RULES FOR THE IMPLEMENTATION OF THE REGISTRY AND CLEARANCE BUSINESS OF LISTED OPEN-END FUND

China Securities Depository & Clearance Corporation Limited

Notice of China Securities Depository & Clearance Corporation Limited on Promulgating Rules for the Implementation of the Registry
and Clearance Business of Listed Open-end Fund

Every member bodies and fund management companies:

In order to standardize the registry and clearance business of listed open-end fund, the Rules for the Implementation of the Registry
and Clearance Business of Listed Open-end Fund enacted by China Securities Depository & Clearance Corporation Limited, are hereby
promulgated and shall come into force as of the day of promulgation.

China Securities Depository & Clearance Corporation Limited

August 20, 2004

Rules for the Implementation of the Registry and Clearance Business of Listed Open-end Fund

Chapter 1 General Provisions

1.1

This Rules is promulgated with a view to maintaining the order of securities investment fund market, protecting the legal rights of
investors and standardizing the registry and clearance business of listed open-end fund, in accordance with the Securities Investment
Fund Law of the People’s Republic of China and the relevant provisions of other laws, regulations, rules and those set forth by China
Securities Depository and Clearance Co., Ltd. (hereinafter referred to as this Company).

1.2

The listed open-end fund referred to in this Rules is the open-end fund replaced, listed and transacted in Stock Exchange. Listed
open-end fund may be subscribed and transacted through Stock Exchange, or subscribed, applied for and redeemed through fund manager
or its best effort institution.

1.3

This Rules applies to the registry and clearance business of listed open-end fund. Where this Rules does not have related provision
thereto, other related provisions of this Company will be applied.

Chapter 2 The Account Management

2.1

Investors holding common RMB securities account or securities investment fund account (hereinafter referred to as the securities account)
may subscribe and transact the listed open-end fund in Stock Exchange through securities institutions.

Investors may subscribe, apply for and redeem the listed open-end fund through fund manager or its best effort institution based on
the open-end fund account in this Company.

2.2

The open, cancellation, merger of the securities account or the change of information thereof, etc. shall be handled in accordance
with the Management Rules of Securities Account of this Company.

2.3

The investor who has had a securities account may apply through the fund manager or best effort institution to this Company for the
depository of a listed fund account based on the securities account.

The investor who has not had a securities account may apply through the fund manager or best effort institution to this Company for
the registry of a listed fund account, this Company will allocate new securities investment fund account and automatic registry of
an open-end fund account will be made.

The investor who has registered an open-end fund account through fund manager or best effort institution may apply directly for the
releasing of open-end fund business to these institutions.

The investor who has registered an open-end fund account through fund manager or best effort institution applying for the open-end
fund business through other best effort institution or fund manager shall, upon the strength of the open-end fund account, first
handle the open-end fund account registry confirmation procedures with that best effort institution or fund manager.

2.4

An investor may have only one Shanghai or Shenzhen open-end fund account, except otherwise provided for by laws, regulations, rules
or this Company.

Shanghai securities account and the Shanghai open-end fund account registered based on it may not conduct listed open-end fund business
for the time being.

2.5

Where the name of the investor, the type or number of valid identification document as stated in the registry information of open-end
fund account is changed, the investor shall make securities account information change application at the agency in which the securities
account is opened. The change of the registry information, except for the three items mentioned above, can be made in the fund manager
or its best effort institution.

2.6

The investor may inquire about the registry information of his open-end fund account in the fund manager or its best effort institution
as referred to in article 2 .5.

2.7

The cancellation of the open-end fund account by the investor shall be made in the fund manager or its best effort institution that
has formerly handled this open-end fund account and the following conditions shall be satisfied:

(1)

The fund unit in the open-end fund account is zero;

(2)

Where the registry confirmation of the open-end fund account has been made in more than one fund managers or best effort institutions,
the cancellation of the registry confirmation of the open-end fund account shall have been made.

Chapter 3 Registry Trusteeship

3.1

This Company adopts the principle of separated system of registry with respect to the unit of listed open-end fund. The fund unit
subscribed and purchased in Stock Exchange through securities institutions is registered within the securities registry and clearance
system of this Company (hereinafter referred to as the securities registry system) and is recorded as investor’s securities account
and trusted in the securities institutions; the fund unit subscribed or applied for through fund manager or its best effort institution
is registered within the open-end fund registry and clearance system of this Company (hereinafter referred to as the TA system) and
is recorded as the investor’s open-end fund account and trusted in the fund manger or its best effort institution.

3.2

The fund manager shall conclude the registry and clearance service contract with this Company before the replacement of listed open-end
fund unit.

3.3

The fund manager shall, within prescribed time limit after the establishment of the listed open-end fund succeeding to capital verification,
handle the primary registry of the raised listed open-end fund unit in the securities registry system and the TA system of this Company
separately.

3.4

The registry of the change of the fund unit concerning the transaction of listed open-end fund that is made through the Stock Exchange,
the ownership transfer that is not made because of transaction of the fund unit under the securities account and the judicial assistance
etc. shall be made through the securities registry system.

The registry of change of the fund unit of listed open-end fund concerning the application or redemption through the fund manager
and its best effort institution, the non-trading transfer of the fund unit under the open-end fund account, the judicial assistance
and other businesses shall be handled through the TA system.

3.5

Such data as the preliminary registry, registry of change and related account information of listed open-end fund shall be sent unified
to the fund manager by TA system.

Chapter 4 Transfer of Trusteeship

4.1

The transfer of trusteeship of the listed open-end fund unit is divided into transfer of trusteeship within system and transfer of
trusteeship across system (i.e. the transfer of registry across system as referred to in the Listed Open-end Fund Business Rules
of Shenzhen Stock Exchange).

4.2

The transfer of trusteeship within system means that investors transfer the trusteeship of listed open-end fund unit trusted in a
securities institution to other securities institution, or transfer the trusteeship of listed open-end fund unit trusted in a fund
manager or its best effort institution to other best effort institution or fund manager. The transfer of trusteeship within system
shall be handled in accordance with the relevant provisions of this Company.

In the same securities institution, the change of the operate business office shall be conducted in the light of relevant provisions
to “transfer of trusteeship within system”.

4.3

The transfer of trusteeship across system means that investors transfer the trusteeship of listed open-end fund unit under a securities
institution to a fund manager or best effort institution, or transfer the trusteeship of listed open-end fund unit under a fund manager
or its best effort institution to other securities institution.

4.4

The transfer of trusteeship across system of listed open-end fund unit can only be carried out between securities account and the
open-end fund account registered based on it.

4.5

Where investors redeem listed open-end fund unit under the trusteeship of a securities institution through a fund manager or its best
effort institution, the transfer of trusteeship across system shall be handled in accordance with the following procedures:

(1)

Before investors go through the formalities of transfer of trusteeship, they shall ensure that registry or registry confirmation of
open-end fund account has been handled successfully in the transferee fund manager or best effort institution.

(2)

The investors file the applications for transfer of trusteeship across system in transferor securities institution; they shall specify
the code of transferee fund manager or best effort institution, securities account number, fund code and the amount transferred.

(3)

With regard to the application for transfer of trusteeship across system that is qualified in examination, the securities registry
system makes debit to the fund unit in the securities account of the investor and the TA system makes corresponding credit to the
fund unit in the securities account of the investor.

With respect to the fund unit transferred in, the TA system starts to calculate the fund unit holding duration of the investor from
the day when the fund unit of open-end fund account is credited.

(4)

With respect to the application for transfer of trusteeship across system that has been handled successfully, investors may apply
for the redemption of fund unit in the transferee’s fund manager or best effort institution after two trading days from the application
date.

4.6

The investor who sells in a Stock Exchange through a security institution the listed open-end fund unit that is under the trusteeship
of a certain fund manager or its best effort institution shall handle the trusteeship transfer across system in accordance with the
following procedure:

(1)

Where the investor applies to the transferring fund manager or its best effort institution for trusteeship transfer across system,
he shall specify the chair number of the transferee securities institution, the number of the open-end fund account, the fund code,
and the amount to be transferred, of which, the amount to be transferred shall be in integer unit.

(2)

With respect to the trusteeship transfer across system application that is qualified in examination, TA system debits the fund unit
of the open-end fund account of the investor, and the security registry system makes corresponding credits to the fund unit of the
securities account.

(3)

With respect to the trusteeship transfer across system application that has been successfully processed, the investor may, after two
transaction days from the applying date, apply through the transferee security institution to the Stock exchange for sale of the
fund unit.

4.7

With respect to the transfer of trusteeship across system in that the transferor system has debited the fund unit of the investor’s
account while the system of the transferee can’t make credit thereto, the investor may conduct account adjustment in the system of
the transferee.

4.8

After the date when the open-end fund is listed, except for the equity allocation period (from date R-2 to date R, date R is the equity
registry date) when the trusteeship transfer across system is temporary suspended, the investor may, in the transaction day of the
Stock Exchange, apply for handling the trusteeship transfer across system.

4.9

The unit of the listed open-end fund that is frozen can’t be handled with the trusteeship transfer across system.

Chapter 5 Fund Clearance

5.1

This Company adopts the principle of separated system in clearance with respect to listed open-end fund. The clearance of the fund
concerning the subscription and transaction of listed open-end fund trough Stock Exchange is conducted in the securities registry
system; the clearance of the fund involved in the subscription, application for purchase and redemption of listed open-end fund through
fund manager or its best effort institution is conducted in the TA system.

5.2

This Company adopts the multilateral net clearance with respect to listed open-end fund. This Company may adopt other fund clearance
method with respect to listed open-end fund after relevant business rules are formulated by this Company and are submitted to and
approved by China Securities Regulatory Commission.

5.3

The clearance participants such as the securities institution, fund manager and its best effort institution, before participating
in the fund clearance business of listed open-end fund of this Company, shall open clearance-reserving account in this Company in
accordance with relevant provisions of this Company, and conclude fund clearance business agreement with this Company.

5.4

The delivery and receipt of the fund concerning the application for purchase listed open-end fund through Stock Exchange shall abide
by the principle that “delivery and receipt in secondary market is in priority to that in internet application”, the delivery and
receipt of the fund concerning the subscribe of listed open-end fund through fund manager and its best effort institution shall abide
by the principle that “the delivery and receipt of the fund of application and redemption is in priority to that of subscribed fund”.

5.5

The fund clearance in subscribing listed open-end fund:

(1)

The securities registry system, based on the applied data of listed open-end fund made through Stock Exchange in date T, conducts
fund clearance in that date and produces fund clearance data, and finishes fund delivery and receipt through the clearance reserve
account of its clearance participant in date T-1. Where the balance of the clearance reserve account of its clearance participant
is not sufficient for delivery and receipt, the securities registry system makes invalid the applied amount of the insufficient part
in date T-2.

