, but the extended period shall not exceed one year. But the period
of reconsideration and litigation shall not be included in it.

Article 41

Where any of the following circumstances occurs, the customs shall release the detention or seizure in time:

The suspicion of law violation has been cleared off;

The periods of detention and extension have expired;

The customs administrative punishment decision has been performed; or

Other circumstances under which detention or seizure shall be released as prescribed by laws and administrative regulations.

Article 42

Where the customs detain any goods, article, transportation vehicle, other property, account book, document and other materials, it
shall make and issue a customs detention voucher with the signatures or seals of the customs functionaries, the parties concerned
or their agents, keepers and eyewitnesses, and add the mark of the customs seal. If the mark of customs seal is added, the parties
and t

CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION ON RELEVANT ISSUES CONCERNING STRENGTHENING VALUE-ADDED TAX ADMINISTRATION ON THE EXTENDED VALUE-ADDED TAX CREDIT SCOPE IN THE NORTHEAST REGION

State Administration of Taxation

Circular of the State Administration of Taxation on Relevant Issues concerning Strengthening Value-added Tax Administration on the
Extended Value-added Tax Credit Scope in the Northeast Region

Guo Shui Han [2004] No.1111

Bureaus of State Taxes in Provinces of Heilongjiang, Jilin and Liaoning, and Dalian City:

In order to strengthen the value-added tax (VAT) administration on the extended scope for input VAT credit for some industries in
the Northeast region, a circular is hereby given on relevant issues:

The taxation authorities in charge shall, strictly in accordance with the spirit in Circular of the Ministry of Finance and the State
Administration of Taxation on the Printing and Distribution of the Provisions on Several Issues concerning Extending Value-added
Tax Credit Scope in Northeast Region (Cai Shui Zi [2004] No.156 (hereafter referred to as the Provisions)), further determine the
VAT general taxpayers (hereafter referred to as the taxpayer) subject to the extended VAT credit scope, and distribute the names
of taxpayers to all the service points; and the working staffs in each service point, when handling a tax declaration of a taxpayer,
shall ascertain whether it is subject to the extended credit scope.

II.

The taxation authorities in charge shall, strictly in accordance with the spirit in the Provisions, examine earnestly the purchase
and use of the fixed assets on which an ascertained taxpayer applies for an input VAT credit. Where the fixed assets purchased by
a taxpayer is used beyond the pilot industries in the Northeast region (including its branches established without the territory
of the Northeast region), its input VAT shall not be credited.

III.

The taxation authorities in charge shall examine the special invoice and the real object of the fixed assets on which a taxpayer applies
for an input VAT credit.

Do well the work of distinguishing the special invoice and other documents for tax credit. A tracking administration shall be exerted
on the information on the special invoice of the fixed assets on which a taxpayer applies for an input VAT credit, and the taxation
authorities in charge shall pay timely attention to the distinguishing of relevant VAT special invoices, the tax payment certificates
issued by the customs authorities, transportation invoices, invoices issued by the taxation authorities, and treat the detected problems
in accordance with the relevant provisions.

Examine earnestly the coherence between the special invoice and other documents for tax credit and the real object of the fixed assets.
With regard to the fixed assets on which a taxpayer applies for an input VAT credit, the taxation authorities in charge shall check
the account book for the fixed assets, and conduct an on-scene inspection in the manufacturing and business site of the taxpayer
hereof. The coherence between the real object of the fixed assets and the special invoice shall be checked, and the input VAT shall
not be credited in case that there is no such a real object or incoherence between the special invoice and the real object of the
fixed assets.

IV.

Where a taxpayer acquires a plain invoice through the purchase of fixed assets within the period of from July 1, 2004 to September
30, 2004, he/she, when requesting a VAT special invoice from the supplier, shall return the plain invoice hereof. And the supplier,
when issuing a VAT special invoice, shall ascertain that the purchaser’s name and the name of the goods are coherent with those in
the plain invoice hereof, and that the sales amount and the output tax are coherent with those in the plain invoice hereof.

A supplier, when going through the formalities of tax declaration, shall offer the original copy of the returned and invalided plain
invoice, otherwise, the declared output tax shall not be credited.

State Administration of Taxation

September 30, 2004

State Administration of Taxation
2004-09-30

CIRCULAR OF STATE ADMINISTRATION OF FOREIGN EXCHANGE ON PRINTING AND DISTRIBUTING ADMINISTRATIVE RULES FOR EXAMINATION AND VERIFICATION CERTIFICATE OF DECLARATION OF BALANCE OF PAYMENTS

the State Administration of Foreign Exchange

Circular of State Administration of Foreign Exchange on Printing and Distributing Administrative Rules for Examination and Verification
Certificate of Declaration of Balance of Payments

Hui Fa [2004] No.102

October 15, 2004

The branches and foreign exchange offices of the State Administration of Foreign Exchange of all provinces, autonomous regions, and
municipalities directly under the Central Government, and the branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo:

With a view to coordinating with the effective development of the verification of the declaration of the balance of payments statistic,
insuring that the institutions and staff of the State Administration of Foreign Exchange and the branches and foreign exchange offices
(hereinafter referred to as the branches and offices) in charge of the declaration of the balance of payments statistic carry out
examination and verifications subject to law, strengthening the administration of the Examination and Verification Certificate of
Declaration of Balance of Payments, pursuant to the provisions of the Measures for Declaration of Balance of Payments Statistic,
the rules for the implementation thereof and the Administrative Measures of the State Administration of Foreign Exchange for Law
Enforcement Certificate, the State Administration of Foreign Exchange stipulates the Administrative Rules of the State Administration
of Foreign Exchange for the Examination and Verification Certificate of Declaration of Balance of payments; related issues are hereby
notified as follows:

The promulgation, use and administration of the Examination and Verification Certificate of Declaration of Balance of Payments shall
be executed strictly in accordance with the Measures for Declaration of Balance of Payments Statistic and the Administrative Measures
of the State Administration of Foreign Exchange for Law Enforcement Certificate.

The branches and offices shall, according to the work of the staff, make proper distribution of the inspection certificate and the
Examination and Verification Certificate to insure that the staff of foreign exchange authorities will not hold simultaneously both
the Inspection Certificate and the Examination and Verification Certificate.

The branches and offices may apply for the Examination and Verification Certificate as required by work or the position changes of
the staff rather than apply for it collectively.

The branches at provincial level may, in accordance with these Verification Rules, stipulate by themselves specific rules applicable
to the areas under their respective jurisdictions on the administration of the Examination and Verification Certificate.

A further step to change the Examination and Verification Certificate will be taken due to relatively big changes in the staff in
charge of the balance of payments statistic since 1999. Issues on changing the Certificate will be notified separately.

The branches, after receiving this circular, shall deliver in time to the offices within the areas under their respective jurisdictions.
Where there are any problems in the process of execution, please contact the Balance of payments Department of the State Administration
of Foreign Exchange.

Contact Person: Lu Zhiwang

Telephone: 010-68402374

Attachment:The Administrative Rules of the State Administration of Foreign Exchange for the Examination and Verification Certificate of Declaration
of Balance of payments

Article 1

Pursuant to related provisions of the Measures for Declaration of Balance of payments statistic, the Administrative Measures of the
State Administration of Foreign Exchange for Law Enforcement Certificate, these rules is stipulated with a view to further normalizing
the administration of the Examination and Verification Certificate of Declaration of Balance of payments (hereinafter referred to
as the Examination and Verification Certificate).

Article 2

These Rules applies to the State Administration of Foreign Exchange and its branches and offices. The Department of Balance of Payments
of the State Administration of Foreign Exchange (hereinafter referred to as the Department of Balance of payments of the State Administration)
is in charge of the design, printing, distribution, recalling and administration of the Examination and Verification Certificate.
The branches of the State Administration of Foreign Exchange at provincial level are responsible for the examination and approval,
distribution, recalling and administration of the Examination and Approval Certificate within themselves and the branches and offices
within the areas under their respective jurisdictions.

