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2003

HIGHWAY LAW

Category  COMMUNICATIONS AND TRANSPORT Organ of Promulgation  The Standing Committee of the National People’s Congress Status of Effect  Amendment
Date of Promulgation  1997-07-03 Effective Date  1998-01-01  


Highway Law of the People’s Republic of China

Contents
Chapter I  General Provisions
Chapter II  Highway Planning
Chapter III  Highway Construction
Chapter IV  Highway Maintenance
Chapter V  Highway Administration
Chapter VI  Toll Highways
Chapter VII  Supervision and Inspection
Chapter VIII  Legal Responsibility
Chapter IX  Supplementary Provision
APPENDIX:RELEVANT ARTICLES OF PENALTIES FOR VIOLATION OF PUBLIC SECURITY

(Adopted at the 26th Session of the Standing Committee of the Eighth

National People’s Congress on July 3, 1997  Promulgated by Order No. 86
of the President of the People’s Republic of China on July 3, 1997
Effective as of January 1, 1998)(Editor’s Note: For the revised text, see
the Decision of the Standing Committee of the National People’s Congress
regarding the revisions of Highway Law promlgated by the Order 24 of the
President of the People’s Republic of China on October 31, 1999)
Contents

    Chapter I     General Provisions

    Chapter II    Highway Planning

    Chapter III   Highway Construction

    Chapter IV    Highway Maintenance

    Chapter V     Highway Administration

    Chapter VI    Toll Highways

    Chapter VII   Supervision and Inspection

    Chapter VIII  Legal Responsibility

    Chapter IX    Supplementary Provisions
Chapter I  General Provisions

    Article 1  This Law is enacted with a view to enhancing highway
construction and administration, promoting the development of highways and
meeting the requirements of socialist modernization and people’s life.

    Article 2  This Law shall be applicable in engaging in highway planning,
construction, maintenance, operation, use and administration within the
territory of the People’s Republic of China.

   The highways referred to in this Law cover highway bridges, highway
tunnels and highway ferries.

    Article 3  Development of highways should follow the principle of overall planning, rational distribution, quality assurance, assurance
of unimpeded traffic, environmental protection and laying equal stress on
construction, transformation and maintenance.

    Article 4  People’s Governments at all levels should adopt strong
measures to foster and promote highway construction. Highway construction
should be integrated into the national socio-economic development plan.

    The State encourages and guides domestic and foreign economic
organizations to invest in highway construction and operations in accordance
with law.

    Article 5  The State assists and fosters national minority regions,
remote border regions and poor regions in the development of highway
construction.

    Article 6  Highways are classified as state highways, provincial highways,
county highways and village highways in accordance with their respective
status in the highway network, and are classified as expressways, grade-one
highways, grade-two highways, grade-three highways and grade-four highways
in accordance with technical grades. Specific classification standards shall
be worked out by the department of communications under the State Council.

    Construction of new highways should meet the requirements of technical
grades. Measures should be taken to gradually transform those previously
built highways outside the grades which fail to meet the requirements of the lowest technical grade into highways meeting the requirements
of technical grades.

    Article 7  Highways are under state protection. No unit or individual
shall destroy, damage or illegally occupy highways, land for highways and
ancillary facilities of highways.

    Every unit and individual have the obligation to care for highways, land
for highways and ancillary facilities of highways, have the right to report
and charge acts of destruction and damage of highways, land for highways,
ancillary facilities of highways and acts affecting highway safety.

    Article 8  The department of communications under the State Council
is in charge of the work related to highways throughout the country.

    The departments of communications of local People’s Governments above
the county level are in charge of the work related to highways within their
respective administrative areas; however, the duties and responsibilities of the departments of communications of local People’s
Governments above the
county level in the administration and supervision of state highways and
provincial highways shall be determined by the People’s Governments of the
provinces, autonomous regions and municipalities directly under the Central
Government.

    Village, national minority village and township People’s Governments
are responsibile for the construction and maintenance of village highways
within their respective administrative areas.

    The departments of communications of local People’s Governemnts above
the county level may decide that agencies of highway administration shall
perform their duties and responsibilities in highway administration in
accordance with the provisions of this Law.

    Article 9  All units and individuals shall be prohibited to establish
posts, collect toll, impose fines and intercept vehicles on highways.

    Article 10  The State encourages sci-tech research in the work related
to highways and shall give rewards to units and individuals that have
scored outstanding achievements in highway sci-tech research and applications.

