CIRCULAR OF THE CHINA SECURITIES REGULATORY COMMISSION ON SEVERAL ISSUES CONCERNING THE PROMOTION OF INNOVATION ACTIVITIES IN SECURITIES INDUSTRY

China Securities Regulatory Commission

Circular of the China Securities Regulatory Commission on Several Issues Concerning the Promotion of Innovation Activities in Securities
Industry

Zheng Jian Ji Gou Zi [2004] No. 96

August 12, 2004

All securities companies:

For the purpose of implementing the Several Opinions of the State Council on the Promotion of Reform, Opening and Steady Growth of
the Capital Market, actively promoting the standard development of securities industry and encouraging securities companies to launch
innovation activities in their business and management, related matters are hereby notified as follows:

Securities companies shall be encouraged to give full play to the enthusiasm, initiative of innovation, carry out innovation in business,
operation mode as well as organizations according to market requirements and their own practical needs, improve the quality of service,
and better the profit mode with a view to growing excellent to become powerful in market competition and pushing forward the integral
development of securities industry.

Although innovation is the motive power of development of securities companies and securities market, in such process requirements
of “legal system, supervision, self-discipline and standards” must be observed so as to prevent and control material risks likely
to occur by taking realistic measures. At the initial stage of promoting innovation in securities companies, we must firstly make
an experiment in this field, use such experience of one point to lead the whole area, draw continuous conclusions from experiences,
perfect relevant rules and then gradually spread successful new practices. Therefore, certain standards mustn’t be established for
securities companies (hereinafter referred to as pilot securities companies) which carry out pertinent pilot innovation activities
until such standards are reviewed first. Pilot securities companies must meet such conditions as better corporate governance, better
internal risk control, higher level of capital adequacy and more standard operation and management, various innovation activities
of which shall start on the precondition that risks of such activities are measurable, controllable and sustainable.

The China Securities Regulatory Commission shall produce review measures for pilot securities companies and be liable to organize
such review.

Principles of “openness, fairness and impartiality” must be adhered to in the process of such review, standards and procedure of which
must be fair and transparent. Securities companies may, according to procedure, apply for such review only if meeting prescribed
requirements and standards, and may be confirmed as pilot securities companies after passing review.

Legal representatives and principal persons responsible for operation and management of the securities company applying for review
shall undertake and directly bear clear liability for the truthfulness, accuracy and completeness of such information used for application
for the said review as operating status and financial statements of their companies, and shall directly take clear responsibility
for the truthfulness, completeness, compliance and risk control of matters with respect of application for pilots.

Political measures on the promotion of innovation development in securities industry along with reform measures in respect of the
promotion of supervision over securities institutions will be tried in pilot securities companies, relevant application matters of
which shall be accepted preferentially with corresponding procedure to be simplified. We shall support pilot securities companies
to voluntarily present pilot programs for business exploration and organizational management, to actively launch innovation in securities
business and explore experiences from innovation development in securities business. Operational approach, product innovation programs
and reform measures of operation and management, all of which have been proved mature through pilots, will be popularized in securities
industry for implementation.

Specific innovation programs put forward by pilot securities companies in line with their own operating status and business development
requirements, shall not be implemented until passing the professional review organized by the China Securities Regulatory Commission.
The said innovation programs shall include risk assessment, internal controls, pre-arranged plan for risk exposure preparation and
feasibility arrangement of acceptance for administrative supervision.

The scale of innovated business of pilot securities companies shall match risk control ability and risk bearing capacity of the same
companies, and a system on quantitative risk control level shall be established for such innovated business.

Innovation activities of various kinds of pilot securities companies shall be subject to the supervision of the China Securities Regulatory
Commission and its dispatched institutions.

All dispatched institutions shall establish a dynamic supervision system and produce working contents thereof for pilot securities
companies within their jurisdiction, focus on monitoring over the safety, completeness, and transparency of their clients’ funds
for transaction settlement, as well as compliance operation in such business as clients’ assets management and repurchase of debentures,
and shall supervise pilot innovation activities carried out by such clients within a business scope decided by pilot programs and
strictly implement all the undertakings and rules required by pilot projects.

Pilot securities companies shall, prior to January 31 each year, submit summary reports on their innovation activities to the institutions
dispatched by the China Securities Regulatory Commission where they were registered.

The China Securities Regulatory Commission shall conduct continuous evaluation on pilot securities companies.

Pilot companies, which are disqualified to carry out relevant innovation activities as a result of problems in respect of their operation
and management, risk control and financial status, shall have their corresponding business activities under pilots suspended and
terminate the organized pilot business on schedule.

Pilot securities companies, if found to have committed grave acts in violation of laws and regulations, shall terminate their pilot
businesses and be ordered to conduct checks within a stipulated period.

Since the promotion of innovation in securities companies is a task lasting for long, every securities company shall, in light of
the spirits of this Circular and various supervision provisions, carry out operation according to laws and regulations, perfect corporate
governance, strengthen the internal risk control, and ensure the safety and completeness of clients’ assets and the truthfulness
of financial statements. Various securities companies shall deal well with self-inspection of risks and business norms, feel out
their assets and financial status based on comprehensive verification, consciously rectify nonconforming and highly risky business,
produce and put into effect one by one practical rectification and improvement plans. The China Securities Regulatory Commission
shall, according to actual situations of various securities companies like degree of risks, internal control level and financial
strength, formulate and implement gradually measures on classified supervision, support such companies to carry out diversified innovation
activities within the scope of their financial status, business competition abilities and risk bearing capacities so as to promote
the standardization and development of securities industry.

China Securities Regulatory Commission
2004-08-12

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

Standing Committee of the National People’s Congress

Fisheries Law Of The People’s Republic Of China (2004 Revision)

(Adopted at the 14th Session of the Standing Committee of the National People’s Congress and promulgated by Order No. 34 of the President
of the People’s Republic of China on January 20th, 1986; amended for the first time according to the “Decision of the Standing Committee
of the National People’s Congress on the Amendment of the Fishery Law of the People’s Republic of China” at the Eighteenth Session
of the Standing Committee of the Ninth National People’s Congress on October 31st, 2000; amended for the second time according to
the “Decision of the Standing Committee of the National People’s Congress on the Amendment of the Fishery Law of the People’s Republic
of China” at the Eleventh Session of the Standing Committee of the Tenth National People’s Congress on August 28th, 2004)

ContentsChapter I General Provisions

Chapter II Aquaculture

Chapter III Fishing

Chapter IV Increase and Protection of Fishery Resources

Chapter V Legal Liability

Chapter VI Supplementary Provisions

Chapter I General Provisions

Article 1

This Law is formulated with a view to strengthening the protection, growth, development and rational utilization of fishery resources,
developing artificial cultivation, protecting fishery workers’ lawful rights and interests and boosting fishery production, so as
to fulfill the requirements of socialist construction and the needs of the people.

Article 2

All productive activities of fisheries, such as engaging in aquaculture and catching or harvesting of aquatic animals and plants in
the inland waters, tidal flats and territorial waters of the People’s Republic of China, or in other sea areas under the jurisdiction
of the People’s Republic of China, must abide by this Law.

Article 3

Regarding fishery production, the state shall adopt a policy that calls for simultaneous development of aquaculture, fishing and processing,
with special emphasis on aquaculture and with priority given to different pursuits in line with local conditions.

People’s governments at various levels shall cover fishery production into their economic development plans and take measures to enhance
the overall planning and comprehensive utilization of water areas.

Article 4

The state shall encourage research in fishery science and technology as well as popularization of advanced technology so as to improve
the level of the country’s fishery science and technology.

Article 5

People’s governments at various levels shall give moral encouragement or material awards to entities and individuals who make outstanding
contributions to the increase and protection of fishery resources, to development of fishery production, or to research in fishery
science and technology.

Article 6

The department of fishery administration under the State Council shall be in charge of the administration of fisheries throughout
the country. Departments of fishery administration under people’s governments at the county level or above shall be in charge of
fisheries in their respective areas. These departments shall be authorized to set up fishery superintendency agencies in important
fishing areas and fishing ports. Departments of fishery administration under people’s governments at or above the county level and
their fishery superintendency agencies may appoint fishery inspectors who will implement assignments entrusted thereto by those departments
and agencies.

Article 7

Supervision over and administration of fisheries shall adhere to the principle of unified leadership and decentralized administration.

Marine fishery shall be under the superintendence of departments of fishery administration under the people’s governments of provinces,
autonomous regions and centrally-administered municipalities contiguous to the sea, with the exception of those sea areas and fishing
grounds with specially designated fishery resources that the State Council has placed under direct administration of its fishery
department and subordinate fishery superintendency agencies.

Fishery in rivers and lakes shall be subject to the superintendence of the departments of fishery administration under the relevant
people’s governments at or above the county level in conformity with administrative divisions. Fishery administration for water areas
that straddle several administrative divisions shall be decided by the relevant people’s governments at or above the county level
through consultation or placed under the superintendence and management by the departments of fishery administration of people’s
governments at the next higher level and their subordinate fishery superintendency agencies.

Article 8

Foreigners and foreign fishing vessels must obtain permission from the relevant department under the State Council prior to entering
the territorial waters of the People’s Republic of China to carry out fishery production or investigations of fishery resources,
and must observe this Law and other relevant laws and regulations of the People’s Republic of China. If those persons and vessels
belong to countries that have entered into relevant accords or agreements with the People’s Republic of China, their activities shall
be conducted in conformity with those accords or agreements.

State fishery administration and fishing port superintendency agencies shall conduct administrative and supervisory authority over
external relations relating to fisheries and fishing ports.

Article 9

Neither the department in charge of fishery administration as well as its institutions for the supervision over and administration
of fishery nor their staff shall participate or be engaged in the activities of fishery production and operation.

Chapter II Aquiculture

Article 10

The state shall encourage entities under ownership by the whole people, entities under collective ownership and individuals to make
the best use of suitable water surfaces and tidal flats to develop aquaculture.

Article 11

The State shall make united programming on utilization of water areas, and determine which water areas and beaches may be utilized
for aquatic breeding industry. Where an entities or an individual uses a water area or beach with ownership by the whole people which
is determined by the State programming to be used for aquatic breeding industry, the user shall apply to the department in charge
of fishery administration of the local people’s government at or above the county level for the aquatic breeding certificate which
shall be examined and issued by the people’s government at the same level. With this certificate, the user is permitted to undertake
aquatic breeding production in the aforesaid water area or beach. Specific measures for the examination and issuance of aquatic breeding
certificates shall be provided for by the State Council.

Water areas and beaches with collective ownership or with ownership by the whole people but used by the agricultural collective business
organization may be individually or collectively contracted for aquatic breeding production.

Article 12

The local people’s government at the county level or above shall give precedence to the local fishery producers while checking and
issuing aquatic breeding certificates.

Article 13

Where any dispute arises between the parties due to the aquatic breeding production with a water area or beach determined by the State
programming to be used for aquatic breeding industry, it shall be handled in line with the procedures prescribed in relevant laws.
Before the dispute is settled, neither party shall destroy the aquatic breeding production.

Article 14

Where a water area or beach with collective ownership is requisitioned for use for State construction, it shall be handled in conformity
with the provisions pertaining to the requisition of land in the Law of the People’s Republic of China on Administration of Land.

Article 15

The local people’s government at the county level or above shall take measures to enhance its protection on the production bases of
commercial fish and the key water areas for aquatic breeding in the suburban areas of the city.

Article 16

The state shall encourage and support the breeding, cultivation and popularization of good aquatics. No new aquatic may be popularized
unless it has been examined and approved by the National Committee for Examination and Approval of Original Breeding and Good Breeding
and has been announced by the fishery administrative department of the State Council.

The import and export of aquatic fingerlings shall be examined and approved by the department in charge of fishery administration
of the State Council or of the provincial, autonomous regional, municipal people’s governments.The production of aquatic fingerlings
shall be examined and approved by the department in charge of fishery administration of the local people’s government at the county
level or above, with an exception of the aquatic fingerlings cultivated or used by the fishery producers themselves.

Article 17

Quarantine must be executed for the import and export of aquatic fingerlings so as to prevent disease from passing into or out of
the territory. Specific quarantine work shall be carried out in conformity with the provisions in the laws and administrative regulations
on the quarantine of animals and plants imported and exported.

The safety for imported transgenosis aquatic fingerlings must be evaluated. Specific administration shall be carried out in conformity
with relevant provisions of the State Council.

Article 18

The department in charge of fishery administration of the local people’s government at the county level or above shall enhance technical
guidance and disease prevention for the aquatic breeding production.

Article 19

Baits or feedstuff containing poisonous or harmful substances shall not be used in the aquatic breeding production.

Article 20

In the aquatic breeding production, the ecological environment of water areas shall be protected, and the aquatic breeding density
shall be scientifically determined, baits be rationally cast, fertilizer be reasonably thrown, and medicament be sensibly used. The
water areas shall not be polluted.