Article 3

The Department of Balance of payments of the State Administration shall administer the Examination and Verification Certificate as
an important voucher and designate specific staff to be in charge of the distribution, recalling and collective keeping, as well
as locking the blank Examination and Verification Certificate in special drawers. Annual records (including electronic and paper
record,), which shall include the information concerning amount printed, distribution, changes and surplus, shall be kept.

Article 4

The staff of the State Administration of Foreign Exchange and its branches and offices shall not hold simultaneously both Inspection
Certificate and Examination and Verification Certificate. The professional and part-time staff in charge of the foreign exchange
examination shall apply for and obtain the Inspection Certificate; the staff engaged in the related work concerning balance of payments
statistic shall apply for and obtain the Examination and Verification Certificate.

As for the branches and offices with relatively few staff in foreign exchange business, the holders of the Inspection Certificate
or the Examination and Verification Certificate shall be distributed properly.

Article 5

The balance of payments statistic staff of the State Administration of Foreign Exchange and its branches and offices, in applying
for the Examination and Verification Certificate or the replacement thereof, shall prepare the following materials:

The application form of the Examination and Verification Certificate of Declaration of Balance of Payments of the State Administration
of Foreign Exchange (see Attachment 1) (hereinafter referred to as the application form);

A recent one-inch and without-hat color photo of the applicant;

A copy of the ID card of the applicant;

A copy of the missing proclamation (for the replacement);

Other material required by the State Administration of Foreign Exchange.

Article 6

Where the balance of payments statistic staff of the State Administration of Foreign Exchange apply for the Examination and Verification
Certificate, the materials required by Article 5 of these Rules shall be submitted to the staff handling the Examination and Verification
Certificate of the Department of Balance of payments, who shall examine the contents filled in the application form to assure the
completeness and accuracy of the contents filled in five workdays, and the holding of the applicant shall conform to the requirement
of Article 4 of these Rules. The handling personnel shall, after the completion of examination and approval, submit that to the
division and department leaders of the Department of Balance of Payments to give opinions.

Article 7

Where the balance of payments statistic staff of the branches and offices of the State Administration of Foreign Exchange apply for
the Examination and Verification Certificate, the materials as required in Article 5 of these Rules shall be submitted to the staff
handling the Examination and Verification Certificate of the local State Administration of Foreign Exchange, who shall examine the
contents filled in the application form to assure the completeness and accuracy of the contents filled in five workdays, and the
holding of the applicant shall conform to the requirement of Article 4 of these Rules . The handling personnel shall, after the
completion of examination and approval, submit that to the leaders of this bureau to give opinions and affix the official stamp,
and then report to the local provincial branches of the State Administration of Foreign Exchange level by level.

Article 8

The provincial branches of the State Administration of Foreign Exchange shall exanimate, consolidate and preserve the application
materials reported by the branches and offices within the areas under their jurisdictions, and fill in the Consolidation Form of
Applications and Changes in the Examination and Verification Certificate of Declaration of Balance of payments (see Attachment 2)
(hereinafter referred to as the Consolidation Form); the Consolidation Form thus filled (electronic and paper forms) and the applicant’
photos ( the entity and name of applicant shall be noted on the back ) shall be reported to the Department of Balance of Payments
of the State Administration, whose handling personnel shall report to the leaders of the division and department to give opinions
within two workdays after receiving the Consolidation Forms submitted by the branches.

Article 9

The staff handling the Examination and Verification Certificate of the State Administration shall fill in the blank Examination and
Verification Certificate on the basis of the application form or the Consolidation Form of the Examination and Verification Certificate
signed with consent opinions by the leaders of the Department of Balance of Payments, and issue the Examination and Verification
Certificate to the applicant of the State Administration or to the handling personnel of the provincial branch of the State Administration
of Foreign Exchange after the Department of Personnel of the State Administration of Foreign Exchange affixes the steel seal. The
provincial branches shall be responsible to distribute the Examination and Verification Certificate to the branches and offices within
the areas under their jurisdictions.

Article 10

The State Administration of Foreign Exchange and its provincial branches shall take an appropriate preservation of the application
materials of the holders of the Examination and Verification Certificate and establish the annual archives record concerning the
issuance, registration and change (including loss and cancellation) of the Examination and Verification Certificate for the sake
of check.

Article 11

The branches and offices of the State Administration of Foreign Exchange shall designate special persons to be responsible for the
handling and administration of the Examination and Verification Certificate, including consolidating the application, distribution
and recall of the Examination and Verification Certificate, and report in time the changes such as loss and cancellation etc. of
the Examination and Verification Certificate to the Department of Balance of Payments of the Administration level by level.

The staff of the branches and offices of the State Administration of Foreign Exchange handling the Examination and Verification Certificate
shall take charge of the centralized preservation of the Examination and Verification Certificates of the holders of the same level
of bureau of foreign exchange, and distribute the Examination and Verification Certificate to the holder before examinating and verifying
the declaration of balance of payments, and take it back in time for centralized preservation at the completion of examination and
verification.

Article 12

The holder of the Examination and Verification Certificate shall preserve carefully and use lawfully the Examination and Verification
Certificate, and shall not alter, destroy willfully or lend it. If the Examination and Verification Certificate is lost, the loser
shall submit the explanation thereof (including the lost time, place and reason etc.) to local foreign exchange bureau, and the staff
handling the Examination and Verification Certificate of this bureau shall finish the examination within two workdays and submit
to the leader of this bureau to give opinions, and then report to the provincial branch level by level. The provincial branch of
the State Administration of Foreign Exchange shall publish the lost announcement (see Attachment 3) of the Examination and Verification
Certificate in the name of the State Administration of Foreign Exchange on the Financial News within two workdays after the explanation
is received. The staff handling the Examination and Verification Certificate of the provincial branch shall report the lost case
of the Examination and Verification Certificate to the Department of Balance of Payments of the Administration and mail or fax a
copy of the published lost announcement within five workdays after the lost announcement is published.

Article 13

Where the holder of the Examination and Verification Certificate does not engage in the work of examinating and verifying the declarations
of balance of payments statistic because of the change in post or the other reasons, the local bureaus of the foreign exchange shall
recall the holder’s Examination and Verification Certificate before the holder goes through the personnel formalities, and report
to the provincial branch level by level. The staff handling the Examination and Verification Certificate of the provincial branches
of the State Administration of Foreign Exchange shall carry out the consolidated registration (see Attachment 4 ) of the recalling
of the Examination and Verification Certificate within the areas under their respective jurisdictions, and report the Examination
and Verification Certificate recalled and the consolidated registration archives records to the Department of Balance of payments
of the Administration to go through the cancellation formalities

Article 14

All provincial branches of the State Administration of Foreign Exchange shall inspect and examine the holding of the Examination and
Verification Certificate, and check the archives records of the Examination and Verification Certificate within the areas under their
respective jurisdictions during the period of the second or third ten days of December every year, and report the inspection and
examination of the Examination and Verification Certificate to the Statistic System Division of the Department of Balance of Payments
of the Administration via the internal electronic information transmission system of the State Administration of Foreign Exchange
before December 31 of the current year.(Email: statbop.safe ). At the beginning of every year, the Department of Balance of payments
of the Administration shall exanimate the archives records of the Examination and Verification Certificate of previous year and publish
them on the information website of the State Administration of Foreign Exchange for the branches and offices to search and check.

Article 15

These Rules shall come into force as of the date of November 1, 2004.