    Article 11  Provisions for special-purpose highways in this Law apply to
special-purpose highways.

    Special-purpose highways mean the roads built, maintained and managed by
enterprises or other units which provide transport services exclusively or
mainly for those enterprises or units.
Chapter II  Highway Planning

    Article 12  Highway planning should be made in accordance with the
requirements of the national socio-economic development and national defense
buildup and in coordination with urban construction development planning and
development planning of other modes of communications and transport.

    Article 13  Land use planning for highway construction should be in line
with overall land use planning, and land used for construction of the year
should be integrated into annual land use plan for construction.

    Article 14  State highway planning shall be made by the department of communications under the State Council in conjunction with
the departments
concerned under the State Council and in consultation with the provinces,
autonomous regions and municipalities directly under the Central Government
along the state highways and shall be submitted to the State Council for
approval.

    Provincial highway planning shall be made by the departments of communications of the People’s Governments
of the provinces, autonomous
regions and municipalities directly under the Central Government in
conjunction with the departments concerned at the same level and in
consultation with the People’s Governments at the next lower level along
the provincial highways and shall be submitted to the People’s Governments
of the provinces, autonomous regions and municipalities under the Central
Governments for approval and submitted to the department of communications
under the State Council for the record.

    County highway planning shall be made by the departments of communications
of the People’s Governments at the county level in conjunction with the
departments concerned at the same level and shall be submitted to the
People’s Governments at the next higher level for approval upon examination
and finalization by the People’s Governments at the same level.

    Village highway planning shall be made by the village, national minority
village and township People’s Governments with the assistance of the
departments of communications of the People’s Governments at the county
level and shall be submitted to the People’s Governments at the county
level for approval.

    County highway and village highway planning approved as prescribed in
the third Paragraph and the fourth Paragraph should be submitted to the
departments of communications of the People’s Governments at the next
higher level of the approval organs for the record.

    Provincial highway planning should be in coordination with state highway
planning. County highway planning should be in coordination with provincial
highway planning. Village highway planning should be in coordination with
county highway planning.

    Article 15  Special-purpose highway planning shall be made by units
in charge of the special-purpose highways and shall be submitted to the
departments of communications of the People’s Governments above the county
level for examination and verification upon examination and finalization by
the competent departments at the next higher level.

    Special-purpose highway planning should be in coordination with highway
planning. Upon discovery of incoordination between special-purpose highway
planning and state highway, provincial highway, county highway and village
highway planning, the departments of communications of the People’s
Governments above the county level should put forth suggestions for revisions,
and the competent departments and units of the special-purpose highways
should make corresponding revisions.

    Article 16  Partial adjustments in state highway planning shall be
decided upon by the organs which originally made the plans. For state highway
planning which requires major revisions, the organs which originally made
the plans shall put forth schemes for revision to be submitted to the State
Council for approval.

    For approved provincial highway, county highway and village highway
planning that require revisions, the organs which originally made the plans
shall put forth schemes for revision to be submitted to the original approval
organs for approval.

    Article 17  Naming and numbering of state highways shall be determined
by the department of communications under the State Council; naming and
numbering of provincial highways, county highways and village highways
shall be determined by the departments of communications of the People’s
Governments of the provinces, autonomous regions and municipalities directly
under the Central Government in accordance with the relevant provisions of
the department of communications under the State Council.

    Article 18  In planning and building of new villages, townships and
development zones, the prescribed distance from the highways should be kept
and constructions should be avoided corresponding to either side of the
highways in order not to turn highways into streets and affect highway
operational safety and unimpeded traffic.

    Article 19  The State encourages the use of special-purpose highways
for public transport of society. The special-purpose highways when used
mainly for public transport of society, the competent unit of the special-
purpose highways or the sides concerned shall submit applications and the
special-purpose highway can be reclassified as provincial highway, county
highway or village highway with the consent of the competent unit of the
special-purpose highway and the approval of the department of communications
of the People’s Governments of the provinces, autonomous regions and
municipalities directly under the Central Government.
Chapter III  Highway Construction

    Article 20  Departments of communications of the People’s Governments
above the county level should, pursuant to their duties and responsibilities,
maintain order in highway construction and enhance supervision and
administration in highway construction.

    Article 21  For the purpose of raising funds for highway construction
in addition to financial appropriations by People’s Governments at all
levels, decisions may be made to collect funds for highway construction
in accordance with law or the relevant provisions of the State Council;
and loans may also be sought from domestic and foreign financial institutions
or foreign governments in accordance with law.

