MEASURES FOR THE ADMINISTRATION OF SENIOR MANAGERS OF SECURITIES COMPANIES

China Securities Regulatory Commission

Order of China Securities Regulatory Commission

No. 24

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

Chairman, Shang Fulin of China Securities Regulatory Commission

October 9, 2004

Measures for the Administration of Senior Managers of Securities Companies

Chapter I General Provisions

Article 1

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

Article 2

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

Article 3

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

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

Article 4

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

Article 5

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

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

Chapter II Qualification for Holding a Post

Article 6

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

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

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

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

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

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

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

Other conditions as prescribed by the CSRC.

Article 7

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

Having obtained the qualification for practice in securities industry;

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

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

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

Article 8

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

Article 9

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

The application form for the SM qualification;

The recommendation opinions of two persons making the recommendation.

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

The copy of the identity certificate;

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

The legal opinion paper issued by law firms; and

Other materials prescribed by the CSRC.

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

Article 10

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

Article 11

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

Article 12

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

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

Article 13

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

Article 14

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

Article 15

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

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

The documents of decision on engagement and the engagement agreement;

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

Other materials prescribed by the CSRC.

Article 16

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

Article 17

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

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

Being subject to criminal punishments;

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

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

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

Other circumstances prescribed by the CSRC.

Chapter III Fundamental Behavior Criterions

Article 18

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

Article 19

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

Article 20

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

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

Article 21

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

Article 22

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

Chapter IV Supervision and Administration

Article 23

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

Being subject to a criminal punishment and an administrative punishment;

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

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

Being deposed or punished by the company;

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

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

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

Article 24

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

Article 25

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

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

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

Article 26

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

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

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

The SM fails to perform his duties according to law;

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

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

Article 27

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

Article 28

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

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

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

Article 29

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

Article 30

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

Article 31

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

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

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

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

The audit conclusion.

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

Article 32

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

Article 33

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

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

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

The SM does not keep his promise; or

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

Article 34

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

Article 35

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

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

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

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

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

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

Being absent without leave;

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

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

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

10.

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

11.

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

12.

Violating the provision of Article 22 of the present Measures.

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

Article 36

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

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

Article 37

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

Article 38

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

Article 39

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

Article 40

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

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

Chapter V Legal Liability

Article 41

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

Article 42

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

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

Article 43

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

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

Impairing the lawful rights and interests of customers;

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

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

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

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

Article 44

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

Chapter VI Supplementary Provisions

Article 45

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

Article 46

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

China Securities Regulatory Commission
2004-10-09

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

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

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

Shang Mao Fa [2004] No. 491

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

Hereby notified.

Appendix: Instructional Opinions Concerning the Expansion of Agricultural Products Export

Ministry of Commerce

Ministry of Finance

Ministry of Agriculture

People’s Bank of China

State Administration of Taxation

General Administration of Quality Supervision, Inspection and Quarantine

Certification and Accreditation Administration

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

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

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

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

II.

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

III.

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

IV.

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

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

VI.

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

VII.

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

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

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

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

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

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

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

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

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

II.

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

III.

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

IV.

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

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

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

II.

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

III.

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

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

IV.

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

Investment intensity shall meet the provision in table 1;

Capacity ratio shall meet the provision in table 2;

Construction quotiety shall not be lower than 30%; and

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

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

VI.

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

VII.

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

VIII.

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

Regional Categories

Industry Code

Category
1

Category
2

Category 3

Category 4

Category 5

Category
5

Category 7

Grade of City and County

Grade1,2,3,4

Grade 5,6

Grade 7,8

Grade 9,10

Grade 11,

Grade 13,

Grade 15

680

350

680

350

680

350

680

350

680

350

680

350

680

350

080

575

260

680

350

250

800

305

680

350

250

800

305

250

800

305

375

700

965

350

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

Ministry of Commerce

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

[2004] No.66

November 22, 2004

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

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

Appendix:

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

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

MEASURES FOR THE ADMINISTRATION OF LICENSES FOR THE IMPORT OF GOODS

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

the Ministry of Commerce
2004-12-10

MEASURES FOR THE ADMINISTRATION OF COMMERCIAL FRANCHISES

The Ministry of Commerce

Measures for the Administration of Commercial Franchises

Order No. 25 [2004] of the Ministry of Commerce

December 30, 2004

Chapter I General Provisions

Article 1

With a view of regulating the commercial franchise acts, protecting the lawful rights and interests of the parties and promoting the
healthy and orderly development of commercial franchises, the present Measures are formulated.

Article 2

For the purpose of the present Measures, the term “commercial franchise” (hereinafter referred to as the franchising) shall refer
to that a franchiser confers business resources at his disposal on a franchisee such as trademark, trade name or business pattern,
etc. by signing a contract, and the franchisee undertakes business activities under the uniform business system as stipulated by
the contract and pay franchising fees to the franchiser.

Article 3

The present Measures shall be applicable to the franchise activities carried out within the territory of the People’s Republic of
China.

Article 4

A franchiser may, according to the contractual stipulations, confer franchising right directly on a franchisee. The franchisee may
invest to establish franchised businesses to carry out business activities, but shall not confer the franchise on anyone else. It
may also confer the exclusive franchising right within a certain region on a franchisee, and the franchisee may re-confer the franchise
on other applicants or may establish franchised business of his own within the region.

Article 5

Where franchised business is carried out, the laws and regulations of the People’s Republic of China shall be followed, the principles
of free will, fairness, honesty and good faith shall be observed and the lawful rights and interests of consumers may not be damaged.

No franchiser may undertake illegal pyramid selling activities in the name of franchising.

No franchiser may result in market monopoly or obstruct fair competition when undertaking business activities in the way of franchising.

Article 6

The Ministry of Commerce shall conduct supervision over and administration on franchising activities nationwide, and the competent
departments of commerce at all levels shall conduct supervision over and administration on the franchise activities within their
respective jurisdiction.

Chapter II Parties to a Franchise

Article 7

A franchiser shall have the following conditions:

Being a lawfully established enterprise or other economic organization;

Having such business resources at his disposal on a franchisee as trademark, trade name or mode of business operation on other people;

Being able to provide the franchisee with long-term business guidance and training services;

Having at least two direct sales stores that have been undertaking the business for more than a year or direct sales stores established
by its subsidiary companies or its holding companies within the territory of China;

In the case of a franchising that requires the franchiser’s provision of goods, having a stable supply system that can ensure the
quality of the goods and provide the relevant services; and

Having good credit standing, without any record of undertaking activities of fraud by ways of franchising.

Article 8

A franchisee shall have the following conditions:

Being a lawfully established enterprise or other economic organization; and

Having the capital, fixed place and personnel that correspond to the franchising.

Article 9

A franchiser shall enjoy the following rights:

For the sake of guaranteeing the uniformity of the franchise system and the consistency of the quality of products and services, supervising
over the business activities of franchisees according to the contractual stipulations;

Disqualifying, in accordance with the contractual stipulations from franchised business operations, the franchisee that infringes
upon the lawful rights and interests of the franchiser or damages the franchise system in violation of the franchise contract;

Collecting franchising fees and deposit as stipulated in the contract; and

Other rights as stipulated in the contract.

Article 10

A franchiser shall fulfill the following obligations:

Disclosing information in time in accordance with relevant provisions of the present Measures;

Conferring the franchising right on a franchisee and providing the business symbol and business handbooks that stand for the franchising
system;

Providing guidance, training and other services in sales, business or technology necessary for a franchisee to carry out franchising
business;

Providing goods supply for a franchisee pursuant to the contractual stipulations. Except for the monopolized commodities and goods
that shall be provided by a franchiser or a supplier designated by the franchiser for guaranteeing the quality of the franchise,
a franchiser shall not force any franchisee to accept his supply of goods, but may prescribe the quality standard of the goods, or
put forward several suppliers for the franchisee to choose;

A franchiser shall be responsible for ensuring the quality of the products of any supplier designated by him;

The sales promotion, advertising and publicity as stipulated in the contract; and

Other obligations as stipulated in the contract.

Article 11

A franchisee shall enjoy the following rights:

Obtaining to use such business resources as the trademark, trade name or business pattern authorized by the franchiser;

Obtaining training and guidance provided by the franchiser;

Obtaining goods supply provided or arranged by the franchiser in time according to the price stipulated in the contract;

Obtaining the support of sales promotion uniformly carried out by the franchiser; and

Other rights as stipulated by the contract.

Article 12

A franchisee shall perform the following obligations:

Carrying out business activities pursuant to the contractual stipulations;

Paying franchising fees and deposit;

Maintaining the uniformity of the franchise system, and not further conferring the franchising right without permission of the franchiser;

Providing authentic business conditions, financial status and other information as stipulated in the contract to the franchiser in
time;

Accepting the franchiser’s guidance and supervision;

Keeping the franchiser’s business secrets; and

Other obligations as stipulated in the contract.

Chapter III Franchising Contract

Article 13

A franchising contract shall be concluded by the parties concerned, and shall cover the following items in general:

The names and domiciles of the parties concerned;

The contents, time limit, place for authorizing the use of a franchising right and whether or not such right is exclusive;

The type, amount, ways of payment of franchising fees and the ways of collecting and refunding deposit;

Confidential clauses;

The quality control of the franchising products or services and the liabilities thereof;

Training and guidance;

The use of trade name;

The use of trademarks and other intellectual properties;

Consumers’ complaints;

10.

Publicity and advertising;

11.

Alteration and rescission of the contract;

12.

Liabilities for breach of the contract;

13.

Dispute resolution clauses; and

14.

Other clauses as stipulated by both parties.