(2)

The TA system, based on the applied data of listed open-end fund made through fund manager and its best effort institution in date
T, conducts fund clearance and produces fund clearance data in date T-1, and finishes fund delivery and receipt through the clearance
reserve account of its clearance participant in date T-2. Where the balance of the clearance reserve account of its clearance participant
is not sufficient for delivery and receipt, the TA system makes invalid the applied amount of the insufficient part in date T-3.

5.6

The fund clearance in daily transaction, application, redemption of listed open-end fund:

(1)

The securities registry system conducts fund clearance of the combination of the dealing data of the listed open-end fund and other
listed stocks in the Stock Exchange and other non-transaction data after the market is closed in date T, figures out the net receivable
and payable of the clearance participants and produces fund clearance data, and finishes fund delivery and receipt through the clearance
reserve account of its clearance participant in date T-1.

(2)

The TA system conducts fund clearance of the combination of the application in date T-1 and the redemption in T-N-1 working days (N
is the redemption payment cyclical period prescribed in advance by fund manager) of the listed open-end fund made through fund manager
and its best effort institution and the business data of the open-end fund of the day, figures out the net receivable and payable
of the clearance participants and produces fund clearance data, and finishes fund delivery and receipt through the clearance reserve
account of its clearance participant in date T-1.

Chapter 6 Risk Prevention and Control Measures

6.1

This Company and the clearance participants shall adopt the following measures to strengthen the risk control in registry and clearance
business:

(1)

To stipulate perfect risk prevention system and inner control system;

(2)

To establish perfect technical system, to abide by the agreed technical criteria and rules.

(3)

To make backups of the clearance data and technical system and stipulate business urgency solving procedures and operational procedures.

6.2

Based on the risk sharing principle, the clearance participants shall pay clearance deposit as prescribed to prevent risks in clearance.
The payment, adjustment, management and use of the clearance deposit shall be conducted in accordance with provisions of this Company.

6.3

The balance of the clearance reserve account of the clearance participants at the end of a day shall not be lower than the minimum
clearance reserve as verified by this Company. The payment rate of the minimum clearance reserve and the adjustment thereof shall
be carried out in accordance with the provisions of this Company.

6.4

Where the clearance participant violates contract in fund delivery and receipt, this Company may adopt the following measures:

(1)

To charge interest and fine for breach of contract as prescribed in the provisions of the People’s Bank of China and this Company
based on the breach amount of the clearance participants.

(2)

On the day of the overdraft, to detain the securities proprietary traded by the clearance participants that are equivalent to 100%
of the breach amount. Where the clearance participant who breaches the contract pay fully the capital and interest of the breach
amount and the fine for breach of contract, this Company returns back the securities detained. Otherwise this Company will sell out
the detained securities and compensate for the breach amount of the clearance participants with the amount gained in sale, where
the amount gained in sale can’t recover fully the capital and interest of the breach amount and the fine thereof, the difference
shall be recovered by recourse to the clearance participants.

(3)

To record the breach of the clearance participant in the bad record of the clearance participant as the proof in evaluating the risk
scope and determining the key supervision object.

(4)

To be enpost_titled to require the clearance participant that breaches the contract to provide an account of its financial status to this
Company and bring forward the specific measures for covering the breach amount, and to make the clearance participant as the key
supervision object and keep close supervision on its financial status.

6.5

This Company, where necessary to the clearance participant that has a relatively big risk in clearance, is enpost_titled to adopt such
measures as to increase the clearance deposit, adjust the payment rate and time of minimum clearance reserve, require it to provide
clearance credit guaranty or clearance mortgage, limit the business application or require it to trust other clearance participant
to conduct clearance, etc.

6.6

The fees and damages of this Company in dealing with the breach of the clearance participant in delivery and receipt are born by the
clearance participant.

Chapter 7 The Equity Allocation

7.1

The equity allocation of listed open-end fund shall be conducted by the security registry system and TA system based on respective
investor’s book thereof on the equity registry day (Date R).

The security registry system can only conduct cash dividend allocation, TA system can conduct cash dividend allocation or dividend
re-investing allocation as in the option of the investor.

7.2

The fund manager shall, before the announcement of the equity allocation, make equity allocation application to this Company in advance.

7.3

The fund manager shall, before the prescribed time point in date R, inform this Company of the finally determined dividend allocation
plan. Where the dividend allocation plan is amended after the prescribed time point, the equity registry date shall be re-determined.

7.4

The fund manager shall, before the prescribed time point in date R-2, appropriate the cash dividend to the bank account designated
by this Company. This Company will appropriate the cash dividend to the clearance reserve account of the securities institution,
fund manager and its best effort institution in date R-3.

Where the fund manager fails to appropriate fully the cash dividend before the prescribed time point, this Company will postpone the
allocation of the cash dividend.

Chapter 8 Supplementary Provisions

8.1

This Implementation Rules apply, for the time being, to registry and clearance business of the open-end securities investment fund
sold, listed and transacted in Shenzhen Stock exchange.

8.2

This Company is not liable to any damage to related parties caused by earthquake, typhoon, drought, fire, war and other force majeure
factors, and such contingent incidents as unpredictable or uncontrollable failure of system, equipment and telecommunication, electricity
power off, etc.

8.3

The meanings of the following wordings as used in this Rules are:

Purchase: The activity that within the raising period of open-end fund, the investor purchases fund unit in the Stock Exchange through
securities institution, or purchases through fund manager and its best effort institution.

Application for purchase: The activity that beyond the raising period of open-end fund, an investor buys fund unit through fund manager
and its best effort institution.

Transaction: The activity that after the open-end fund is listed in Stock Exchange, an investor buys or sells fund unit in Stock Exchange
by way of collective transaction and through securities institution.

Securities account: It is divided into Shanghai securities account and Shenzhen securities account. Shanghai securities account is
used to record the securities listed in Shanghai Stock exchange and other securities acknowledged by this Company; Shenzhen securities
account is used to record the securities listed in Shenzhen Stock exchange and other securities acknowledged by this Company.

The registry of open-end fund account: The business process in that an investor holding securities account applies to this Company
for opening the function of open-end fund business and gets the confirmation feedback from the TA system of this Company.

The confirmation of open-end fund account: The business process in that an investor who has registered to open open-end fund account
applies for, in order to conduct fund subscribe, application and redemption through more than one best effort institutions, the registered
open-end fund account through the proposed best effort institution and gets the confirmation feedback from the TA system of this
Company.

The Shanghai, Shenzhen open-end fund account: The open-end fund account that comes into being following the registration of Shanghai,
Shenzhen Securities Account.

Best effort institution: Such institutions as the commercial banks or securities institution etc. which have best effort institution
qualification of open-end fund authorized by the China Securities Regulatory Commission, sell fund unit upon delegation of fund manager,
and carry out the application and redemption of fund share.

Clearance participants: Securities institution, fund manager, best effort institution and other bodies which participate in the clearance
business of this Company after the consent of this Company in the electronic securities registry and clearance system established
and managed in this Company.

8.4

This company shall be responsible for the amendments and interpretation of the present Implementation Rules.

8.5

The present Implementation Rules shall be implemented as of the promulgation date.

China Securities Depository & Clearance Corporation Limited
2004-08-23

REGULATIONS OF THE PEOPLE’S REPUBLIC OF CHINA ON ACADEMIC DEGREE

Standing Committee of the National People’s Congress

Regulations of the People’s Republic of China on Academic Degrees(2004)

(Adopted at the 13th Meeting of the Standing Committee of the Fifth National People’s Congress and promulgated by Order No. 5 of the
Standing Committee of the National People’s Congress on February 12th, 1980, and effective as of January 1st, 1981. Amended at the
11th Session of the Standing Committee of the Tenth National People’s Congress on August 28th, 2004)

Article 1

The present Regulations are formulated with a view to promoting the growth of specialized personnel, helping to raise the academic
level of various branches of learning and promoting the development of education and science of China, so as to meet the needs of
the socialist modernization.

Article 2

Any citizen who supports the leadership of the Communist Party of China and the socialist system and has attained certain academic
standards may apply for an appropriate academic degree in conformity with the provisions of the present Regulations.

Article 3

Academic degrees shall be of three grades: the bachelor’s degree, the master’s degree and the doctor’s degree.

Article 4

The bachelor’s degree shall be conferred on graduates from institutions of higher learning who have good academic records and have
attained the following academic standards:

(1)

having a relatively good grasp of basic theories, specialized knowledge and basic skills in the discipline concerned; and

(2)

having initially acquired the ability to undertake scientific research or to engage in a special technical work.

Article 5

The master’s degree shall be conferred on postgraduates in institutions of higher learning or scientific research institutes or persons
with qualifications equivalent to postgraduates on graduation, who have passed examinations in the required courses for the master’s
degree and successfully defended their dissertations and have attained the following academic standards:

(1)

having a firm grasp of basic theories and systematic, specialized knowledge in the discipline concerned; and

(2)

having the ability to undertake scientific research or independently to engage in a special technical work.

Article 6

The doctor’s degree shall be conferred on postgraduates in institutions of higher learning or scientific research institutes or persons
with qualifications equivalent to postgraduates on graduation, who have passed examinations in the required courses for the doctor’s
degree and successfully defended their dissertations and have attained the following academic standards:

(1)

having a firm and comprehensive grasp of basic theories and profound and systematic specialized knowledge in the discipline concerned;

(2)

having the ability to undertake independent scientific research; and

(3)

having made creative achievements in science or in a special technology.

Article 7

The State Council shall establish an Academic Degrees Committee to direct the work of conferring academic degrees throughout the country.
The Academic Degrees Committee shall consist of a chairman, vice-chairmen and other members. The chairman, vice-chairmen and other
members shall be appointed and removed by the State Council.

Article 8

The bachelor’s degree shall be conferred by those institutions of higher learning authorized by the State Council. The master’s and
doctor’s degrees shall be conferred by those institutions of higher learning and scientific research institutes authorized by the
State Council.

A list of institutions of higher learning and scientific research institutes that may confer academic degrees (hereinafter referred
to as ” degree-conferring entities ” ) and the disciplines in which academic degrees may be conferred shall be submitted to the State
Council by its Academic Degrees Committee for approval and promulgation.

Article 9

Each degree-conferring entity shall establish an academic degree evaluation committee and form dissertation defence committees for
the disciplines concerned.

A dissertation defense committee must include relevant experts from other entities, and the committee members shall be selected and
determined by the degree-conferring entity concerned. The name list of the members of the academic degree evaluation committee shall
be determined by the degree-conferring entity, and shall be reported to and put on records at the relevant departments of the State
Council and the Academic Degrees Committee of the State Council.

Article 10

The dissertation defence committee shall be responsible for examining the dissertations for master’s or doctor’s degrees, organizing
their oral defence and adopting resolutions whether or not to confer the master’s or doctor’s degrees. Each resolution shall be adopted
by secret ballot and with a two-thirds majority of the committee members supporting and then submitted to the academic degree evaluation
committee.