    The State encourages investment by domestic and foreign economic
organizations in highway construction. Highway development and operating
companies may raise funds by issuing stocks and company bonds in accordance
with the provisions of laws and regulations.

    Revenue accrued from transfer of highway toll collection right in
accordance with the provisions of this Law must be used for highway
construction.

    Raising funds from enterprises and individuals for highway construction
must be based on requirements and possibilities, the principle of voluntarism
must be adhered to and there shall be no forcible apportionment, and must be
in line with the relevant provisions of the State Council.

    Funds for highway construction may also be raised in other ways which
are in line with the provisions of law or the State Council.

    Article 22  Highway construction should proceed in accordance with the
procedures of capital construction prescribed by the State and the relevant
provisions.

    Article 23  Highway construction projects should, pursuant to the
relevant provisions of the State, practise corporate responsibility system,
tender and bidding system and engineering supervision system.

    Article 24  Highway construction units should, in accordance with
the characteristics and technical requirements of highway construction
projects, select survey and design unit, construction unit and engineering
supervision unit with corresponding qualifications, and pursuant to the
provisions of relevant laws, rules and regulations and requirements of highway engineering technical standards, sign separate contracts
clearly
defining the rights and obligations of both sides.

    Feasibility study units, survey and design units, construction units
and engineering supervision units undertaking highway construction projects
must hold certifications of qualifications and quality prescribed by the
State.

    Article 25  Construction of highway construction projects must be
submitted to departments of communications of People’s Governments above
the county level for approval in accordance with the provisions of the
department of communications under the State Council.

    Article 26  Highway construction must conform to highway engineering
technical standards.

    Design units, construction units and engineering supervision units
undertaking highway construction projects should, pursuant to the relevant
provisions of the State, establish sound quality assurance system, practise
job responsibility system and carry out design, construction and supervision
in accordance with the relevant laws, rules and regulations as well as the
requirements of highway engineering technical standards and agreement in
the contracts to ensure the quality of highway engineering.

    Article 27  Land use for highway construction shall be processed
pursuant to the provisions of the relevant laws and regulations.

    Highway construction should implement the principle of earnestly
protecting cultivated land and economy in land use.

    Article 28  For requirements to use the state-owned barren mountains,
wasteland or requirements to dig sand, quarry and collect soil on the
state-owned barren mountains, wasteland, flood land and beach for highway
construction, when the formalities are completed pursuant to the provisions
of the relevant laws and regulations, no unit or individual shall obstruct
or illegally collect fees.

    Article 29  Local People’s Governments at all levels should render
support and assistance in highway construction land use and shifting of inhabitants according to law.

    Article 30  Design and construction of highway construction projects
should comply with the requirements for the protection of the environment,
protection of cultural relics and ancient sites and prevention of soil and
water loss in accordance with law.

    Highway construction projects in highway planning implementing national
defense requirements should carry out construction in strict accordance with
the plans to ensure the communications requirements of national defense.

    Article 31  When highway construction affects the normal use of railways,
water conservancy projects, electric and postal and telecommunications
facilities, the highway construction unit should seek the consent of the
departments concerned in advance; when highway construction causes damage
to the facilities concerned, the highway construction unit should repair
and restore the same in accordance with the technical standards not lower
than the original technical standards of the facilities, or give
corresponding financial compensation.

    Article 32  Construction units should install clear construction signs
and safety signs at either end of the construction sector of the road when
engaged in highway reconstruction. Signs should be installed at the
diversion entrance when vehicles are required to divert; temporary road
must be built to ensure the passage of vehicles and pedestrians when
impossible to divert.

    Article 33  Acceptance checks should be carried out in accordance with
the relevant provisions of the State upon completion of highway construction
projects and highway repair and restoration projects; those projects without
going through acceptance checks or those failing to pass acceptance checks
must not be handed over for use.

    Clear signs should be installed and lines marked on completed highways
in accordance with the provisions of the department of communications under
the State Council.

    Article 34  Local People’s Governments above the county level should
determine the land for highway use no less than one meter from the outer
fringe of the side trenchs(water trenches, slope-protection path at the
foot of slope, the same hereinafter) on either side of the highway.
Chapter IV  Highway Maintenance

    Article 35  Agencies of highway administration should conduct highway
maintenance in accordance with the technical specifications and operational
procedures prescribed by the department of communications under the State
Council to ensure the highways are constantly in a good technical state.