Article 14

The franchising fees shall refer to the fees paid by a franchisee for obtaining a franchising right, including the following several
types:

Membership fees: referring to the fees paid once for all by a franchisee to a franchiser for obtaining a franchising right;

Usage fees: referring to fees paid by a franchisee to a franchiser in light of a certain standard or proportion periodically in the
process of using a franchising right; and

Other stipulated fees: referring to other fees paid by a franchisee to a franchiser for obtaining the relevant goods supply or services
provided by the franchiser pursuant to the contractual stipulations.

The deposit means a certain sum of money collected by a franchiser from a franchisee for the purpose of guaranteeing the franchisee’s
fulfilling of the franchise contract. After the expiry of the contract, the deposit shall be returned to the franchisee.Both parties
to a franchise shall determine the franchising fees and deposit through negotiation in light of the principles of fairness and reasonableness.

Article 15

The term of a franchise contract shall not be less than three years in general.

After the expiry of a franchising contract, the franchiser and franchisee may determine the conditions for renewing the franchising
contract through negotiation in light of the principles of fairness and reasonableness.

Article 16

After the termination of a franchise contract, the former franchisee may not use the registered trademark, trade name or other marks
of a franchiser any longer without the consent of the franchiser, and may not apply for registration of the registered trademark
of the franchiser as the trademarks for similar types of commodities or services, may not apply for registration of the letters that
are identical or similar to the registered trademark of the franchiser as a portion of the trade name of the enterprise, and may
not use the symbol that is identical or similar to the registered trademark, trade name or upholstery of shops in identical or similar
commodities or services.

Chapter IV Information Disclosure

Article 17

A franchiser and a franchisee shall disclose relevant information in time before signing a franchise contract and in the process of
franchised business operations.

Article 18

A franchiser shall provide authentic and accurate basic information and other materials concerning the franchised business operations
and the text of franchise contract in written form 20 days prior to signing a formal franchising contract.

Article 19

The basic information disclosed by a franchiser shall include the following contents:

The name, domiciles, registered capital, business scope of and time limit for undertaking franchised business operations of the franchiser
and other major matters concerned as well as the contents of financial reports audited by an accounting firms and tax payment and
other basic conditions;

The number and location of franchisees, their business conditions and the investment budget form of franchised stores, the proportion
of the franchisees who have rescinded franchise contract in the total franchisees;

The conditions on registration, licensed use and lawsuits of a trademark; information about other business resources such as trade
name and business pattern;

The kinds, amounts and ways of collecting franchising fees and the ways of refunding deposits;

The conditions on lawsuits during the recent five years;

The supply of various goods or services that may be provided to a franchisee and the additional conditions and restrictions, etc.;

The certification for the ability to provide training and guidance to a franchisee and the reality for providing such training or
guidance;

The basic information of the legal representative and other main responsible persons, and whether they have any record of criminal
punishment and whether they are personally liable for the bankruptcy of any enterprise, etc.; and

Other information or materials that shall be disclosed by a franchiser upon the request of the franchisee.

In case a franchisee suffers from any economic loss due to insufficient information disclosure or false information provided by a
franchiser, the franchiser shall undertake compensation liabilities.

Article 20

A franchisee shall provide the relevant materials concerning his operation capacity according to the facts upon the request of a franchiser,
including qualification certificate of the subject, certificate of credit standing, certificate of ownership, etc.. During the process
of franchised operations, the franchisee shall provide authentic operation conditions and other materials as stipulated in the contract
in time as required by the franchiser.

Article 21

During the period of franchised operations and after the termination of the franchise contract, a franchisee and his employees shall
not disclose, use or allow others to use the franchiser’s business secrets he holds without the consent of the franchiser.

Article 22

Any person or applicant, who does not sign a franchising contract with a franchiser but knows his business secrets through information
disclosure of the franchiser, shall be obliged to keep such secrets, and shall not divulge or disclose or transfer the business secrets
of the franchiser to others without the consent of the franchiser.

Chapter V Advertising and Publicity

Article 23

When a franchiser publicizes, does sales promotion and sells any franchising right, the contents of advertising and publicity shall
be accurate, authentic and lawful, and shall not be fraudulent, omit major facts or have any statements that are misleading.

Article 24

The records, numbers or other relevant materials relating to business income or proceeds of a franchiser directly or indirectly contained
in the advertising and publicity materials of a franchiser and a franchisee shall be authentic, and the region and time involved
shall be clear.

Article 25

No franchiser or franchisee may imitate the trademark, advertising pictures and expressions or other distinctive marks of others by
any way that may be misleading, deceiving or may result in confusion.

Article 26

In the promotion activities of franchised operation, a franchiser shall not exaggerate the interests brought about by the franchise
or purposely conceal the conditions that the franchising may objectively affect the interests of any other person.

Chapter VI Supervision and Administration

Article 27

The competent departments of commerce at all levels shall strengthen the administration and coordination on the franchising activities
within their respective administrative district, and guide the local industry association (or chamber of commerce) to carry out their
work.

The competent departments of commerce at all levels shall establish credit records for franchisers and franchisees, and timely announce
the name lists of rule-breaking enterprises.

Article 28

The franchising industry association (or chamber of commerce) shall formulate industrial criterions according to the present Measures,
and carry out self-discipline of the industry so as to provide relevant services for the franchising parties and advance the development
of the industry.

Article 29

In January each year, a franchiser shall report the situation on the franchise contract signed in the previous years to the competent
departments of commerce at his locality and at the locality of the franchisee for archival filing. The local competent departments
of commerce shall submit the archival filing situation to the upper level competent department of commerce.

Article 30

Where a patent license is involved in any franchising activity, a patent licensing contract shall be signed in light of the relevant
provisions of the Patent Law of the People’s Republic of China and its detailed implementation rules, and the archival filing shall
be made in light of the provisions of the Measures for the Administration of Archival Filing of Patent Licensing Contracts.

Article 31

Prior to undertaking franchised operational activities, a franchiser shall make archival filing of the franchise contract for the
use of trademarks in accordance with the provisions of the Trademark Law of the People’s Republic of China and its detailed implementation
rules.

Chapter VII Special Provisions on Foreign-funded Enterprises

Article 32

No foreign-funded enterprise may engage in any business in the prohibition categories of the Catalogue of Industries for Guiding Foreign
Investment by ways of franchising.

Article 33

Where a foreign-funded enterprise undertakes business activities by way of franchising, it shall apply for expanding the business
scope of “carrying out business activities by way of franchising” to the original department of examination and approval, and submit
the following materials:

An application and the decision of the Board of Directors;

The business license of the enterprise and the certificate of approval for the foreign-funded enterprise (photocopy);

Agreement for the amendment of contract and articles of associations (for wholly foreign-owned enterprises, only the amendment on
articles of associations is to be submitted);

The relevant documents and materials that are proved to comply with the provisions of Article 7 of the present Measures;

The basic information and materials as required by Article 19 of the present Measures;

Sample text of the franchising contract; and

Handbook for franchised operation.

The department of examination and approval shall make a written decision on whether or not to grant approval within 30 days after
receiving all of the aforesaid application materials.

After an applicant gets approval, it shall go through the formalities for alteration of enterprise registration at the administrative
department for industry and commerce within one month after obtaining the Certificate of Approval for Foreign-funded Enterprises
altered and granted by the department of examination and approval.

Article 34

Where a foreign-funded enterprise undertakes business activities by way of franchising upon approval, it shall report the situation
on franchise contracts signed in the previous year to the former department of examination and approval and to the competent department
of commerce at the locality of the franchisee for archival filing in January each year.

Article 35

Where a foreign investor establishes any foreign-funded enterprise that engages exclusively in business activities by way of franchising,
it shall, apart from complying with the present Measures, accord with the relevant provisions in laws, regulations and rules concerning
foreign-funded enterprises.

Article 36

Any foreign-funded enterprise, which has been undertaking business activities by ways of franchising before the implementation of
the present Measures, shall report the situation on the business which has been carried out to the former department of examination
and approval. If it continues to undertake business activities by way of franchising, it shall go through the relevant formalities
by following the procedures as prescribed in this Chapter.

Article 37

The provisions of the present Chapter shall be followed by enterprises invested by Hong Kong, Macao and Taiwan investors that undertake
business activities by way of franchising.

Chapter VIII Legal Liabilities

Article 38

Where anyone violates the provisions of Article 7 or 8 of the present Measures, the competent department of commerce shall order
it to make corrections, and may impose on it a fine of less than RMB 30,000 Yuan simultaneously; in case the circumstances are serious,
it shall be transferred to the administrative department for industry and commerce to revoke its business license.

Article 39

Where anyone fails to disclose information according to the present Measures, the competent department of commerce shall order it
to make corrections and may impose on it a fine of less than RMB 30,000 Yuan simultaneously; in case the circumstances are serious,
it shall be transferred to the administrative department for industry and commerce to revoke its business license.

Article 40

Where a franchiser makes advertising publicity in violation of the present Measures, he shall be punished in accordance with the provisions
of the Advertising Law of the People’s Republic of China and other relevant laws, administrative regulations and rules.

Chapter IX Supplementary Provisions

Article 41

The power to interpret the present Measures shall be vested in the Ministry of Commerce.

Article 42

The present Measures shall be implemented as of February 1st, 2005, and the Measures for the Administration of Franchised Commercial
Operations (for Trial Implementation) as promulgated by the former Ministry of Domestic Trade shall be abolished simultaneously.

The Ministry of Commerce
2004-12-30

PROVISION OF MINISTRY OF FINANCE ON IMPROVING AND STRENGTHENING THE ADMINISTRATION OF ANNUAL ACCOUNTING STATEMENT AUDIT

Ministry of Finance

Provision of Ministry of Finance on Improving and Strengthening the Administration of Annual Accounting Statement Audit

Cai Qi [2004] No. 5

January 17, 2004

This provision of Ministry of Finance on Improving and Strengthening the Administration of Annual Accounting Statement Audit is re-promulgated
for the purpose of improving the quality of the accounting information of enterprises, giving full play of the social agency operations
in supervising financial and accounting of enterprises and of regulating the administration of annual accounting statement audit,
in accordance with Article 2 of Circular of the State Council on Improving Accounting Order and Quality of Accounting, after summarizing
the running situation of the audit system of certified public accountants(hereinafter refers to as CPA) examine the annual accounting
statements of the enterprises in the previous years and meeting the need of the access of WTO and reform and development of the enterprises.
The provision is now printed and disputed to you and shall be implemented.