Chapter III Fishing

Article 21

The State shall take measures in finance, credit and taxation to encourage and support the development of ocean fishery industry,
and arranges continental-river and inshore fishing pursuant to the fishable amount of the fishery resources.

Article 22

The State shall determine the total fishable amount of the fishery resources and implements fishing quota system in conformity with
the principle that the fishing amount shall be lower than the growth amount of the fishery resources. The department in charge of
fishery administration of the State Council shall be responsible for organizing the investigation and evaluation of fishery resources,
and provide scientific basis for the implementation of the fishing quota system. The total amount of the fishing quota for inland
seas, territorial seas, exclusive economic zones and other jurisdictional seas of the People’s Republic of China shall be determined
by the department in charge of fishery administration of the State Council, and shall be distributed and reported to the governments
level by level after it is submitted to and approved by the State Council. The total amount of the fishing quota for important rivers
and pools determined by the State shall be determined by relevant provincial, autonomous regional, municipal people’s governments
or determined through consultation, and shall be distributed and reported level by level. The distribution of the total amount of
the fishing quota shall embody the principle of fairness and justness. The distribution methods and distribution results must be
open to the society and be supervised.

The department in charge of fishery administration of the State Council and of the provincial, autonomous regional, municipal people’s
governments shall strengthen its supervision and inspection over the implementation of the fishing quota system. As regarding the
amount which exceed the fishing quota target required by the upper level, the aforesaid department shall check and reduce its fishing
quota of the next year.

Article 23

The State shall implement fishing license system on fishery industry.

The fishing licenses for large scale dragnet and pursue net operation on the sea and the fishing operation on the mutually administered
fishing areas determined by the agreement concluded between the People’s Republic of China and a relevant country or the fishing
operation on the high seas shall be approved and issued by the department in charge of fishery administration of the State Council.
The fishing licenses for other operations shall be approved and issued by the department in charge of fishery administration of the
local people’s government at the county level or above. However, the fishing licenses approved and issued for operations on the sea
shall not exceed the target required by the State on the control of vessel and net facilities. Specific measures shall be prescribed
by the provincial, autonomous regional, municipal people’s governments.

Fishing licences may not be sold, leased or transferred by other illegal means, nor they may be altered.

Fishing operations on jurisdictional seas of other countries shall be approved by the department in charge of fishery administration
of the State Council, and observe relevant treaties and agreements concluded or acceded to by the People’s Republic of China and
the laws of relevant countries.

Article 24

A fishing license may be issued to the applicant only if he satisfies the following conditions:

(1)

he has the fishing vessel inspection certificate;

(2)

he has the fishing vessel registration certificate;

(3)

he satisfies other conditions prescribed by the department in charge of fishery administration of the State Council.

The fishing certificates approved and issued by the department in charge of fishery administration of the local people’s government
at the county level or above shall accord with the fishing quota target required by the department in charge of fishery administration
of the people’s government at the upper level.

Article 25

The entity or individual engaged in fishing operation must abide by the provisions in the fishing license on type of operation, location,
time limit, quantity of fishing facilities and fishing quota, and observe relevant provisions of the State on the protection of fishery
resources. Large scale fishing vessels shall keep fishing logs.

Article 26

Vessels that are produced, rebuilt, purchased and imported for shipping operation must be checked and proved qualified by the fishing
vessel inspection department before it is launched for operation. Specific measures shall be prescribed by the State Council.

Article 27

The construction of fishing harbors shall comply with the State’s united programming, and the principle of benefiting the investors
shall be implemented. The local people’s government at the county level or above shall strengthen its supervision and administration
over the fishing harbors located in its own administrative region, and maintain the normal order of these fishing harbors.

Chapter IV Increase and Protection of Fishing Resources

Article 28

Departments of fishery administration under the people’s governments at and above the county level shall work out overall plans and
take measures to increase fishery resources in the fishery waters under their jurisdiction. These departments may collect fees from
the entities and individuals profited by the use of such waters and devote the money thus collected to the growth and protection
of fishery resources. The procedures for collecting such fees shall be stipulated by the department of fishery administration and
the department of finance under the State Council, and must be approved by the State Council before coming into force.

Article 29

The State shall protect germ plasm resources of aquatic products and their surviving environment, and establish preservation areas
for germ plasm resources of aquatic products in the main regions where germ plasm resources of aquatic products with high economic
value and heredity and breeding value can increase and breed. No entity or individual shall be engaged in fishing activities in the
preservation areas for germ plasm resources of aquatic products without the approval by the department in charge of fishery administration
of the State Council.

Article 30

Such methods of destroying fishery resources as killing fish by explosion, with poison or with electricity, etc. are banned for fishing.
It is banned to produce, sell or use prohibited fishing facilities. It is banned to go fishing in the prohibited fishing areas or
within the prohibited fishing periods. It is banned to go fishing with nets smaller than the smallest size of mesh. The undersized
fish among the fishing gains shall not exceed the stipulated proportion. It is banned to sell illegally fished fishing gains in the
prohibited fishing areas or within the prohibited fishing periods.

The varieties of fishery resources under key protection as well as their fishable standards, the prohibited fishing areas and the
prohibited fishing periods, fishing facilities and fishing methods banned to be used, the smallest size of mesh, and other measures
to protect fishery resources shall be prescribed by the department in charge of fishery administration of the State Council or of
the provincial, autonomous regional, municipal people’s governments.

Article 31

Catching fry of aquatic animals of important economic value shall be prohibited. Catching fry of aquatic animals of important economic
value or spawning aquatic animals under protection for artificial breeding or for other special purposes must be approved by the
department of fishery administration under the State Council or by departments of fishery administration under the people’s governments
of provinces, autonomous regions, and municipalities directly under the Central Government, and it must be conducted in the designated
areas and times and strictly in conformity with the quotas assigned.

Measures shall be adopted to protect fry of aquatic animals when channeling or using water from water areas that specialize in producing
such fry.

Article 32

When building sluices and dams which will have serious impact on fishery resources on the migration routes of fish, shrimp and crabs,
the construction entities must build fish passages or adopt other remedial measures.

Article 33

With respect to water bodies that are used for fisheries and also serve the purposes of water storage and regulation and irrigation,
the departments concerned shall fix the lowest water level required for fishery.

Article 34

It shall be banned to reclaim land from lakes. Without approval from a people’s government at or above the county level, it shall
be prohibited to enclose tidal flats for cultivation and no one shall be allowed to reclaim land from water areas that are used as
major seedling producing centres and aquatic breeding grounds.

Article 35

With respect to conducting underwater explosions, exploration and construction that may have serious impact on fishery resources,
the construction entities shall consult in advance with the department of fishery administration under the relevant people’s government
at or above the county level and take measures to prevent or minimize the damage to fishery resources. In case any damages to fishery
resources occur therefrom, the relevant people’s government at the county level or above shall order the responsible party to bear
compensation.

Article 36

The people’s governments at all levels shall take measures to safeguard and improve the ecological environment of fishery water areas,
prevent and cure pollution.

The supervision over and administration of the ecological environment of fishery water areas as well as the investigation and treatment
of fishery pollution accidents shall be implemented in conformity with relevant provisions in the Law of the People’s Republic of
China on the Protection of Sea Environment and the Law of the People’s Republic of China on the Prevention and Cure of Water Pollution.

Article 37

The State shall conduct key protection on aquatic wild animals which are valuable or in severe danger such as white-flag dolphins,
etc. in order to prevent them from extinction. It is banned to fish and kill, or hurt the aquatic wild animals under the State’s
key protection. Where it is needed to fish the aquatic wild animals under the State’s key protection due to scientific research,
domestication and breeding, exhibition or other special circumstances, it shall be carried out in line with the provisions in the
Law of the People’s Republic of China on the Protection of Wild Animals.

Chapter V Legal Liability

Article 38

Where the methods of destroying fishery resources such as killing fish by explosion, with poison or with electricity, etc. are used
for fishing, the provisions on banned fishing areas or banned fishing periods are violated in fishing, or banned fishing facilities,
fishing methods or nets smaller than the smallest size of mesh are used for fishing, or the undersized fish among the fishing gains
exceeds the stipulated proportion, the fishing gains and illegal proceeds shall be confiscated, and a fine of not more than 50,000
yuan shall be imposed; if the case is gross, the fishing facilities shall be confiscated and the fishing license shall be rescinded;
if the case is particularly serious, the fishing vessel may be confiscated; if such acts commit a crime, criminal liabilities shall
be prosecuted pursuant to the law.

The department in charge of fishery administration of the local people’s government at the county level or above shall in time investigate
and dispose of the acts of selling illegally fished fishing gains in the banned fishing areas or within the banned fishing periods.

In case fishing facilities prohibited to be used are produced or sold, the illegally produced or sold fishing facilities and the illegal
proceeds shall be confiscated, and a fine of not more than 10,000 yuan shall be imposed.

Article 39

With respect to anyone who steals or loots the aquatic products bred by others or destroy the breeding water or breeding facilities
of others, he shall be ordered to remedy his acts, and may be imposed a fine of not more than 20,000 yuan; if such acts cause any
damage to others, he shall bear the compensation liability pursuant to the law; if such acts commit a crime, criminal liabilities
shall be prosecuted pursuant to the law.

Article 40

Where a water area or beach with ownership by the whole people used for aquatic breeding production lies waste for one year or longer
without any justifiable reason, the authority which issues the aquatic breeding certificate shall order the user to develop and utilize
it within a time limit; in case the user fail to develop and utilize it within the time limit, his aquatic breeding certificate shall
be rescinded, and a fine of not more than 10,000 may also be imposed.

With respect to anyone who is engaged in aquatic breeding production in a water area with ownership by the whole people without permission
before obtaining the aquatic breeding certificate according to the law, he shall be ordered to remedy his acts, and re-apply for
the aquatic breeding certificate or dismantle the aquatic breeding facilities within a time limit.

With respect to anyone who is engaged in aquatic breeding production in a water area with ownership by the whole people prior to obtaining
the aquatic breeding certificate according to the law or who exceeds the permitted fishing scope in the aquatic breeding certificate,
thus hinders water carriage or flood drainage, he shall be ordered to dismantle the aquatic breeding facilities within a time limit,
and may be imposed a fine of not more than 10,000 yuan.

Article 41

With respect to anyone who goes fishing without permission prior to obtaining the fishing license pursuant to the law, the fishing
gains and illegal proceeds shall be confiscated, and a fine of not more than 100,000 yuan shall be imposed; if the case is gross,
the fishing facilities and the fishing vessel may also be confiscated.

Article 42

With respect to anyone who goes fishing in violation of the provisions in the fishing license on type of operation, location, time
limit, quantity of fishing facilities, the fishing gains and illegal proceeds shall be confiscated, and a fine of not more than 50,000
yuan may also be imposed; if the case is serious, the fishing facilities may also be confiscated and the fishing license be rescinded.

Article 43

Where the fishing license is altered, bought, sold, leased or otherwise transferred, the illegal proceeds shall be confiscated, and
the fishing license be revoked, and a fine of not more than 50,000 yuan may also be imposed; where the acts of forging, mutilating,
buying or selling the fishing license commit a crime, criminal liabilities shall be prosecuted pursuant to the law.

Article 44

Where the aquatic fingerlings are illegally produced, imported or exported, the fingerlings and illegal proceeds shall be confiscated,
and a fine of not more than 50,000 yuan shall be imposed.With respect to anyone who is engaged in feeding aquatic fingerlings without
being examined, determined and approved, he shall be ordered to cease the operation immediately, the illegal proceeds shall be confiscated,
and a fine of not more than 50,000 yuan may also be imposed.

Article 45

With respect to anyone who is engaged in fishing activities in an preservation area for germ plasm resources of aquatic products without
permission, he shall be ordered to cease fishing immediately, the fishing gains and fishing facilities shall be confiscated, and
a fine of not more than 10,000 yuan may also be imposed.

Article 46

Where a foreigner or a foreign fishing vessel violates the provisions in this Law by entering the jurisdictional water areas of the
People’s Republic of China to be engaged in fishery production or activities for investigation of fishery resources, he/it shall
be ordered to leave or be banished, the fishing gains and fishing facilities may be confiscated, and a fine of not more than 500,000
yuan may also be imposed; if the case is serious, the fishing vessel may be confiscated; if such acts commit a crime, criminal liabilities
shall be prosecuted pursuant to the law.

Article 47

With respect to anyone who destroys the ecological environment of fishery water areas or causes any fishery pollution accident, his
legal liabilities shall be prosecuted pursuant to the provisions in the Law of the People’s Republic of China on the Protection of
Sea Environment and the Law of the People’s Republic of China on the Prevention and Cure of Water Pollution.

Article 48

The administrative penalties stipulated in this Law shall be decided by the department in charge of fishery administration of the
people’s government at the county level or above as well as its institutions for the supervision and administration of fishery, unless
that this Law has already stipulated the penalty authority.