Attachment:

The Application Form of the State Administration of Foreign Exchange for the Examination and Verification Certificate of Declaration
of Balance of payments (omitted)

The Consolidation Form of Applications and Changes in the Examination and Verification Certificate of Declaration of Balance of payments
(omitted)

The format of the lost announcement of the Examination and Verification Certificate of Declaration of Balance of payments (omitted)

The archives and records of the Examination and Verification Certificate of Declaration of Balance of Payments (omitted)

the State Administration of Foreign Exchange
2004-10-15

NOTICE OF THE PEOPLE’S BANK OF CHINA ON PRINTING AND DISTRIBUTING THE PROVISIONS ON THE MANAGEMENT OF FOREIGN EXCHANGE DEPOSIT RESERVE OF FINANCIAL INSTITUTIONS

the People’s Bank of China

Notice of the People’s Bank of China on Printing and Distributing the Provisions on the Management of Foreign Exchange Deposit Reserve
of Financial Institutions

No.252 [2004] of the People’s Bank of China

All the branches and business management departments of the People’s Bank of China, the central sub-branches of the People’s Bank
of China in the capital cities of all the provinces, the solely state-owned commercial banks, and the joint stock commercial banks:

For the purpose of strengthening the management on foreign exchange deposit reserve, bringing into full play the role of it and promoting
the stable management of financial institutions, the People’s Bank of China has formulated the Provisions on the Management of Foreign
Exchange Deposit Reserve of Financial Institutions (hereinafter referred to as the Provisions) according to Law of the People’s Bank
of China of the People’s Republic of China , the Law of the Commercial Bank of the People’s Republic of China and other laws and
regulations. The Provisions are hereby printed and distributed to you. Please implement them accordingly and relevant issues are
noticed as follows:

The rate of deposit reserve

The rates of foreign exchange deposit reserve of financial institutions shall be 3% uniformly after adjustment as of the date of January
15, 2005.

II.

Ways of Deposit

The Deposit Voucher of Foreign Exchange Deposit Reserve (For the format, please read Annex 2) shall be submitted to the business management
department of the People’s Bank of China by the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank
of China, the Construction Bank of China, the CITIC Industrial Bank, China Everbright Bank, Huaxia Bank, and China Minsheng Banking
Corp. Ltd.. In case the Voucher is up to the standard after being examined by the business management department of the People’s
Bank of China, the aforesaid banks shall go through formalities for transferring money to the business management department of the
People’s Bank of China.

The Deposit Voucher of Foreign Exchange Deposit Reserve shall be submitted to the branches and sub-branches of the People’s Bank of
China at the locality of their juridical persons by the Bank of Communications, Guangdong Development Bank, Shenzhen Development
Bank Co., Ltd., China Merchants Bank, Shanghai Pudong Development Bank, Industrial Bank Co., Ltd., Evergrowing Bank and China Zheshang
Bank Co., Ltd.. In case the Voucher is up to the standard after being examined by the branches and sub-branches of the People’s Bank
of China at their localities, the aforesaid banks shall go through formalities for transferring money to the business management
department of the People’s Bank of China.

The Deposit Voucher of Foreign Exchange Deposit Reserve shall be submitted to the branches and sub-branches of the People’s Bank of
China by their juridical person institutions (or each branch and sub-branch of the foreign banks) at the locality of the urban commercial
banks, rural commercial (cooperative) banks, urban credit cooperatives, rural credit cooperatives, financial companies of an enterprise
group, and foreign-funded financial institutions at the capital cities of the provinces (including municipalities directly under
the Central Government, hereinafter referred to as the provincial capital cities) and at Shenzhen city. In case the Voucher is up
to the standard after being examined by the business departments of the branches and sub-branches of the People’s Bank of China,
the aforesaid financial institutions shall go through formalities for transferring money to the branches and sub-branches of the
People’s Bank of China at their localities.

The Deposit Voucher of Foreign Exchange Deposit Reserve shall be submitted to the sub-branches of the People’s Bank of China by their
juridical person institutions (or each branch and sub-branch of the foreign banks) at the localities of the urban commercial banks,
rural commercial (cooperative) banks, urban credit cooperatives, rural credit cooperatives, financial companies of an enterprise
group and the foreign-funded financial institutions of the non-provincial capital cities. In case the Voucher is up to the standard
after being examined by the business departments of the sub-branches of the People’s Bank of China, the aforesaid financial institutions
shall go through formalities for transferring money to the branches of the People’s Bank of China (business management departments
or central sub-branches of the provincial capital cities) at their provinces, autonomous regions and municipalities directly under
the Central Government.

The business management department of the People’s Bank of China shall be responsible for handling the foreign exchange reserve deposit
of state-owned commercial banks, joint stock commercial banks and the foreign-funded financial institutions, urban commercial banks,
rural cooperative banks, urban credit cooperatives, rural credit cooperatives and financial companies in Beijing, and be responsible
for the work of reallocating or increasing (or decreasing) the foreign exchange reserve deposit collected by the branches of the
People’s Bank of China (the business management department of Chongqing city, or the central sub-branch banks of provincial capital
cities and Shenzhen city). The branches of the People’s Bank of China (the business management department of Chongqing city, or central
sub-branch banks of provincial capital cities and Shenzhen city) shall be responsible for handling the reallocation or increase (or
decrease) of the foreign exchange reserve deposit of foreign-funded financial institutions, urban commercial banks, rural cooperative
banks, urban credit cooperatives and rural credit cooperatives within their own jurisdictions. And

The branches of the People’s Bank of China (the business management department of Chongqing city or central sub-branch banks of provincial
capital cities and Shenzhen city) shall open special accounts for foreign exchange reserve deposit in the Bank of China in their
localities.

The branches of the People’s Bank of China (the business management department of Chongqing city, or central sub-branch banks of provincial
capital cities and Shenzhen city) shall transfer the foreign exchange reserve deposit they have collected into the special account
for foreign exchange reserve deposit opened in the Bank of China by the business management department of the People’s Bank of China
before the date of 20 each month.

If there is any return of the reserve, the business management department of the People’s Bank of China shall transfer the foreign
exchange reserve deposit into the special account for foreign exchange reserve deposit opened in the Bank of China by the branches
of the People’s Bank of China (the business management department of Chongqing city, or central sub-branch banks in provincial capital
cities and Shenzhen city) before the 10th the current month (in the case of long holidays, two workdays shall be added).

III.

Supervision and Management

The currency credit department of the People’s Bank of China shall be responsible for organizing the work for the management, supervision
and punishment on foreign exchange deposit reserve. The accounting department of the People’s Bank of China shall be responsible
for the work of examination and approval of the accounting items within the purview of deposit of the foreign exchange reserve. And
the business department shall be responsible for the work of checkup on the statements of foreign exchange deposit reserve, capital
collection and routine examination. The relevant departments shall strengthen the information communication, cooperate closely with
each other and well manage the foreign exchange deposit reserve.

IV.

Others

The present Provisions shall come into force as of January 1st, 2005. The relevant financial institutions shall, pursuant to the requirements,
have the foreign exchange deposit reserve transferred into the special account of foreign exchange reserve deposit opened by the
People’s Bank of China in the Bank of China before the date of January 15, 2005. The date in the present Notice and its Annex shall
refer to the date in Gregorian calendar and in the case of festivals or holidays it shall be postponed to the first workday after
the festival or holiday .

With the view of unifying the management on foreign exchange deposit reserve, the foreign-funded financial institution, who fails
to submit the accounting items and the statement on the items to the local branches or sub-branches of the People’s Bank of China,
shall report the accounting items and the statement on the items to the branches or sub-branches of the People’s Bank of China for
archival purpose. So that the scope of deposit of the reserve can be determined.

A separate notice shall be issued on the relevant business accounting measures for foreign exchange deposit reserve.

Every branch and business management department of the People’s Bank and every central sub-branch of the bank in the provincial capital
cities shall transmit the present Notice to the urban commercial banks, rural commercial (cooperative) banks, urban credit cooperatives,
rural credit cooperatives, financial companies of an enterprise group and foreign-funded financial institutions within their own
jurisdictions.