    Article 36  Highway maintenance expenses shall come from collection of fuel surcharge. Units and individuals in possession of vehicles
should pay
fuel surcharge in accordance with the relevant provisions of the State when
purchasing fuel. When fuel surcharge is levied and collected, no highway
maintenance fee should be levied and collected. Specific measures and steps
for implementation shall be formulated by the State Council.

    Pending the implementation of the measures for the levying and collection
of fuel surcharge, the existing measures for the levying and collection of highway maintenance fees shall still be in force. Highway
maintenance fee
must be used in highway maintenance and reconstruction. Departments of communications shall issue highway-maintenance-fee-received
sign to units
and individuals in possession of vehicles having paid highway maintenance
fee; highway-maintenance-fee-received sign should be placed in a visible
place in the vehicle. Vehicles without the highway-maintenance-fee-received
sign must not run on highways.      

    Article 37  People’s Governments at the county level and the village
level should render support and assistance in sand digging, quarrying,
soil collection and water collection required for highway maintenance.

    Article 38  People’s Governments at the county level and the village
level should, within the scope of rural obligatory labor and in accordance
with the relevant provisions of the State, organize rural inhabitants on
either side of highways in fulfilling the obligations of providing services
for highway construction and maintenance.

    Article 39  To ensure the personal safety of highway maintenance
personnel, highway maintenance personnel should wear uniforms eith safety
signs on them when engaging in maintenance operations; visible operations
signs should be installed on highway operations vehicles when employing
vehicles in maintenance operations.

    Under the prerequisite of not adversely affecting the passage of passing
vehicles, highway maintenance vehicles in operation shall be subjected to
the restrictions of highway road signs and the marked lines in their route
and direction of driving; passing vehicles should pay attention to avoid
or yield to highway maintenance vehicles and personnel.

    When construction of highway maintenance project affects the passage of vehicles and pedestrians, construction
units should handle the matter in
accordance with the provisions of Article 32 of this Law.

    Article 40  Agencies of highway administration should repair and restore
in time the state highways and the provincial highways the traffic of which is
suspended due to serious natural disasters; when agencies of highway
administration find it difficult to repair and restore them in time, local
People’s Governments above the county level should organize the organs,
societies, enterprises, institutions and rural and township inhabitants
of the locality in time in emergency repair, and may request local army
units for support to resume the traffic as quickly as possible.

    Article 41  Agencies of highway administration shall be responsible for
the soil and water conservation of the slopes and wasteland within the range
of land for highway use.

    Article 42  Planting of trees along highways shall be organized and
carried out by agencies of highway administration in accordance with highway
engineering technical standards.

    Trees on land for highway use must not be felled at will; for those trees
which need to be felled for renewal, formalities for examination and approval
in accordance with the provisions of the Republic of China> should be completed upon the consent of the department
of communications of the local People’s Government above the county level
and the task of supplementary planting for renewal fulfilled.
Chapter V  Highway Administration

    Article 43  Local People’s Governments at all levels should take measures
to step up highway protection.

    Departments of communications of local People’s Governments above the
county level should conscientiously perform their duties and responsibilities,
conduct the work of highway protection successfully according to law and
strive to adopt scientific management methods and advanced technical means
to improve highway management level, gradually perfect highway services
facilities and ensure that highways are in perfect condition, safe and
unimpeded in traffic.

    Article 44  No unit or individual shall occupy and dig highways without
authorization.

    For necessities to occupy, dig highways or reroute highways because of construction of railways, airports,
power stations, telecommunications
facilities, water conservancy projects and other construction projects,
the construction units should obtain the consent of the departments of communications concerned in advance; for those affecting communications
safety, consent has also to be obtained from the public security organs
concerned. For occupation, digging of highways or rerouting of highways,
the construction units should repair, restore, reconstruct the sector of the highway according to the technical standards not lower
than the
original technical standards or give corresponding financial compensation.

    Article 45  Construction of bridges or aqueducts or erection and laying
of wires or pipes and other facilities over or across highways, as well as
erection or laying of wires or pipes and cables and other facilities should
obtain the consent of the department of communications concerned in advance,
and for those affecting communications safety, consent has also to be obtained
from the public security organ concerned; the facilities to be constructed,
erected or laid should comply with the requirements of highway engineering
technical standards. For those causing damage to highways, compensation
should be given according to the extent of the damage.

    Article 46  No unit or individual shall set up stalls or sales points,
pile up goods, dump garbage, put up obstacles, dig trenches to draw water or
use the side trenches of highways to drain sewage or engage in other
activities damaging, polluting highways and affecting unimpeded traffic of highways.