After the implement of the Provision of the Ministry of Finance on Improving and Strengthening the Administration of Annual Accounting
Statement Audit, the Interim Measure of Ministry of Finance on State-Owned Enterprises Annual Accounting Statement Examined by the
CPA (Cai Jing Zi [1998] No.114), Circular of Ministry of Finance on State-Owned Enterprises Annual Accounting Statement Examined
by the CPA (Cai Qi [2000] No. 905) and Supplementary Circular of Ministry of Finance on SOE Annual Accounting Statement Examined
by the CPA (Cai Qi [2001] No. 707) shall be repealed at the same time. Annex:Provision of Ministry of Finance on Improving and Strengthening the Administration of Annual Accounting Statement Audit

Chapter I General Provisions

Article 1

This Provision is promulgated for the purpose of meeting the need of the development of the socialist market economy, improving the
quality of annual accounting statement of the enterprises and strengthening and improving the audit of the annual accounting statement
of the enterprises, in accordance with Provisions of the State Council on Improving Accounting Order and Quality of Accounting.

Article 2

This Provision shall be applied to all the SOE and the State-Equity-Control non- financial enterprises (hereinafter refers to as enterprises)
except the special enterprises listed in Article 3 within the territory of the People’s Republic of China.

Where another law provides otherwise in respect of the foreign-invested enterprises and the listing companies, such provisions prevail.

The audit of the annual accounting statement of enterprises that was established on the oversea-investment shall be run in accordance
with the relevant provisions of statute of domicile

Article 3

The system of CPA examining annual accounting statement shall not be applied to the following special SOE,

(1)

War industry enterprises, expect civil companies that has independent legal personality and that still retain or seal the capability
of producing war products

(2)

Reeducation-through-labor enterprises, reform-through-labor enterprises, border farm, agricultural enterprises of the Production and
Construction Corps of the Chinese Liberation Army and the reclamation area in Heilongjiang province

Article 4

The executive situation of special material reserve, special capital reserve and other operation related to special policies of enterprises
that responsible for goods and material reserve, grain reserve, cotton reserve or non-staple food reserve shall be subject to the
audit of the competent administrative authorities.

Article 5

Enterprises shall initiatively cooperate with CPA in examining the annual accounting statement and provide relevant information in
accordance with the contract. The enterprises shall guarantee the truthfulness of all the information and shall take the corresponding
accounting responsibility

Article 6

CPA and accounting firms shall finish the audit in accordance with the principle of Objective, Independent and Fair, the Independent
Audit Criteria and other related provisions. CPA and accounting firms shall make audit report according to the demands of contract,
and take corresponding responsibility

Chapter II General demands of the administration of annual accounting statement audit of enterprises

Article 7

The companies shall consign the audit in accordance with the decision of directorate or the manager administrative council.

Conglomerate shall unifiedly consign the audit of the annual accounting statement of its subsidiary companies.

Company which is still under the competent authorities shall consign the accounting firms to audit its accounting statement through
the authorities.

Article 8

Enterprises shall consign an accounting firm or alter the consignment before October, and shall sign a contract with the accounting
firm which declares audit scope, content, rights, obligations, price, payment and breach responsibility. The enterprises shall provide
relevant conditions to the accounting firms it consigned to finish the audit.

Article 9

The accounting statement of enterprises shall be audited by the Chinese CPA or the accounting firms that registered in the territory
of People’s Republic of China in accordance with the concerning regulations.

Enterprises shall take the assets sum, amount of subsidiary company, district distributing and business character into account and
consign the correspond accounting firm that has enough CPA, experience and audit capability.

All the enterprises shall not restrict the work of the accounting firm legally established. The departments, institutions that do
not pay for the audit, except the conglomerate, shall not require or incite the companies to consign certain accounting firms or
obstruct the consignment.

Article 10

Accounting firms that accept the consignment of the enterprises shall not transfer the consignment to other accounting firms after
the distribution. The audit that consigned by the enterprises shall be down by CPA of the accounting firms.

Article 11

Conglomerates shall consign one or more accounting firms to audit in accordance with the principles of fair, just open, choosing reasonable
and transparent modes like inviting public bidding and with specific administrative measure and procedure.

Article 12

Conglomerates shall confirm the leading accounting firm, cooperate with it to make an audit plan and organize the subsidiary companies
to execute the plan in the case of consigning more than one accounting firms to make a united-audit.

Article 13

Enterprises shall pay for the annual accounting statement audit in accordance with the principle of “consigner pay”.

The criteria of pay of the annual accounting statement of enterprises shall be set in accordance with the provisions promulgated by
the local competent authorities.

Article 14

Enterprises shall not change the consigned accounting firms in the previous financial year if the accounting firms conform to the
provisions of article 9 of the regulations, in which no offence against the discipline and regulations arise. In the case of necessary
change, the consignee shall give reasons and expose it.

The accounting firm with the requirement of the consignee company shall change the CPA that consigned by a certain company for 5 years
continuously.

Article 15

Enterprises shall not consign the annual accounting statement audit to the same accounting firm or the accounting firm that invested
by same investor that makes the asset evaluation or financial consultant service to the reform of the enterprises’ within the audit
year.

Article 16

Enterprises shall complete the formality of record to the competent authority before October 31 every year after signing the contract.
The enterprises under the direct control of central government shall put the record to the competent administration of Ministry of
Finance through the conglomerate. The enterprises under the control of local government shall put the record to the local financial
authority of the same level. The enterprises that still have relation with the government shall put the record to the competent financial
authority of the same level through the department in charge. The enterprises shall, in the course of completing the formality of
record, provide record report in which the reason of consigning and changing the accounting firm, the scope of audit, the mode of
consign, the payment criteria and such items were written, and shall fill the record form of annual accounting statement audit of
enterprise.( Enclosed in the appendix).

Chapter III Emphasis of annual accounting statement audit

Article 17

Conglomerate shall consign a complete annual accounting statement audit which including the subsidiary companies within the scope
of incorporate.

CPA shall audit in accordance with the relevant important provisions of the Independent Audit Criteria for the subsidiary companies
of the constituent or the 5-level subsidiary branches of certain special conglomerate of some industry.

Article 18

The annual accounting statement audit of enterprises shall include the audit of the separated accounting statements and merged accounting
statements

The separated accounting statement audited by the CPA shall include balance sheet, profit charts, cash-flow charts, appendix and annex
of the accounting statement promulgated in the Enterprises Accounting System. The merged accounting statement audited by the CPA
shall include the merged balance sheet, merged profit charts and profit distributing charts, merged cash-flow charts and annex of
accounting statement.

To the enterprises that still related to the government, the competent administrative authorities shall examine and collect the annual
accounting statements that audited by the CPA and the statements that have been audited may not be audited again.

Article 19

Enterprises shall compile annex of the accounting statements in accordance with the provision of Article 14 of Regulation on Report
of Enterprises’ Financial and Accounting Situation and shall provide, in time without any concealment and fabrication, the documents
and information on the accounting documents, accounting books, internal executive system, accounting policy, accounting mode, important
sale and purchase contract, important invest and financing contract, assets recombination, reform of the enterprises and other important
decisions that happened within the fiscal year of the annual accounting audit to the CPA.

Article 20

CPA and accounting firms shall audit the annual accounting statement of enterprises in accordance with the Independent Audit Criteria
and other related regulations, and shall pay special attention to the following listed items,

(1)

Accounts receivable, advances to suppliers, the yeas of other receivables and its main debtor, provisions for bad debts,

(2)

Inventory evaluation, provision for loss of inventory, inventory for more than 3 years

(3)

Main content of deferred assets and intangible assets, provision of amortization and provision for loss of intangible assets

(4)

Projects of long-term invest of equity, holding share, accounting methods, provision for loss and confirmation of loss of investment

(5)

Main types, depreciable life, appraisal method of depreciation and provision for loss of the fixed assets,

(6)

Main project and the investment situation of construction in progress, provision for loss of the construction in progress

(7)

Accounts payable, advances for customers, amount and creditors for more than 3 years

(8)

Items of taxation, tax ratio, amount of current year, annual balance, item of incoming tax change

(9)

Export refund declaration and result, policy of tax deduct and abatement, appropriation and using of the financial capital

(10)

Assets for securities, futures, exchange deal, confirmation of loss and profit and floatation of profit and loss

(11)

Adjustment reason and amount of undistributed profit at beginning of year, policy and executive situation of profit appropriation
and distribution

(12)

Contingent matters like provide cover, outstanding lawsuit and arbitration

(13)

Policy and executive situation of recombination of assets or credit, reform of enterprise, equity transaction and influence for annual
accounting statement

(14)

Wage system, situation of establishing, and execution of housing, medical care and aged providing.

(15)

Competent authorities and other items consigned by the consignee

Chapter IV Administration of Annual Accounting Statement Audit of Enterprise

Article 21

Enterprises that was made audit report that has reservation, no opinion or deniable opinion shall expatiate the altered items at the
beginning of the year or the information of adoption of the audit advice to the CPA that audit the accounting statement and shall
provide relevant information

Article 22

CPA shall report and require enterprises to alter the incorrectness and mistake in accounting that found out in auditing in accordance
with the relevant provisions.

CPA shall reflect in his report the exposition of the affiliated notes to the annual accounting statements of enterprises, especially
the demurral of items listed in Article 19 , or the enterprises did not alter according to the audit advice, or the other important
items.