Attachments:

1. Provisions on the Management of Foreign Exchange Deposit Reserve of Financial Institutions

2. Deposit Voucher of Foreign Exchange Deposit Reserve (Omitted)

People’s Bank of China

October 29, 2004 Attachment 1:Provisions on the Management of Foreign Exchange Deposit Reserve of Financial Institutions

Chapter I General Provisions

Article 1

For the purpose of strengthening the management on foreign exchange deposit reserve, bringing into full play the role of foreign exchange
deposit reserve and promoting the stable management of financial institutions, the present Provisions are formulated according to
the Law of the People’s Republic of China on the People’s Bank of China and the Law of the People’s Republic of China on Commercial
Banks and other laws and regulations.

Article 2

The present Provisions shall be applied to the financial institutions that absorb foreign exchange deposit within the territory of
the People’s Republic of China, including: solely state-owned commercial banks, joint stock commercial banks, urban commercial banks,
rural commercial (cooperative) banks, urban credit cooperatives, rural credit cooperatives, financial companies of enterprise groups,
solely foreign-funded banks, Sino-foreign joint venture banks, solely foreign-funded financial companies, Sino-foreign joint venture
financial companies and branches of foreign banks as well as other financial institutions that absorb foreign exchange deposit.

Article 3

The foreign exchange deposit reserve shall refer to a proportion of foreign exchange deposit absorbed by a financial institution and
deposited into the People’s Bank of China pursuant to a certain percentage.

The rate of foreign exchange deposit reserve shall refer to the ratio of the foreign exchange deposit reserve deposited into the People’s
Bank of China by a financial institution to the whole foreign exchange deposit absorbed by it.

Article 4

The People’s Bank of China shall be responsible for determining and adjusting the rate of foreign exchange reserve, and for inspecting
and supervising the acts of financial institutions for their implementation of provisions on the management of foreign exchange deposit
reserve.

Article 5

The People’s Bank of China will not compute and pay interests for the foreign exchange deposit reserve deposited by financial institutions.

Chapter II Deposit

Article 6

The purview of foreign exchange deposit, for which a financial institution shall deposit foreign exchange deposit reserve, includes:

The individual foreign exchange savings deposit and entity foreign exchange deposit that are absorbed by a financial institution,
the reserve deposit for issuance of foreign currency credit cards and other foreign exchange deposits or obligations checked and
ratified by the People’s Bank of China. And

The credit balance after reducing the assets items and the liabilities items of foreign exchange business under the entrustment or
agency of any financial institution . Where it is a debit balance after such reduction, the balance of liabilities items that shall
be deposited will be regarded as zero. No one may deduct or reduce other balance of foreign exchange liabilities items that shall
be deposited with certain debit balance.

Article 7

The People’s Bank of China shall, according to the requirements for adjustment and control of currency policies, prescribe and adjust
the purview of foreign exchange deposit for which a financial institution shall deposit foreign exchange deposit reserve.

Article 8

The accounting items matched with the purview of foreign exchange deposit for which a financial institution shall deposit foreign
exchange deposit reserve shall be determined by the People’s Bank of China or its authorized branches and sub-branches.

The accounting items matched with the purview of foreign exchange deposit for which foreign exchange deposit reserve shall be deposited
by any solely state-owned commercial bank, joint stock commercial bank, city commercial bank, rural commercial (cooperative) bank,
urban credit cooperative, rural credit cooperative and financial company of an enterprise group shall be determined by the head office
of the People’s Bank of China. And

The accounting items matched with the purview of foreign exchange deposit for which foreign exchange deposit reserve shall be deposited
by any wholly foreign-funded bank, Sino-foreign joint venture bank, solely foreign-funded financial company, Sino-foreign joint venture
financial company or branch of any foreign bank (hereinafter called by a joint name of foreign-funded financial institutions) shall
be determined by the branches or sub-branches of the People’s Bank of China at the localities of their juridical person institutions
(or branches of foreign banks) pursuant to the principles as prescribed by the head office, and shall be put on records at the head
office.

Article 9

The foreign exchange deposit reserve of any financial institution shall be deposited into the special foreign exchange reserve deposit
account opened by the People’s Bank of China in a Chinese-funded commercial bank within the territory of China.

The foreign exchange deposit reserve of solely state-owned commercial banks or joint stock commercial banks shall be deposited uniformly
by their head offices into the special foreign exchange reserve deposit account opened by the business management department of the
People’s Bank of China in a Chinese-funded commercial bank.

The foreign exchange deposit reserve of any urban commercial bank, rural commercial (cooperative) bank, urban credit cooperative,
rural credit cooperative and financial company of any enterprise group shall be deposited by their juridical person institutions
into the special foreign exchange reserve deposit account opened by the branches of the People’s Bank of China (the business management
departments or central sub-branches of provincial capital cities) of their provinces (autonomous regions and municipalities directly
under the Central Government)in a Chinese-funded commercial bank within the territory of China. And

The foreign exchange deposit reserve of any foreign-funded financial institution with juridical person status shall be deposited by
its juridical person institution into the special foreign exchange reserve deposit account opened in a Chinese-funded commercial
bank within the territory of China by the branches and business management departments of the People’s Bank of China in the provinces
(autonomous regions, and municipalities directly under the Central Government) or the central sub-branches of the capital cities
of the provinces (hereinafter referred to as the provincial capital cities). The foreign exchange deposit reserve of branches of
foreign banks shall be deposited respectively by each branch of any foreign bank into the special foreign exchange reserve deposit
account opened in a Chinese-funded commercial bank within the territory of China by the branch and business management department
of the People’s Bank of China or the central sub-branch of provincial capital cities in the provinces (autonomous region, and municipality
directly under the Central Government).

Article 10

As for the deposit of US dollars or Hongkong dollars, the foreign exchange deposit reserve shall be deposited in pursuant to computation
according to the original type of currency. The foreign exchange deposit of other types of currencies shall be deposited by converting
them into dollars. The conversion rate between two of the various types of currencies shall be computed according to the Conversion
Rate of Various Types of Currencies to Dollars as promulgated by the State Administration of Foreign Exchange every month.

Chapter III Checkup and Adjustment

Article 11

The People’s Bank of China shall check the foreign exchange deposit reserve of financial institutions by month. The financial institutions
shall transfer the reserve deposit into the account designated by the People’s Bank of China before the 15th each month. From the
15th of the current month to the 14th of the next month the proportion of the balance of foreign exchange reserve deposit of any
financial institution in the current month to that of the end of last month shall be not lower than the rate of foreign exchange
deposit reserve without the approval of the People’s Bank of China.

Article 12

The financial institution shall submit the collected deposit vouchers, monthly accounting statements and the balance of foreign exchange
deposit at the end of the month to the People’s Bank of China at the locality of its juridical person institution (or the branch
of a foreign bank) before the 5th each month.

Article 13

The People’s Bank of China shall be responsible for auditing on the relevant data submitted by any financial institution.

Article 14

The financial institution shall compute the foreign exchange deposit reserve that shall be deposited in the current month pursuant
to the balance of foreign exchange deposit and the rate of foreign exchange deposit reserve at the end of last month. The formula
for computation shall be as follows:

The balance of foreign exchange reserve deposit of the current month = the balance of the foreign exchange deposit at the end of last
monththe rate of foreign exchange deposit reserve

Article 15

Where the foreign exchange reserve deposit of any financial institution in the People’s Bank of China is larger than the foreign exchange
deposit reserve that it should deposit in the current month, the People’s Bank of China shall transfer the extra capital into the
account of the financial institution before the 15th of the current month.