The academic degree evaluation committee shall be responsible for examining and approving the list of holders of the bachelor’s degree
and for making a decision whether or not to approve each resolution on the conferment of a master’s or doctor’s degree submitted
by the dissertation defence committee. Each decision shall be adopted by secret ballot and with a simple majority of the committee
members supporting. The list of persons to be conferred a master’s or doctor’s degree shall be submitted to the Academic Degrees
Committee of the State Council for the record.

Article 11

After a resolution to confer an academic degree has been adopted by the academic degree evaluation committee, the degree-conferring
entity shall issue an appropriate diploma to the holder of the academic degree.

Article 12

Postgraduates who have completed their studies in entities that are not authorized to confer academic degrees may, upon the recommendation
of their respective entities, apply to nearby degree-conferring entities for academic degrees. They shall be conferred appropriate
degrees after their applications have been examined and approved by the degree-conferring entities and they have successfully defended
their dissertations and attained the academic standards prescribed in the present Regulations.

Article 13

Upon the recommendation of relevant specialists and with the approval of the degree-conferring entities, those who have written important
works or made inventions, discoveries or other contributions to the development of science or special technologies may be exempt
from examinations in the required courses for the doctor’s degree and may directly take the oral examinations on their doctoral dissertations.
Those who have successfully defended their dissertations shall be conferred the doctor’s degree.

Article 14

Distinguished scholars and well-known public figures, both Chinese and foreign, may be conferred an honorary doctor’s degree, upon
the nomination of a degree-conferring entity and with the approval of the Academic Degrees Committee of the State Council.

Article 15

Foreign students studying in China and foreign scholars engaged in research work in China may apply to a degree-conferring entity
for academic degrees. Those who have attained the academic standards prescribed in the present Regulations shall be conferred appropriate
degrees.

Article 16

In case an academic body or an entity not authorized to confer academic degrees does not concur with a resolution or decision on the
conferment of an academic degree, it may address its objection to the degree-conferring entity or the Academic Degrees Committee
of the State Council, which shall study and deal with the objection thus addressed.

Article 17

Where irregularities, fraudulent practices or other situations in gross violation of the provisions of the present Regulations are
discovered, the degree-conferring entity concerned may revoke the degrees already conferred, after reconsideration by its academic
degree evaluation committee.

Article 18

In case it is definitely established that an entity authorized to confer academic degrees has not been able to maintain the academic
standards of the academic degrees conferred, the State Council may suspend or revoke its status as a degree-conferring entity.

Article 19

Measures for the implementation of the present Regulations shall be formulated by the Academic Degrees Committee of the State Council
and submitted to the State Council for approval.

Article 20

The present Regulations shall be implemented on January 1st, 1981.

Standing Committee of the National People’s Congress
2004-08-28

CIRCULAR OF THE MINISTRY OF CONSTRUCTION AND THE MINISTRY OF COMMERCE ON STRENGTHENING THE ADMINISTRATION OF CREDENTIAL EVALUATION FOR FOREIGN-FUNDED CONSTRUCTION ENTERPRISES

Ministry of Construction, Ministry of Commerce

Circular of the Ministry of Construction and the Ministry of Commerce on Strengthening the Administration of Credential Evaluation
for Foreign-funded Construction Enterprises

JianShi [2004] No. 159

The Construction Departments of all provinces and autonomous regions, Construction Commissions of all municipalities directly under
the Central Government, Construction Administration Bureaus of Shandong and Jiangsu provinces, construction departments of relevant
ministries and commissions of the State Council, Construction Bureau of Xinjiang Production and Construction Corps, Engineering Bureau
of the Barracks Division of the General Logistics Department, and the competent departments of commerce of all provinces, autonomous
regions, municipalities directly under the Central Government and cities directly under the state planning:

This Circular is hereby issued as follows with a view to further bettering the administration of credential evaluation of foreign-funded
construction enterprises established in China by foreign enterprises:

Continuously bettering the administration of the establishment of and credential evaluation for construction enterprises established
in China by foreign enterprises and other relevant work concerning that

(1)

In order to ensure the smooth transition between the engineering contracting activities already in progress when this Circular is
issued and the new provisions, with respect to foreign enterprises having obtained an approval for establishing foreign-funded enterprises
in China but having not yet obtained credential certificate for construction enterprises, before July 1st, 2005 they may present
the contract of engineering contracting to which they concluded and their Foreign Enterprise’s Credential Certificate for Engineering
Contracting and, after the administrative department for construction at the provincial level has made preliminary examination and
approved, have a contracting certificate for a specific project handled by the Ministry of Construction. No foreign enterprise without
a credential certificate for a construction enterprise may contract any engineering project after July 1st, 2005.

The administrative departments for construction and other relevant departments at various levels shall make best use of their time
in conducting the work of examination and approval of the establishment and applications for credentials of foreign-funded construction
enterprises.

(2)

Any foreign-funded enterprise having obtained the Construction Enterprise’s Credential Certificate may, before July 1st, 2005, contract
engineering projects in China with its Construction Enterprise’s Credential Certificate or Foreign Enterprise’s Credential Certificate
for Engineering Contracting. Such engineering contracting performance may be treated as its performance for the purpose of credential
upgrade and annual review.

Treatment of some issues in the examination and appraisal of credentials of foreign-funded construction enterprises

In order to encourage international large-scale engineering contracting companies to establish foreign-funded construction enterprises
in China, newly established foreign-funded construction enterprises not meeting the required credential standards in terms of performance
or personnel shall be treated as follows:

(1)

The foreign investor’s engineering contracting performance in China may be treated as that of the enterprise newly established by
it in China. The foreign investor applying for a credential certificate shall provide materials certifying its corresponding performance,
which shall be subject to the examination and confirmation by the credential authority in accordance with the credential standards
for construction enterprises.

(2)

The foreign-funded construction enterprise may retain overseas service providers as its technical and managerial personnel. Such overseas
service providers must fulfill the requirements equal to those for the technical post_title as required by the credential standard for
the construction enterprise.

The qualifications for certain technical post_titles of the overseas service providers shall be determined by the credential authority
based on their educational credentials and work experience when the authority examines the construction enterprise’s credentials,
pursuant to the Measures for Implementing the Provisions Concerning the Administration of Credential Evaluation in the Provisions
Concerning the Administration of Foreign-funded Construction Enterprises as issued by the Ministry of Construction (JianShi [2003]No.
73).

(3)

The foreign-funded construction enterprise may retain overseas service providers as its project managers. The qualifications of such
overseas service providers shall be examined and determined by the credential authority based on their experience in managing engineering
projects, when the authority examines the construction enterprise’s credentials, in accordance with the credential standards for
construction enterprises and the Measures for Implementing the Provisions Concerning the Administration of Credential Evaluation
in Provisions Concerning the Administration of Foreign-funded Construction Enterprises issued by the Ministry of Construction (JianShi
[2003]No. 73).

There is no limit to the number of overseas service providers retained by a foreign-funded construction enterprise as its project
managers.

The administrative competent departments for construction of all provinces, autonomous regions and municipalities directly under the
Central Government shall conduct the administration of credential evaluation for foreign-funded construction enterprises in light
of the spirit of this Circular and promptly report any problem as may arise in the work to the Construction Market Administration
Department of the Ministry of Construction and the Foreign Investment Administration Department of the Ministry of Commerce.

The Ministry of Construction

The Ministry of Commerce

September 6th, 2004

Ministry of Construction, Ministry of Commerce
2004-09-06

PROVISIONS ON THE ADMINISTRATION OF IMPORT AND BROADCAST OF OVERSEAS TV PROGRAMS

the State Administration of Radio, Film and Television

Order of the State Administration of Radio, Film and Television

No. 42

Provisions on the Administration of Import and Broadcast of Overseas TV Programs, which were adopted at the executive meeting of the
Administration on June 15, 2004, are hereby promulgated and shall come into force as of October 23, 2004.

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

September 23, 2004

Provisions on the Administration of Import and Broadcast of Overseas TV Programs

Article 1

With a view to regulating the administration on import and broadcast of overseas TV programs, promoting the Sino-foreign exchange
in radio and television and satisfying the spiritual and cultural needs of the people, the present Provisions are formulated pursuant
to the Ordinance on Administration of Radios and Televisions.

Article 2

The present Provisions shall apply to the import and broadcast of overseas TV programs. The “overseas TV programs” shall refer to
overseas films, TV plays (TV cartoons) and other TV programs, such as cultural, scientific and cultural TV programs to be broadcasted
by the TV stations.

No program of topicality news may be imported.

Article 3

The State Administration of Radio, Film and Television (hereinafter referred to as the SARFT) shall be responsible for the examination
and approval of the import of overseas films and TV plays, and the import of other overseas TV programs through satellite transmission.

The provincial radio and television administrative departments shall, upon the entrustment of the SARFT, be responsible for the preliminary
examination of the import of overseas films and TV plays within their respective jurisdictional areas, and the examination and approval
of other overseas TV programs and the supervision on the broadcast of them.

The radio and television administrative departments at the prefecture (city) level shall be responsible for the supervision over the
broadcast of overseas TV programs within their respective jurisdictional areas.

Article 4

Without examined and approved by the SARFT or by the radio and television administrative departments authorized by it, no one may
import or broadcast any overseas TV program.

Article 5

The import of overseas films and TV plays, and the import of other overseas TV programs through satellite transmission shall be applied
for by entities designated by the SARFT.

Article 6

The SARFT shall control and plan the total volume, themes and places of production of the to-be-imported overseas films and TV plays.

Article 7

The import of overseas films and TV plays, and the import of other overseas TV programs through satellite transmission shall accord
with the overall planning of SARFT and meet the requirements of Article 15 of the present Provisions.

Article 8

To import an overseas film, TV play or any other TV program, the import entity shall file an application to the provincial radio and
television administrative department.

Article 9

The applicant shall submit the following materials when applying for the import of an overseas film or TV play:

(1)

an Application for the Import of Overseas Films and TV Plays (The format of applications shall be uniformly formulated by the SARFT
and shall be printed and produced for use by the provincial radio and television administrative departments);

(2)

the import contract (both in Chinese and the relevant foreign language);

(3)

the certification of copyright (both in Chinese and the relevant foreign language);

(4)

a complete set of Large1/2 video tapes with the pictures, sound and time code;

(5)

an abstract for each episode with at least 500 Chinese characters; and

(6)

captions both in Chinese and the relevant foreign language for the beginning and end of the film (TV play) identical with those in
the sample video tape.