Where, in the execution of law on the sea, there are clear facts and sufficient evidence for the acts of fishing by violating the
provisions on banned fishing areas or banned fishing periods or by using banned fishing facilities, fishing methods, and the acts
of fishing without obtaining the fishing license, but the administrative penalty decision cannot be made or enforced in presence
in conformity with legal procedures, the fishing license, fishing facilities or fishing vessel may be temporarily distrained in advance,
and the administrative penalty decision shall be made and enforced in the harbor pursuant to the law.

Article 49

Where the department in charge of fishery administration and its institutions for the supervision over and administration of fishery
as well as their staff violate the provisions in this Law in checking and issuing licenses, distributing fishing quota or in the
activities of fishery production and operation, or conduct other acts of neglecting their duty and not performing the legal obligations,
abusing the administrative power, practicing fraudulence for personal interests, they shall be subject to administrative sanctions
pursuant to the law; if such acts commit a crime, criminal liabilities shall be prosecuted pursuant to the law.

Chapter VI Supplementary Provisions

Article 50

This Law shall be implemented as of July 1st, 1986.

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

THE DECISION OF THE STANDING COMMITTEE OF THE NATIONAL PEOPLE’S CONGRESS ABOUT AMENDING THE SECURITIES LAW OF THE PEOPLE’S REPUBLIC OF CHINA

Standing Committee of the National People’s Congress

Order of the President of the People’s Republic of China

No. 21

The Decision of the Standing Committee of the National People’s Congress about Amending the Securities Law of the People’s Republic
of China was adopted at the 11th session of the standing committee of the 10th national people’s congress of the People’s Republic
of China on August 28th, 2004. It is hereby promulgated and shall be implemented as of the date of promulgation.

Hu Jingtao, President of the People’s Republic of China

August 28th, 2004

The Decision of the Standing Committee of the National People’s Congress about Amending the Securities Law of the People’s Republic
of China

The 11th session of the Standing Committee of the 10th National People’s Congress of the People’s Republic of China decides to amend
the Securities Law of the People’s Republic of China as follows:

Article 28 shall be amended as “Where a stock is issued at a premium, the issuing price shall be determined by the issuer and the
underwriting securities company through negotiation.”

Article 50 shall be amended as “Where a company applies for listing its bonds, it shall be subject to approval in accordance with
legal conditions and legal procedures.”

This Decision shall be implemented as of the date of promulgation.

The Securities Law of the People’s Republic of China shall be re-promulgated after it has been amended in accordance with this Decision.

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

MEASURES FOR THE ADMINISTRATION OF SECURITIES INVESTMENT FUND MANAGEMENT COMPANIES

the China Securities Regulatory Commission

Order of the China Securities Regulatory Commission

No. 22

The Measures for the Administration of Securities Investment Fund Management Companies, deliberated and adopted at the 98th office
meeting of the chairman of the China Securities Regulatory Commission on June 29, 2004, and approved by the State Council on August
12, 2004, are hereby promulgated, and shall go into effect as of October 1, 2004. The Rules on the Establishment of Foreign-shared
Fund Management Companies by Order No. 9 of the China Securities Regulatory Commission shall be abolished simultaneously.

Upon the approval of the State Council on August 12, 2004, the Interim Measures for the Administration of Securities Investment Funds
as promulgated by the Securities Commission of the State Council on November 14, 1997 upon the approval of the State Council on November
5, 1997 shall be abolished simultaneously.

Chairman of the China Securities Regulatory Commission Shang Fulin

September 16, 2004

Measures for the Administration of Securities Investment Fund Management Companies

Chapter I General Provisions

Article 1

In order to strengthen supervision over and administration of securities investment fund management companies, to regulate acts of
securities investment fund management companies, and to protect the lawful rights and interests of the fund shareholders and the
relevant parties concerned, the present Measures are formulated in accordance with the Securities Investment Fund Law, Company Law
and other relevant laws and administrative regulationsshareholders.

Article 2

The “securities investment fund management company” (hereinafter referred to as the fund management company) as mentioned in the present
Measures shall refer to the legal person of enterprise, which is established within the territory of the People’s Republic of China
upon the approval of China Securities Regulatory Commission (hereinafter referred to as the CSRC) and undertakes securities investment
fund management business.

Article 3

A fund management company shall abide by laws, administrative regulations and the provisions of the CSRC, scrupulously abide by good
faith, be cautious and diligent, and loyally fulfill its responsibilities to manage and use fund property in the interest of fund
shareholders.

Article 4

The CSRC and its branch organs shall conduct supervision over and administration on fund management companies and their business activities
in accordance with the Securities Investment Fund Law, Company Law and other laws, administrative regulations and the provisions
of the CSRC, as well as in light of the principle of prudent supervision.

Article 5

The fund industry association shall make self-disciplinary regulation on fund management companies and their business activities according
to laws, administrative regulations, provisions of the CSRC and the self-disciplinary rules.

Chapter II Establishment of Fund Management Companies

Article 6

The following requirements shall be fulfilled for the establishment of a fund management company:

The shareholders shall meet the requirements of the Securities Investment Fund Law and the provisions of the present Measures;

Having articles of association complying with the Securities Investment Fund Law, Company Law and the provisions of the CSRC;

The registered capital shall be no less than RMB a hundred million Yuan, and the shareholders shall pay the capital contribution in
full in currency, and the overseas shareholders shall make capital contribution in freely convertible currency;

Having senior management personnel to be appointed who comply with laws, administrative regulations and the provisions of the CSRC
and personnel to be appointed who undertake such businesses as research, investment, appraisal and marketing, etc., and the senior
management personnel and business personnel are no less than 15 persons and shall have obtained the qualification for fund practice;

Having a business ground of office, safety and prevention facilities meeting the requirements and other facilities relating to the
business;

Having established organizations and work posts with reasonable division of work and well-defined duties;

Having such internal monitoring systems as supervision and audit and risk control, which meet the provisions of the CSRC; and

Other conditions as prescribed by the CSRC upon the approval of the State Council.

Article 7

The principal shareholders of a fund management company shall refer to those shareholders whose proportion of capital contribution
accounts for the most of the registered capital of the fund management company (hereinafter referred to as the proportion of capital
contribution), and is no less than 25% of the registered capital.

The principal shareholders shall meet the following conditions:

Undertaking securities management, securities investment consulting, trust capital management or other financial capital management;

The registered capital shall be no less than RMB 3 hundred million Yuan;

Having better business performance, and the quality of the assets is in good condition;

Managing continuously for three more complete fiscal years, and the corporate governance is sound with perfect internal monitoring
systems;

Having no records of administrative punishment or criminal punishment due to acts in violation of law and regulations in the past
3 years;

Having no acts of misappropriating customers’ capitals and other acts impairing customers’ interests;

Not being under investigation by the regulatory institution due to acts in violation of laws and regulations or not being in rectification
period; and

Having good public credit standing, having no bad records in the administrative departments of taxation and industry and commerce,
and such institutions as finance supervision, self-disciplinary management and commercial banks, etc..

Article 8

For other shareholders of a fund management company other than the principal shareholders, their registered capital and net assets
shall be no less than RMB one hundred million Yuan, the quality of the assets shall be in good condition, and they shall meet the
conditions as prescribed in Item (4) through (8) of paragraph 2 of Article 7 of the present Measures in addition.

Article 9

In a Sino-foreign joint venture fund management company, the domestic shareholder who makes the highest proportion of capital contribution
shall meet the conditions for principal shareholders as prescribed in paragraph 2, Article 7 of the present Measures. Other domestic
shareholders shall meet the conditions as prescribed in Article 8 of the present Measures.

The overseas shareholder in a Sino-foreign joint venture fund management company shall meet the following conditions:

Being a financial institution that is established according to the law of the country or district where it is located, existing lawfully
and continuously, and having financial assets management experiences, steady and sound finance, good credit, and not having been
punished by any regulatory institution or judicial organ in the past three years;

The country or district where it is located in has perfect securities laws and regulatory systems, and the securities regulatory institution
there has signed understanding memorandum on securities regulatory cooperation with the CSRC or other institutions authorized by
the CSRC, and has been keeping effective regulatory cooperation relationship;

The paid-up capital is no less than the amount in freely convertible currency equal to RMB 300 million Yuan; and

Other conditions as prescribed by the CSRC upon the approval of the State Council.

The preceding provisions shall be applied to the investment institutions in Hong Kong Special Administrative Region, Macao Special
Administrative Region and Taiwan district by analogy.

Article 10

The proportion of capital contribution paid by shareholders of a fund management company shall comply with the provisions of the CSRC.

A shareholder of a fund management company may not hold shares of other shareholders or possess other shareholders’ equity . No one
may be the same actual controller with any other shareholder or have other affiliated relation.

The proportion of capital contribution of or proportion of equity owned by the foreign party of a Sino-foreign joint venture fund
management company may not exceed those in the commitment made by the state securities industry for opening to the outside world
accumulatively (including those held directly and indirectly).

Article 11

The number of one institution shared or multi-institution shared fund management companies controlled by the same one actual controller
may not exceed two, of which the number of share holding fund management companies may not exceed one.

Article 12

When applying for establishing a fund management company, an applicant shall submit materials of application for the establishment
in accordance with the provisions of the CSRC.

The principal shareholders shall organize and coordinate the relevant matters concerning the establishment of a fund management company,
and shall assume the main responsibility for the authenticity and integrity of the application materials.

Article 13

In the case of any major change in the matters involved in the application materials during the application, , the applicant shall
submit updated materials to the CSRC within 5 working days from the date of occurrence of such change. If there is any alteration
in shareholders, the application materials shall be submitted once again.

Article 14

The CSRC shall accept the application for the establishment of a fund management company in accordance with the Administrative License
Law and the provisions of paragraph 1, Article 14 of the Securities Investment Fund Law, and make examination and decision.

Article 15

The CSRC may take the following ways to conduct examination on the application for the establishment of a fund management company:

Asking the relevant institutions and departments for opinions on such aspects as shareholders’ conditions;

Conducting examination on the contents of the application documents by means of expert’s appraisal and checking, etc.; or

Making on-site inspection on the preparation for the establishment of the fund management company within 5 months from the date of
acceptance.

Article 16

Where the establishment of a fund management company has been approved by the CSRC, the applicant shall go through formalities for
registration within 30 days from the date when the document of approval is received, and it shall obtain from the CSRC the Certificate
of Qualification for Fund Management upon the strength of the Business License of Enterprise Legal Person issued by the administrative
department for industry and commerce.

A Sino-foreign joint venture fund management company shall also apply for the Certificate of Approval for Foreign Investment Enterprises
and open a foreign exchange capital account in accordance with the provisions of laws and administrative regulations.

A fund management company shall make a public notice on its establishment in the newspapers and periodicals designated by the CSRC
within 10 days from the date when it has gone through the formalities for industrial and commercial registration.

Chapter III Alteration and Dissolution of Fund Management Companies

Article 17

In case of altering the following major matters concerned, a fund management company shall report to the CSRC for approval:

Alteration of any shareholder, registered capital or proportion of capital contribution of shareholders;

Alteration of the name and domicile;

Amendment to articles of association; and

Other major matters prescribed by the CSRC.

Article 18

After any fund management company alters any shareholder, registered capital, proportion of capital contribution of shareholders,
the provisions of Chapter II of the present Measures shall be complied with for shareholder’s conditions, proportion of capital contribution
of shareholders, amount and registered capital of shareholder shared fund management companies.

Article 19

When disposing his/its capital contribution, a shareholder of a fund management company shall observe the following provisions:

The shareholder shall be honest and in good faith when transferring capital contribution, and shall stick to the commitment he/it
made in subscribing or assigning capital contribution, and may not damage the legal rights and interests of fund shareholders;

When transferring capital, the shareholder shall abide by the provisions of the Company Law on the preemptive rights enjoyed by other
shareholders, and may not do harm to the legal rights and interests of other shareholders by taking such improper measures as making
a false report on the transfer price, etc.;

The shareholder and the transferee shall clarify the relevant matters concerned in the transfer period, so as to ensure that it will
not damage the legal rights and interests of the fund management company and fund shareholders. No shareholder may dispose his/its
capital contribution by such ways as share right custody, trust contract or secret agreement, etc.;

If the matters concerning the alteration of shareholders are not approved by the CSRC or the relevant legal formalities have not been
gone through, the transferor shall continue to fulfill shareholder’s duties, and assume the corresponding responsibilities, and the
transferee may not exercise shareholder’s rights in any form; or

Other provisions as prescribed by laws, administrative regulations and the articles of associations of the company.

Article 20

A shareholder must pay capital in currency in full for the registered capital increased by a fund management company.

Article 21

In case of any alteration of major matters, a fund management company shall submit an alteration application in accordance with the
provisions of the CSRC within 15 days from the date when the board of directors or the shareholders’ meeting adopts such a resolution.
If the alteration involves the transfer of capital contribution of any shareholder, and the fund management company fails to submit
an application as required, the relevant shareholder may submit an application directly.