Chapter IV Dissaving

Article 16

Where serious difficulties in payment occurs in any financial institution and it applies for using the foreign exchange deposit reserve,
the financial institution shall report for the approval of the People’s Bank of China or the branch or sub-branch authorized by the
People’s Bank of China.

Article 17

For any financial institution that may use the foreign exchange deposit reserve upon the approval of the People’s Bank of China, the
approved amount of foreign exchange deposit reserve that may be used shall be deducted from the foreign exchange deposit reserve
it has deposited within the time limit of approval. And the formula for computation is as follows:

The balance of foreign exchange reserve deposit of the current month = the balance of the foreign exchange deposit at the end of last
month the rate of foreign exchange deposit reserve-the approved amount of foreign exchange deposit reserve that can be used

Article 18

The People’s Bank of China shall manage the foreign exchange deposit reserve that can be used by a financial institution in a special
account and assign a special person to take charge of it.

Article 19

The foreign exchange deposit reserve used by a financial institution shall be used according to provisions and shall not be appropriated.

Chapter V Legal Liability

Article 20

Where any Chinese-funded commercial bank fails to deposit the foreign exchange deposit reserve according to the proportion as prescribed
by the People’s Bank of China, it shall be subject to the punishment as prescribed in Article 77 of the Law of the People’s Republic
of China on Commercial Banks. Where it violates the provisions of Article 12 of the present Provisions, it shall be subject to the
punishment as prescribed in Article 80 of the Law of the People’s Republic of China on Commercial Banks. Where any Chinese-funded
financial company fails to deliver the foreign exchange deposit reserve according to the proportion as prescribed by the People’s
Bank of China and violates the provisions of Article 12 of the present Provisions, it shall be subject to the punishment as prescribed
in Article 46 of the Law of the People’s Republic of China on the People’s Bank of China. Where any foreign-funded financial institution
fails to deliver the foreign exchange deposit reserve according to the proportion as prescribed by the People’s Bank of China, it
shall be subject to the punishment as prescribed in Article 45 of the Regulation of the People’s Republic of China on the Management
of Foreign-funded Financial Institutions. Where it violates Article 12 of the present Provisions, it shall be subject to the punishment
as prescribed in Article 47 of the Regulation of the People’s Republic of China on the Management of Foreign-funded Financial Institutions.

Any financial institution that has corrected the aforesaid illegal acts in time and on its own initiative shall be given a lighter
punishment or under the mitigation of punishment below the minimum statutory prescript according to the provisions of Articles 5
and 27 of the Administrative Punishment Law of the People’s Republic of China.

Article 21

Where the People’s Bank of China has any of the following acts, the leader in charge directly responsible and the personnel directly
liable shall be subject to the administrative punishment according to the relevant laws and regulations in light of their circumstances:

Failing to take correction and punishment measures in time when discovering any act of any financial institution violating the regulations
of the present Provisions;

Embezzling the foreign exchange deposit reserve of any financial institution without permission;

Approving any financial institution to use foreign exchange deposit reserve without permission by exceeding the purview of examination
and approval; or

Not well supervising the use of foreign exchange deposit reserve by any financial institution.

Chapter VI Supplementary Provisions

Article 22

The power to interpret and amend the present Provisions shall remain with the People’s Bank of China.

Article 23

The present Provisions shall come into force as of January 1st, 2005. The Measures for the Management of Payment and Deposit of Deposit
Reserve by Foreign-funded Financial Institutions promulgated by the People’s Bank of China on May 40, 1996 and the Provisions on
Foreign Exchange Deposit Reserve Management promulgated on December 1st, 1996 shall be repealed simultaneously.

the People’s Bank of China
2004-10-29

AGREEMENT BETWEEN THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA AND THE GOVERNMENT OF THE REPUBLIC OF FINLAND ON THE ENCOURAGEMENT AND RECIPROCAL PROTECTION OF INVESTMENTS

AGREEMENT BETWEEN THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA AND THE GOVERNMENT OF THE REPUBLIC OF FINLAND ON THE ENCOURAGEMENT
AND RECIPROCAL PROTECTION OF INVESTMENTS

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

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

Recognizing that the encouragement and reciprocal protection of such investment will be conducive to stimulating business initiative
of investors and to increasing prosperity in both States;

Desiring to intensify the co-operation of both States on the basis of equality and mutual benefits;

Have agreed as follows:

Article 1

DEFINITIONS

For the purpose of this Agreement,

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

(a)

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

(b)

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

(c)

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

(d)

intellectual property rights, in particularly copyrights, patents, trade-marks, trade-names, trade and business secrets, technological
processes, know-how and good-will;

(e)

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

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

Reinvested returns shall enjoy the same treatment as the original investment.

The term “investor” means,

(a)

any natural person who is a national of either Contracting Party in accordance with the laws of that Contracting Party;

(b)

any legal entity, including a company, corporation, firm, association, partnership or other organization, incorporated or constituted
under the laws and regulations of either Contracting Party and having its registered office in that Contracting Party, irrespective
of whether or not for profit and whether its liabilities are limited or not .

The term “return” means the amounts yielded from an investment, including profits, dividends, interest, capital gains, royalties,
payments in kind and any other legitimate income related to an investment.

The term “territory” means the territory of either Contracting Party, including the land area, internal waters and territorial sea
and the airspace above them under the sovereignty of that Contracting Party, as well as any maritime area beyond the territorial
sea of that Contracting Party, over which that Contracting Party exercises sovereign rights or jurisdiction in accordance with domestic
and international law.

Article 2

PROMOTION AND PROTECTION OF INVESTMENTS

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

Investments of the investors of either Contracting Party shall enjoy constant protection and security in the territory of the other
Contracting Party.

Neither Contracting Party shall take any unreasonable or discriminatory measures against the management, maintenance, use, enjoyment,
expansion, sale or disposal of investments that have been made by investors of the other Contracting Party.

Article 3

TREATMENT OF INVESTMENTS

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

Each Contracting Party shall accord to investments by investors of the other Contracting Party treatment no less favourable than the
treatment it accords to investments by its own investors with respect to the operation, management, maintenance, use, enjoyment,
expansion, sale or other disposal of investments that have been made.

Each Contracting Party shall accord to investments by investors of the other Contracting Party treatment no less favourable than treatment
it accords to investments by investors of any third State, with respect to the establishment, acquisition, operation, management,
maintenance, use, enjoyment, expansion, sale or other disposal of investments. Further, neither Contracting Party shall impose unreasonable
or discriminatory measures on investments by investors of the other Contracting Party concerning local content or export performance
requirements.

Each Contracting Party shall accord to investments by the investors of the other Contracting Party the treatment, which, according
to the investor is the more favourable of those stipulated in paragraph 2 and paragraph 3 of this Article.

Nothing in this Agreement shall be construed as preventing a Contracting Party from taking any action necessary for the protection
of its essential security interests in time of war or armed conflict, or other emergency in international relations.

Provided that such measures are not applied in a manner which would constitute a means of arbitrary or unjustifiable discrimination
by a Contracting Party, or a disguised investment restriction, nothing in this Agreement shall be construed as preventing the Contracting
Parties from taking any measure necessary for the maintenance of public order.

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

(a)

any existing or future customs union, free trade zone, economic and monetary union, regional economic cooperation or other similar
agreement;

(b)

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

(c)

any international agreement or arrangement for facilitating small scale investments in border areas.

Article 4

EXPROPRIATION

Neither Contracting Party shall expropriate, nationalise or take other measures having similar effects, (hereinafter referred to as
“expropriation”) against the investments of the investors of the other Contracting Party in its territory, unless the following conditions
are met. The expropriation is done:

(a)

in the public interest;

(b)

under domestic legal procedure;

(c)

without discrimination, and

(d)

against compensation.

The compensation referred to in paragraph 1 of this Article shall be equivalent to the fair market value of the expropriated investment
at the time immediately before the expropriation was taken or the impending expropriation became public knowledge, whichever is earlier.
The value shall be determined in accordance with generally recognised principles of valuation.