Article 10

The applicant shall submit the following materials when applying for the import of an overseas TV program (other than a film or TV
play) through satellite transmission:

(1)

an Application for the Import of Other Overseas TV Programs (The format of applications shall be uniformly formulated by the SARFT
and shall be printed and produced for use by the provincial radio and television administrative departments);

(2)

the import contract (both in Chinese and the relevant foreign language); and

(3)

the certification of copyright (both in Chinese and the relevant foreign language);

Article 11

After a provincial radio and television administrative department formally accepts an application for importing an overseas film or
TV play, or any other overseas TV program through satellite transmission, it shall put forward detailed and clear opinions on the
preliminary examination within the time limit as prescribed in the Administrative License Law, and submit them to the SARFT for examination
and approval.

After formally accepting the application, the SARFT shall decide whether or not to approve the import within the time limit as prescribed
in the Administrative License Law. For the examination on the import of an overseas film or TV play, the expert appraisal needs to
be organized otherwise, and the time for appraisal shall be 30 days. If the SARFT approves the import, it shall issue the applicant
a TV Play (TV Cartoon) Distribution License or give it a reply of approving the import of other overseas TV programs (other than
films or TV plays) through satellite transmission. If it disapproves the import, it shall give the import entity a written notice
and make an explanation.

Article 12

Where an import entity is approved of importing an overseas TV program (other than a film or TV play) through satellite transmission,
it shall go through the relevant formalities for the License for Accepting TV Programs through Satellite Transmission upon the strength
of the reply of the SARFT.

Article 13

Where a TV station at the prefecture (city) or province level applies for importing an overseas TV program (other than a film or TV
play), it shall report to the provincial radio and television administrative department for examination and approval. If the TV program
involves any significant or sensitive subject, the provincial radio and television administrative department shall report it to the
SARFT for examination and approval.

Article 14

The applicant shall submit the following materials when applying for the import of an overseas TV program (other than a film or TV
play):

(1)

an Application for the Import of Other Overseas TV Programs (The format of applications shall be uniformly formulated by the SARFT
and shall be printed and produced for use by the radio and television administrative departments at the prefecture (city) level);

(2)

the opinions of the import entity on the content of the to-be-imported TV program;

(3)

the import contract (both in Chinese and the relevant foreign language); and

(4)

the certification of copyright;

After the provincial radio and television administrative department formally accepts the application, it shall make a decision within
the time limit as prescribed in the Administrative License Law. If it approves the import, it shall issue corresponding approval
documents to the applicant. If it disapproves the import, it shall give the entity as the examinee a written notice and make an explanation.

Article 15

The import entity shall strictly control the guidance and style of the to-be-imported overseas TV program, and ensure that its content
be sound and well produced.

The overseas TV program may not contain any of the following contents:

(1)

opposing the basic principles determined by the Chinese constitution;

(2)

endangering the unity, sovereignty and territorial integrity of the state;

(3)

divulging state secrets, endangering state security or damaging the honor and interests of the state;

(4)

inciting hatred or discrimination among ethnic groups, undermining the solidarity among ethnic groups, or infracting ethnic customs
or habits;

(5)

advocating evil religions and superstition;

(6)

disrupting social order and destroying social stability;

(7)

advocating obscenity, gambling or violence, or instigating crimes;

(8)

insulting or defaming others, and infringing upon others’ legitimate rights and interests;

(9)

endangering the social morality or the excellent national culture and tradition; or

(10)

involving other contents in violation of the laws, administrative regulations or provisions of the state.

Article 16

The provincial radio and television administrative department shall, in the first week of each quarter, submit a report on the import
of overseas TV programs (other than films and TV plays) of the previous quarter in its jurisdictional area to the SARFT for archival
purpose.

Article 17

The overseas TV program (other than a film or TV play) imported upon approval shall be re-packed and re-edited. It may not be directly
broadcasted as a set program at a fixed time slot.

The mark of the overseas channel or the picture with relevant words may not be shown in the program, nor may the program contain any
advertisement publicizing the overseas media or channel and other similar contents.

Article 18

When a TV station broadcasts an overseas film or TV play, it shall indicate the serial number of the distribution license of the film
or TV play. The time for broadcasting overseas films and TV plays per day by every television channel may not exceed 25% of the total
time for broadcasting films and TV plays within the current day by this television channel. The time for broadcasting other overseas
TV programs (other than films and TV plays) per day by a television channel may not exceed 15% of the total time for broadcasting
within the current day by this television channel.

Without approval of the SARFT, no one may broadcast any overseas film or TV play during the prime time slot (19:00 – 22:00).

Article 19

Where anyone violates the present Provisions, he shall be punished in accordance with the Ordinance on the Management of Radio and
Television. If any crime is constituted, the relevant criminal liabilities shall be investigated for in light of the law.

Article 20

The present Provisions shall come into force as of October 23, 2004. The Provisions on the Administration of Import and Broadcast
of Overseas TV Programs (Order No. 10 of the Ministry of Radio, Film and Television) shall be simultaneously repealed.

the State Administration of Radio, Film and Television
2004-09-23

THE INTERIM MEASURES FOR THE ADMINISTRATION OF EXAMINING AND APPROVING FOREIGN INVESTMENT PROJECTS

National Development and Reform Commission

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

No.22

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

Director of the National Development and Reform Commission, Ma Kai

October 9, 2004

The Interim Measures for the Administration of Examining and Approving Foreign Investment Projects

Chapter I General Provisions

Article 1

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

Article 2

The present Measures shall be applicable to examine and approve such foreign investment projects as Chinese-foreign equity joint,
Chinese-foreign contractual joint, foreign-owned enterprises, the merger of domestic enterprises by foreign investors and the increase
in capital of foreign-owned enterprises.

Chapter II The Examination and Approval Organs and the Limit of Their Authorities

Article 3

In terms of the classification of the Catalogue of Industries for Guiding Foreign Investment, the National Development and Reform
Commission shall examine and approve the application reports of encouraged projects and permitted projects with a total investment
(including the increased amount of capital, similarly hereinafter) of 100 million dollars or more and of restricted projects with
a total investment of 50 million dollars or more. Among above application reports, those encouraged projects and permitted projects
with a total investment of 500 million dollars or more and those restricted projects with a total investment of 100 million dollars
or more shall be subject to the examination and approval of the National Development and Reform Commission and then be reported to
the State Council for verification.

Article 4

Encouraged projects and permitted ones with a total investment lower than 100 million dollars and restricted projects with a total
investment lower than 50 million dollars shall be subject to the examination and approval of the local development and reform departments,
while restricted projects shall be subject to the examination and approval of all provincial development and reform departments and
the power to examine and approve such projects shall not be transferred to a lower-level departments.

In case that the local governments have otherwise formulated rules for examining and approving projects listed in the preceding paragraph,
such rules shall prevail.

Chapter III The Application Report of a Project

Article 5

The project application report submitted to the National Development and Reform Commission shall contain:

(1)

the name of the project, the time limit of operation and the fundamental information of an investor;

(2)

the construction scale, main construction projects and products of the project, main technologies and techniques adopted, the target
markets of products and the planned number of workers;

(3)

the construction site of the project, the demands of resources such as land, water and energy, and the amount of consumption of main
raw materials;

(4)

the evaluation of impacts on the environment;

(5)

the prices involved public products or services; and

(6)

the total investment amount of the project, the registered capital and the amount of contribution of each party, the mode of contribution
and the financing schemes, and the equipments needed to be imported and the price thereof.

Article 6

The project application report submitted to the National Development and Reform Commission shall be accompanied by documents following:

(1)

the enterprise registration certificate (business license) of Chinese and foreign parties of the investment project, the certificate
of commercial registration and the latest financial statements of the enterprise (including the balance sheet, the profit and loss
statement and the cash flow statement), and the certificate of capital credit issued by the bank of deposit;

(2)

the letter of intent to invest, and the resolution of the board of directors of the company for capital increase or merger of the
project;

(3)

the financing letter of intent issued by a bank;

(4)

the written evaluation and suggestions about the impact on environment issued by a provincial or the State administrative department
in charge of environmental protection;

(5)

the written suggestions regarding the selection of sites issued by a provincial planning department;

(6)

the written suggestions regarding a preliminary examination of land use of the project issued by the administrative department for
state land and resources of a province or the state ; and

(7)

in case the contribution is state-owned assets or the right of land use, a confirmation document issued by relevant competent departments
is required.

Chapter IV Procedures of Examination and Approval

Article 7

Where a project subjects to the examination and approval of the National Development and Reform Commission and the State Council according
to the power to examine and approve projects, the project applicant shall provide the provincial development and reform department
at the locality of the project with the project application report which shall be reported to the National Development and Reform
Commission after being examined and approved by the provincial development and reform department. The enterprise group of the cities
directly under the state planning and enterprises directly under the Central Government may directly submit project application reports
to the National Development and Reform Commission.

Article 8

In the course of examining and approving project application reports, if it is necessary to solicit the opinions of the department
of the State Council in charge of the industry concerned, the National Development and Reform Commission shall issue a letter soliciting
opinions to the administrative department of industry of the State Council and attach relevant materials at the same time. The department
of the State Council in charge of industries concerned shall submit written opinions to the National Development and Reform Commission
within 7 working days after acceptance of the said materials.

Article 9

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

Article 10

The National Development and Reform Commission shall finish the examination and approval of the project application report or report
opinions of the examination and approval to the State Council within 20 working days since the date when accepting the project application
report. If it is difficult to make a decision on examination and approval or report the opinions of examination and approval within
20 working days, the period may be extended for 10 working days by the approval of the principal of the National Development and
Reform Commission and the project applicant shall be notified of the reasons for extension.

The authorizing period specified in the preceding paragraph shall not include the period for assessment conducted by an entrusted
consulting organization.

Article 11

For an approved project, the National Development and Reform Commission shall issue an examination and approval document in written
form to the project applicant; for a disapproved project, the National Development and Reform Commission shall notify the project
applicant of the decision in written form and tell them, the reasons as well as the right to apply for an administrative review or
initiate an administrative lawsuit according to law.

Chapter V Examination and Approval Conditions and Effectiveness

Article 12

The conditions for the National Development and Reform Commission to examine and approve a project are as follows:

(1)

complying with the laws and regulations of the State and the prescriptions of the Catalogue of Industries for Guiding Foreign Investment
and the Catalogue of Priority Industries for Foreign Investment in the Central-Western Region;

(2)

complying with the requirements of middle-term and long-term plans of the national economy and social development, the industry plans
and the policies of adjustment of industry structure;

(3)

complying with the public interests and related anti-monopoly prescriptions of the State;

(4)

complying with the requirements of plans of land use, general planning of cities and policies of environmental protection;

(5)

complying with the requirements of technological and technical standards set down by the State;

(6)

complying with the related prescriptions of the national capital project management and the management of foreign debts.

Article 13

The project applicant shall, in light of examination and approval documents of the National Development and Reform Commission, go
through the formalities of land use, city planning, quality supervision, work safety, resources utilization, registration (modification)
of enterprises, capital project management, import of equipments, application of tax policies and etc..