Article 23

In the case the enterprise do not provide necessary financial and accounting materials or other relevant materials, or do not give
enough cooperation resulting in that audit can not be made normally as scheduled, CPA shall handle the situation in accordance with
the provisions in the Independent Audit Criteria and make essential explanation in the audit report.

Article 24

Enterprises shall offer the warrant documents of reform and detailed implement plan in the case of carry out system reform including
consolidation, dividing, revamping, reforming, MOB, altering the distribution system, housing, medical care and aged-providing.

CPA shall pay enough attention to the matter that if the reform measures of enterprises conform to the provisions concerning assets
and financing, taxation and accounting, and shall reflect in the audit report the insufficiency of exposing and disobeying of the
provisions.

Article 25

Enterprises shall timely provide, in the course of cooperating with the CPA to make the annual accounting audit, the internal control
system of managing decision making, operation flow, incoming and payment of capital, loss cancel and other relevant matters.

CPA shall make effective communication with the consigner and make management proposal in accordance with relevant provisions on the
important loophole that influence assets safety and truthfulness of internal control accounting information.

Article 26

Conglomerate shall provide, in the course of cooperating with the CPA to make the amalgamated annual accounting statement audit, detailed
information relevant to the amalgamated accounting statement including manuscript of merge, check material of associated transaction,
alternation material of internal unified accounting policy of the conglomerate, consolidation countervail material and countervail
material of the previous year of amalgamating.

CPA shall pay enough attention to the scope o consolidation, consolidation countervailing item and measure of countervailing, and
shall examine the legality of the making of amalgamated accounting statement.

Article 27

CPA and accounting firm shall make the audit report in accordance with the Independent Accounting Criteria and other regulations within
the promissory time after the field audit. Enterprise shall not incite or force the CPA and accounting firms to make unfaithful or
incorrect audit advice, and shall not make other unreasonable requirements.

Article 28

Leading accounting firm that consigned by the conglomerate shall harmonize all the participating accounting firms to implement the
collectivity audit plan, take in charge of quality control of the audit, make the collective audit report and bear the audit responsibility.

Accounting firms consigned by the conglomerate shall cooperate with the leading accounting firm to compile and implement the collectivity
audit plan, make audit report on concerning part and bear relevant audit responsibility.

Chapter V Administration of Audit Report

Article 29

Audit report of annual accounting statement of enterprises shall offer explanation of audit result including the following listed
items,

(1)

Enterprises that were audited

(2)

Adjustment of difference of the previous audit

(3)

Matters that were not adjusted of current year

(4)

Matters that were not confirmed of current year

(5)

Other matters that CPA calls a need to explain or reflect

The leading accounting firm shall offer the list of participating accounting firms and the type of audit report in its report of audit
result.

Article 30

Leading accounting firm shall reflect collectively the audit result of all the participating accounting firms in the audit report
it makes.

The leading accounting firm shall, in the course of making the collectivity audit report, take the influence of the consolidated accounting
statement of conglomerate into account and then decide the type of audit report in the case that the accounting statements regarding
the subsidiary company were given reservations, no advice or negative advice.

Article 31

Enterprises shall report the audit report and the annual accounting statement to the competent financial authorities, investors and
other relevant departments in accordance with the provisions.

Conglomerate shall report the audit report and the amalgamated annual accounting statement before April 20 of the following year.
The conglomerate in accordance with the relevant provisions shall decide the reporting deadline of subsidiary companies that listed
in the scope of amalgamated accounting statement.

Article 32

The competent administrative authorities shall instruct the enterprises improve financing control or adjust the account after the
examination of the audit report made by the accounting firm that has reservation.

Article 33

Enterprises shall give a presentation of related situation and advice of compiling annual accounting statement in the case that the
accounting firms give an audit report that has reservation, no opinion or negative opinion.

The competent administrative authorities in accordance with relevant provisions and respective situation of the enterprises shall
inspect on the quality of accounting information, set accounting system to right and give penalties in accordance with the law or
regulations like Accounting law of People’s Republic of China and Regulation on Financial and Accounting Report of Enterprises.

Chapter VI Financial Supervision

Article 34

Competent administrative authorities shall give a thorough examination of the record of enterprises and the annual accounting statement
and the audit report and strengthen the supervision of the annual accounting statement audit.

Article 35

Enterprises shall alter the consignment under the following circumstances,

(1)

Consigner does not conform the provision of Article 7

(2)

Accounting firm does not conform the provision of Article 9 so that the audit plan can not be implemented

(3)

Accounting firm violates Article 10 by transferring the audit other accounting firms after distribution

(4)

Violating Paragraph 1 of Article 14 by changing accounting firm without sufficient reasons

(5)

Violating Article 15 by consign the same accounting firm or the accounting firm invested by the same person that make assets evaluation
or give financial consultancy.

(6)

There exist fake facts or disguise of important facts.

(7)

Accounting firms can not fulfill the contract resulting in serious lack of items of annual accounting statement or mistake of important
information

Article 36

The competent administrative authorities shall return the audited annual accounting statement and notify the accounting firm to re-audit
under the circumstance that the audit report did not totally expose matters listed in Article 19 and Article 20 or the content
of audit report did not fit Article 29 .

Article 37

Competent administrative authorities shall instruct the enterprises, which did not consign audit, which did not provide relevant financial
and accounting information and which did not cooperate effectively resulting in CPA’s disability of running efficient procedure of
audit, consign accounting firms to audit again and may give penalty of circulating a notice of criticism.

Article 38

The decision made by competent administrative authorities in accordance with Article 35 , Article 36 ,and Article 37 shall be executed
within 30 working days after the going into effect by the enterprises.

Enterprises shall bear the extra audit added because of the decision of the authorities.

Article 39

Competent administrative authorities shall investigate and affix the legal responsibility of direct responsible person and other responsible
person of enterprises in accordance with the provision of Article 39 of Regulation of Financial and Accounting Report under the
following circumstances,

(1)

No consignment or refusal audit by accounting firm.

(2)

Providing fake annual accounting statement and other related accounting information.

(3)

Refusal to provide relevant financial and accounting information and documents or cooperate with the CPA or obstruct the working of
CPA.

(4)

Inciting or forcing CPA and accounting firm to make unfaithful or false audit report.

Article 40

Competent administrative authorities shall give penalty of circulating a notice of condemnation once proved the accounting firm or
CPA violates this provision by following listed activities,

(1)

Undertake audit at low price resulting in incomplete implementation of audit procedure

(2)

Dividing audit to other accounting firms.

(3)

Surpassing scope of audit capability resulting in delay of finishing the audit plan.

(4)

Providing audit report that does not fit this provision

CPA and accounting firm shall be investigated and affix legal responsibility in accordance with the Accounting Law of People’s Republic
of China and other related regulations in the case of violating law and regulations.

Article 41

Financial administrative bureaus at all level shall inspect the quality of accounting information and issue announcement to the public
in accordance with relevant provisions of Accounting Law of People’s Republic of China.

Article 42

Missionary concerned of the competent financial authorities shall be given administrative penalty in the case of being found misuse
of authority, favoritism and fraudulent practices, abuse power for personal gain or divulgement business secret in the course of
annual accounting statement audit resulting in harming the benefit of the enterprises. Those who violate the criminal law shall be
transferred to judicial departments and investigated and affixed legal responsibility.

Chapter VII Supplementary Provisions

Article 43

This Provision takes effect as of the date of February 1, 2004.

Annex: Record Bill of Annual Accounting Statement Audit of Enterprises (omitted)

Ministry of Finance
2004-01-17

MEASURES FOR THE ADMINISTRATION OF PHARMACEUTICAL TRADE LICENSE

State Food and Drug Administration

Order of the State Food and Drug Administration

No.6

The Measures for the Administration of Pharmaceutical Trade License, deliberated and adopted at the executive meeting of the State
Food and Drug Administration on January 2, 2004, are hereby promulgated, and shall be implemented as of April st, 2004.

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

February 4th, 2004

Measures for the Administration of Pharmaceutical Trade License

Chapter I General Provisions

Article 1

With a view to strengthening supervision over and administration of the licensing of pharmaceutical trading, the present Measures
are hereby formulated in accordance with the Pharmaceutical Administration Law of the People’s Republic of China, the Regulations
on the Implementation of the Pharmaceutical Administration Law of the People’s Republic of China (hereinafter referred to as the
Pharmaceutical Administration Law, and Regulations on the Implementation of the Pharmaceutical Administration Law),

Article 2

The present Measures shall be applicable to the license issuance, renewal, alteration and supervision over and administration of Pharmaceutical
Trade License.

Article 3

The State Food and Drug Administration shall be in charge of the supervision over and administration of the licensing of national
pharmaceutical trading.

The departments of food and drug administration of the provinces, autonomous regions, and municipalities directly under the Central
Government shall be responsible for license issuance, renewal, alteration, and routine supervision over and administration of Pharmaceutical
Trade License of pharmaceutical wholesale enterprises within their respective jurisdictions, and shall direct and supervise the lower
level organs of food and drug administration on carrying out the supervision over and the administration of Pharmaceutical Trade
License.

The organs of food and drug administration at the level of cities with districts under them or those at the county level which are
set up directly by the departments of food and drug administration at the levels of provinces, autonomous regions, and municipalities
directly under the Central Government, shall be responsible for the work of license issuance, renewal, alteration and routine supervision
over and administration of Pharmaceutical Trade License of drug retail enterprises within their respective jurisdictions.

Chapter II Conditions for Applying for the Drug Business License

Article 4

In accordance with the provisions of Article 14 of the Pharmaceutical Administration Law, where a pharmaceutical wholesale enterprise
launches, it shall conform to the requirements for the reasonable overall arrangement for pharmaceutical wholesale enterprises of
provinces, autonomous regions, and municipalities directly under the Central Government for its establishment, and shall measure
up to the following standards for establishment:

Having rules and regulations that can ensure the quality of drugs it deals in.