Compensation shall be fully realisable and shall, in order to be effective for the affected investor, be paid without delay. It shall
include interest at a commercial rate established on a market basis for the currency of payment from the date of dispossession of
the expropriated property until the date of actual payment.

Where a Contracting Party expropriates the assets of a company which was incorporated or constituted under the law in force in any
part of its own territory, and in which investors of the other Contracting Party own shares, it shall ensure that the provisions
of paragraph 1 to 2 of this Article are applied to the extent necessary to guarantee compensation in respect of their investments
to such investors of the other Contracting Party who are owners of those shares.

Without prejudice to the provisions of Article 9 of this Agreement, the investor whose investments are expropriated by a Contracting
Party shall have the right to prompt review of its case and of valuation of its investments in accordance with the provisions of
this Article, by a judicial or other competent authority of that Contracting Party.

Article 5

COMPENSATION FOR DAMAGES AND LOSSES

Investments by investors of one Contracting Party in the territory of the other Contracting Party that suffer losses owing to war,
a state of national emergency, insurrection, riot or other similar events in the territory of the latter Contracting Party, shall
be accorded by the latter Contracting Party treatment, as regards restitution, indemnification, compensation or other settlements
on less favourable than that accorded to investments by its own investors or investments by investors of any third State, whichever
is the more favourable according to the investor concerned.

Investments by investors of one Contracting Party that, in any of the situations referred to in paragraph 1 of this Article, suffer
losses in the territory of the other Contracting Party resulting from requisitioning or destruction of an investment or a part thereof
by the latter’s armed forces or authorities, which was not caused in combat action or was not required by the necessity of situation
shall be accorded restitution or compensation that is equivalent to the value of such losses.

Article 6

TRANSFER

Each Contracting Party shall ensure to the investors of the other Contracting Party the free transfer of funds related to investments
into and out of its territory, including in particular, but not exclusively:

(a)

amounts to maintain, develop or increase an investment;

(b)

profits, dividends, interests and other current income;

(c)

proceeds obtained from the total or partial sale or liquidation of an investment;

(d)

payments pursuant to a loan agreement in connection with an investment;

(e)

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

(f)

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

(g)

payments in connection with contracting projects;

(h)

earnings and other remuneration of personnel engaged from abroad who work in connection with an investment in its territory;

(i)

compensation payable pursuant to Articles 4, 5, 7 and 9.

A Contracting Party may, in exceptional balance of payments difficulties, exercise through equitable, non-discriminatory and good
faith basis regulatory measures in accordance with time limits specified by the IMF in such situations and through powers conferred
to it by law.

Without prejudice to paragraph 2 of this Article, each Contracting Party shall further ensure that the transfers referred to in paragraph
1 of this Article shall be made without any restriction or delay in a freely convertible currency and at the prevailing market rate
of exchange applicable on the date of transfer to the currency to be transferred and shall be immediately transferable.

In the absence of a market for foreign exchange, the rate to be used shall be the most recent exchange rate for the conversions of
currencies into Special Drawing Rights.

Article 7

SUBROGATION

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

Article 8

SETTLEMENT OF DISPUTES BETWEEN CONTRACTING PARTIES

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

If a dispute cannot thus be settled within six (6) months, it shall, upon the request of either Contracting Party, be submitted to
an ad hoc arbitral tribunal.

The tribunal shall comprise of three arbitrators. Within two (2) months of the receipt of the written notice requesting arbitration,
each Contracting Party shall appoint one arbitrator. Those two arbitrators shall, within further two (2) months, together select
a national of a third State having diplomatic relations with both Contracting Parties as Chairman of the arbitral tribunal.

If the arbitral tribunal has not been constituted within four (4) months from the receipt of the written notice requesting arbitration,
either Contracting Party may, in the absence of any other agreement, invite the President of the International Court of Justice to
make the necessary appointments. If the President is a national of either Contracting Party or is otherwise prevented from discharging
the said function, the Member of the International Court of justice next in seniority who is not a national of either Contracting
Party or is not otherwise prevented from discharging the said function, shall be invited to make the necessary appointments.

Issues subject to dispute referred to in paragraph 1 of this Article shall be decided in accordance with the provisions of this Agreement
and the rules of international law applicable to both Contracting Parties.

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

Each Contracting Party shall bear the costs of its appointed arbitrator and of its representation in arbitral proceedings. The relevant
costs of the Chairman and tribunal shall be borne in equal parts by the Contracting Parties. The tribunal may, however, make a different
decision regarding the sharing of the costs. In all other respects, the arbitral tribunal shall determine its own rules of procedure.

Article 9

SETTLEMENT OF DISPUTES BETWEEN AN INVESTOR AND A CONTRACTING PARTY

Any dispute arising out of an investment between one Contracting Party and an investor of the other Contracting Party should, whenever
possible, be settled amicably between the two parties concerned.

If the dispute has not been settled within three (3) months, from the date at which it was raised in writing, the dispute may, at
the choice of the investor, be submitted:

(a)

to the competent courts of the Contracting Party in whose territory the investment is made; or

(b)

to arbitration by the International Centre for the Settlement of Investment Disputes (ICSID), established by the Convention on the
Settlement of Investment Disputes between States and Nationals of Other States, opened for signature at Washington on 18 March 1965;
or

(c)

an ad hoc arbitration tribunal, which unless otherwise agreed upon by the parties to the dispute, is to be established under the Arbitration
Rules of the United Nations Commission on International Trade Law (UNCITRAL).

An investor who has submitted the dispute to national court referred to in paragraph 2(a) of this Article may nevertheless have recourse
to one of the Arbitral Tribunals mentioned in paragraph 2 (b) and 2 (c) of this Article, if the investor has withdrawn his case from
national court before judgement has been delivered on the subject matter. In that case the Contracting Party to the dispute shall
agree to the submission of the dispute between it and an investor of the other Contracting Party to international arbitration in
accordance with this Article.

The Arbitral Tribunal mentioned in paragraph 2 (c) shall consist of three arbitrators. The Tribunal shall reach its award by a majority
of votes.

The Tribunal shall adjudicate in accordance with the provisions of this Agreement, the law of the Contracting Party involved in the
dispute (including the rules on the conflict of laws) and the rules of international law applicable to both Contracting Parties.

The award shall be final and binding for the parties to the dispute and shall be executed according to national law.

Article 10

ENTRY AND SOJOURN OF PERSONNEL

Each Contracting Party shall, subject to its laws and regulations, grant temporary entry and stay and provide any necessary confirming
documentation to natural persons who are employed from abroad as executives, managers, specialists or technical personnel in connection
with an investment by an investor of the other Contracting Party, and who are essential for the enterprise, as long as these persons
continue to meet the requirements of this paragraph. Immediate family members of such personnel shall also be granted a similar treatment
with regard to entry and temporary stay in the territory of the host Contracting Party.

Article 11

OTHER OBLIGATIONS

If the legislation of either Contracting Party or international obligations existing at present or established hereafter between the
Contracting Parties result in a position entitling investments by investors of the other Contracting Party to a treatment more favourable
than is provided for by the Agreement, such regulations shall prevail over the present Agreement.

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

Article 12

TRANSPARENCY

Each Contracting Party shall promptly publish, or otherwise make publicly available, its laws, regulations, procedures and administrative
rulings and judicial decisions of general application as well as international agreements which may affect the investments of investors
of one Contracting Party in the territory of the other Contracting Party.

Nothing in this Agreement shall require a Contracting Party to furnish or allow access to any confidential or proprietary information,
including information concerning particular investors or investments, the disclosure of which would impede law enforcement or be
contrary to its laws protecting confidentiality or prejudice legitimate commercial interests of particular investors.