    Article 47  No sand digging, quarrying, soil collection, waste dumping,
nor explosion operations and other activities endangering the safety of highways, highway bridges, highway tunnels and highway ferries
shall be
conducted within the range of 200 meters around big- and medium-size
highway bridges and ferries, within the range of 100 meters above highway
tunnels and from tunnel entrances as well as within a certain distance
within either side of highways.

    For construction of dykes and dams, shrinkage or expansion of river beds
necessitated by rushing to deal with an emergency or flood prevention
within the range of the preceding paragraph, submission of report should be
made in advance to the departments of communications of People’s Governments
of the provinces, autonomous regions and municipalities directly under the
Central Government for approval in conjunction with the departments of water
administration, and effective measures taken to protect the security of the
highways, highway bridges, highway tunnels and highway ferries in question.

    Article 48  Except for agricultural machinery which need to drive for
a short distance on highways for local field operations, no iron-wheel
vehicles, tracked vehicles and other machinery which may damage highway
surface shall drive on highways. Those vehicles which have the actual
requirements to be driven on highways, approval has to be obtained from
department of communications of local People’s Government above the county
level, effective protective measures taken and they are driven at the time
and on the route designated by public security organs. Those causing damage
to highways should pay compensation according to the extent of damage.

    Article 49  The axle-load quality of vehicles running on highways
should conform to the requirements of highway engineering technical
standards.

    Article 50  Vehicles exceeding the standards of restrictions in weight,
height, width and length for highways, highway bridges, highway tunnels or
motor vehicle ferries must not run on highways, highway bridges or in
highway tunnels with restricted standards, and must not use motor vehicle
ferries. The vehicles exceeding the standards of restrictions for highways
or highway bridges which actually need to run thereon must be submitted to
the approval of departments of communications of local People’s Governments
above the county level, and effective protective measures taken in accordance
with requirements; those affecting traffic safety should also be subjected to
the approval of public

INTERIM MEASURES FOR THE ADMINISTRATION OF SECURITIES AND FUTURES INVESTMENT CONSULTANCY

Category  SECURITIES Organ of Promulgation  The State Council Status of Effect  In Force
Date of Promulgation  1997-12-25 Effective Date  1998-04-01  


Interim Measures for the Administration of Securities and Futures Investment Consultancy

Chapter I  General Provisions
Chapter II  Securities and Futures Investment Consultancy Agencies
Chapter III  Securities and Futures Investment Consultants
Chapter IV  Securities and Futures Investment Consultancy Business
Chapter V  Penalty Provisions
Chapter VI  Supplementary Provision

(Approved by the State Council on November 30, 1997 and promulgated by

the Securities Commission under the State Council on December 25, 1997)
Chapter I  General Provisions

    Article 1  These Measures are formulated with a view to strengthening
the administration of securities and futures investment consultancy activities
and safeguarding the lawful rights and interests of investors and public
interest of society.

    Article 2  These Measures must be complied with in engaging in securities
and futures investment consultancy business within the territory of the
People’s Republic of China.

    The securities and futures investment consultancy referred to in these
Measures means the activities of the agencies and their consultants engaging
in the securities and futures consultancy business in providing direct or
indirect paid-for consultancy services for securities and futures investors
or clients with securities and futures analyses, forecasts or proposals and
other services in the following forms:

    (1)to accept the entrustment of an investor or client and provide
securities and futures investment consultancy services;

    (2)to hold seminars, lectures and analysis meetings on securities and
futures investment consultancy;

    (3)to publish articles, commentaries and reports on securities and
futures investment consultancy in newspapers and periodicals, and to provide
securities and futures investment consultancy services through such mass
media as radio stations, television stations and others;

    (4)to provide securities and futures investment consultancy services
through telephone, fax, computer networks and other telecommunications
systems; and

    (5)other forms authenticated by the China Securities Supervisory and
Control Commission(hereinafter referred to as CSSCC).

    Article 3  A business permit must be obtained from CSSCC in pursuance of the provisions of these Measures for engaging in securities
and futures
consultancy business. No institution or individual shall engage in securities
and futures investment consultancy business in the forms listed in Article 2
of these Measures without the permission of CSSCC.

    Securities operations agencies, futures brokerage firms and their staff
should comply with the provisions of these Measures in engaging in securities
and futures investment consultancy business beyond the respective scope of
those agencies.