Article 14

The period of validity shall be stipulated in examination and approval documents issued by the National Development and Reform Commission.
Within the period of validity, the examination and approval document shall be the basis for the project applicant to go through corresponding
formalities prescribed in Article 13 of the present Measures; after the period of validity, the applicant shall simultaneously present
documents permitting the extension issued by the National Development and Reform Commission when going through the said formalities.

Article 15

For an unauthorized foreign investment project, no departments of land, city planning, quality supervision, supervision of work safety,
industry and commerce, the customs, tax or foreign exchange may process the pertinent procedures.

Article 16

In case a project applicant obtains an examination and approval document by such unjustifiable means as breaking down a project or
providing false materials, the National Development and Reform Commission may withdraw the examination and approval document of the
project.

Article 17

The National Development and Reform Commission may conduct supervision and examination over the implementation situation of the applicant’s
project and the situation of examination and approval of an overseas investment project by a regional development and reform department,
and dispose the verified problems according to law.

Chapter VI Alteration and its Examination and Approval Thereof

Article 18

The alteration of an approved project by the National Development and Reform Commission shall be applied to the National Development
and Reform Commission in case the project is under any of the following circumstances:

(1)

the alteration of construction site;

(2)

the alteration of investors or their share rights;

(3)

the alteration of main construction contents and main products;

(4)

the overall investment beyond 20 percentage or more of the approved investment amount;

(5)

other circumstances required to be altered according to related laws and regulations and industrial policies.

Article 19

The examination and approval procedures of alteration shall be implemented by referring to the prescriptions of Chapter IV of the
present Measures.

Chapter VII Supplementary Provisions

Article 20

For the purpose of timely mastering the examination and approval information of a project, the regional development and reform department
shall submit a copy of the examination and approval document of a foreign investment project with a total investment amount of more
than USD 30 million approved by a regional departments to the National Development and Reform Commission within 20 working days since
the date of examination and approval.

Article 21

Each provincial development and reform department shall, according to the prescriptions of the Provisions on Guiding the Direction
of Foreign Investments (Order No. 346 of the State Council) and the present Measures, constitute corresponding measures for administration.

Article 22

Projects invested in the Mainland of China by investors from Hong Kong or Macao Special Administrative Region or Taiwan shall be implemented
with reference to the present Measures.

Article 23

The power to interpret the present Measures shall be vested in the National Development and Reform Commission.

Article 24

The present Measures shall go into effect as of October 9, 2004. In case any of the former rules for the examination and approval
of foreign investment projects conflicts with the present Measures, the present Measures shall prevail.

National Development and Reform Commission
2004-10-09

DECISION OF THE CHINA SECURITIES REGULATORY COMMISSION ON AMENDING THE INTERIM MEASURES FOR THE ADMINISTRATION OF BONDS OF SECURITIES COMPANIES

China Securities Regulatory Commission

Order of the China Securities Regulatory Commission

No. 25

The Decision on Amending the Interim Measures for the Administration of Bonds of Securities Companies, which was deliberated and adopted
at the 119th executive meeting of the chairmen of the China Securities Regulatory Commission on October 15th, 2004, is hereby promulgated
and shall be implemented as of the promulgation date.

Shang Fulin, Chairman of the China Securities Regulatory Commission

October 18th, 2004

Decision of the China Securities Regulatory Commission on Amending the Interim Measures for the Administration of Bonds of Securities
Companies

Subparagraph 3 of Article 7 shall be deleted.

Paragraph 2 of Article 12 shall be amended as: “The amount of money secured for the public issuance of bonds shall be not less than
the total amount of the principals and the interests of the bonds. With respect to the bonds issued to targeted purchasers, the amount
shall be, in principle, not less than 50% of the total amount of the principals and the interests of the bonds, and if the amount
of guarantee is less than 50% or it doesnt provide guarantee for the bonds issued to targeted purchasers, the special risks shall
be mentioned to the investors at the time of issuance and transfer of bonds, and it shall be signed by the investors.”

Article 23 shall be amended as: “The minimum period of the bonds shall be one year.”

Subparagraph 2 of Article 26 shall be amended as: “The total amount of the par value of the bonds actually issued shall be not less
than RMB 50 million yuan.”

The present Decision shall be implemented as of October 18th, 2004.

The Interim Measures for the Administration of Bonds of Securities Companies shall be re-promulgated after being amended pursuant
to the present Decision.

China Securities Regulatory Commission
2004-10-18

MEASURES FOR THE ADMINISTRATION OF PRELIMINARY EXAMINATION OF THE LAND USED FOR CONSTRUCTION PROJECTS (REVISED IN 2004)

the Ministry of Land and Resources

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

No. 27

The “Measures for the Administration of Preliminary Examination of the Land Used for Construction Projects” were revised and adopted
at the 9th ministerial meeting of the Ministry of Land and Resources on October 29, 2004. The revised “Measures for the Administration
of Preliminary Examination of the Land Used for Construction Projects” are hereby promulgated and shall come into force as of December
1, 2004.

Minister of the Ministry of Land and Resources Sun Wensheng

November 1, 2004

Measures for the Administration of Preliminary Examination of the Land Used for Construction Projects (Revised in 2004)

Article 1

For the purpose of guaranteeing the implementation of the overall planning on land utilization, bringing into full play the macro-control
function of land supply and controlling the total amount of the land used for construction, the present Measures are formulated in
accordance with the Land Administration Law of the People’s Republic of China, the Regulation on Implementation of the Land Administration
Law of the People’s Republic of China and the Decision of the State Council on Deepening the Reform and Rigidly Enforcing Land Administration.

Article 2

The preliminary examination of the land used for construction projects, as referred to in the present Measures, shall mean the examination
lawfully conducted by the administrative department of land and resources on land utilization matters involved in construction projects
at the stages of examination, ratification and archiving of construction projects.

Article 3

The preliminary examination shall abide by the following principles:

(1)

according with the overall planning on land utilization;

(2)

protecting cultivated land, especially basic farmland;

(3)

utilizing land rationally and intensively; and

(4)

complying with the land supply policies of the state.

Article 4

The land used for construction projects shall be subject to preliminary examination at different levels.

The construction projects, which need to be examined and approved by the people’s government or by the development and reform department
and etc. of the people’s government that has approval power, shall be preliminarily examined by the administrative department of
land and resources of the people’s government.

The construction projects, which need to be ratified and archived, shall be preliminarily examined by the administrative department
of land and resources at the same level with the ratification and archiving organ.

Article 5

For a construction project that needs to be examined and approved, the entity using the land for construction shall file an application
for preliminary examination at the stage of feasibility study.

For a construction project that needs to be ratified and archived, the entity using the land for construction shall file an application
for preliminary examination before applying for ratification and archiving.

Article 6

For a construction project that shall be preliminarily examined by the Ministry of Land and Resources as required by Article 4 of
the present Measures, the Ministry of Land and Resources shall entrust the administrative department of land and resources at the
provincial level at the locality of the project to accept the application. However, if the construction project occupies land within
the scope of urban land for construction use as determined in the planning, the administrative department of land and resources at
the city level shall be entrusted to accept the application. After acceptance of the application, the said administrative department
shall advance its opinions from preliminary examination, and transfer and submit them to the Ministry of Land and Resources.

As to the land used for secret-involving military projects or particular construction projects approved by the State Council, the
entity using the land for construction may directly file an application for preliminary examination to the Ministry of Land and Resources.

The small-size fragmentary land used for construction projects such as electrical wire tower bases, well drilling positions, communication
stations and etc., of which the preliminary examination ought to be finished responsibly by the Ministry of Land and Resources, shall
be preliminarily examined by the administrative department of land and resources at the provincial level and be reported to the Ministry
of Land and Resources for archival purposes.

Article 7

When applying for preliminary examination, any entity using the land for construction shall submit the following documents:

(1)

the application form for preliminary examination of the land used for the construction project;

(2)

the application report for preliminary examination including the basic information on the planned construction project, the planned
location, the planned total scale and type of land use and the initial plan on supplementing cultivated land; and

(3)

In the case of a construction project that needs to be examined and approved, the approval document of the project proposal and the
project feasibility study report shall be submitted. If the approval document of the project proposal and the project feasibility
study report are combined, only does the project feasibility study report need to be submitted.

The application form for preliminary examination as prescribed in Paragraph 1 of this Article, shall be uniformly formulated by the
Ministry of Land and Resources.

Article 8

When transferring and submitting the application for preliminary examination on use of land, the administrative department of land
and resources entrusted by the Ministry of Land and Resources to be responsible for preliminary examination shall provide the following
documents:

(1)

opinions from preliminary examination including whether the planned land use for the construction project accords with the overall
planning on land utilization, whether it accords with the policies of the state on land supply, whether the standard and the total
scale of the land to be used conform to the relevant provisions, and whether the initial plan on supplementing cultivated land is
feasible, and so on;

(2)

the drawing on overall planning at the county level or above on land utilization, which indicates the scope of land used for the project,
and other relevant drawings; and

(3)

Where, under the circumstances as prescribed in Article 26 of the Land Administration Law of the People’s Republic of China, the
land used for a construction project demands to amend the overall planning on land utilization, such materials shall be submitted
as the amended planning which has been demonstrated by the relevant departments and experts, the evaluation report on the impacts
of the construction project to the implementation of the planning and the minutes of the hearing on amending the planning.

Article 9

The administrative department of land and resources shall accept and take over the applications for preliminary examination that accord
with Article 7 of the present Measures, and the transferred and submitted documents from preliminary examination which accord with
Article 8 . Where any application or document falls short of the provisions, the administrative department of land and resources
shall either at the spot or within 5 days inform the applicant or the organ that has transferred and submitted the documents in written
form. If the department fails to inform, the application or document shall be deemed as having been accepted and taken over.

The administrative department of land and resources entrusted by the Ministry of Land and Resources to be responsible for the preliminary
examination shall, within 20 days as of acceptance of the application, finish preliminary examination, and transfer and submit the
application to the Ministry of Land and Resources.

Article 10

The preliminary examination shall mainly include:

(1)

Whether the selected locality of the land used for construction projects accords with the overall planning on land utilization; and
whether it confirms to the conditions prescribed in laws and regulations on land administration;

(2)

Whether the construction project accords with the policies of the state on land supply;

(3)

Whether the standard and total scale of the land used for the construction project accord with the relevant provisions;

(4)

Whether the initial plan on supplementing cultivated land is feasible and whether the funds are guaranteed if any cultivated land
is occupied; and

(5)

In the case of any land used for a construction project under the circumstances as prescribed in Article 26 of the Land Administration
Law of the People’s Republic of China, which demands to amend the overall planning on land utilization, whether the proposal on amending
the planning, the evaluation report on the impacts of the construction project to the implementation of the planning and etc. accord
with the laws and regulations.