Article 22

The CSRC shall accept the application of any fund management company for alteration of major matters in accordance with the Administrative
License Law and the provisions of paragraph 2, Article 14 of the Securities Investment Fund Law, and make examination and decision.

Article 23

The CSRC may conduct examination on the application of a fund management company for alteration of major matters concerned by such
ways of inviting the relevant personnel to talk, expert’s appraisal and checking, etc.

For the alteration of the principal shareholders of a fund management company, alteration of the shareholders whose aggregate proportion
of capital contribution exceeds 50%, or alteration of shareholders who have nominated the most directors, the CSRC shall conduct
examination with reference to the provisions of the present Measures for the establishment of a fund management company.

Article 24

In case the alteration of major matters of a fund management company concerns the industrial and commercial registration, a fund management
company shall go through the formalities for the alteration of registration at governmental the administrative department for industry
and commerce within 30 days from the date of receiving the document of approval.

If a fund management company is changed into a Sino-foreign joint venture fund management company, it shall also apply for the Certificate
of Approval for Foreign Investment Enterprises in accordance with the relevant provisions and open a foreign exchange capital account.

Article 25

In respect to the handling of the election and changing of senior management personnel of a fund management company to another post,
the laws, administrative regulations and the provisions of the CSRC shall be abided by.

Article 26

In case the alteration of major matters of a fund management company involve the alteration of the contents of Certificate of Qualification
for Fund Management, the fund management company shall obtain a new Certificate of Qualification for Fund Management with the original
one at the CSRC.

Article 27

A fund management company shall make a public notice on the alteration of major matters in accordance with laws, administrative regulations
and the provisions of the CSRC.

Article 28

A fund management company may not be dissolved until the CSRC has cancelled its fund management qualification.

The dissolution of a fund management company shall be handled in accordance with the Company Law and other laws and administrative
regulations.

Chapter IV Establishment, Alteration and Revocation of the Branches of a Fund Management Company

Article 29

A fund management company may set up a branch company or other forms of branch institutions as prescribed by the CSRC.

A branch of a fund management company may undertake the development of the range of funds, fund sale, and other business activities
authorized by the company.

Article 30

A fund management company shall meet the following conditions for the establishment of branches:

The corporate governance is sound with perfect internal monitoring system, stable business management, and strong capacity for continuous
management;

The company has not been imposed on administrative punishments or criminal penalties for acts in violation of laws and regulations
in the past year;

The company is not under investigation by the regulatory institutions due to acts in violation of laws and regulations, or not in
the rectification period;

The branches to be established have qualified name, offices, business personnel, safety and prevention facilities and other facilities
relating to the business;

The branches to be established have clear functions and perfect management system; and

Other conditions as prescribed by the CSRC.

Article 31

A fund management company shall submit application materials in accordance with the provisions of the CSRC for the establishment of
branches within 15 days from the date when the board of directors or the shareholders’ meeting adopt the resolution.

Article 32

The CSRC shall accept the application of a fund management company for the establishment of branches in accordance with the Administrative
License Law and the provisions of paragraph 2, Article 14 of the Securities Investment Fund Law, and make examination and decision.

The CSRC may conduct on-site inspection on the branches to be established.

Article 33

In case a fund management company alters or revokes branches, it shall report to the CSRC and the branch organ of the CSRC at its
locality within 30 days from the receipt of the document of approval.

Article 34

A fund management company shall go through registration formalities for the establishment of branches with the administrative department
for industry and commerce within 30 days from the receipt of the document of approval.

A fund management company shall go through the relevant formalities for alteration or revocation of branches with the administrative
department for industry and commerce according to the relevant provisions.

Article 35

A fund management company shall make a public notice on matters concerning the establishment, alteration or revocation of branches
in accordance with laws, administrative regulations and the provisions of the CSRC.

Chapter V Governance and Management of Fund Management Companies

Article 36

A fund management company shall establish a governance structure with sound organizational framework, clear division of functions,
effective check and balance and supervision, reasonable stimulation and restriction in accordance with the Company Law and other
laws, administrative regulations and the provisions of the CSRC, so as to keep the company running sound, and maintain the interests
of the fund shareholders.

Article 37

Shareholders of a fund management company shall fulfill legal obligations, and may not take up capital contribution in a false way,
withdraw or withdraw in disguised form the capital contributed.

Article 38

A fund management company shall define the scope of functions and rules of procedures of the shareholders’ meeting.

A fund management company shall establish business separation system with shareholders. A shareholder shall exercise power through
shareholders’ meeting in accordance with law, and may not exceed shareholders’ meeting and the board of directors to directly intervene
with the business management of the fund management company or the investment operation of fund property, nor may he require the
fund management company to cooperate with him in such business activities as securities underwriting and securities investment, etc.,
which impair the legal rights and interests of fund shareholders and other parties concerned.

Article 39

A fund management company shall, when its principal shareholders are unable to operate normally, call together other shareholders
and parties concerned to handle the relevant matters properly in light of the principle of being beneficial to protect the interests
of fund shareholders.

Article 40

A fund management company shall define the scope of functions and rules of procedure of the board of directors. The board of directors
shall formulate the basic systems of the company in accordance with the provisions of laws, administrative regulations and articles
of association of the company, and make decision on the relevant major matters, supervise and give rewards and punishments to the
business management personnel.

The board of directors and the chairman of the board may not exceed their authority to interfere in the concrete business activities
of the management personnel by.

Article 41

A fund management company shall establish and improve independent director system, the number of independent directors may not be
less than 3 persons, and may not be less than one third of that of the board of directors.

When the board of directors discusses the following matters concerned, they shall be passed by more than two thirds of the independent
directors:

Major connected transaction of the company and in fund investment operation;

Auditing affairs of the company and the fund, hiring or changing of accounting firms;

Half-year report and annual report of the fund under the management of the company; and

Other matters prescribed by laws, administrative regulations and articles of association of the company.

Article 42

A fund management company shall establish and improve supervisor system. The supervisor shall be hired by the board of directors and
shall be accountable to the board of directors, and conduct supervision over and audit on the legality and compliance of business
operation of the company.

When the supervisor finds out that there exists great risk in the company or any act of the company in violation of laws and regulations,
he shall notify the general manager and other relevant senior management personnel, and report to the board of directors, the CSRC
and the branch organ of the CSRC at its locality.

Article 43

A fund management company shall strengthen the role of the supervisory board or executing supervisor for their supervision over the
finance of the company and the performance of duties by the board of directors, so as to maintain the lawful rights and interests
of shareholders.

Article 44

The general manager of a fund management company shall be responsible for the business management of the company. The senior management
personnel and other staff members of a fund management company shall fulfill duties faithfully and diligently, and may not seek improper
interests for any shareholder, themselves or others.

Article 45

A fund management company shall establish an internal monitoring system, which is scientific and reasonable, strictly controlled and
operated with high efficiency in accordance with the provisions of the CSRC, establish a scientific and perfect internal monitoring
system, keep the business operation lawful and compliant, and keep the internal monitoring sound and effective.

Article 46

A fund management company shall establish and perfect an investment management system , which consists of such links as authorization,
research, decision-making, execution and appraisal, and deal fairly with the different fund properties and clients’ assets under
its management.

Article 47

A fund management company shall establish perfect fund financial business accounting and fund asset appraisal systems, strictly observe
the relevant provisions of the state, and reflect the status of fund property timely, accurately and completely.

Article 48

A fund management company shall establish and maintain an information management system, implement strict information management to
ensure the safety, truthfulness and integrity of clients’ materials and other information.

Article 49

A fund management company shall establish and perfect customs service standards, strengthen sales management, regulate fund publicity
and introduction, and may not have unjustifiable sales acts and unfair practices in competition.

Article 50

A fund management company may increase registered capital accordingly in light of the principle of prudent management and upon the
need of business development.

A fund management company shall draw risk reserves as required.

Article 51

A fund management company shall manage and use its own capital in accordance with the provisions of the CSRC.

When managing or using its own capital, a fund management company shall keep the company operate normally and may not damage the lawful
rights and interests of the fund shareholders.

Article 52

A fund management company shall establish effective management system and strengthen management on its branches. The branches may
not undertake business operations in such ways of contracting, leasing, custody and cooperation.

A fund management company may establish offices, but the offices may not undertake profit-making activities.

Article 53

A fund management company shall establish emergency preparedness system in accordance with the preparedness plan to properly handle
emergencies that may have great influence on the interests of fund shareholders, or may result in systematic risk, and seriously
affect the social stability.

Chapter VI Supervision and Administration

Article 54

Where any fund management company or any shareholder of a fund company disguises the relevant conditions or provides false materials
when applying for approval of relevant matters, the CSRC shall not accept the application. Even if the application has been accepted,
it shall not be approved.

Article 55

The CSRC shall conduct off-site inspections and on-site inspections on the corporate governance, internal monitoring, business operation,
risk status, and the relevant business activities of any fund management company in accordance with the provisions of laws, administrative
regulations and the provisions of the CSRC and in light of the principle of prudent supervision.

Article 56

The off-site inspection shall mainly be carried out in such ways of checking and approving the materials submitted by a fund management
company.

A fund management company shall submit the following materials to the CSRC and the branch organ of the CSRC at its locality:

Annual report of a fund management company audited by the accountant firm that is qualified for undertaking securities related business;

Annual appraisal report on the internal monitoring of a fund management company issued by the accountant firm that is qualified for
undertaking securities related business;

Quarterly report and annual report of supervisions and audit; and

Other materials to be submitted as required by the CSRC in light of the principle of prudent supervision.

Article 57

A fund management company shall submit annual report and annual appraisal report of the fund management company within 3 months after
the end of each year; and submit quarterly supervision and audit report within 15 days after the end of each quarter, and submit
annual supervision and audit report within 30 days after the end of each year.

Article 58

If any of the following circumstances occurs with respect to a fund management company, it shall report to the CSRC and the branch
organ of the CSRC at its locality within 5 days from the date of the occurrence:

The capital contribution of the shareholders of the company is under the preservation in litigation or other measures taken by the
judicial organ;

The shareholders of the company dispose its capital contribution;

The shareholders of the company are under a merger, division or make major reorganization of assets and liabilities;

The shareholders of the company are put on record by and under the investigation of the regulatory institutions or judicial organ;

The shareholders enter into liquidation procedures or are taken over;

The company and its directors, senior management personnel, fund managers are imposed on criminal or administrative penalties;

The company and its directors, senior management personnel, fund managers are under the investigation of regulatory institution or
judicial organ;

There are major changes in the financial situation of the company; or

Other matters that have a great influence on the management of the company.

In case of the occurrence of any of the emergencies as prescribed in Article 53 of the present Measures, a fund management company
shall report immediately to the CSRC and the branch organ of the CSRC at its locality.

When a fund management company establishes, alters or revokes offices, it shall report to the CSRC and the branch organ of the CSRC
at its locality within 15 days from the date of such establishment, alteration or revocation.

Article 59

Where the competent authority at the regis

ANNOUNCEMENT OF NATIONAL DEVELOPMENT AND REFORM COMMITTEE OF PEOPLE’S REPUBLIC OF CHINA

National Development and Reform Committee

Announcement of National Development and Reform Committee of People’s Republic of China

[2004] No. 58

The Quantity, the Application Conditions and the Principle of the Distribution of the Import Tariff Quotas of Grain and Cotton of
2005 is formulated in accordance with the Interim Measures for Administration of Tariff Quota of Import of Agricultural Products
and is hereby announced.

Attachment: The Quantity, the Application Conditions and the Principle of the Distribution of the Import Tariff Quotas of Grain and
Cotton of 2005

National Development and Reform Committee

September 30, 2004 Attachment:The Quantity, the Application Conditions and the Principle of the Distribution of the Import Tariff Quotas of Grain and Cotton of
2005

In accordance with the Interim Measures for the Administration of the Import Tariff Quotas of Agricultural Products (Decree No.4 of
the Ministry of Commerce and the National Development and Reform Commission of 2003), issues concerning the quantity, the application
conditions and the principle of the distribution of the import tariff quotas of grain and cotton of 2005 are now announced as the
following:

The quantity of the import tariff quotas of grain and cotton of 2005 is: 9,636,000 tons of wheat, of which the state-run trade reaches
90%; 7,200,000 tons of corn, of which the state-run trade reaches 60%; 5,320,000 tons of rice (among which: 2,660,000 tons of long-grain
rice, 2,660,000 tons of medium-and-short-grain rice), of which the state-run trade reaches 50%; 894,000 tons of cotton, of which
the state-run trade reaches 33%.

II.