    Article 4  Relevant provisions of relevant laws, regulations, rules and
CSSCC must be complied with and the principle of objectiveness, fairness,
honesty and good faith must be adhered to in engaging in securities and
futures investment consultancy.

    Article 5  CSSCC and its authorized local securities and futures
supervisory and control departments(hereinafter referred to as local
securities control offices(securities commissions) shall be responsible
for the supervision and control of securities and futures investment
consultancy business and be responsible for the implementation of these
Measures.
Chapter II  Securities and Futures Investment Consultancy Agencies

    Article 6  The following qualifications shall be met for application for
the operational qualifications of an agency for securities and futures
investment consultancy:

    (1)for an agency engaging in either securities or futures investment
consultancy business respectively, there are over five full-time persons with
employment qualifications for securities and futures investment consultancy;
for an agency engaging in securities and futures investment consultancy
business simultaneously, there are over ten full-time persons with employment
qualifications for securities and futures investment consultancy; among
its high-ranking managerial personnel, there must be at least one person with
employment qualifications for securities or futures investment consultancy;

    (2)has a registered capital of over RMB one million Yuan;

    (3)has a fixed business site and telecommunications and other information
transmission facilities commesurate with the business;

    (4)has a company constitution;

    (5)has sound internal management rules; and

    (6)has other qualifications required by CSSCC.

    Article 7  Securities operations agencies and futures brokerage firms
should conform to the qualifications provided for in Article 6 of these
Measures before they may apply for engagement in securities and futures
investment consultancy business beyond the respective scope of those agencies.

    Other agencies engaging in consultancy businesses that conform to the
qualifications provided for in Article 6 of these Measures may apply for
concurrent operations of securities and futures investment consultancy
business.

    Article 8  An agency applying for operational qualifications for
securities and futures investment consultancy shall follow the following
procedures of examination and approval:

    (1)An applicant shall file an application at the local securities control
office(securities commission) of the locality authorized by CSSCC(where the
local securities control office(securities commission) is not authorized by
CSSCC, an applicant shall apply directly to CSSCC, same hereinafter), the
local securities control office(securities commission) puts forth preliminary
remarks on the examination upon agreement after examination and verification;

    (2)the local securities control office(securities commission) shall
submit the application papers agreed upon to CSSCC, and CSSCC shall issue a
business permit to the applicant upon examination and approval and despatch
a copy of the approval document to the local securities control office
(securities commission); and

    (3)CSSCC shall release to society the information on the applicants who
have obtained the business permits in the form of announcements.

    Article 9  An agency applying for operational qualifications for
securities and futures investment consultancy should present the following
documents:

    (1)an application form uniformly printed by CSSCC;

    (2)articles of associaation of the company;

    (3)business license of the legal entity;

    (4)list of high-ranking managerial personnel and professional staff
engaging in securities and futures investment consultancy of the agency and
their educational background, work experiences and certificates of employment
qualifications;

    (5)the mode of investment  consultancy business and rules and regulations
for internal management;

    (6)certificate for the business site, address for correspondence,
telephone number(s) and fax number(s) of the agnecy;

    (7)a capital certification report provided by a certified accountant; and

    (8)other documents the presentation of which is required by CSSCC.

    Article 10  A report on the changes shall be submitted to the local
securities control office(securities commission) within five working days
starting from the date of occurence of the changes when changes occur in the
business mode, business site, main person-in-charge and professional staff
with employment qualifications for securities and futures investment
consultancy and go through the formalities for the changes.

    Article 11  Securities and futures investment consultancy agencies should
apply to local securities control offices(securities commissions) for annual
inspection between January 1 and April 30 every year. The following documents
should be presented in going through the annual inspection:

    (1)an application report for annual inspection;

    (2)Annual business report; and

    (3)financial accounting statements audited by a certified accountant.

    Local securities control offices(securities commissions) should, within
20 working days starting from the date of receipt of the documents listed in
the preceding paragraph, put forth remarks of examination and verification
on the annual inspection applications; those agreed to upon examination and
verification shall be submitted to CSSCC for examination and approval.

    A securities and futures investment consultancy agency that fails to
present the annual inspection report on expiry of the specified time period
or fails to pass the annual inspection upon examination and verification
must not continue to engage in securities and futures investment consultancy
business.
Chapter III  Securities and Futures Investment Consultants

    Article 12  A person who engages in securities and futures investment
consultancy business must obtain the employment qualifications for securities
and futures investment consultancy and join an agency with operational
qualifications for securities and futures investment consultancy before he/she
may engage in securities and futures investment consultancy.