Article 11

The administrative department of land and resources shall, within 20 days as of acceptance of the application for preliminary examination
or as of receipt of the transferred and submitted documents, finish the examination and issue its opinions from preliminary examination.
If it fails to issue its opinions from preliminary examination within 20 days, the period may be extended for ten days more with
approval of the responsible person of the administrative department of land and resources in charge of the preliminary examination.

Article 12

The opinions from preliminary examination shall include the conclusive opinions on the contents prescribed in Article 10 of the present
Measures, and the concrete requirements on the entity using the land for construction.

Article 13

The opinions from preliminary examination are the must documents for the approval and checkup of a construction project. The requirements
in the opinions from preliminary examination in such aspects as the standard and the total scale of the land to be used and etc.
shall be taken into full consideration at the stage of initial design of the construction project.

The entity using the land for construction shall carefully and earnestly implement the opinions from preliminary examination, and
shall, when applying for using the land according to law, issue a written document on earnestly carrying out the opinions from preliminary
examination.

Article 14

The period of validity of a preliminary examination document of the land use for a construction project shall be two years as of the
approval date. Where, in a preliminarily examined project, major adjustments need to be made such as the purpose of the land, the
locality of the construction project and etc., the party concerned shall apply for preliminary examination again.

Article 15

The preliminary examination shall be finished according to the present Measures prior to the ratification or examination and approval
of a construction project. If the construction project has not been preliminarily examined or fails to pass the preliminary examination,
the party concerned shall not be approved to convert the land for agricultural use into that for construction use or to have the
land requisitioned, nor shall it be permittedor to go through the land supply procedures.

Article 16

The present Measures shall come into force as of December 1, 2004.

the Ministry of Land and Resources
2004-11-01

MEASURES FOR THE ADMINISTRATION OF DEVELOPMENT STRATEGIES AND PLANS OF CENTRAL ENTERPRISES (FOR TRIAL IMPLEMENTATION)

the State-owned Assets Supervision and Administration Commission of the State Council

Order of the State-owned Assets Supervision and Administration Commission of the State Council

No. 10

The Measures for the Administration of Development Strategies and Plans of Central Enterprises (for Trial Implementation), which were
deliberated and adopted at the 21st executive meeting of the State-owned Assets Supervision and Administration Commission of the
State Council, are hereby promulgated and shall go into effect as of January 1, 2005.

Director of the State-owned Assets Supervision and Administration Commission, Li Rongrong

November 26, 2004

Measures for the Administration of Development Strategies and Plans of Central Enterprises (for Trial Implementation)

Article 1

In order to regulate the formulation and administration of development strategies and plans of central enterprises, improve the scientificity
and democracy of development strategies and plans of central enterprises and perform the contributor’s duties according to law, the
present Measures are formulated in accordance with such laws and regulations as the Company Law of the People’s Republic of China
and the Interim Regulations on the Supervision and Administration of State-Owned Assets of Enterprises.

Article 2

The central enterprises (hereinafter referred to as the enterprises) as referred to herein are enterprises for which the State-owned
Assets Supervision and Administration Commission (hereinafter referred to as the SASAC) performs the contributor’s duties.

Article 3

The development strategies and plans of the enterprises as referred to herein are the directional, holistic and overall orientation,
development goals and the corresponding plans for implementation during a given future period of time, which are made by the enterprises
for the purpose of long-term survival and development thereof pursuant to the national development programming and industrial policies
as well as on the basis of the analysis of the status quo and trends of exterior environment and interior conditions.

Article 4

The administration of development strategies and plans of the enterprises shall refer to the examination and approval of the formulation
procedure, and the contents and the supervision over the implementation of the development strategies and plans of the enterprises
by the SASAC in accordance with the law and with reference to the contributor’s duties.

Article 5

The SASAC shall adhere to the following principles for the administration of development strategies and plans of the enterprises:

(1)

to perform the contributor’s duties according to the law;

(2)

to respect the legal rights and interests of the enterprises;

(3)

to promote the strategic adjustment of the layout and structure of the state-owned economy, and instruct the enterprises to carry
out their structural adjustments;

(4)

to be objective, impartial, scientific and to plan as a whole; and

(5)

to enhance work efficiency, observe professional ethics, and strictly keep state secrets and business secrets.

Article 6

The enterprises shall determine the working organs responsible for the formulation of development strategies and plans, set up the
corresponding working systems and report to the SASAC for archival filing.

Article 7

An enterprise shall work out the development strategy and plan thereof in accordance with the prescriptions of the present Measures.
An enterprise may, if possible, establish a decision-making committee of development strategy and plan.

Article 8

The development strategy and plan of an enterprise shall include a medium-term development plan of three to five years and a long-term
goal of ten years. The priority of formulation shall be given to the 3-5 year development plan, which shall implement rolling adjustment
timely according to the changes and development of exterior environment and interior conditions of the enterprise.

Article 9

A development strategy and plan of an enterprise shall mainly contain the following:

(1)

the status quo and developmental environment, including the basic information, analysis of development environment and competitive
power of the enterprise;

(2)

development strategies and guiding ideology;

(3)

development goals;

(4)

the emphasis of development and adjustment and the 3-year plans for implementation;

(5)

safeguard measures for the implementation of the plan; and

(6)

any other contents required.

Article 10

When working out the development strategy and plan, an enterprise may refer to the General Outline for Formulation of the Development
Strategies and Plans of Central Enterprises as formulated by the SASAC and may make proper adjustments in the light of the actual
conditions but the items as brought forward thereby shall be included.

Article 11

An enterprise shall submit the draft of development strategy and plan within the time limit as specified by the SASAC. The contents
submitted shall include the draft text of development strategy and plan and an explanation of the formulation.

Article 12

The SASAC shall conduct the examination and approval on the drafts of development strategies and plan of the enterprise and offer
feedback on the examination and approval opinions to the enterprise within the time limit.

Article 13

The SASAC shall examine and approve the content of a development strategy and plan submitted by an enterprise mainly in the following
aspects:

(1)

whether or not it complies with the national development planning and industrial policies;

(2)

whether or not it complies with the strategic adjustment of the layout and structure of the state-owned economy;

(3)

whether or not it gives prominence to the main business or promotes the core competitive power of the enterprise; and

(4)

whether or not the principles of “giving priority to efficiency” and “sustainable development” have been adhered to.

Article 14

A solely state-owned enterprise or solely state-owned company shall revise the development strategy and plan according to the examination
and approval opinions of the SASAC.

Article 15

The stockholders’ representatives and directors as assigned by the SASAC in the state controlling and state holding enterprises shall
sufficiently state examination and approval opinions of the SASAC at the shareholders’ meetings or boards of directors of the enterprises.

Article 16

An enterprise shall submit a certified true text of the development strategy and plan to the SASAC for archival filing after making
revisions to the development strategy and plan in accordance with the internal decision-making process.

Article 17

While in the process of implementing the development strategy and plan, an enterprise shall work out an annual plan, make contrastive
evaluation between the implementation and the development targets and make adjustments timely.

Article 18

The SASAC shall bring the targets and implementation of development strategies and plans of enterprises into the operation achievement
assessments that it shall carry out on the central enterprises principals.

Article 19

The present Measures shall go into effect as of January 1, 2005.

Attachment:Instructions of Formulation of the Measures for the Administration of Development Strategies and Plans of Central Enterprises (for
Trial Implementation)

The Measures for the Administration of Development Strategies and Plans of Central Enterprises (for Trial Implementation) (hereinafter
referred to as the Measures for the Administration of Planning) as formulated by this Commission have passed the examination and
are promulgated in accordance with the legislative procedure. The present Measures are formulated according to such laws and regulations
as the Company Law of the People’s Republic of China and the Interim Regulations on the Supervision and Administration of State-owned
Assets of Enterprises as well as in the light of the actual conditions of central enterprises.

Formulation Background of the Measures for the Administration of Planning

(I)

The administration of development strategies and plans of the enterprises forms important part of supervision and administration of
the contributor.

Having a bearing upon the long-term development of the enterprise and the value maintenance and appreciation of state-owned assets,
the development strategy and plan of an enterprise belongs to a significant decision of the enterprise. As the contributor, the state-owned
assets supervisory and administrative organ shall perform contributor’s duties to the development strategies and plans of the contributed
enterprises, conduct supervision and administration and maintain the owner’s rights and interests, all these are the basic requirements
for ensuring the full performance of the contributor’s duties and the realization of the combination of managing assets, managing
persons and managing affairs, and the unification of the rights, duties and obligations.

(II)

The administration of development strategies and plans of the enterprises is an essential work.

The development strategy and plan is the overall designing of an enterprise to seek for the long-term survival and sustainable development
when it is confronted with a management environment with violent changes and serious challenges, is the concentrated embodiment of
development strategic ideology of the enterprise, and is the basis for the enterprise to work out various plans and for the SASAC
to conduct office-term assessments on the enterprise principals. To strengthen the administration of development strategy and plan
is a fundamental task both for the enterprise and for the SASAC to supervise and administrate enterprises. In order to enhance the
ability to handle affairs, reduce randomness and blindness in the work and avoid interference in the decision-making power of the
enterprise in operation and management, the essential work shall be strengthened for the administration of development strategy and
plan of the enterprises, the rules and regulations shall be established and improved and the standardized administration shall be
carried out.

(III)

The administration of development strategies and plans of the enterprises and the strategic adjustment of the layout and structure
of the state-owned economy shall be an organic whole.

The SASAC shall, according to the requirements of the strategic adjustment of the layout and structure of the state-owned economy,
study and put forward the direction, principles, emphasis and working thoughts of the strategic adjustment of the layout and structure
of central enterprises as the working guidelines for formulating the development strategies and plans of the enterprises. The enterprises
shall, according to the overall thoughts of the adjustment of the layout and structure of central enterprises and their own conditions,
put forward the development orientation and strategies of their own. These two shall be complementary to each other as an organic
whole.

(IV)

The implementation of the Measures for the Administration of Development Strategies and Plans of Central Enterprises shall be beneficial
to the strengthening of the enterprise’s status as a subject of market economy.

The SASAC shall carry out its administration on the significant investments of the enterprises, which is the important duty of the
contributor. Confronted with increasingly severe market competition, the enterprises shall intensify the strategic research and management
and correctly control its own developmental direction so as to seize opportunities, speed up the development and evade investment
risks at the same time. The SASAC shall carry out the supervision over and administration on the significant investments of the enterprises
mainly based on the development strategies and plans of enterprises, and all investments in main business, within the plan and in
line with the developmental direction of an enterprise shall be decided by the enterprise on its own initiative, and the SASAC shall
carry out the administration of archival filing. All investments in sideline businesses and outside the plan shall be strictly supervised
and administrated. It is beneficial to the strengthening of the enterprises’ status as subjects of market economy in order to create
a more relaxed environment for the enterprises.