Article 13

APPLICATION OF THE AGREEMENT

This Agreement substitutes and replaces the Agreement between the Government of the Republic of Finland and the Government of the
People’s Republic of China for the Protection of Investments, done at Beijing on 4 September 1984.

This Agreement shall apply to all investments made by investors of either Contracting Party in the territory of the other Contracting
Party, whether made before or after the entry into force of this Agreement, but shall not apply to any dispute or any claim concerning
an investment which was already under judicial or arbitral process before its entry into force. Such disputes and claims shall continue
to the settled according to the provisions of the Agreement done in 1984, mentioned in paragraph 1 of this Article.

Article 14

CONSULTATIONS

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

(a)

the implementation of the Agreement;

(b)

legal issues and information on investment opportunities;

(c)

issues arising out of investments;

(d)

proposals on the promotion of investments.

Where either Contracting Party requests consultation on any matter of paragraph 1 of this Article, the other Contracting Party shall
accord adequate opportunity for such consultations.

Article 15

ENTRY INTO FORCE, DURATION AND TERMINATION

The Contracting Parties shall notify each other when their respective internal legal requirements for the entry into force of this
Agreement have been fulfilled. The Agreement shall enter into force on the thirtieth day following the date of receipt of the latter
notification.

This Agreement shall remain in force for a period of twenty (20) years and shall thereafter remain in force on the same terms until
either Contracting Party notifies the other in writing of its intention to terminate the Agreement in twelve (12) months.

In respect of investment made prior to the date of termination of this Agreement the provisions of Articles 1 through 14 shall remain
in force for a further period of twenty (20) years from the date of termination of this Agreement.

In Witness Whereof, the undersigned representatives, duly authorised thereto, have signed the present Agreement.

Done in duplicate at Beijing on November 15th 2004 in the Chinese, Finnish and English languages, all texts being equally authoritative.
In case of divergence, the English text shall prevail.

For the Government ofFor the Government of

the People’s Republic of Chinathe Republic of Finland

Protocol to the Agreement on the Encouragement and Reciprocal Protection of Investments between the Government of the People’s Republic
of China and the Government of the Republic of Finland

On signing the Agreement on the Encouragement and Reciprocal Protection of Investments between the People’s Republic of China and
the Republic of Finland, the undersigned representatives of both Contracting Parties have agreed with respect to the People’s Republic
of China on the following provisions, which constitute an integral part of the Agreement.

Ad Article 2 , paragraph 3 and Article 3 , paragraphs 2 and 3

The provisions do not apply to any existing non-conforming measure maintained within its territory of the People’s Republic of China
or any future amendment thereto provided that the amendment does not increase the non-conforming effect of such a measure from what
it was immediately before the amendment took effect.

Treatment granted to investments once admitted shall in no case be made more restrictive than the treatment granted at the time when
the original investment was made.

The People’s Republic of China will take all appropriate measures to progressively remove all non-conforming measures.

Ad Article 6

Transfer payments shall comply with relevant transfer formalities stipulated by the Chinese laws and regulations. The period required
for the completion of transfer formalities shall commence on the day on which a written request with necessary supportive documentation
is submitted to the foreign exchange authorities. The necessary authorizations should be granted in a period of one month but shall
in no case exceed two months.

Transfer formalities relating to an investment shall in no case be made more restrictive than formalities required at the time when
the original investment was made.

Ad Article 9

The People’s Republic of China, when acting as a Contracting Party involved in a dispute, may require the investor concerned to exhaust
the domestic Administrative Reconsideration procedure specified by the laws and regulations of the People’s Republic of China before
Submission of the dispute to the arbitration procedures stipulated in paragraph 2(b) or 2(c) of this Article. The Reconsideration
procedure shall not exceed three (3) months.

In witness whereof, the undersigned duly authorised thereto, have signed this Protocol.

For the Government ofFor the Government of

the people’s republic of China the Republic of Finland

The Government of the People’s Republic of China
2004-11-15

THE RULES OF VERIFICATION OF BOND TRADING AND NEGOTIATION IN COUNTRYSIDE INTERBANK BOND MARKET

The People’s Bank of China

Announcement of the People’s Bank of China

NO.19

With a view to improving the administrative examination and approval efficiency, strengthening the market transparency, protecting
the lawful rights and interests of investors, and promote the normalized and healthy development of interbank bond market, the People’s
Bank of China formulates the Rules of Verification of Bond Trading and Negotiation in Countryside Inter-bank Bond Market; it is thereby
published.

The People’s Bank of China

December 7, 2004

The Rules of Verification of Bond Trading and Negotiation in Countryside Interbank Bond Market

Article 1

The Rules are formulated with a view to normalizing the verification of bond trading and negotiation in the interbank bond market,
and maintaining the lawful rights and interests of investors, in accordance with such laws, regulations and rules as the Law of the
People’s Republic of China on the People’s Bank of China, the Administrative License Law of the People’s Republic of China, the Measures
for the Implementation of the People’s Bank of China of Administrative License, and the Measures for the Administration of Bond Trading
in Countryside Inter-bank Bond Market.

Article 2

The bond in the Rules shall have the same meaning as the bond in the Measures for the Administration of Bond Trading in Countryside
Inter-bank Bond Market promulgated by the People’s Bank of China.

Article 3

A bond issuer (hereinafter referred to as the issuer) applying for trading and negotiation of the bond issued by it in the inter-bank
bond market (hereinafter referred to as the trading and negotiation ) shall report term by term to the People’s Bank of China for
verification.

The trading and negotiation of short-tem financing bond of securities companies shall be executed in accordance with the Measures
for Administration of Short-term Financing Bond of Security Companies (announcement of the People’s Bank of China, [2004] No. 12)

Article 4

An issuer applying for trading and negotiation of the bond issued by it shall satisfy the following conditions:

(1)

The bond has been issued legally;

(2)

The credit-debit relationship has been established and the registration thereof has been completed;

(3)

A relatively sound governance structure and system have been possessed and no material violation of laws, regulations and rules occurred
during the two years prior to the application.

(4)

The actual amount issued of the bond shall not be less than 500 Million RMB;

(5)

An individual investor shall not hold more than 30% of the amount issued of the bond; and

(6)

Other conditions provided for by the People’s Bank of China.

Article 5

An issuer applying for trading and negotiation of the bond issued by it shall submit following documents:

(1)

The application report for the trading and negotiation;

(2)

The documents of competent authorities for the approval of the issuance of the bond;

(3)

The Article of Association or issuing proclamation for the issuance of the bond;

(4)

The report of the information of the issuance of the bond;

(5)

The register of the holders ranking top 30 in the amount held (for the holders less than 30, the register of the actual holders);

(6)

The audited financial statements of the issuer of two years prior to application and the account of the material litigation the issuer
is involved in; and

(7)

Other materials to be submitted as required by the People’s Bank of China.

Article 6

Where the applying material is not complete or not in accordance with the form prescribed by law, the People’s Bank of China shall,
on spot or within five days, inform once the applicant the whole contents to be supplemented; where the applying material is complete
and in accordance with the prescribed form, or the issuer submit all supplementary applying material as required, the People’s Bank
of China shall accept the application. Where the People’s Bank of China decides to accept, it shall make written decision of approval
or rejection within 20 days from the acceptance date.

Article 7

The People’s Bank of China approves the application for trading and negotiation of bond, which does not indicate that it has made
any judgment on the invest value and risk of the bond in that term; the investor shall be keen on the basic status of the issuer
and the information disclosed, make independent investment judgment and bear the investment risk independently.

Article 8

The issuer shall, within 7 workdays from the receipt of the approval document, submit simultaneously the trading and negotiation proclamation
to the National Inter-bank Borrowing Center (hereinafter referred to as the inter-bank center) and the Central National Debts Registration
and Settlement Limited Company (hereinafter referred to as the central settlement company); the contents of the proclamation shall
include items 3 and 6 of Article 5 of this Rules, the credit rating report for the bond of that term and the account of the arrangement
of the tracing rating thereof, the information of the credit of the guarantor and the guarantee contract (if it is a guaranteed issuance).