Any enterprise that imports the aforesaid agricultural products in such trade forms as general trade, processing trade, barter trade,
frontier small trade, assistance, donation, shall apply for the import tariff quotas of agricultural products, and handle the formalities
of Customs clearance by the certificate of the import tariff quotas of agricultural products. The products entering bonded warehouses,
bonded areas and export-oriented processing areas from abroad, shall be exempted from applying for the certificate of the import
tariff quotas of agricultural products.

III.

The fundamental conditions of the applicant who applies for the import tariff quotas of agricultural products are: Having registered
with the administration for industry and commerce of the state (a copy of the business license of the enterprise as a legal person
is required); Having good financial situation and tax payment record (it is necessary to provide relevant materials of 2003 and 2004);
Having no violation record in the field of the customs, industry and commerce, taxation, as well as inspections and quarantines from
2002 to 2004; Having passed the annual examination of enterprises of 2003; Committing no violation of the Interim Measures for the
Administration of the Import Tariff Quota of Agricultural Products.

On the premise of the above-mentioned conditions, the applicant of import tariff quotas shall also conform to one of the following
conditions:

Wheat

(1)

State-run trade enterprise

(2)

Enterprise directly under the Central Government that has the function of national reserves;

(3)

Enterprise with actual achievements in import in 2004;

(4)

Manufacturing enterprise processing more than 400 tons of wheat every day;

(5)

Enterprise which is engaged in processing trade in which wheat is taken as raw materials, and which has no actual achievements in
import in 2004, but is enpost_titled to operate the import and export business and has obtained the certificate of the productive capacity
of processing trade issued by the local competent department of foreign trade and economic cooperation.

Corn

(1)

State-run trade enterprise;

(2)

Enterprise directly under the Central Government that has the function of national reserves;

(3)

Enterprise with actual achievements in import in 2004;

(4)

Mixed fodder manufacturing enterprise that takes corn as raw materials and has an annual demand of more than 50,000 tons of corn;

(5)

Other manufacturing enterprise that takes corn as raw materials and has an annual demand of more than 100,000 tons of corn;

(6)

Enterprise which is engaged in processing trade in which wheat is taken as raw materials, and which has no actual achievements in
import in 2004, but is enpost_titled to operate in the import and export business and has obtained the certificate of the productive capacity
of processing trade issued by the local competent department of foreign trade and economic cooperation.

Paddy and rice (respective application for long-grain rice and medium-and-short-grain rice is required)

(1)

State-run trade enterprise;

(2)

Enterprise directly under the Central Government that has the function of national reserves;

(3)

Enterprise with actual achievements in import in 2004;

(4)

Enterprise which has grain wholesale and retail qualifications and whose annual sale amount is more than 100 million RMB;

(5)

Trade enterprise whose annual amount of import and export grain is more than 25 million US dollars;

(6)

Enterprise which is engaged in processing trade in which paddy and rice are taken as raw materials, and which has no actual achievements
in import in 2004, but is enpost_titled to operate in the import and export business and has obtained the certificate of the productive
capacity of processing trade issued by the local competent department of foreign trade and economic cooperation.

Cotton

(1)

State-run trade enterprise;

(2)

Enterprise with actual achievements in import in 2004

(3)

Cotton and textile enterprise with more than 50,000 ingots of weaving equipments;

IV.

The import tariff quotas of the above-mentioned agricultural products will be distributed in accordance with the applicant’s application
quantities, historic actual achievements in import, productive capacity, and other relevant commercial standards.

If the quantity of the import tariff quotas may satisfy the overall application quantity of the eligible applicants, the quantity
of the import tariff quotas shall be distributed according to the applicant’s application quantity.

If the quantity of the import tariff quotas can not satisfy the overall application quantity of the eligible applicants, the applicants
with actual achievements in import may have priority in obtaining quotas, while the applicants without actual achievements in import,
mainly based on their processing capacity or operation quantity, shall be distributed the import tariff quotas in proportion. If
the application quantity is less than the quantity distributed in proportion, the distribution shall accord with the application
quantity.

The applying date of the import tariff quotas of grain and cotton of 2005 shall be from October 15, 2004 to October 30. The applicants
may obtain the application form of the import tariff quotas of agricultural products (See the attachment) from the institution entrusted
by the National Development and Reform Commission or download it in the website of the National Development and Reform Commission
(https://www.ndrc.gov.cn), and fill it in truthfully.

VI.

The institution entrusted by the National Development and Reform Commission shall be responsible for accepting enterprises’ applications
within its territory, and submit the applications that conform to the publicly announced conditions to the National Development and
Reform Commission before December 30, 2004. At the same time, a copy of aforesaid application shall be submitted to the Ministry
of Commerce.

VII.

The National Development and Reform Commission shall distribute the import tariff quotas of agricultural products to the final users
via the entrusted institutions before December 1, 2005.

Annex: the Application Form of the Import Tariff Quotas of Agricultural Products(omitted)

National Development and Reform Committee
2004-09-30

STATE TAXATION ADMINISTRATION CIRCULAR ABOUT IMPOSING CIRCULATION TAX ON PARTIAL INCOME OF COMMERCIAL ENTERPRISES FROM SUPPLIERS

State Administration of Taxation

State Taxation Administration Circular about Imposing Circulation Tax on Partial Income of Commercial Enterprises from Suppliers

GuoShuiFa [2004] No. 136

Taxation bureaus and local taxation offices in all provinces, autonomous regions, municipalities, separately listed cities:

In accordance with reports of some regions, the present policies on imposing circulation tax on partial income of commercial enterprises
from supplies lack of coherence, which causes implementation imbalance in different regions. After deep study, further regulations
are now announced as follows:

Value-added tax and sales tax shall be imposed on partial income of commercial enterprises from suppliers in accordance with the following
principles:

(1)

In case commercial enterprises gain from suppliers by providing labor service, which have not positive connections with sale volume
and saleroom, such as expenses for entering the markets, expenses of advertising and sales promotion, costs of boarding, costs of
exhibition and costs of management, these kinds of incomes don’t fall within return profits, value-added tax will not be reduced,
and tax will be imposed in accordance with tax rate of sales tax.

(2)

For incomes of the commercial enterprises that have positive connection with volume and saleroom (for example, return profits according
to a certain percentage, sale volume and saleroom), value-added tax will be reduced according to related regulations of return profits
and sales tax shall not be imposed.

II.

Specific invoice of value-added tax shall not be supplied for the incomes of the commercial enterprises from suppliers.

III.

Formula for tax that shall be reduced is adjusted as follows:

Tax that shall be reduced = return profits/(1+value-added tax rate)* value-added tax rate.

IV.

This circular shall take effect as of July 1, 2004. Taxations already imposed before this circular will not be adjusted. Average taxpayers
of other value-added taxes shall follow this circular to take return profit from suppliers.

It is hereby notified.

State Taxation Administration

Oct 13, 2004

State Administration of Taxation
2004-10-13

ORGANIC LAW OF THE LOCAL PEOPLE’S CONGRESSES AND LOCAL PEOPLE’S GOVERNMENTS OF THE PEOPLE’S REPUBLIC OF CHINA

Organic Law of the Local People’s Congresses and Local People’s Governments of the People’s Republic of China

(Adopted at the Second Session of the Fifth National People’s Congress on July 1, 1979, promulgated by Order No.1
of the Chairman of the Standing Committee of the National People’s Congress on July 4, 1979 and effective as of January 1, 1980;
amended for the first time in accordance with the Resolution on Revising Certain Provisions of the Organic Law of the Local People’s
Congresses and Local People’s Governments of the People’s Republic of China, adopted at the Fifth Session of the Fifth National People’s
Congress on December 10, 1982; amended for the second time in accordance with the Decision on Revising the Organic Law of the Local
People’s Congresses and Local People’s Governments of the People’s Republic of China, adopted at the 18th Meeting of the Standing
Committee of the Sixth National People’s Congress on December 2, 1986; amended for the third time in accordance with the Decision
on Revising the Organic Law of the Local People’s Congresses and Local People’s Governments of the People’s Republic of China, adopted
at the 12th Meeting of the Standing Committee of the Eighth National People’s Congress on February 28,1995; and amended for the fourth
time in accordance with the Decision on Amending the Organic Law of the Local People’s Congresses and Local People’s Governments
of the People’s Republic of China adopted at 12th Meeting of the Standing Committee of the Tenth National People’s Congress on October
27, 2004)

Contents

Chapter I General Provisions

Chapter II Local People’s Congresses at Various Levels

Chapter III The Standing Committees of Local People’s Congresses at and Above the County Level

Chapter IV Local People’s Governments at Various Levels

Chapter V Supplementary Provisions

Chapter I

General Provisions

Article 1 People’s congresses and people’s governments shall be established in provinces, autonomous regions, municipalities
directly under the Central Government, autonomous prefectures, counties, autonomous counties, cities, municipal districts, townships,
nationality townships, and towns.

Article 2 Standing committees shall be established by local people’s congresses at and above the county level.

Article 3 The organs of self-government of autonomous regions, autonomous prefectures and autonomous counties shall, in addition
to exercising the functions and powers specified in this Law, exercise the power of autonomy within the limits of their authority
as prescribed by the Constitution, the Law on Regional National Autonomy and other laws.

Chapter II

Local People’s Congresses at Various Levels

Article 4 Local people’s congresses at various levels shall be local organs of State power.

Article 5 Deputies to the people’s congresses of provinces, autonomous regions, municipalities directly under the Central Government,
autonomous prefectures and cities divided into districts shall be elected by the people’s congresses at the next lower level; deputies
to the people’s congresses of counties, autonomous counties, cities not divided into districts, municipal districts, townships, nationality
townships, and towns shall be elected directly by their constituencies.

The number of deputies to the local people’s congresses at various levels and the manner of their election shall be prescribed by
the electoral law. There shall be an appropriate number of deputies elected from the minority nationalities in each administrative
area.

Article 6 The term of office of the local people’s congresses at various levels shall be five years.

Article 7 The people’s congresses of provinces, autonomous regions, and municipalities directly under the Central Government
may, in the light of the specific conditions and actual needs of their respective administrative areas, formulate and promulgate
local regulations, which must not contravene the Constitution and other laws, as well as administrative regulations; they shall report
such local regulations to the Standing Committee of the National People’s Congress and the State Council for the record.

The people’s congresses of cities where provincial and autonomous regional people’s governments are located and the people’s congresses
of relatively large cities with the approval of the State Council may, in the light of the specific conditions and actual needs of
their respective cities, formulate local regulations, which must not contravene the Constitution and other laws, administrative regulations,
and the local regulations of their respective provinces and autonomous regions; they shall report such local regulations to the standing
committees of the people’s congresses of the respective provinces and autonomous regions for approval before implementation and for
submission to the Standing Committee of the National People’s Congress and the State Council for the record.

Article 8 Local people’s congresses at and above the county level shall exercise the following functions and powers:

(1) to ensure the observance and execution, in their respective administrative areas, of the Constitution and other laws, administrative
regulations and the resolutions of the people’s congresses and their standing committees at higher levels, and to ensure the implementation
of the State plan and the State budget;

(2) to examine and approve the plans for national economic and social development and budgets of their respective administrative
areas and the reports on the implementation of such plans and budgets;

(3) to discuss and decide on major issues in political, economic, educational, scientific and cultural affairs, public health, protection
of the environment and natural resources, and civil and nationality affairs, in their respective administrative areas;

(4) to elect the members of their respective standing committees;

(5) to elect governors and deputy governors, chairmen and vice-chairmen of autonomous regions, mayors and deputy mayors, prefects
and deputy prefects, and heads and deputy heads of counties and districts;

(6) to elect the presidents of the people’s courts and the chief procurators of the people’s procuratorates at the corresponding
levels; the election of the chief procurator of a people’s procuratorate shall be reported to the chief procurator of the people’s
procuratorate at the next higher level, who shall submit it to the standing committee of the people’s congress at that same level
for approval;

(7) to elect deputies to the people’s congresses at the next higher level;

(8) to hear and examine reports on the work of the standing committees of the people’s congresses at the corresponding levels;

(9) to hear and examine reports on the work of the people’s governments, the people’s courts and the people’s procuratorates at the
corresponding levels;

(10) to alter or annul inappropriate resolutions of the standing committees of the people’s congresses at the corresponding levels;

(11) to annul inappropriate decisions and orders of the people’s governments at the corresponding levels;

(12) to protect the socialist property owned by the whole people, property owned collectively by working people and citizens’ legitimate
private property, maintain public order and safeguard citizens’ rights of the person and their democratic and other rights;

(13) to protect the legitimate rights and interests of various economic organizations;

(14) to safeguard the rights of minority nationalities; and

(15) to safeguard women’s rights as endowed by the Constitution and other laws, such as equality with men, equal pay for equal work
and freedom of marriage.