The enterprise, the legal representative, responsible person, or the person responsible for quality control of the enterprise has
no circumstances as prescribed in Articles 76 and 83 of the Pharmaceutical Administration Law;

Having a certain number of practicing apothecaries in line with its business scale. The person responsible for quality control shall
have a bachelor’s degree or above, and shall be a practicing apothecary as well;

Having normal temperature warehouses, cool warehouses or refrigerators, which can ensure the quality requirements for pharmaceutical
storage and can fit in with its variety and scale of business, and in which there shall be special goods shelves for pharmaceutical
storage, and the installations and equipment of modern logistic system for the pharmaceuticals’ entering a warehouse, transmission,
sorting out, putting on shelves, and leaving a warehouse..

Having independent computer management information system, which can cover the whole process of the pharmaceutical purchase, storage,
sale, and management and quality control within the enterprise, and can record all the information on the management and implementation
of the Standards for Quality Control of Pharmaceutical Trading of the enterprise; meeting the requirements of Standards for Quality
Control of Pharmaceutical Trading for each process of pharmaceutical management, and having conditions for accepting supervision
of the local departments or organs for food and drug administration; and

Having conditions of conforming to the requirements of the Standards for Quality Control of Pharmaceutical Trading for pharmaceutical
business office, auxiliary and office buildings, and warehouse management, quality safeguards for pharmaceuticals in the warehouse,
and the entry-exit of warehouse, in-warehouse storage and maintenance.

Unless there are otherwise state provisions on management of stupefacient, psychotropic drugs, toxic drugs for medical treatment,
and preventive biological produce, those provisions shall prevail.

Article 5

The establishment of a pharmaceutical retail enterprise shall conform to the requirement of the number of local permanent residents,
regions, traffic status and actual needs, and follow the principle of convenience for the mass people to purchase pharmaceuticals,
and accord with the following provisions on establishment:

Having rules and regulations that can ensure the quality of pharmaceuticals it deals in; and

Having pharmaceutical technical personnel whose qualifications have been certified in jure.

A pharmaceutical retail enterprise, which undertakes the trading of prescriptive pharmaceuticals, or Class A non-prescriptive pharmaceuticals
(OTC), shall have practicing apothecaries or other pharmaceutical technical personnel whose qualifications have been certified in
jure. The person responsible for quality control shall have work experiences of quality control for pharmaceutical trading for no
less than one year.

A pharmaceutical retail enterprise, which undertakes the trading of Class B non-prescriptive pharmaceuticals (OTC), and the pharmaceutical
retail enterprises established in areas below the rural villages and towns, shall recruit business personnel according to Article
15 of the Regulations on the Implementation of the Pharmaceutical Administration Law, and the practicing apothecaries shall also
be recruited as long as conditions permit:

The aforesaid personnel shall be on the job during the business hours of the enterprise.

The enterprise, legal representative, responsible person or person responsible for quality control of the enterprise has no circumstances
as prescribed in Articles 76 and 83 of the Pharmaceutical Administration Law;

Having the places of business, equipment, warehouse facilities and sanitary conditions fitting in with the pharmaceuticals it deals
in. Where a retail pharmaceutical store is established in the supermarkets or within other commercial enterprises, it must have an
independent area; and

Having abilities of supplying drugs that can meet the demand of local consumers, and ensuring the 24-hour supply. The departments
of food and drug supervision and administration of all provinces, autonomous regions, and municipalities directly under the Central
Government shall, according to the specific circumstances of the local regions, determine the variety and quantity of state basic
pharmaceuticals that shall be stocked by the pharmaceutical retail enterprises.

Unless there are otherwise state provisions on management of stupefacient, psychotropic drugs, toxic drugs for medical treatment,
and preventive biological produce, those provisions shall prevail.

Article 6

The formulation of implementation standards for checking and accepting the establishment of pharmaceutical wholesale enterprises shall
remain with the State Food and Drug Administration. The implementation standards for checking and accepting the establishment of
drug retail enterprises shall be formulated by the departments of food and drug administrations of the provinces, autonomous regions
and municipalities directly under the Central Government in accordance with the relevant contents of the present Measures and the
Standards for Quality Control of Pharmaceutical Trading, and shall be reported to the State Food and Drug Administration for archival
document.

Article 7

The checking and ratifying of the business scope of the pharmaceutical trading enterprises:

The business scope of pharmaceutical trading enterprises shall cover:

stupefacient, psychotropic drugs, and toxic drugs for medical treatment;

Biological produce;

Chinese traditional medicinal materials; Chinese traditional medicine drink pills; Chinese patent medicines, chemical material medicines
and their preparations; antibiotic material medicines and their preparations, biological and chemical medicines.

Where the enterprises undertake pharmaceutical retail, their class of business shall be checked and ratified, the applicants’ qualifications
of managing the prescriptive pharmaceuticals or non-prescriptive pharmaceuticals or Class B non-prescriptive pharmaceuticals shall
be determined first, and after the aforesaid has been clarified in their business scope, the specific scope of business shall be
checked and ratified.

The checking and ratifying of toxic drugs for medical treatment, stupefacient, psychotropic drugs, radioactive drugs and preventive
biological products shall be carried out according to the relevant state provisions on the administration of special pharmaceuticals
and preventive biological products.

Chapter III The Procedures for Applying for the Pharmaceutical Trade License

Article 8

The Pharmaceutical Trade License for opening a pharmaceutical wholesale enterprise shall be handled according to the procedures as
follows:

The applicant shall file an application for preparing to establish such an enterprise with the departments of food and drug administration
of the provinces, autonomous regions, and municipalities directly under the Central Government at the place where the enterprise
to be established is located, and submit the following documents:

(1)

The original and photocopy of the certificate of educational backgrounds and personal resumes of the legal representatives, persons
responsible, and persons responsible for quality control of the enterprise to be established;

(2)

The original and photocopy of the practising license of the practicing apothecary;

(3)

The scope of pharmaceuticals to be dealt in; and

(4)

The place of business, equipment, warehouse establishments to be established and the sanitary conditions around, etc.

The departments of food and drug administration shall handle the applications filed by an applicant separately according to the circumstances
as follows:

(1)

Where the matters applied for do not fall within the scope of the functions and powers of the corresponding departments, they shall
make a decision of not acceptance in time, and issue the Notice of Not Acceptance, and inform the applicant to apply to the relevant
departments of food and drug administration;

(2)

Where there is any mistake in application documents, and the mistake can be corrected on the spot, the applicant shall be permitted
to correct it on the spot;

(3)

Where the application documents are incomplete or don’t measure up to legal forms, the applicant shall be issued the Notice to Supplement
the Documents on the spot or within 5 days, and be informed to supplement the whole documents needed in one time. Where they fail
to inform the applicant within the prescribed time limit, the date of their receiving the application documents shall be deemed as
the date of acceptance; and

(4)

Where the matters applied for fall within the scope of functions and powers of the corresponding departments, and the documents thereof
are complete and conforming to the legal form, or the applicant has submitted all the supplementary documents as required, the Notice
of Acceptance shall be issued to the applicant. And the date indicated in the Notice of Acceptance shall be deemed as the date of
acceptance.

The departments of food and drug administration shall, within 30 working days as of the date of accepting the application, make an
examination of the documents submitted according to the provisions of Article 4 of the present Measures, and make a decision on
whether or not to agree with the preparation for establishment, and notify the applicants in writing. Where they don’t agree with
the preparation for establishment, they shall explain the reason, and notify the applicants of their rights of applying for administrative
reconsideration or institute an administrative litigation in jure.

After an applicant has finished the preparation for establishment, it shall submit an application for checking to the departments
of food and drug administration that accept the application, and submit the following documents:

(1)

Application for Pharmaceutical Trade License;

(2)

Documents of approval and certification issued by the departments for industry and commerce administration for the enterprise to be
established;

(3)

Organizational structure of the enterprise to be established;

(4)

Ground disposition plan of the places of business and warehouses, and certificates of the ownership of or right to use the houses;

(5)

Qualification certificates and letter of appointment of the special technical personnel in pharmacy certified in jure; and

(6)

The quality control documents of the enterprise to be established and the indexes of the warehouse establishments and facilities thereof.

The departments of food and drug administration accepting the application shall, within 30 working days from the date of receiving
the application for checking, organize the checking according to the implementation standards for checking and accepting the establishment
of pharmaceutical wholesale enterprises, make decisions on whether or not to issue the Pharmaceutical Trade License. Those enterprises
meeting the requirements shall be issued the Pharmaceutical Trade License; and as to those not meeting the requirements, the applicants
shall be notified in writing and the reason shall be explained, and they shall be informed of the rights of applying for administrative
reconsideration or instituting an administrative litigation in jure.

Article 9

The Pharmaceutical Trade License for opening a pharmaceutical retail enterprise shall be handled according to the procedures as follows:

The applicant shall file an application for preparing the establishment to the food and drug administrative organs at the level of
cities with districts under them where the enterprise to be established is located or to those of the county level established directly
by the departments of food and drug administration of provinces, autonomous regions, and municipalities directly under the Central
Government, and submit the following documents:

(1)

The originals or photocopies of the educational background, qualifications to practice or certificates of post_title of a technical post
of the legal representative, person in charge, person responsible for quality control of the enterprise to be established, and their
personal resumes and qualification certificates and letter of appointment of the special technical personnel;

(2)

The scope of pharmaceuticals to be dealt in; and

(3)

The conditions of the place of business, warehouse facilities and equipment to be established.