    Any person who has no emplyment qualifications for securities and
futures investment consultancy or who has the employment qualifications for
securities and futures investment consultancy however has not worked in a
securities and futures investment consultancy agency must not engage in
securities and futures investment consultancy business.

    Article 13  A securities and futures investment consultant who applies
to obtain employment qualifications for securities and futures investment
consultancy must have the following qualifications:

    (1)has the nationality of the People’s Republic of China;

    (2)has full ability for civil acts;

    (3)with moral integrity, honesty and has good professional ethics;

    (4)has not been subjected to criminal peanlty or severe administrative
sanctions relating to securities and futures business;

    (5)has an educational background of regular college course and above;

    (6)has more than two years of experience in securities business in the
case of a securities investment consultant, and has more than two years of
experience in futures business in the case of a futures investment consultant;

    (7)has passed the qualification examination for securities and futures
employees uniformly organized by CSSCC; and

    (8)other qualaifications prescribed by CSSCC.

    Article 14  A securities and futures investment consultant who applies
to obtain the employment qualifications for securities and futures investment
consultancy shall follow the following procedures for examination and
approval:

    (1)An applicant shall file an application at the local securities control
office(securities commission) of the locality authorized by CSSCC(where the
local securities control office(securities commission) is not authorized by
CSSCC, the applicant shall apply to CSSCC direct, same hereinafter), the
local securities control office(securities commission) shall put forth
remarks on the preliminary examination upon agreement after examination and
verification; and

    (2)the application papers agreed to upon examaination and verification by
the local securities control office(securities commisssion) shall be submitted
to CSSCC, CSSCC shall issue a certificate of qualification to the applicant
upon examination and approval and despatch a copy of the approval document to
the local securities control office(securities commission).

    Article 15  A securities and futures investment consultant who applies to
obtain employment qualifications for securities and futures investment
consultancy should present the following documents:

    (1)an application form uniformly printed by CSSCC;

    (2)the identity card;

    (3)the diploma(s);

    (4)report card of the qualification examaination for securities and
futures emplyees;

    (5)materials explaining past behavior issued by the employer unit or
the subdistrict office of the place of domicile; and

    (6)other materials required to be submitted by CSSCC.

    Article 16  When a securities and futures investment consultant who has
obtained the employment qualifications applies for business operations,
the securities and futures investment consultancy agency he/she joins
shall file an application at the local securities control office(securities
commission) of the locality wherein the agency is located, the application
shall be submitted to CSSCC for examination and approval upon consent of the local securities control office(securities commission)
after examination
and verification; whoever is approved for business operations shall be
issued a business license by CSSCC.

    Article 17  A securities and futures investment consultant with the
acquisition of the employment qualifications should go through annual
inspection for business operations simultaneously at the time of annual
inspection of the securities and futures investment consultancy agency he/she
has joined. A securities and futures investment consultant with the
acquisition of the employment qualifications who however has no business
operations in a securities and futures investment consultancy agency,
his/her employment qualifications will automatically become invalid at
the expiration of 18 months from the date of the acquisition.

    Article 18  No securities and futures investment consultant shall
concurrently engage in business operations in two or more than two securities
and futures investment consultancy agencies.
Chapter IV  Securities and Futures Investment Consultancy Business
Administration

    Article 19  A securities and futures investment consultancy agency and
its investment consultants should provide securities and futures investment
consultancy services for investors or clients with the acknowledged attitude
of the trade: discretion, honesty, diligence and fulfilment of responsibility.

    Articlw 20  A securities and futures investment consultancy agency and
its investment consultants should use the relevant information and materials
completely, objectively and accurately to provide investment analyses,
forecasts and proposals to investors or clients, and must not quote or
alter relevant information and materials out of context; sources and
copyright owners shall be annotated in quoting relevant information and
materials.

    Article 21  A securities and futures investment consultancy agency and
its investment consultants must not provide investment analyses, forecasts
or proposals to investors or clients on the basis of false information,
market rumors or inside information.

    Article 22  When publishing articles, reports or views on investment
consultancy in newspapers, periodicals, radio stations, television stations
or other media, a securities and futures investment consultant must annotate
the name of the securities and futures investment consultancy agency in which
he/she is employed and the true name of the individual and make full
explanation on investment risks. A securities and futures investment
consultancy agency must annotate the name and address of the agency, the
telephone number(s) for contact and the name(s) of the contact in providing
securities and futures investment consultancy faxes to investors or clients.