(V)

Principles for formulation of the Measures

During the course of formulation of the Measures for the Administration of Planning, we mainly abided by the following principles:

to respect the legitimate rights and interests of the enterprises and promote development of the enterprises; and

to exercise administrative powers according to law and establish lawful and efficient administrative procedures.

(VI)

Process of formulation of the Measures for the Administration of Planning

The formulation of the Measures has undergone one year and five months. During the course of formulation, the working methods such
as the collective discussion and widely soliciting opinions were adopted. The text of the Measures has gone through big amendments
and improvements for more than ten times.

II.

Several Issues Specified by the Measures for the Administration of Planning

(I)

The enterprise is the subject to formulate and implement the development strategy and plan.

The Measures for the Administration of Planning have embodied that the enterprise shall be the subject to formulate and implement
the development strategy and plan. The enterprise shall be responsible for formulating and implementing the development strategy
and plan. The SASAC shall carry out examination and approval on the development strategy and plan, which mainly includes the examination
and approval of formulation procedures and contents and the supervision over the implementation of the development strategy and plan
of the enterprise.

(II)

The principles that shall be abided by for the administration of development strategies and plans of the enterprises

In the administration of development strategies and plans of the enterprises, the following principles prescribed in the Measures
for the Administration of Planning shall be always abided by: First of all, the development strategies and plans formulated by the
enterprises shall conform with the national development planning and industrial policies, shall be of benefit to the strategic adjustment
of the layout and structure of the state-owned economy, and shall give prominence to the main business and sustainable development.
Through the examination and approval conducted on the development strategies and plans of the enterprises, the directions of adjustment
and goals of businesses to be integrated and optimized shall be specified as well as the main business of the enterprise, so that
the steady development of enterprises shall be promoted and the enterprises shall grow stronger and greater. Secondly, the SASAC
shall abide by the said principles when it examines and approves the development strategies and plans of the enterprises and carries
out the supervision over and administration on the implementation.

(III)

The Measures for the Administration of Planning have specified the working procedures for the SASAC in the administration of development
strategies and plans of the enterprises:

An enterprise shall formulate the development strategy and plan of its own pursuant to the requirements and report the draft of development
strategy and plan to the SASAC;

The SASAC shall examine and approve the development strategies and plans of the enterprises and offer feedback on the examination
and approval opinions to the enterprises;

An enterprise shall submit the official text of development strategy and plan to the SASAC for archival filing after making revisions;
and

An enterprise shall implement the development strategy and plan. The SASAC shall include the targets and implementation of the development
strategy and plan of the enterprises into the operation achievement assessments it shall conduct on the enterprise principals.

III.

Structure and Main Contents of the Measures for the Administration of Planning

(I)

The Measures include the purposes of the legislation, scope of application, specific prescriptions and the date of entry into force
pursuant to the requirements of legislation rules of the SASAC.

(II)

The Measures are not divided into chapters and sections in accordance with the prescriptions of the Regulations on the Procedures
for Formulation of Regulations. The structure of the text is arranged according to the framework of such six parts including general
provisions, institutional framework, formulation of development strategy and plan of the enterprise, examination and approval, implementation
and supplementary provisions. The contents mainly include:

the legislative authority of the formulation and the scope of application of the Measures;

the definitions of the development strategies and plans of the enterprises and of the administration of the development strategies
and plans of the enterprises;

the principles that shall be adhered to and the contents that shall be complied with by the SASAC for the administration of planning;

the obligations and duties that shall be performed by the enterprises, such as setting up working institutions and corresponding work
systems, etc.;

the main contents that shall be contained in the development strategies and plans of the enterprises. The Measures prescribe the main
contents which shall be contained in the development strategies and plans of the enterprises under common circumstances, and to match
them, the General Outline for Formulation of the Development Strategies and Plans of Central Enterprises (which has been distributed
to the central enterprises at an earlier date) has been formulated; and

the procedures for the administration of development strategies and plans of the enterprises, namely: submission, examination and
approval, the enterprise’s treatment of examination and approval opinions , archival filing (submission of certified true texts),
implementation and adjustment, etc..

IV.

Implementation of the Measures for the Administration of Planning

The present Measures shall go into effect as of January 1, 2005. The administration of development strategies and plans of the enterprises
regulated by them is exploratory, therefore the experiences shall be continuously summed up in the administration work ahead so as
to improve the present Measures gradually and make timely revisions on them according to the changes of circumstances.

the State-owned Assets Supervision and Administration Commission of the State Council
2004-11-26

THE CIRCULAR OF THE MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION ON INCREASING THE EXPORT TAX REFUND RATE OF A PART OF INFORMATION TECHNOLOGY (IT) PRODUCTS

The Ministry of Finance, the State Administration of Taxation

The Circular of the Ministry of Finance and the State Administration of Taxation on Increasing the Export Tax Refund Rate of a Part
of Information Technology (IT) Products

Cai Shui [2004] No. 200

December 10, 2004

Departments (Bureaus) of Finance, National Tax Bureaus of all provinces, autonomous regions, and municipalities directly under the
Central Government, and cities directly under state planning, and Offices of Financial Supervision Commissioners of the Ministry
of Finance in all provinces, autonomous regions, and municipalities directly under the Central Government, and cities directly under
state planning, and the Bureau of Finance of the Xinjiang Production and Construction Corp:

The export tax refund rates of a part of information technology (IT) products shall be increased to 17% after the approval of the
State Council. Now the relevant issues hereby are notified as follows:

The IT products whose export tax refund rate increased from the current 13% to 17% include integrated circuits, separate parts (components),
mobile communication base stations, Ethernet switches, routers, handset (vehicular) radio telephones, other automatic micro digital
data processors, system-form microcomputers, LCD monitors, CRT displays, hard disk drivers, automatic digital data processors without
names listed, other storage parts, numerical control lathes (see the attachment for specific products ).

This Circular shall be enforced as of the date of November 1, 2004. (the specific implementation time shall be subject to the export
date noted by the Customs in the “Declaration Form for Export Goods(export tax refund list)”.

It is thereby notified.

htm/e04100.htmAttachment

Attachment:

The Catalogue of the Increased Export Tax Refund Rates of a Part of IT Products

Name of Commodities	HS	Export Tax Refund Rate
Integrated circuits	854210008542211185422119854221218542212985422191854221998542290085426000854270108542709085429000	17%
Separate parts (components)	8541100085412100854129008541300085414000854150008541600085419000
Mobile commutation equipments and terminators	85252092[mobile communication base stations]
	85175032[Ethernet switches]
	84718020[routers]
	85252022[handset (vehicular) radio telephones]
Computers and external equipments	84714140[other automatic micro digital data processors]
	84714940[system-form microcomputers]
	84716011[LCD monitors]
	84716012[CRT displays]
	84717010[hard disk drivers]
	84714190[automatic digital data processors without names listed]
	84717090[other storage parts]
Numerical control lathes	846120108461202084613000846140108461409084615000846190118461901984619090

PROVISIONS OF THE CUSTOMS OF THE PRC ON IMPLEMENTATION OF THE RULES OF ORIGIN OF GOODS UNDER THE SPECIAL PREFERENTIAL TARIFF TREATMENTS GIVEN BY THE PEOPLE’S REPUBLIC OF CHINA TO THE LEAST-DEVELOPED AFRICAN COUNTRIES

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

No. 123

The Provisions of the Customs of the People’s Republic of China on the Implementation of “the Rules of Origin of Goods under the Special
Preferential Tariff Treatments Given by the People’s Republic of China to the Least-developed African Countries” were deliberated
and adopted at the executive meeting of the General Administration of Customs on December 29, 2004. They are hereby promulgated and
shall be implemented as of January 1, 2005.
Director, Mu Xinsheng

December 30, 2004

Provisions of the Customs of the PRC on Implementation of “the Rules of Origin of Goods under the Special Preferential Tariff Treatments
Given by the People’s Republic of China to the Least-developed African Countries”

Article 1

The present Provisions are formulated in accordance with the Customs Law of the People’s Republic of China and the Rules of Origin
of Goods under the Special Preferential Tariff Treatments Given by the People’s Republic of China to the Least-developed African
Countries for the purposes of promoting the economic trade between China and the least-developed African countries (hereinafter referred
to as the “beneficiary countries”, see the name list in Annex 1) and correctly determining the origin of goods, which are exported
to China by the beneficiary countries under the special preferential tariffs treatment.

Article 2

The present Provisions shall apply to the goods, which are imported from the beneficiary countries under the item of enjoying special
preferential tariff treatments (for the list of those products, please refer to the Import and Export Tariff Regulations of the People’s
Republic of China), but the goods for processing trade shall be excluded.

Article 3

If the goods directly imported from a beneficiary country and included in the list of goods under special preferential tariff treatments,
their place of origin shall be determined according to the following principles:

(1)

As to the products entirely obtained from a beneficiary country, their place of origin shall be the country from which the goods are
obtained; and

(2)

As to the products incompletely obtained from a beneficiary country, their place of origin shall be the country where the final substantial
processing is completed.

Article 4

The phrase “products entirely obtained from a beneficiary country” as mentioned in Item (1) of Article 3 of the present Provisions,
namely the entire obtainment criterion, refers to the following products:

(1)

The mineral products exploited or extracted from this country;

(2)

The plants or their products harvested or collected from this country;

(3)

The animals borne and raised in this country;

(4)

The products obtained from the animals of this country as mentioned in Item (3) of this Article;

(5)

The products obtained from hunting or fishing in this country;

(6)

The fish and other marine products obtained from the high seas by vessels registered in this country or hanging the flag of this country,

(7)

The products obtained from processing the articles as listed in Item (6) of this Article on the processing vessels registered in this
country or hanging the flag of this country;

(8)

The waste and old articles that are gathered in the course of consumption in this country and that can only be suited to recycling
of raw materials;

(9)

The waste and piecemeal materials that are generated in the course of production in this country and that can only be suited to recycling
of raw materials ; and

(10)

The products obtained from processing the articles as listed in Items (1) to (9) of this Article within this country.

Article 5

If any of the following types of processing or treatment is used for any of the following purposes, no matter it is completed independently
or together with the others, it shall be deemed as minor processing or treatment and shall not be taken into account in the determination
about whether the products are entirely obtained or not from a country:

(1)

The processing or treating conducted for preserving or transporting the goods;

(2)

The processing or treating conducted for facilitating the loading and unloading of the goods; or

(3)

The packing, exhibiting and other types of processing or treating conducted for selling the goods.

Article 6

The criterions on the determination of “substantial processing” as mentioned in Item (2) of Article 3 of the present Provisions
shall be the criterion of the change of tariff code or the criterion of ad valorem percentage.

(1)

The “criterion of the change of tariff code” refers to the change of the classification of the 4-digit tariff items in the Commodity
Names and Code Coordination System for the goods obtained from a beneficiary country after they are manufactured or processed with
the materials not originated in this country, and the aforesaid goods will not undergo any more production, processing or manufacturing
in any other country or region that will cause any change of the classification of the 4-digit tariff items, such goods shall be
deemed to have undergone substantial processing.