Article 9 The people’s congresses of townships, nationality townships, and towns shall exercise the following functions and
powers:

(1) to ensure the observance and execution, in their respective administrative areas, of the Constitution, other law, administrative
regulations, and the resolutions of the people’s congresses and their standing committees at higher levels;

(2) to adopt and promulgate resolutions within the scope of their functions and powers;

(3) to decide, in accordance with State plans, on plans for the development of the economy, cultural affairs and public services
in their respective administrative areas;

(4) to examine and approve the budgets of their respective administrative areas as well as the reports on the implementation of the
budgets;

(5) to decide on plans for civil affairs in their respective administrative areas;

(6) to elect the chairman and vice-chairmen of the people’s congress at the corresponding level;

(7) to elect heads and deputy heads of townships and towns;

(8) to hear and examine reports on the work of the people’s governments of townships, nationality townships, and towns;

(9) to annul inappropriate decisions and orders of the people’s governments of townships, nationality townships, and towns;

(10) to protect the socialist property owned by the whole people, property owned collectively by working people and citizens’ legitimate
private property, to maintain public order and safeguard citizens’ rights of the person and their democratic and other rights;

(11) to protect the legitimate rights and interests of various economic organizations;

(12) to safeguard the rights of minority nationalities; and

(13) to safeguard women’s rights as endowed by the Constitution and other laws, such as equality with men, equal pay for equal work
and freedom of marriage.

In exercising their functions and powers, the people’s congresses of townships, nationality townships, and towns in which minority
nationalities live in concentrated communities shall adopt specific measures appropriate to the characteristics of the nationalities
concerned.

Article 10 Local people’s congresses at various levels shall have the power to remove from office members of the people’s governments
at the corresponding levels. Local people’s congresses at or above the county level shall have the power to remove from office members
of their standing committees and the presidents of the people’s courts and the chief procurators of the people’s procuratorates elected
by those standing committees. The removal of the chief procurator of a people’s procuratorate shall be reported to the chief procurator
of the people’s procuratorate at the next higher level, who shall submit the matter to the standing committee of the people’s congress
at that same level for approval.

Article 11 Local people’s congresses at various levels shall meet in session at least once a year.

A session of a local people’s congress may be convened at any time upon the proposal of one-fifth of its deputies.

Article 12 Sessions of local people’s congresses at or above the county level shall be convened by their standing committees.

Article 13 A preliminary meeting shall be held for each session of a local people’s congress at or above the county level to
elect the presidium and secretary-general of that session, adopt the agenda for the session and decide on other preparations.

The preliminary meeting shall be presided over by the standing committee of the people’s congress. The preliminary meeting for the
first session of a people’s congress shall be presided over by the standing committee of the preceding people’s congress at the corresponding
level.

When a local people’s congress at or above the county level meets, its session shall be conducted by the presidium.

When a local people’s congress at or above the county level meets, it shall propose a number of deputy secretaries-general; the choice
of deputy secretaries-general shall be decided by the presidium.

Article 14 The people’s congress of a township, nationality township or town shall have a chairman, and may have one or two
vice-chairmen. The chairman and vice-chairmen shall be elected from among the deputies to the people’s congress at the corresponding
level, and their term of office shall be the same as that of each people’s congress at that level.

The chairman or vice-chairmen of the people’s congress of a township, nationality township or town shall not concurrently hold office
in an administrative organ of the State; if they hold office in an administrative organ of the State, they must resign from the post
of the chairman or vice-chairman of the people’s congress at that level.

The chairman or vice-chairmen of the people’s congress of a township, nationality township or town shall, during the period when
the people’s congress at the corresponding level is not in session, be responsible for keeping in touch with the deputies to the
people’s congress at that level, organizing the deputies to conduct activities, and conveying the suggestions, criticisms and opinions
of the deputies and the masses regarding the work of the people’s government at the same level.

Article 15 When the people’s congress of a township, nationality township, or town holds a session, it shall elect a presidium,
which shall preside over the session and be responsible for convening the next session of that people’s congress. The chairman and
vice-chairmen of the people’s congress of a township, nationality township or town shall be the members of the presidium. The chairman
and vice-chairmen of the people’s congress of a township, nationality township or town shall be the members of the presidium.

Article 16 The first session of each local people’s congress at any level shall be convened, within two months after the election
of its deputies, by the standing committee of the preceding people’s congress at the corresponding level or by the presidium of the
preceding session of the people’s congress of the township, nationality township, or town.

Article 17 Members of the local people’s governments at or above the county level, the presidents of the people’s courts, the
chief procurators of the people’s procuratorates, and the leading persons of the people’s governments at the township level shall
attend sessions of the people’s congresses at the corresponding levels as nonvoting delegates; leading members of the other relevant
government departments and public organizations at or above the county level may, by decision of the standing committees of the people’s
congresses at the corresponding levels, attend sessions of the people’s congresses at the corresponding levels as nonvoting delegates.

Article 18 When a local people’s congress holds its sessions, its presidium, standing committee and special committees and
the people’s government at the corresponding level may submit bills and proposals to that people’s congress within the scope of its
functions and powers. The presidium shall decide to refer such bills and proposals to a session of the people’s congress for deliberation,
or to simultaneously refer them to relevant special committees for deliberation and reports before the presidium decides, upon examination
of such reports, to submit them to the people’s congress for a vote.

Ten or more deputies to a local people’s congress at or above the county level, or five or more deputies to the people’s congress
of a township, nationality township, or town may jointly submit a bill or proposal to the people’s congress at the corresponding
level within the scope of its functions and powers. The presidium shall decide whether to place the bill or proposal on the agenda
of the people’s congress or to first refer it to a relevant special committee for deliberation and a recommendation on whether to
place it on the agenda before the presidium makes such a decision.

With agreement of the presidium, deliberation shall be terminated on a bill or proposal placed on the agenda of a session, if the
party that submitted the bill or proposal requests its withdrawal before it is referred to the congress for a vote.

Article 19 Suggestions, criticisms and complaints on any aspect of work put forward by deputies to a local people’s congress
at or above the county level to that people’s congress and its standing committee shall be referred by the administrative office
of the standing committee to the departments and organizations concerned for consideration, disposition and reply.

Suggestions, criticisms and complaints on any aspect of work put forward by deputies to the people’s congress of a township, nationality
township, or town to that people’s congress shall be referred by its presidium to the departments and organizations concerned for
consideration, disposition and reply.

Article 20 When a local people’s congress conducts an election or adopts a resolution, a majority vote of all the deputies
shall be required.

Article 21 Members of the standing committee of local people’s congresses at or above the county level, choices for chairmen
and vice-chairmen of the people’s congresses of townships, nationality townships or towns, governors and deputy governors, chairmen
and vice-chairmen of autonomous regions, mayors and deputy mayors, heads and deputy heads of prefectures, heads and deputy heads
of counties, districts, townships and towns, presidents of the people’s courts and chief procurators of the eople’s procuratorates
shall be nominated by the presidiums of the people’s congresses at the corresponding levels or jointly nominated by deputies in accordance
with the provisions of this Law.

Thirty or more deputies to the people’s congress of a province, autonomous regions, or a municipality directly under the Central
Government, or twenty or more deputies to the people’s congress of a city divided into districts or of an autonomous prefecture,
or ten or more deputies to the people’s congress at the county level may nominate, with joint signatures, the candidates for members
of the standing committee of the people’s congress at the corresponding level, leading persons of the people’s government, the president
of the people’s court and the chief procurator of the people’s procuratorate at the same level. Ten or more deputies to the people’s
congress of a township, nationality township or town may nominate, with joint signatures, candidates for the chairman and vice-chairmen
of the people’s congress at the corresponding level and leading persons of the people’s government at the same level. Deputies elected
from different electoral districts or electoral units may deliberate on and jointly nominate candidates.

The number of candidates nominated by a presidium or jointly nominated by each deputy together with other deputies shall not exceed
the number of persons to be elected.

Nominators shall make a trustful introduction of their nominees.

Article 22 In elections for chairmen and secretaries-general of the standing committees of the people’s congresses, chairmen
of the people’s congresses of townships, nationality townships or towns, heads of people’s governments, presidents of the people’s
courts and chief procurators of the people’s procuratorates, there shall generally be one more candidate than the number of persons
to be elected, and a competitive election shall be conducted. If only one candidate is nominated, a non-competitive election may
be conducted. In elections for vice-chairmen of the standing committees of the people’s congresses, deputy chairmen of the people’s
congresses of townships, nationality townships or towns, and deputy heads of the people’s governments, there shall be one to three
more candidates than the number of persons to be elected; in elections for members of the standing committees of the people’s congresses,
there shall be one-tenth to one-fifth more candidates than the number of persons to be elected. The specific differential number
shall be prescribed by the people’s congresses at the corresponding levels in the electoral measures on the basis of the number of
persons to be elected. And the competitive election shall be conducted. If the number of candidates nominated is the same as the
differential number prescribed in the electoral measures, the presidium of a people’s congress shall submit the list of candidates
to the deputies for deliberation and discussion, before election is conducted. If the number of candidates nominated exceeds the
differential number prescribed in the electoral measures, a preliminary election shall be conducted after the deputies deliberate
and discuss the list of candidates submitted by the presidium, and an official list of candidates shall, in accordance with the differential
number prescribed in the electoral measures, be determined by order of the votes that the candidates obtain in the preliminary election,
and then election shall be conducted.

When leading persons of State organs at the corresponding levels are to be elected by local people’s congresses at or above the county
level, the time for nomination and consideration of candidates shall be not less than two days.

Article 23 Elections shall be conducted by secret ballot. The deputies may vote for or against any of the candidates that have
been determined, or may instead elect any other deputies or voters or abstain from voting.

Article 24 In elections for leading persons of State organs conducted by local people’s congresses at the corresponding levels,
when the number of candidates who obtain more than half of the votes exceeds the number of leading persons to be elected, those who
obtain more votes shall be elected. If the number of votes for some candidates is tied, thus making it impossible to determine the
elected, another balloting shall be conducted for those candidates to resolve the tie, and those who obtain more votes shall be elected.

If the number of the elected persons who obtain more than half of the votes is less than the number of persons needed to be elected,
another election shall be held to make up the difference, the candidates for another election may be determined by order of the votes
they obtain in the first balloting, or may be nominated and determined in accordance with the procedures provided by this Law. Another
election for making up the difference may be held at the current session or the next session of the people’s congress upon decision
by the people’s congress at the corresponding level.

When another election is held to elect the vice-chairmen and members of the standing committee of a people’s congress, the vice-chairmen
of the people’s congress of a township, nationality township or town, and the deputy heads of a people’s government, competitive
election shall be conducted after the differential number is determined in accordance with the provisions in the first paragraph
of Article 22 of this Law.

Article 25 When by-elections are held by the local people’s congresses at various levels for chairmen, vice-chairmen, secretaries-general
and members of their standing committees, chairmen, and vice-chairmen of the people’s congresses of townships, nationality townships
or towns, governors, deputy governors, chairmen and vice-chairmen of autonomous regions, mayors, deputy mayors, prefects, deputy
prefects, heads and deputy heads of counties, districts, townships and towns, presidents of people’s courts, and chief procurators
of people’s procuratorates, the number of candidates may exceed or equal the number of vacancies, and the election procedures and
methods shall be decided by the people’s congresses at the corresponding levels.

Article 26 When a local people’s congress at or above the county level is in session, its presidium, its standing committee,
or a joint group of at least one tenth of its deputies may submit a proposal to remove from office members of its standing committee
or members of the people’s government, the president of the people’s court or the chief procurator of the people’s procuratorate
at the corresponding level; the presidium shall refer such proposals to the congress for deliberation.

When the people’s congress of a township, nationality township or town is in session, the presidium or a group of at least one-fifth
of the deputies may submit a proposal to remove from office the chairman or vice-chairmen of the people’s congress, the head or deputy
heads of the township or town; the presidium shall refer the proposal to the congress for deliberation.

In a proposal for removal from office, reasons for the removal shall clearly be stated.

Persons proposed to be removed from office shall have the right to defend themselves at a meeting of the presidium or at the plenary
meeting of a session, or to submit their written defence. The defence made at the meeting of the presidium or the written defence
shall be printed and distributed to participants of the session by the presidium.

The proposal for removal from office submitted to a local people’s congress at or above the county level shall, after being distributed
by the presidium to the participants for deliberation , be submitted to the plenary meeting of the session for voting; or the presidium
shall, subject to decision of the plenary meeting of the session, propose to organize an investigation committee, and the proposal
for removal from office shall be deliberated and decided at the next session of the people’s congress at the corresponding level
on the basis of the report prepared by the investigation committee.

Article 27 A component member of the standing committee of a local people’s congress at or above the county level, a leading
person of a local people’s government, the president of a people’s court or the chief procurator of a people’s procuratorate at or
above the county level may submit the resignation to the people’s congress at the corresponding level, which shall decide whether
or not to accept the resignation; if the people’s congress is not in session, such resignations may be submitted to its standing
committee, which shall decide whether or not to accept the resignations. If the standing committee decides to accept a resignation,
it shall report it to its people’s congress for the record. A resignation of the chief procurator of a people’s procuratorate must
be reported to the chief procurator of the people’s procuratorate at the next higher level, who shall refer it to the standing committee
of the people’s congress at the corresponding level for approval.