The food and drug administrative organs shall handle the application of an applicant separately according to the following conditions:

(1)

Where the matters applied for do not fall within the scope of functions and powers of the corresponding departments, they shall make
decisions of not acceptance immediately, issue the Notice of Not Acceptance, and inform the applicant to apply to the relevant departments
of food and drug administration;

(2)

Where there is any mistake in the application documents, and it can be corrected on the spot, the applicant shall be permitted to
do it on the spot;

(3)

Where the application documents are incomplete or do not measure up to the legal form, they shall issue the Notice for Supplementing
the Documents to the applicants on the spot or within 5 days, and inform them of the whole contents to be supplemented in one time.
If they fail to inform the applicants within the prescribed time limit, the date of receiving the application documents shall be
deemed as the date of acceptance; and

(4)

The departments of food and drug administration shall, within 30 working days from the date of accepting the application, make an
examination of the documents submitted according to the provisions of Article 5 of the present Measures, and decide whether or not
to agree with the preparation for establishment, and notify the applicant in writing. If they disagree, they shall explain the reason,
and notify the applicants of their rights of applying for administrative reconsideration or instituting an administrative litigation
in jure.

After the applicant has finished the preparation for establishment, it shall file an application for checking to the departments of
food and drug administration that accept the application, and submit the following documents:

(1)

Application for Pharmaceutical Trade License;

(2)

Documents of approval and certification issued by the departments for industry and commerce administration for the enterprise to be
established;

(3)

Ground disposition plan of the places of business and warehouses, and the certificates of the ownership of or right to use the houses;

(4)

Qualification certificates and letter of appointment of the special technical personnel in pharmacy certified in jure; and

(5)

The quality control documents of the enterprise to be established and the indexes of the warehouse establishments and facilities thereof.

The food and drug administrative organs accepting the application shall, within 15 working days as of the date of receiving the checking
application, organize a checkup in light of the implementation standards for checking and accepting the establishment of pharmaceutical
retail enterprises, and make decisions on whether or not to issue the Pharmaceutical Trade License. Where the enterprises fail to
meet the conditions, the applicants shall be notified in writing of the reason, and meanwhile shall be informed of their rights of
applying for administrative reconsideration or instituting an administrative litigation in jure.

Article 10

Where the departments or organs of food and drug administration find out that the matters of administrative license of an applicant
concern directly the major interests of other people when making an examination of its application, they shall notify the interested
party. The acceptance departments shall hear the statement and pleadings of the applicant or the interested party. Where the matters
shall be dealt with through a hearing in jure, a hearing shall be held in light of the provisions of law.

Article 11

The departments or organs of food and drug administration shall publicize the relevant information on Pharmaceutical Trade License
they have issued, and the general public shall have the right to consult.

Where, after the publicity of the information, an enterprise is found to have acts of providing false documents, data or other deceptive
acts in the process of applying for the Pharmaceutical Trade License, it shall be punished in jure.

Article 12

The Pharmaceutical Trade License is the legal credence of an enterprise for its undertaking of pharmaceutical trade activities, no
entity or individual may forge, alter, deal, lease or lend it.

Chapter IV Alteration and Renewal of Pharmaceutical Trade License

Article 13

The alteration of the Pharmaceutical Trade License shall include the alteration of the license matters and alteration of registration
matters.

The alteration of license matters refers to the alteration of the means of operation, scope of business, place of registration and
warehouse (including increase or decrease of the warehouses), legal representatives, person in charge, and person responsible for
quality control of the enterprise.

The alteration of registration matters refers to changes on matters not mentioned in the aforesaid paragraphs.

Article 14

Where a pharmaceutical trading enterprise alters the license matters concerning the Pharmaceutical Trade License, it shall apply for
an alteration of registration on Pharmaceutical Trade License to the former organs for issuing license 30 days in advance. And no
license matters shall be altered without approval.

The former organs for issuing license shall, within 15 working days from the date of receiving the application for enterprise alteration
and alteration of the application documents, make a decision on whether or not to grant the alteration.

Where an enterprise applies for alteration of the license matters, the original license issuing departments may not handle the formalities
for alteration until they have checked and accepted the enterprise and confirmed its eligibility in light of the conditions as prescribed
in the present Measures.

After a pharmaceutical trading enterprise has made alteration on the license matters concerning the Pharmaceutical Trade License,
it shall go through the relevant alteration procedures for enterprise registration to the departments for industry and commerce administration
in jure.

Where an enterprise divides, merges, or changes its means of operation, or transfers exceeding the former jurisdictions, its Pharmaceutical
Trade License shall be handled anew in light of the provisions of the present Measures.

Article 15

Where a non-legal person branch of an enterprise legal person alters the license matters of the Pharmaceutical Trade License, it shall
show the alteration application with the opinions of the upper level legal person signed therein.

Article 16

Where an enterprise is put on records and investigated into by the departments or organs of food and drug administration for illegal
operation, and the case has not been concluded yet; or a decision of administrative punishment has been made but the punishment has
not been executed, the organs for issuing license shall suspend the acceptance of its application for alteration of the Pharmaceutical
Trade License.

Article 17

Where a pharmaceutical trading enterprise alters the registration matters of the Pharmaceutical Trade License, it shall, within 30
days after the alteration has been approved by the departments for industry and commerce administration, apply for alteration registration
on the Pharmaceutical Trade License to the former organs for issuing license, who shall then handle alteration formalities for it
within 15 working days from the date of receiving the application for enterprise alteration and alteration application documents.

Article 18

After the registration matters of the Pharmaceutical Trade License have been altered, the former organs for issuing license shall
record the contents and time for alteration in the duplicate of the Pharmaceutical Trade License, and change and issue anew the original
copy of the Pharmaceutical Trade License in light of the contents altered, and take back the original copy of the Pharmaceutical
Trade License. The period of validity of the altered Pharmaceutical Trade License shall remain unchanged.

Article 19

The period of validity of the Pharmaceutical Trade License shall be 5 years. If the license holding enterprises need to continue the
trading of pharmaceuticals at the expiration of the period of validity, they shall apply to the original license issuing enterprises
for a renewal of the Pharmaceutical Trade License within 6 months before the expiration of the period of validity. The former organs
for issuing license shall make examination in light of the conditions for application and establishment as prescribed in the present
Measures. If the requirements are met, they shall withdraw the original license and reissue a new one. If the requirements are not
met, they shall order the enterprises to rectify within a time limit of three months. And if the requirements are still not met after
the rectification, the original Pharmaceutical Trade License shall be written off.

The departments or organs of food and drug administration shall, upon the application of pharmaceutical management enterprises, make
decisions on whether or not to approve their renewal of licenses before the expiration of the period of validity of the Pharmaceutical
Trade License. If they fail to make decisions within the time limit, they shall be considered as having approved the renewal of license.

Chapter V Supervision and Inspection

Article 20

The departments or organs of food and drug administration shall strengthen the supervision and inspection over the enterprises holding
the Pharmaceutical Trade Licenses. And the enterprises holding the licenses shall accept the supervision and inspection in light
of the provisions of the present Measures.

Article 21

The contents of supervision and inspection shall mainly include:

The name of the enterprise, business address, place of warehouses, legal representative or responsible person of the enterprise, person
responsible for quality control, means of operation, scope of business, the branches, and the implementation and alteration of other
important matters concerned;

The alteration of the business establishments and equipment of the enterprise and the warehouses conditions;

The implementation of the Standards for Quality Control of Pharmaceutical Trading by the enterprise; and

Other relevant matters that the organs for issuing license need to examine.

Article 22

The supervision and inspection may be made by ways of inspection in written forms, on-the-spot inspection or the combination of the
two ways above-mentioned.

The organs for issuing license may require the license holding enterprises to submit the relevant documents of the Pharmaceutical
Trade License, and perform their supervision functions through checking the relevant documents; or

The organs for issuing license may make an on-the-spot inspection on the enterprises holding the license.

In case an enterprise is under any of the following circumstances, it shall be examined on the spot:

(1)

Newly established enterprises in the last year;

(2)

Enterprises having problems in the inspection of the last year;

(3)

Enterprises being imposed upon an administrative punishment for violating the relevant laws and regulations; or

(4)

Enterprises that should be examined on the spot as believed by the organs for issuing license.

The work for supervision and inspection and examination on license alteration may be carried out together in the same year as the
renewal of the Pharmaceutical Trade License.

Article 23

The standards for on-the-spot inspection on Pharmaceutical Trade License shall be formulated by the organs for issuing license according
to the implementation standards for checking and accepting the establishment of pharmaceutical wholesale enterprises and those of
pharmaceutical retail enterprises, and the certification and inspection standards of the Standards for Quality Control of Pharmaceutical
Trading, as well as the items for on-the-spot inspection, and shall be reported to the upper level departments (organs) of (food)
drug administration for archive documents.

Article 24

Where any business enterprise is found to have violated the requirements of the Standards for Quality Control of Pharmaceutical Trading
in the supervision and inspection, the organs for issuing license shall order it to rectify within a prescribed time limit. If an
enterprise violates the provisions of Article 16 of the Pharmaceutical Administration Law, and still fails to meet the requirements
for undertaking the pharmaceutical business activities after rectification, it shall be punished in light of the provisions of Article
79 of the Pharmaceutical Administration Law.

Article 25

Where an organ for issuing license makes supervision and inspection over pharmaceutical trading enterprises in jure, it shall record
the conditions of supervision and inspection and the conclusions of disposal, and put the records on archives after they have been
signed by the supervisors and inspectors. The general public shall have the right to consult the relevant records over supervision
and inspection. And the organs for issuing license shall record the conclusions for on-the-spot inspection on the duplicate of the
Pharmaceutical Trade License and publicize them.

Article 26

Under any of the following circumstances, the Pharmaceutical Trade License shall be written off by the former organs for issuing license:

The Pharmaceutical Trade License fails to be renewed at the expiration of its period of validity;

The pharmaceutical trading enterprise terminates the operation of drugs or is closed down;

The Pharmaceutical Trade License is revoked, withdrawn, suspended, taken back, written off or invalidated;

The license matters of the Pharmaceutical Trade License fail to be implemented due to force majeure; or

Other circumstances that the administrative license shall be written off as prescribed by laws and regulations.