(2)

The criterion of ad valorem percentage refers to the total value of the materials, parts or products not originated in a beneficiary
country is less than 60% of the FOB price of the products manufactured or obtained by this beneficiary country, and the final production
procedure is completed within this beneficiary country, the aforesaid products shall be deemed to have undergone substantial processing.
The count formula shall be:

The Value of Materials Not Originated from a Beneficiary Country + The Value of Materials of Unidentified Origin

——————————————————————————————————————————————————100% lt 60%

Price of FOB

(a)

The value of the materials not originated from a beneficiary country refers to the import CIF price.

(b)

The value of materials of unidentified origin refers to the price paid for the materials of unidentified origin in the manufacturing
or processing beneficiary country, which is determined at the earliest.

The above-mentioned criterion’s calculation of the ” ad valorem percentage” shall be comply with the universally acknowledged accounting
rules as well as the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade 1994.

Article 7

The simple dilution, mix, packing, bottling, drying, assembly, classification or decoration shall not be deemed as substantial processing.
If the purpose of enterprise production or pricing measures is for avoiding the present Provisions, it shall not be deemed as substantial
processing.

Article 8

In the determination of the origin of goods, one shall not take into account the origin of the energy, workshops, equipment, machines
and tools employed during the production course of goods, nor shall one take into account the origin of the materials that are employed
during the production course but do not constitute any component or constituent part of the goods.

Article 9

In the determination of origin of goods, the following items shall be neglected:

(1)

The packages, packing materials and containers that are declared and uniformly classified into the same category of the goods under
the Import and Export Tariff Regulation of the People’s Republic of China.

(2)

The accessories, spare parts, tools and introductory materials accompanying that are declared and uniformly classified into the same
category of the goods under the Import and Export Tariff Regulation of the People’s Republic of China.

Article 10

The goods under the special preferential tariff treatments shall be complied with the rules on direct transportation. The direct
transportation means that:

(1)

the goods are directly transported from a beneficiary country to a customs port of China;

(2)

the goods transit a third country (region) but

(a)

merely for the geographical reason or for the need of transportation;

(b)

don’t enter a third country (region) for trade or consumption;

(c)

except for loading, unloading and other necessary work to keep the goods in good condition, the goods haven’t undergone any other
type of processing in a third country (region);

(3)

As to the imports that are transported by transiting a third country (region), the following documents shall be offered to the customs
of the declaration place:

(a)

The joint transportation bills of lading issued by the export country;

(b)

The certificate of origin issued by the issuance institution of the export country;

(c)

The invoice of goods of the original producer; and

(d)

The certification documents meeting the 3 conditions as listed in Item (2) of this Article.

Article 11

When declaring the goods under special preferential tariff treatments, the importer shall submit the certificate of origin (see the
format in Annex 3) issued by the government institution designated by the export country (see Annex 2).

Article 12

A certificate of origin issued by an issuance institution of a beneficiary country shall be valid for a period of 180 days as of
the date of issuance. The certificate of origin shall be printed on A4 paper, the words on the face shall be in English. A certificate
of origin shall consist of 1 original and 3 duplicates and the following colors: the original color shall be apricot cream and the
duplicates color shall be light green.

Article 13

When goods are imported, the consignee of imports shall offer the original certificate of origin and the second duplicate to the
entry customs. The second duplicate shall be prepared for the verification where the Customs of the People’s Republic of China considers
necessary. The third duplicate shall be kept by the issuance institution of the export country. The fourth duplicate shall be kept
by the exporter.

Article 14

When the goods under the special preferential treatments are exported, the customs of the export country shall sign and affix its
seal on the certificate of origin after it ascertains that the documents conform to the goods. When declaring the import goods, the
consignee of import goods shall, on its own initiative, declare to the customs that the relevant goods are under the special preferential
tariff and shall submit the certificate of origin bearing the seal of the customs of the export country. The entry customs shall
permit the imports goods to enjoy the special preferential tariff upon strength of the valid certificate of origin.

Article 15

When having any doubt about the authenticity of the certificate of origin, the General Administration of Customs of the People’s
Republic of China or its authorized institution may, via the economic and commercial counselor’s office of the embassy or consulate
of China based in the corresponding beneficiary country, require the customs of the beneficiary country or the original issuance
institution of the certificate of origin to conduct verification, and to give it a reply within 90 days from the day when it receives
the verification request. If the customs of the beneficiary country or the original issuance institution of the certificate of origin
fails to offer a reply within 90 days, the goods shall not enjoy the special preferential tariff treatments. Where necessary, the
customs of China may assign some workers to conduct on-site inspection upon consent of the counterpart country.

During the period of waiting for the result of verification of the certificate of origin of the beneficiary country, the entry customs
may, at the request of the consignee of imports, release the goods after it charges a sum of security equivalent to the amount of
tariff calculated under the most favored nation tariff rate applicable to the goods, and it shall handle the import procedures in
accordance with the relevant provisions and complete the corresponding statistical work of the customs. After the customs of the
export country or the issuance institution of the certificate of origin completes the verification, the entry customs shall, in accordance
with the verification result, promptly handle the formalities for refunding the security or converting the security to the import
customs tariff, and make correct the relevant statistic data.

Article 16

Definitions of the following terms as mentioned in the present Provisions:

The “materials” shall include components, spare parts, constituent parts, semi-assembly and / or products that have actually constituted
part of another product or has been used in the production course of another product.

The “production” refers to the ways of obtaining products, including planting, exploiting, harvesting, raising, breeding, extracting,
collecting, gathering, capturing, fishing, entrapping, hunting, manufacturing, producing, processing or assembling of the products.

The “customs ports of China” refer to the ports within the area coverage to which the Customs Law of the People’s Republic of China
applies.

Article 17

Anyone who violates the present Provisions shall be punished according to the Customs Law of the People’s Republic of China, Regulation
on the Implementation of the Administrative Punishments of the Customs of People’s Republic of China and other relevant laws and
administrative regulations. If any crime is constituted, he shall be subject to the criminal liabilities according to law.

Article 18

The power to interpret the present Provisions shall remain with the General Administration of Customs of the People’s Republic of
China.

Article 19

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

Annexes:

1. Name List of the African Beneficiary Countries

2. Institutions Issuing Certificates of Origin of the “Beneficiary Countries”

3. Format of Origin of Certificates (Omitted)

Annex 1.
Name List of the African Beneficiary Countries

The “beneficiary countries” refer to the African least-developed countries that have completed the procedures for exchanging the documents
on the special preferential tariff treatments with China, which include: Benin, Burundi, Cape Verde, Central African, Comoros, Democratic
Republic of Congo, Djibouti, Eritrea, Ethiopia, Guinea, Guinea-Bissau, Lesotho, Liberia, Madagascar, Mali, Mauritania, Mozambique,
Niger, Rwanda, Sierra Leone, Sudan, Tanzania, Togo, Uganda and Zambia.

Annex 2.
Institutions Issuing Certificates of Origin of the “Beneficiary Countries”

Annex 2

Serial Number	Country	Issuance Institution(s)
1	Benin	Pending
2	Burundi	Ministry of Commerce and Industry, Ministry of Finance
3	Cape Verde	Customs
4	Central African	Ministry of Planning, Economy and International Cooperation
5	Comoros	Pending
6	Democratic	Republic of Congo Pending
7	Djibouti	Deputy Directors Office of the Indirect Taxation Bureau of the Ministry of Economy, Finance, Planning and Privatization
8	Eritrea	Foreign Trade Department of the Ministry of Trade and Industry
9	Ethiopia	Customs
10	Guinea	Ministry of Medium and Small Enterprises, Center for Handling Export Procedures
11	Guinea-Bissau	Pending
12	Lesotho Lesotho	Revenue Authority
13	Liberia	Ministry of Commerce and Industry
14	Madagascar	Ministry of Industry and Trade
15	Mali	Pending
16	Mauritania	Pending
17	Mozambique	Customs
18	Niger	Chamber of Commerce
19	Rwanda Rwanda	Revenue Authority
20	Sierra Leone	National Revenue Authority (including the customs subordinate to it), Chamber of Commerce
21	Sudan	Chamber of Commerce, Ministry of Foreign Trade
22	Tanzania Tanzania	Revenue Authority (the customs subordinate to it), Chamber of Commerce
23	Togo	Ministry of Industry, Commerce, Transportation and Bonded Areas
24	Uganda	Trade Promotion Commission
25	Zambia Zambia	Revenue Authority (the customs subordinate to it)

1 234...29 Page 3 of 29

Brazilian Laws

CONSTITUTIONAL AMENDMENTS part 4 – 1988 Constitution

CONSTITUTIONAL AMENDMENTS part 3 – 1988 Constitution

RULES FOR THE IMPLEMENTATION OF THE REGISTRY AND CLEARANCE BUSINESS OF LISTED OPEN-END FUND

REGULATIONS OF THE PEOPLE’S REPUBLIC OF CHINA ON ACADEMIC DEGREE

CIRCULAR OF THE MINISTRY OF CONSTRUCTION AND THE MINISTRY OF COMMERCE ON STRENGTHENING THE ADMINISTRATION OF CREDENTIAL EVALUATION FOR FOREIGN-FUNDED CONSTRUCTION ENTERPRISES

PROVISIONS ON THE ADMINISTRATION OF IMPORT AND BROADCAST OF OVERSEAS TV PROGRAMS

THE INTERIM MEASURES FOR THE ADMINISTRATION OF EXAMINING AND APPROVING FOREIGN INVESTMENT PROJECTS

DECISION OF THE CHINA SECURITIES REGULATORY COMMISSION ON AMENDING THE INTERIM MEASURES FOR THE ADMINISTRATION OF BONDS OF SECURITIES COMPANIES

MEASURES FOR THE ADMINISTRATION OF PRELIMINARY EXAMINATION OF THE LAND USED FOR CONSTRUCTION PROJECTS (REVISED IN 2004)

MEASURES FOR THE ADMINISTRATION OF DEVELOPMENT STRATEGIES AND PLANS OF CENTRAL ENTERPRISES (FOR TRIAL IMPLEMENTATION)

THE CIRCULAR OF THE MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION ON INCREASING THE EXPORT TAX REFUND RATE OF A PART OF INFORMATION TECHNOLOGY (IT) PRODUCTS

PROVISIONS OF THE CUSTOMS OF THE PRC ON IMPLEMENTATION OF THE RULES OF ORIGIN OF GOODS UNDER THE SPECIAL PREFERENTIAL TARIFF TREATMENTS GIVEN BY THE PEOPLE’S REPUBLIC OF CHINA TO THE LEAST-DEVELOPED AFRICAN COUNTRIES

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