The chairman or vice-chairman of the people’s congress of a township, nationality township or town, the head or deputy head of a
township or town may submit his resignation to the people’s congress at the corresponding level, which shall decide whether or not
to accept the resignation.”

Article 28 When a local people’s congress at any level is in session, a group of at least ten of the deputies may submit a
written proposal for addressing questions to the people’s government or any of its departments, the people’s court or the people’s
procuratorate at the corresponding level. In the proposal shall clearly be stated to whom the questions are addressed and the specific
questions themselves.

The presidium shall decide whether to refer the proposal to the organ addressed for an oral reply at the meeting of the presidium,
or at the plenary meeting of a session, or at the meeting of a relevant special committee, or for a written reply. Where a reply
is made at a meeting of the presidium or of the special committee, the deputies who submit the proposal shall have the right to attend
the meeting as nonvoting delegates and express their opinions; when the presidium considers it necessary, it may have the report
on the reply printed and distributed to the session.

If the reply is to be made orally, the leading person of the organ addressed shall be present at the meeting to give the reply; if
the reply is to be made in writing, it shall be signed by the leading person of the organ addressed, and the presidium shall have
it printed and distributed to the session or to the deputies who address the questions.

Article 29 When a local people’s congress at any level examines a bill or proposal, its deputies may address questions to the
local state organs concerned, which shall send their personnel to the congress to give explanations.

Article 30 The people’s congresses of provinces, autonomous regions, municipalities directly under the Central Government,
autonomous prefectures and cities divided into districts may, where necessary, establish special committees such as legislative (political
and law) committees, finance and economic committees, and education, science, culture and public health committees. The special committees
shall work under the direction of the respective people’s congresses; when the people’s congresses are not in session, they shall
work under the direction of the standing committees of the people’s congresses.

Nominations for the chairman, vice-chairmen and members of a special committee shall be made by the presidium from among the deputies
and approved by the people’s congress. When the people’s congress is not in session, its standing committee may appoint and remove
individual vice-chairmen and some members of the special committee through nomination by its council of chairmen and approval by
a meeting of the standing committee.

The special committees shall discuss, examine and draw up relevant bills and draft resolutions under the direction of the people’s
congresses and their standing committees at the corresponding levels; they shall make investigations and studies of, and put forward
proposals on, matters related to those committees and within the scope of functions and powers of the respective people’s congresses
and their standing committees.

Article 31 A local people’s congress at or above the county level may appoint an investigation committee on specific questions.

The presidium or a group of at least one-tenth of the deputies may submit to the session of the people’s congress a proposal for
organizing an investigation committee on specific questions, which shall be submitted by the presidium to the plenary meeting for
decision.

An investigation committee shall be composed of a chairman, vice-chairmen and m

SYSTEM OF REPORTING COUNTRY INVESTMENT AND OPERATION OBSTACLES

Ministry of Commerce

Ministry of Commerce Circular on Printing and Distributing the System of Reporting Country Investment and Operation Obstacles

The competent commercial departments of all provinces, autonomous regions or municipalities directly under the Central Government
and all specifically designated cities in the state plan, all central enterprises and all economic and commercial agencies in foreign
countries;

For the purpose of having a good grasp of the overall situation of and problems encountered in the overseas investment and operations
by Chinese enterprises, handling well the work of follow-up administration of overseas investment, strengthening the macro coordination
and guidance, protecting the lawful rights and interests of investors and promoting the development of overseas investment, we hereby
print and distribute the System of Reporting Country Investment and Operation Obstacles to you, please implement it accordingly.

Ministry of Commerce

November 11, 2004

System of Reporting Country Investment and Operation Obstacles

Chapter I Goal of Establishment of the System

Article 1

For the purpose of accelerating the implementation of the “going abroad” strategy, handling well the work of follow-up administration
of and service for overseas investment and operations, protecting the lawful rights and interests of investors, building a good environment
and promoting the development of overseas investment, this System is formulated in accordance with the Foreign Trade Law, the Interim
Rules for Foreign Trade Barriers Investigation and other relevant provisions.

Article 2

The system of reporting country investment and operation obstacles means that the Chinese economic and commercial agencies, chambers
of commerce and enterprises in foreign countries shall, on an annual basis or irregular basis, report various obstacles, barriers
and related problems encountered by the Chinese-capital enterprises in their investment and operations in the host countries (regions),
and these reports shall serve as one of the bases for the annual Foreign Market Access Reports as issued by the Ministry of Commerce
and are for the domestic administrative departments’ and other relevant departments’ reference; the domestic departments concerned
shall, on the basis of the overall follow-up and understanding of the various problems encountered by the Chinese enterprises in
their overseas investment and operations, safeguard the lawful rights and interests of Chinese enterprises through multilateral or
bilateral mechanisms.

Chapter II Reporting Subjects

Article 3

The reporting subjects shall be all economic and commercial agencies in foreign countries, chambers of commerce and associations of
overseas Chinese-capital enterprises, overseas Chinese-capital enterprises and their branches (hereinafter referred to as “Chinese-capital
enterprises”) and their domestic investors, who shall submit reports to the Ministry of Commerce as required.

Article 4

Each economic and commercial agency in foreign countries and each chamber of commerce or association of overseas Chinese-capital enterprises
shall regularly organize the Chinese-capital enterprises to make exchanges and discussions with regard to the particulars required
to be reported, solicit opinions from the Chinese-capital enterprises in full swing, and seriously implement the reporting system
by submitting to the Ministry of Commerce reports as required on the problems encountered by the Chinese enterprises in their overseas
investment and operations in the current year prior to December 31 of each year. In the case of any serious circumstance, the report
thereon shall be submitted immediately (for the format of such report, have reference to Attachment 1).

Article 5

The overseas Chinese-capital enterprises and their domestic investors may, in combination with the problems encountered in their overseas
investment and operations, submit reports with regard to any or some items as required to be reported at any time or irregularly
(for the format of such report, have reference to Attachment 2).

Article 6

The reports shall be prepared and issued with signatures.

Chapter III Main Particulars to Be Reported

Article 7

The reports shall exactly reflect the actual situation of and problems encountered in the investment and operations and trade in service
(including project contracting, service cooperation and designing consultancy) by the Chinese enterprises in the host countries (regions).

(1)

Overall situation of the investment and operations of Chinese-capital enterprises

(a)

overall information about the number, investment scale, sectoral distribution, operation results and other overall situations of and
problems generally encountered by Chinese-capital enterprises; and

(b)

brief account of major investment projects of Chinese-capital enterprises, including the names of the enterprises and of the domestic
investors of such enterprises (in the case of reinvestment via a third country or region, a note shall be stated), investment scale
and type, principal business and products, operation performance and major difficulties and problems.

(2)

Investment environment obstacles and risks

(a)

any law or regulation of the host country unfavorable to Chinese investment;

(b)

non-operational obstacles and risks in the host country, which cause cost burden to the operation of the enterprises, such as problems
in the public security and safety, enterprises’ credit, trade union, strike, government honesty, the public attitude toward foreign-capital
enterprises, and public holidays; and

(c)

any shortcoming or deficiency of the host country in supply or pricing of transport, water, electricity, gas or communications that
may adversely affect the investment and operations of the enterprises.

(3)

Barriers to investment and trade in service

The following measures that the host country implements or permits to be implemented in violation of any of the relevant multilateral
or bilateral agreements and that will or are likely to be inequitable obstacles or damage to or restriction of the investment and
operations or trade in service by Chinese enterprises:

(a)

barriers to access, such as any inequitable restriction of the inflow of Chinese investment, failure of any WTO member to fulfill
its commitment to open certain sectors to Chinese investment; or in the case of bidding for an engineering project, the government’s
requiring that a Chinese company must make a joint bid with a local enterprise or commit to have a local company as its subcontractor;

(b)

barriers to operations, such as any inequitable restriction on the operating activities of the Chinese-capital enterprises in terms
of production, supply, sale, human resources, finance and materials etc, reluctance to give employment visa and non-transparency
or overelaborate formalities in the government’s working procedure; and

(c)

barriers to withdrawal, such as restrictions on withdrawal of Chinese investment or remittance-out of profits of the Chinese-capital
enterprises.

(4)

Proposals on corresponding measures

Proposals of the reporting subjects on measures for dealing with the above-mentioned problems, obstacles and investment barriers.

Chapter IV Submission and Publication of the Reports

Article 8

The reports shall be submitted to the Ministry of Commerce (the Cooperation Department, departments of the relevant regions and the
Bureau of Fair Trade) in written form or through the Internet.

The institutions with necessary conditions shall submit their reports by making use of administrative affairs information communication
processing system of the Ministry of Commerce, or directly fill out and send the forms of Reports on Country Investment and Operation
Obstacles on the sub-website of cooperation guidance of the website of the Ministry of Commerce (www.mofcom.gov.cn), or submit their
reports by e-mailing (Processing Division of the Cooperation Department: hzjg@mofcom.gov.cn; Barriers Investigation Division of the
Bureau of Fair Trade: boft_tbi@mofcom.gov.cn).

Article 9

On the premise that the interests and trade secrets of the relevant enterprises shall be protected, the Ministry of Commerce shall
regularly publish the relevant particulars of the reports in the form of Country Trade Investment Environment Reports or in other
forms, pay close attention to the investment environment of the host countries and call the potential investing enterprises’ attention
to the avoidance of risks.

Chapter V Problem-resolving Mechanism

Article 10

Ministry of Commerce shall, after receipt of the reports, based on the reports and in conjunction with the relevant departments, exchange
information and make consultations and set forth comments and resolving measures.

Article 11

The reported problems shall be negotiated through exchange of visits by high-level personnel, bilateral mixed commissions of economic
relations of trade or any other diplomatic channel so as to help the enterprises resolve the problems in a quick manner.

Article 12

If any reported problem involves any barrier to investment or trade in service, the Ministry of Commerce may conduct investigations
thereon in accordance with the Interim Rules for Foreign Trade Barriers Investigation.

Chapter VI Supplementary Provisions

Article 13

The right to interpret this System shall reside in the Ministry of Commerce.

Article 14

This System shall be implemented as of the date of promulgation.

Attachments:

Form of Reports by Economic and Commercial Agencies and Chambers of Commerce and Associations of Chinese-capital Enterprises in Foreign
Countries on Country (Region) Investment and Operation Obstacles (omitted)

Form of Reports by Chinese-capital Enterprises and Their Domestic Investors on Country (Region) Investment and Operation Obstacles
(omitted)

Ministry of Commerce
2004-11-11

NOTICE OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE ON PRINTING AND DISTRIBUTING THE MEASURES FOR THE ADMINISTRATION ON VERIFICATION AND CANCELLATION OF THE PAYMENT BALANCES OF FOREIGN EXCHANGE FOR IMPORTS

State Administration of Foreign Exchange

Notice of the State Administration of Foreign Exchange on Printing and Distributing the Measures for the Administration on Verification
and Cancellation of the Payment Balances of Foreign Exchange for Imports

No. 116 [2004] of the State Administration of Foreign Exchange

December 3, 2004

The branches or the foreign exchange administrative departments of the State Administration of Foreign Exchange (hereafter referred
to as the SAFE) of all provinces, autonomous regions and municipalities directly under the Central Government, and the SAFEs branches
of Shenzhen, Dalian, Qingdao, Xiamen and Ningbo:

For the purpose of further improving the administration on verification and cancellation of the payments of foreign exchange for imports,
regulating the operation of verification and cancellation of the payment balances of foreign exchange for imports and enhancing the
efficiency of the administration on verification and cancellation of the payments of foreign exchange for imports, the SAFE has formulated
the Measures for the Administration on Verification and Cancellation of the Payment Balances in Foreign Exchange for Imports (hereinafter
referred to as the Measures, for which please see the annex), which are hereby printed and issued to you with the relevant matters
clarified as follows:

The balance verification and cancellation management of the examination on the verification and cancellation of the payment balances
of foreign exchange for imports, as effective measures for supplementing the existing provisions of the administration on verification
and cancellation of imports, aims at solving the problem that the formalities for handling the verification and cancellation of payments
of foreign exchange for imports can not be gone through because of the difference between the amount of an importers payment of
foreign exchange for imports and the delivered price due to any objective factor, which may further promote trade facilitation and
lighten the burden of work of both importers and foreign exchange bureaus. All the SAFEs branches and sub-branches (hereinafter
referred to as the foreign exchange bureaus) shall make publicity and explanation to importers and insure smooth implementation
of the Measures.

When going through the investigation procedures of verification of the payment balances in foreign exchange for imports for importers,
the foreign exchange bureaus shall carefully verify the materials relating to the verification of balances and keep record thereof.