Where the departments or organs of food and drug administration write off the Pharmaceutical Trade License, they shall notify the
relevant departments for industry and commerce within 5 working days since the date of the writing-off.

Article 27

The Pharmaceutical Trade License shall include the original copies and duplicate copies, which shall have the same legal force.

Article 28

The organs for

MEASURES FOR THE ADMINISTRATION ON CONSOLIDATED FINANCIAL STATEMENTS IN CONDUCTING SUPERVISION OVER FOREIGN-FUNDED BANKS

China Banking Regulatory Commission

Measures for the Administration on Consolidated Financial Statements in Conducting Supervision Over Foreign-funded Banks

YinJianFa [2004] No.10

March 8th, 2004

Chapter I General Provisions

Article 1

The present Measures are hereby formulated for the purpose of implementing the Banking Supervision Law of the People’s Republic of
China and the Regulations of the People’s Republic of China on the Administration of Foreign-funded Financial Institutions and other
laws and regulations, for the purpose of regulating the supervision over the consolidation of financial statements and implementing
effective risk supervision.

Article 2

China Banking Regulatory Commission (hereinafter referred to as CBRC) shall be responsible for the guidance over the administration
of the consolidation of financial statements in foreign-funded banks.

Article 3

CBRC shall conduct supervision over the solely foreign-owned banks or joint-stock banks that have established operative branch institutions
or affiliated institutions, and foreign banks that have established two or more operative branches in China through the consolidation
of financial statements.

Through the consolidation of financial statements, CBRC can fully supervise over the worldwide operation and risk status of foreign-funded
corporate institutions registered in China, the overall business and risk status of the foreign banks in China, and pay attention
to the business risk and market behaviors thereof worldwide.

Article 4

The leading reporting bank as mentioned hereinafter refers to the parent bank of the solely foreign-funded or joint-stock banks, and
institutions for reporting consolidated financial statements and comprehensive information, which are designated by the parent bank
of a foreign bank or the regional management departments it authorizes and are put on records at the agencies of CBRC. The “supervision
bureau of consolidated financial statements ” refers to the agency of CBRC at the place where the leading reporting bank of a foreign-funded
bank is located. And “the territorial supervision bureau” refers to the agency of CBRC at the place where other business branches
of a foreign-funded bank are located.

Article 5

The “year” as mentioned in the present Measures refers to the year of the Gregorian calendar from January 1 to December 31. The fiscal
year refers to the legal fiscal year of each country.

Chapter II The Determination of the Leading Reporting Banks and their Functions

Article 6

The foreign-funded banks that the conditions of consolidated financial statement in conducting supervision as prescribed in Article
3 of the present Measures shall determine a leading reporting bank.

Article 7

Those foreign-funded corporate institutions that meet the conditions for the supervision over the consolidation of financial statements
as a result of the establishment of additional branch institutions or mergers shall file for a record at an agency of the CBRC at
the place where the parent bank is located within one month after the conditions are met.

Where a foreign bank meets the conditions for the supervision over the consolidation of financial statements due to the establishment
of additional institutions, its parent bank or authorized regional management department shall assign a leading reporting bank within
one month after they have been approved officially by the CBRC. And the leading reporting bank shall then file for a record at the
agency of CBRC at the place where it is located, and send a copy to the relevant territorial supervision bureau.

Article 8

Where a foreign bank needs to change the leading reporting bank, its parent bank or authorized regional management department shall
change the leading reporting bank one month before the end of the fiscal year. The former leading reporting bank and newly appointed
one shall put this on records at the respective local agencies of the CBRC, and send a copy to the relevant territorial supervision
bureau.

The newly appointed leading reporting bank shall undertake the functions of the leading reporting bank from the next fiscal year.

Article 9

The leading reporting bank shall employ full-time or part-time eligible managers in the China Region in light of circumstances. The
examination on the qualifications for holding such a post shall apply the filing system for the senior management personnel of foreign-funded
financial institutions as prescribed in the Detailed Rules for the Implementation of the Regulations of the People’s Republic of
China on the Administration of the Foreign-funded Financial Institutions.

Article 10

The leading reporting bank is an institution for the collection of consolidated financial statements and the comprehensive information
of a foreign-funded bank. It performs the following functions:

The leading reporting bank shall submit or put on record the supervision statements, statement and report of major matters concerned,
and other supervision materials to the supervisory bureaus of consolidated financial statements according to the requirements of
supervision, and shall be responsible for the truthfulness, accuracy and timeliness of the contents submitted and filed on record.

The leading reporting bank shall also be responsible for submitting the business applications concerning several branch banks within
China to the supervisory bureaus of consolidated financial statements uniformly, and send a copy thereof to the territorial supervisory
bureaus.

The leading reporting bank may attend the work meeting or proseminar convened by the CBRC on behalf of the foreign-funded bank it
is subordinated to, and propose opinions and suggestions in the name of the foreign-funded bank. The leading reporting bank, which
attends the meeting shall report in time the information of the meeting to the parent bank (general bank) or the regional management
departments and circulate a timely notice to other business branches within the territory.

The opinions and suggestions of foreign-funded banks on relevant Chinese supervision laws and regulations shall be submitted to the
supervisory bureaus of consolidated financial statements uniformly by the leading reporting bank after being collected by it, After
obtaining the feedback opinions, the leading reporting bank convey them to other business branches within China in time.

The leading reporting bank shall report the relevant information in respect of economy and finance of the parent bank and home country
or region as supervision requires;

The leading reporting bank shall be responsible for the information disclosure of the domestic business branches of a foreign-funded
bank.;

Implementing other requirements of the supervision bureau;

The leading reporting bank shall attach electronic documents at the time of submitting written material.

Article 11

The person in charge of the leading reporting bank shall be responsible for the consolidation of financial statements undertaken by
the leading reporting bank.

Chapter III Non-On-The-Spot Supervision

Article 12

The CBRC shall be responsible for guiding and supervising over the work of its agencies in the non-on-the-spot supervision over the
consolidation of financial statements at foreign-funded banks.

Article 13

The supervisory bureaus of consolidated financial statements shall supervise over the quarterly reports on consolidated financial
statements from the institutions operating at home submitted by the leading reporting bank, of which, the financial statements from
the overseas branches and subordinate institutions of a solely foreign-funded bank or joint-stock bank and the consolidated financial
statements of a group company shall be reported with written documents by year.

Article 14

The supervisory bureaus of consolidated financial statements shall see to it that the leading reporting banks file for a timely record
of the following matters:

The annual report already publicized and the information disclosure of the business branches operating at home for the fiscal year.

The rating by external rating institutions.

The major news released by the parent bank.

The documents specifying the events under investigation.

Appraisal of the supervision bureau of the home country or region and major supervision measures.

The statement on major adjustment of policies in respect of finance and economy of the home country or region. And

Other relevant documents as prescribed in the Detailed Rules for the Implementation of the Regulations of the People’s Republic of
China on the Administration of Foreign-funded Financial Institutions

Article 15

The consolidated financial statement supervision bureaus shall require the leading reporting bank to submit one copy of the Summary
Report of the Business Conditions of Foreign Funded Banks half a year, which shall include basic information (the number of operative
institutions, number of employees, alteration of the business scope, etc.), the specification on centralization of loan granting,
analysis on reserves for losses of loans, the transfer of large amount of assets, analysis on flowing in or out of capitals, connected
transaction, listing of overseas loans or investment, and the trends in operation of the business branches, and other contents. There
are also statements on alteration of the structure, business strategies, level of capital adequacy, financial status and market credit
standing of the parent banks.

Article 16

The consolidated financial statement supervision bureaus shall be responsible for monitoring the indicators for eligible supervision
over the examination through consolidated financial statement on a quarterly basis, and make analysis on the trend of risk supervision
indicators and overall business behaviors.

Article 17

The consolidated financial statement supervision bureaus shall collect the business management systems of foreign-funded banks, and
communicate with the leading reporting bank or senior management personnel of regional management departments on contents of risk
management of foreign-funded banks such as the pattern of management, management information system, risk and authorization management,
compliance management, credit management and financial management, etc..

Article 18

The consolidated financial statement supervision bureaus shall submit the following matters concerned to the CBRC according to relevant
provisions:

The major events concerned and various management systems that have been put on records by foreign-funded banks.

The errors in the reports of the data about consolidated financial statements.

The regulation violation and abnormal alteration of the indexes for examination through consolidated financial statement. And

Attitude toward supervision over consolidated financial statements.

Article 19

The consolidated financial statement supervision bureaus shall, on the basis of comprehensive analysis of various supervision information
and on-the-spot examination, complete the half-year and annual supervision reports on consolidated financial statements

Article 20

The CBRC shall be responsible for communicating with the supervision authorities of the home country or region of the foreign-funded
corporate institutions and the supervision authorities of the home country or region of a foreign bank on issues of supervision they
commonly concern, and carry out cooperation on supervision information exchange.

Article 21

The CBRC shall be responsible for promoting the exchange and share of the comprehensive supervision information within their organs,
and provide or disclose the business conditions of the foreign-funded banks within China.

Article 22

The CBRC shall be responsible for unifying the procedures and requirements for the supervision over the consolidation of financial
statements.

Chapter IV On-the-spot Examination

Article 23

The CBRC shall be responsible for organizing, guiding and coordinating the on-the-spot examination of consolidated financial statements
at foreign-funded banks.

Article 24

There shall be two ways for organizing on-the-spot examination through consolidated financial statements:

Entrusting the consolidated financial statement supervision bureaus and the territorial supervision bureaus to assign examination
groups, and carrying out on-the-spot examination through consolidated financial statements respectively according to examination
plans. And

The CBRC shall organize the supervisors of foreign-funded banks to form an examination group to carry out on-the-spot examination
through consolidated financial statement on the consolidated financial statement institutions.