Article 9

The central settlement company can, after it receives the approval document, instantly determine the basic elements of trading and
negotiation of the bond and inform the inter-bank center. The inter-bank center and the central settlement company shall, on the
second working day after they receive the trading and negotiation proclamation of the issuer, publicize the following information
to the market participants and handle the trading and negotiation of the bond on the third workday:

(1)

The document of the People’s Bank of China for the approval of the trading and negotiation of the bond;

(2)

The trading and negotiation proclamation of the bond;

(3)

The basic elements of trading and negotiation of the bond; and

(4)

Other information to be publicized as required by the People’s Bank of China.

Article 10

During the period of trading and negotiation of the bond, the issuer shall disclose information continually to the market participants
as provided for by the People’s Bank of China.

Article 11

The issuer, when submitting bond applying documents and disclosing information according to provisions, shall observe the following
basic requirements:

(1)

The applying documents for trading and negotiation of the bond and the documents disclosed to the market participants that are submitted
by the issuer according to provisions shall be real, precise and complete, and shall not include false record, misleading representation
or material omission;

(2)

The information disclosed by the issuer shall include the trading and negotiation proclamation, annual report, interim report and
the outcome of tracing credit rating of the bond;

(3)

The information disclosed by the issuer concerning such issues as financial accounting, law, asset evaluation shall be examined, validated
and given written opinion by such intermediate agencies as certificate public accountants, lawyer’s office and asset evaluation agency
that have relevant business qualification.

Article 12

During the trading and negotiation period of the bond, the issuer and relevant insider shall not disclose the contents before publicizing
the information as required to be disclosed by the issuer.

Article 13

During the trading and negotiation period of the bond, the issuer shall, with 4 months after the completion of every fiscal year (where
there are special circumstances, it can be prolonged after the approval of the People’s Bank of China), disclose the annual report
to the market participants.

Article 14

The issuer shall publicize, without delay, to the market participants and report to the People’s Bank of China the material events
occurred during the trading and negotiation period of the bond.

The material events referred to in this article include but are not limited to the following events:

(1)

The occurrence of heavy debts or breach of contract such as failure to pay due debts;

(2)

The occurrence of big loss or incurrence of big damnification;

(3)

The capital reduction,merger, division, dissolution, trusteeship, suspension of business and application for bankruptcy of the issuer;

(4)

The material litigation involving the issuer; or

(5)

The guarantor changes its legal entity, or great changes take place in the operation, finance of the guarantor (in cases of guaranteed
issuance).

Article 15

The issuer shall agree on the arrangements about the tracing rating with the credit rating agency, and publicize the tracing rating
report of previous year to market participants before July 31 every year during the bond trading negotiation period.

Article 16

The disclosure of the issuer’s information shall be carried out through the website of Chinamoney, Chinabond or the other news media
designated by the People’s Bank of China.

Article 17

The issuer shall publicize relevant matters concerning interests payment or redemption of the bond no later than the third workday
prior to the day of interests payment or expiration of the bond.

Article 18

During the bond trading negotiation period, the issuer shall not conduct bond trading by taking the bond issued by itself as object
asset, except in the redemption in advance by the issuer in accordance with relevant provisions or contracts.

Article 19

The trading and negotiation of the bond approved to trade and negotiate shall be terminated on the third workday prior to the expiration
date.

Article 20

The participating party to the inter-bank bond market that has one of the following circumstances shall be punished by the People’s
Bank of China in accordance with article 46 of the Law of the People’s Republic of China on the People’s Bank of China. In accordance
with the provisions of article 5 and 27 of the Administrative Punishments Law of the People’s Republic of China, the participating
party to the market that actively and in time correct the violation acts may be given a lighter or mitigated punishment, those that
do not result in harm or damage may be exempted from administrative punishment.

(1)

The issuer conducts bond trade by taking the bond issued by itself as the object asset without authorization or in a disguised form;
the issuer does not perform its information disclosure liability as provided for by the People’s Bank of China; or during the period
of trading and negotiation of the bond, the issuer or relevant insiders reveal the information as required to be disclosed; or any
act of the issuer violating other provisions of this Rules;

(2)

The participants to the inter-bank bond market trade without authorization the bond that is publicized legally but not approved to
trade and negotiate; or

(3)

The inter-bank center and central settlement company do not handle trading and negotiation of the bond in accordance with rules or
arrange for trading and negotiation of the bond without authorization; the inter-bank center and central settlement company violate
the rules of information disclosure;

Article 21

The verification on the trading and negotiation of central government bond, central bank bond or development financial bond of government
will not be conducted term by term; the issues of trading and negotiation are handled directly by the inter-bank center and central
settlement company in accordance with the time and procedure provided for by the People’s Bank of China. But the bond mentioned above
shall subject to the requirements of items 1, 2, and 4 of article 4 of the Rules.

The issuer of the development financial bond of government shall report the issuing information to the People’s Bank of China within
5 workdays after the completion of the registration of the claim and debt.

The issuer of central government bond and central bank bond is exempted from the information disclosure and credit rating liability,
and the issuer of the development financial bond of government is exempted from the credit rating liability.

Article 22

The power to interpret the present Rules shall be vested in the People’s Bank of China.

Article 23

The Rules shall enter into force as of December 15, 2004.

The People’s Bank of China
2004-12-07

1...262728 29 Page 27 of 29

Brazilian Laws

CONSTITUTIONAL AMENDMENTS part 4 – 1988 Constitution

CONSTITUTIONAL AMENDMENTS part 3 – 1988 Constitution

MEASURES FOR THE SUPERVISION OVER AND ADMINISTRATION OF PHARMACEUTICAL PRODUCTION

INTERIM PROVISIONS ON THE MANAGEMENT OF MONETARY MARKET FUNDS

LAND ADMINISTRATION LAW OF THE PEOPLE’S REPUBLIC OF CHINA (2004 REVISION)

CIRCULAR OF THE MINISTRY OF COMMERCE ON RELEVANT ISSUES CONCERNING THE IMPLEMENTATION OF THE MEASURES FOR ADMINISTRATION OF THE OPERATIONAL QUALIFICATION FOR OVERSEAS LABOR SERVICE COOPERATION

REGULATION OF THE PEOPLE’S REPUBLIC OF CHINA ON THE IMPLEMENTATION OF THE CUSTOMS ADMINISTRATIVE PUNISHMENT

CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION ON RELEVANT ISSUES CONCERNING STRENGTHENING VALUE-ADDED TAX ADMINISTRATION ON THE EXTENDED VALUE-ADDED TAX CREDIT SCOPE IN THE NORTHEAST REGION

CIRCULAR OF STATE ADMINISTRATION OF FOREIGN EXCHANGE ON PRINTING AND DISTRIBUTING ADMINISTRATIVE RULES FOR EXAMINATION AND VERIFICATION CERTIFICATE OF DECLARATION OF BALANCE OF PAYMENTS

NOTICE OF THE PEOPLE’S BANK OF CHINA ON PRINTING AND DISTRIBUTING THE PROVISIONS ON THE MANAGEMENT OF FOREIGN EXCHANGE DEPOSIT RESERVE OF FINANCIAL INSTITUTIONS

AGREEMENT BETWEEN THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA AND THE GOVERNMENT OF THE REPUBLIC OF FINLAND ON THE ENCOURAGEMENT AND RECIPROCAL PROTECTION OF INVESTMENTS

THE RULES OF VERIFICATION OF BOND TRADING AND NEGOTIATION IN COUNTRYSIDE INTERBANK BOND MARKET

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