Every foreign exchange bureau shall, in the light of its respective regional conditions, establish an internal control system of level-by-level
authorization of balance verification.

The Measures shall go into effect as of February 1, 2005, before which, the SAFE shall modify and upgrade the computer system for
the verification and cancellation of the payment balances of foreign exchange for imports and make the upgraded computer system have
the functions to search, count and supervise the data of the verification and cancellation of balances. The date for upgrading the
computer system will be notified separately by the SAFE.

After receiving this Notice, every foreign exchange bureau shall promptly transmit it to the central sub-branches in their jurisdictions.
Any problem arisen during the process of implementing this Notice shall be reported timely to the SAFE. Annex:Measures for the Administration on Verification and Cancellation of the Payment Balances in Foreign Exchange for Imports

Article 1

For the purpose of further improving the administration on verification and cancellation of the payments of foreign exchange for imports,
regulating the operation of verification and cancellation of the payment balances of foreign exchange for imports and enhancing the
efficiency of the administration on verification and cancellation of the payments of foreign exchange for imports, these Measures
are formulated according to the Interim Measures for the Supervision and Administration on the Verification and Cancellation of Payments
of Foreign Exchange for Trade Imports and other relevant provisions.

Article 2

The term balance subject to verification and cancellation as mentioned in these Measures refers to the balance between the amount
of payment of foreign exchange reported for verification by an importer and the actually delivered amount (namely the product of
the unit price of the goods indicated in the declaration entry form and the quantity of the goods).

The verification and cancellation of balances may be either a balance due to more delivered goods or a balance due to less delivered
goods. When the amount of the actually delivered goods is more than that of the payment of foreign exchange reported for verification,
there is a balance due to more delivered goods; when the price of the actually delivered goods is less than the amount of the payment
of foreign exchange reported for verification, there is a balance due to less delivered goods.

Article 3

These Measures shall apply to the verification and cancellation of payments of foreign exchange for imports reported for verification
under the following circumstances:

(1)

one payment of foreign exchange, one delivery and one submission for verification under a single contract;

(2)

one payment of foreign exchange, multiple deliveries and one submission for verification under a single contract;

(3)

multiple payments of foreign exchange, one delivery and one submission for verification under a single contract; and

(4)

multiple payments of foreign exchange, multiple deliveries and one submission for verification under a single contract.

The verification and cancellation of importers balances to be examined shall be conducted based on different contracts. In the case
of multiple submissions for examination under a single contract, the importer shall apply for the verification and cancellation of
a balance at the last submission for examination when the contract is completely fulfilled.

Article 4

In case a balance to be verified and cancelled, under a single contract, does not exceed the equivalent of 5,000 US dollars (inclusive)
or does not exceed 2% (inclusive) of the contract price though exceeding the equivalent of 5,000 US dollars, the SAFEs branches
or sub-branches (hereinafter referred to as the foreign exchange bureaus) may handle the verification and cancellation of the
balance directly on the strength of the importers statement on the balance, import contract and other verification-related documents.

Article 5

In case a balance to be verified and cancelled, under a single contract, is more than the equivalent of 5,000 US dollars and 2% of
the contract price, the importer shall apply for the verification and cancellation of the balance by providing other relevant materials
according to Articles 7 and 8 hereof.

Article 6

The cumulative balance that an importer submits (reports) for verification and cancellation for a month (including balances either
above or below the above-mentioned amount, with balances due to more delivered goods being counted as negative numbers) shall not
exceed the equivalent of 100,000 US dollars (inclusive) in principle. Every foreign exchange bureau may make an appropriate adjustment
of the quota pursuant to the local conditions.

Article 7

To apply for the verification and cancellation of an balance payment of foreign exchange for imports under a single contract, which
is more than the equivalent of 5,000 US dollars and exceeds 2% of the contract price due to less delivered goods, the importer shall,
in addition to the relevant verification and cancellation documents, provide the import contract and a statement on the balance with
both the signature of the legal representative and the corporate seal of the importer on it, and provide the relevant certificate
documents respectively according to the following different circumstances:

(1)

a certificate issued by the relevant chamber of commerce or a quotations list as certified by the relevant exchange or by any member
of such an exchange, in the case of a balance caused by the price movement in foreign markets;

(2)

the relevant letters and telegrams with the exporters and a certifying document issued by the relevant commodity inspection agency,
in the case of a balance caused by the problem of quality of the imported goods. If no commodity inspection document can be provided
due to any objective factor, a corresponding document certifying the quality of the goods and a guarantee letter shall be provided
instead;

(3)

the relevant letters and telegrams with the exporters and a certifying document issued by the relevant commodity inspection agency,
in the case of a balance caused by any deterioration, rottenness, abnormal death or spoilage of the animal or fresh goods. If no
commodity inspection document can be provided due to any objective factor, a corresponding document certifying the quality of the
goods and a guarantee letter shall be provided instead;

(4)

a certifying document issued by the commercial office of the embassy or consulate of China to the country of the exporter, in the
case of a balance caused by force majeure such as a natural disaster, war, national emergency policy and etc.;

(5)

the relevant news reporting materials or a certifying document issued by the commercial office of the embassy or consulate of China
to the country of the exporter or the relevant legal document, in the case of a balance caused by the bankruptcy, closure or dissolution
of the exporter;

(6)

the current exchange rate quotation of the paying bank, in the case of a balance caused by the exchange rate movement;

(7)

a commodity inspection certificate, the bill of lading or shipping document, in the case of a balance caused by over or short shipment;

(8)

the import contract, taxation certificate, the receipt of freight insurance premium and the relevant commercial documents (excluding
the case where the amounts of the freight insurance premium and incidental expenses are indicated in the declaration form of imported
goods), in the case of a balance caused by any incidental expenses such as freight insurance premium and sundry fees where such incidental
expenses are included in the total price of the contract;

(9)

the import contract, a certificate issued by the customs with regard to the declaration form of imported goods, an overdue tax payment
certificate and the relevant commercial documents, in the case a balance taking place under the import of any mental ore in sand
form or any other bulk cargo; or

(10)

the valid certificates as may be required by the foreign exchange bureaus in the case of a balance caused by any other factor.

Article 8

When applying for the verification and cancellation of a balance due to more delivered goods, the importer shall state the balance
under the declaration form of the imported goods in the Verification and Cancellation Form on the Arrival of Goods and the Payments
of Foreign Exchange, and indicate reserved or cancelled in the notes column.

To apply for the verification and cancellation of a payment balance of foreign exchange for imports under a single contract, which
is more than the equivalent of 5,000 US dollars and exceeds 2% of the contract price due to more delivered goods, the importer shall
provide to the foreign exchange bureau a statement letter on the balance with its corporate seal on it.

Article 9

When handling the verification and cancellation of an importers balance due to more delivered goods, the foreign exchange bureau
shall, in the Foreign Exchange Payment System for Imports of China Electronic Port, shall verify and cancel the original e-account
of the importers declaration form of imported goods indicated as cancelled.

Article 10

These Measures shall not, for the time being, apply to the automatic verification and cancellation of foreign exchange payment for
imports under a transaction in the form of remittance on delivery or to the examination on verification and cancellation of any foreign
exchange payment for imports conducted against an exchange receipt voucher under any transit trade, use of materials for an external
engineering project or any re-exchange bill by import.

Article 11

When handling the verification and cancellation of a foreign exchange payment balance for imports, the foreign exchange bureaus shall
verify the relevant receipts and certificates strictly, indicate the amount of the balance and the date and affix the stamp of verified
on the Verification and Cancellation Form on the Arrival of Goods and the Payments of Foreign Exchange and keep the relevant receipts
and certificates.

Article 12

Every foreign exchange bureau shall, pursuant to the local conditions, establish and improve an internal control system of level-by-level
authorization of foreign exchange payment for imports.

Article 13

Each of the SAFEs branches shall conduct information collection and statistics of the verification of balances taking place in its
region, and within the first five working days of each month, submit to the SAFE an e-report on the verification and cancellation
of foreign exchange payment balance for imports.

Article 14

The power to interpret these Measures shall remain with the SAFE.

Article 15

These Measures shall go into effect as of February 1, 2005. Where there is any provision conflicting with these Measures, these Measures
shall prevail.

State Administration of Foreign Exchange
2004-12-03

URGENT NOTICE OF THE MINISTRY OF FINANCE AND THE STATE ADMINISTRATION ON FURTHER IMPLEMENTATION OF THE POLICY CONCERNING EXTENDING VALUE ADDED TAX CREDIT SCOPE

The Ministry of Finance, the State Administration on Taxation

Urgent Notice of the Ministry of Finance and the State Administration on Further Implementation of the Policy Concerning Extending
Value Added Tax Credit Scope

Cai Shui [2004] No. 226

Departments (Bureaus) of finance and bureaus of state taxation of Liaoning province, Jilin province, Heilongjiang province and Dalian
city:

After the distribution of the documents of the Ministry of Finance and the State Administration of Taxation concerning revitalization
of Northeast old industrial base, they have been enthusiastically implemented by the financial and tax sectors in Northeast region.
In order to further implement the spirit of the State Council on revitalization of Northeast old industrial base, to put into practice
the extension of VAT credit scope and year-end tax refund of enterprises’ fixed asset, the supplementary notice concerning the extension
of VAT credit scope is hereby given as follows:

Any enterprise subsumed under the extended scope of VAT credit (hereinafter referred to as “taxpayer”) that fails to pay VAT duly
shall, whether it has new amount of VAT to be paid or not, firstly offset VAT arrears against income tax of fixed assets and carry
it out in strict accordance with the relevant provisions concerning offset of VAT arrears in Notice of the Ministry of Finance,
the State Administration on Taxation on Printing and Distribution of Interim Measure on Extending the Value-Added Tax Credit Scope
in Northeast Region in 2004 (Cai Shui [2004] No. 168).

As for the outstanding tax prior to May 1, 2005 that is offset (deducted), in case that a unified exempt policy comes out in future
, the offset outstanding tax that is exemptible may be adjusted correspondingly.

Where the fixed asset income tax gets surplus after having offset tax arrears by taxpayer(s) from July 1, 2004 to November 30, 2004,
tax reimbursement may be counted in the VAT achieved and paid without following new VAT rebate after the approval of Departments
(Bureaus) of Finance of Liaoning Province, Jilin Province, Heilongjiang Province and Dalian City. The unfinished rebate of fixed
asset income tax shall be credited next year.

All level tax authorities shall perform well in the work of tax refund of fixed assets income tax amount and shall conduct examination
and verification in strict accordance with relevant requirements; the refundable VAT shall be refunded to taxpayers promptly prior
to December 31, 2004.

The measures for credit of income tax amount of enterprises’ fixed assets and for extension of VAT credit scope in Northeast region
in 2005 shall be regulated separately.

The Notice is thereby given and shall be implemented accordingly.

The Ministry of Finance

The State Administration of Taxation

December 27, 2004

The Ministry of Finance, the State Administration on Taxation
2004-12-27

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Brazilian Laws

CONSTITUTIONAL AMENDMENTS part 4 – 1988 Constitution

CONSTITUTIONAL AMENDMENTS part 3 – 1988 Constitution

CIRCULAR OF THE CHINA SECURITIES REGULATORY COMMISSION ON SEVERAL ISSUES CONCERNING THE PROMOTION OF INNOVATION ACTIVITIES IN SECURITIES INDUSTRY

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

THE DECISION OF THE STANDING COMMITTEE OF THE NATIONAL PEOPLE’S CONGRESS ABOUT AMENDING THE SECURITIES LAW OF THE PEOPLE’S REPUBLIC OF CHINA

MEASURES FOR THE ADMINISTRATION OF SECURITIES INVESTMENT FUND MANAGEMENT COMPANIES

ANNOUNCEMENT OF NATIONAL DEVELOPMENT AND REFORM COMMITTEE OF PEOPLE’S REPUBLIC OF CHINA

STATE TAXATION ADMINISTRATION CIRCULAR ABOUT IMPOSING CIRCULATION TAX ON PARTIAL INCOME OF COMMERCIAL ENTERPRISES FROM SUPPLIERS

ORGANIC LAW OF THE LOCAL PEOPLE’S CONGRESSES AND LOCAL PEOPLE’S GOVERNMENTS OF THE PEOPLE’S REPUBLIC OF CHINA

SYSTEM OF REPORTING COUNTRY INVESTMENT AND OPERATION OBSTACLES

NOTICE OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE ON PRINTING AND DISTRIBUTING THE MEASURES FOR THE ADMINISTRATION ON VERIFICATION AND CANCELLATION OF THE PAYMENT BALANCES OF FOREIGN EXCHANGE FOR IMPORTS

URGENT NOTICE OF THE MINISTRY OF FINANCE AND THE STATE ADMINISTRATION ON FURTHER IMPLEMENTATION OF THE POLICY CONCERNING EXTENDING VALUE ADDED TAX CREDIT SCOPE

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