Article 25

The CBRC shall, according to the conditions of risk supervision and periods of on-the-spot examination, determine plans of on-the-spot
examination of consolidated financial statement at foreign-funded banks, and put forward guiding requirements for the form, contents
and emphasis of the examination.

Article 26

The CBRC shall adjust the contents of consolidated financial statement for on-the-spot examination in light of realities, and coordinate
the time and progress of the examination items. In case the examination group finds any major problem in the examination, it shall
report to the CBRC in time.

Article 27

The CBRC shall uniformly formulate plans of consolidated financial statement for on-the-spot examination organized by it. The examination
group shall carry out on-the-spot examination in light of the procedures and requirements as prescribed in the examination handbook
and plan, and complete the examination task within the prescribed time limit.

After ending the on-the-spot task, the examination group shall finish the “Examination Facts and Appraisal” and relevant ratings of
CAMELs/ROCA, and make a final confirmation on the facts concerned with the senior management of the examined institution. After the
end of the examination, the examination team shall transfer the “Examination Facts and Appraisal” and the result of the grading of
CAMELs/ROCA and the examination files to the agency of the CBRC at their locality.

Upon completion of all the examination plans, the examination group shall collect the report of consolidated financial statement for
on-the-spot examination, and report it to the CBRC together with the “Examination Facts and Appraisal” and the ratings of a single
institution.

Article 28

The supervision opinions on consolidated financial statement for on-the-spot examination shall be coordinated uniformly by the CSRC,
who shall then propose suggestions according to the “Examination Facts and Appraisal” and reflect to the corresponding agencies of
the CBRC.

Article 29

The agencies of the CBRC shall be responsible for following up and handling the consolidated financial statement for on-the-spot examination.

The agencies of the CBRC shall, according to the “Examination Facts and Appraisal” and the suggestions of the CBRC, issue opinions
on the consolidated financial statement for on-the-spot examination to the institutions at their locality, require them to rectify
and correct, and impose punishment on acts in violation of regulations according to relevant provisions.

The agencies of the CBRC shall, within 3 months after the on-the-spot examination through consolidated financial statement, follow
up the implementation of the measures for rectification, or make follow-up on-the-spot examination on the consolidated financial
statement institutions at their locality, and report the rectification and correction to CBRC in time.

Article 30

The CBRC shall be responsible for accepting the application of the supervision bureau of the home country or region of a foreign bank
for the transnational on-the-spot examination, and entrust the local agencies of the CBRC and the examination team to exchange opinions
on the supervision over the examined institution.

After the end of the contact, the agencies of the CBRC shall report the information they have acquired to the CBRC in time, and follow
up the issues referred to by the examination team.

Chapter V External Audit and Three Party Talks

Article 31

Where a foreign-funded bank conforms to the conditions for consolidated financial statement supervision, it shall engage the same
accountant office in principle to be responsible for auditing and consolidated financial statement auditing on domestic business
branches and affiliated institutions.

Article 32

The leading reporting bank shall, one month before the end of the fiscal year, put on records the external auditors and auditing group
they engage in the current fiscal year at the consolidated financial statement supervision bureau, and send a copy to the corresponding
territorial supervision bureau at the same time. In case of changing accountant office, the leading reporting bank shall also submit
statement in writing.

In case the agencies of the CBRC have negative opinions on auditing quality made by the external auditors, who are engaged by the
foreign-funded banks, they may make a suggestion to the foreign-funded banks and ask it to change the auditing team or accountant
office within 14 working days after receiving the letter of recording.

Article 33

The external auditors shall communicate with the consolidated financial statement supervision bureau on the auditing requirements
before conducting the consolidated financial statement auditing.

Article 34

The leading reporting banks shall, within 5 months after the end of the fiscal year, report the “Auditing Report for Consolidated
Financial Statement” and the “Letter of Suggestion on Management through Consolidated Financial Statement” to the consolidated financial
statement supervision bureaus.

Article 35

The territorial supervision bureaus shall, within 30 days after receiving the External Auditing Report and the Letter of Suggestion
on Management, reflect the opinions of appraisal on quality of external auditing to the consolidated financial statement supervision
bureau.

The consolidated financial statement supervision bureaus shall be responsible for making comprehensive appraisal on quality of external
auditing through combination of the feedback opinions of each territorial supervision bureau, and issues reflected in the Auditing
Report for Consolidated Financial Statement and the Letter of Suggestion on Management through Consolidated Financial Statement.

Article 36

The consolidated financial statement supervision bureaus shall, on the basis of comprehensive supervision of foreign-funded banks,
be responsible for proposing plans for three -party talks.

The three-party talks on consolidated financial statement shall be organized by the CBRC, and the participating parties shall include
the CBRC, the consolidated financial statement supervision bureau, the territorial supervision bureau, external auditors and the
leading reporting banks. After the end of the talks, the consolidated financial statement supervision bureaus shall complete the
summary of three parties meeting for the consolidated financial statement, and supervise over the leading reporting bank for its
timely feedback of the implementation of the opinions for rectification and correction.

Chapter VI Supplementary Provisions

Article 37

The present Measures shall be interpreted by the CBRC.

Article 38

The relevant opinions on consolidated financial statement in conducting supervision shall be considered as the basis for examination
of such applications as the establishment of additional institutions of a foreign-funded bank and business access, etc..

Article 39

The present Measures shall come into force as of April 1, 2004. Where other relevant provisions concerning the supervision over consolidated
financial statement at foreign-funded banks conflict with the present Measures, the former will be invalidated simultaneously.

China Banking Regulatory Commission
2004-03-08

CIRCULARS ON REVISING THE PROCEDURE OF SUBMISSION AND EXAMINATION OF IMPORTED DRUG

The registration department of the state food and drug administration

Circulars on revising the procedure of submission and examination of imported drug

Letters No. 44 (2004) of the registration department of the state supervision and administration bureau of food and drug

March 23, 2003

Every port supervision and administration bureau of drug:

The departments have promulgated the circular on beginning to employ the procedure of submission and examination(Letters No (2003)
141 of the registration department of the state supervision and administration bureau of food and drug),which played a good role
in favor of raising the efficiency of import registration and handling the registration procedure of imported drug. According to
the feedback and suggestion of unit of submission and examination since implementing, the department determines to amend this procedure,
increase security measures, and revise the unit description of the item on the quantity of submission and examination. the specific
amended content can be seen in appendices. Every port supervision and administration bureau of drug notifies the unit of submission
and examination of downloading the renewed software in the download area of www.sfda.gov.cn or www. nicpbp.org.cn in time, and employ
this software to submit the list of submission and examination of imported drug.

Meanwhile, the department revised the administration system of edition R1.0 for submission and examination of imported drug correspondingly,
would make CDs with the content of the upgraded directions, the upgraded procedure and the renewed procedure of submission and examination
of imported drug as well would issue it to every bureau; the aforesaid bureau shall upgrade the t administration system for submission
and examination of imported drug according to the upgraded directions. It’s sure to contact the department in time if finding any
problem in using it.

It is hereby announced

Annex: the revised content about the procedure of submission and examination of imported drug Annex:The revised content about the procedure of submission and examination of imported drug

Revised the item on the quantity of submission and examination. The binding item on the weight measurement kilogram is removed.

Revised the functions of saving the copy, printing the copy and printing the submitted materials. The specific revised content as
follows:

Saveing the backup: the function of the key is to save the editing documents. The check-up numeral will keep unchanged without taping
the button of printing the submitted materials before saving. The check-up numeral will be changed if taping the button of printing
the submitted material before saving.

Printing the copy: the key serves the units who need to save the written documents, the function of the key is printing the written
documents, but the printed written documents shall add the mark of “-T”. the check-up numeral of written documents shall be consistent
with that of the electrical documents.

Printing the submitted materials: the function of the key is to print the list of submitted materials and produce the new check-up
numeral, the printed list of submission and examination shall add the mark of “-B”. the saved check-up numeral of electrical documents
shall be consistent with that of written documents.

The registration department of the state food and drug administration
2004-03-23

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Brazilian Laws

CONSTITUTIONAL AMENDMENTS part 4 – 1988 Constitution

CONSTITUTIONAL AMENDMENTS part 3 – 1988 Constitution

MEASURES FOR THE ADMINISTRATION OF SENIOR MANAGERS OF SECURITIES COMPANIES

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

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

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

MEASURES FOR THE ADMINISTRATION OF LICENSES FOR THE IMPORT OF GOODS

MEASURES FOR THE ADMINISTRATION OF COMMERCIAL FRANCHISES

PROVISION OF MINISTRY OF FINANCE ON IMPROVING AND STRENGTHENING THE ADMINISTRATION OF ANNUAL ACCOUNTING STATEMENT AUDIT

MEASURES FOR THE ADMINISTRATION OF PHARMACEUTICAL TRADE LICENSE

MEASURES FOR THE ADMINISTRATION ON CONSOLIDATED FINANCIAL STATEMENTS IN CONDUCTING SUPERVISION OVER FOREIGN-FUNDED BANKS

CIRCULARS ON REVISING THE PROCEDURE OF SUBMISSION AND EXAMINATION OF IMPORTED DRUG

CONSTITUTION ACT, 1982 – page 22

CONSTITUTION ACT, 1982 – page 21

CONSTITUTION ACT, 1982 – page 20

CONSTITUTION ACT, 1982 – page 19

CONSTITUTION ACT, 1982 – page 18

CONSTITUTION ACT, 1982 – page 17

CONSTITUTION ACT, 1982 – page 16

CONSTITUTION ACT, 1982 – page 12

CONSTITUTION ACT, 1982 – page 11

CONSTITUTION ACT, 1982 – page 10

CONSTITUTION ACT, 1982 – page 9

CONSTITUTION ACT, 1982 – page 8

CONSTITUTION ACT, 1982 – page 7