    Article 23  A securities and futures investment consultancy agency
should apply to the local securities control office(securities commission)
for the record in co-sponsorship or assisting in sponsorship of a page or
a program on securities and futures investment consultancy with newspapers,
periodicals, radio stations and television stations or in business cooperation
with departments of telecommunications services. Materials for the record
include contents of cooperation, time of beginning and termination,
layout of a printed sheet or time band of the program, the person-in-charge of the project, etc, and affix the seals of the units
of the two sides.

    Article 24  No securities and futures investment consultancy agency and
its investment consultants shall engage in the following activities:

    (1)engaging in securities and futures buying and selling as an agent of investors;

    (2)making commitments on returns on securities and futures investment to
investors;

    (3)agreement with investors on the sharing of returns or losses of the
investment;

    (4)buying and selling of stocks for himself/herself and securities with
the nature and function of stocks and futures;

    (5)manipulating the market or engaging in inside trading by exploiting
the consultancy services in collaboration with others; and

    (6)other fraudulent acts in securities and futures prohibited by
laws, rules and regulations.

    Article 25  The investment analyses, forecasts or proposals on the same
question provided to different clients by a securities and futures investment
consultancy should be consistent.

    A securities operations agency with self-managed businesses should be
consistent in providing consultancy suggestions on the same question to the
public of society and its self-managed department and must not mislead
the public of society out of requirements for profit-gaining of its self-
managed businesses in engaging in securities investment consultancy
business beyond the scope of the agency.

    Article 26  Securities and futures information briefs, newsflash and
trends compiled and issued by a securities operations agency or futures
brokerage firm for the internal use of the agency and the information systems
shall be restricted to use within the agency only and must not be provided
to the public of society through any channel.

    The underwriter or the person who recommends the listing and their
subordinate securities investment consultancy agencies of the company whose
public issuance of shares approved by CSSCC must not publish in mass media
its report on the analysis of investment value written for clients.

    Article 27  CSSCC and local securities control offices(securities
commissions) have the power to conduct inspection over the business activities
of securities and futures investment concultancy agencies and investment
consultants, the securities and futures investment consultancy agencies and
their investment consultants to be inspected should cooperate and not
interfere and obstruct.

    CSSCC and local securities control offices(securities commissions) and
their functionaries should pay attention to the protection of the business
secrets involved in the process of business inspection.

    Article 28  Securities and futures investment consultancy agencies
should put the investment consultancy materials they provide to investors
or public of society in safekeeping for two years starting from the date
of provision.

    Article 29  Local securities control offices(securities commissions)
shall, on the basis of the complaints or reports of investors or public of society, have the power to demand the securities and futures
investment
consultancy agencies and their investment consultants to explain the
situation and provide relevant materials.

    Article 30  Any unit or individual that uncovers the acts of securities
and futures investment consultancy agencies, investment consultants or other
agencies and individuals in violation of the provisions of these Measures
may lodge a complaint or make a report to local securities control offices
(securities commissions).

    Article 31  Local securities control offices(securities commissions)
should establish a case and investigate the acts in violation of the
provisions of these Measures and submit a report on the results of investigation to CSSCC for the record.
Chapter V  Penalty Provisions

    Article 32  Whoever engages in the securities and futures investment
consultancy business provided for in Article 2 of these Measures on one’s
own without the permission of CSSCC shall be ordered to suspend the business
by the local securities control office(securities commission), and
confisticated of the illegal gains and imposed a fine of the amount less
than the equivalent value of the illegal gains.

    Article 33  Any securities and futures investment consultancy agency
that commits any of the following acts shall be imposed a fine of more than
RMB 10,000 Yuan less than RMB 50,000 Yuan by the the local securities control
office(securities commission); where the circumstances are serious, the
local securities control office(securities commission) should submit a
report to CSSCC, and CSSCC shall impose a penalty of suspension or revocation
of its business qualifications:

    (1)there are false statements or major omissions in the documents and
materials submitted to CSSCC;

    (2)failure to fulfil the obligations of reporting and annual inspection
in accordance with the provisions of these Measures;

    (3)failure to go through the formalities for the changes in the relevant
information of the agency which have taken place in accordance with the
provisions of these Measures;

    (4)securities and futures investment consultants of the agency having
been subjected to administrative sanctions by the securities supervisory
and control department for violation of the provisions of these Measures; and

    (5)interfering with or obstructing the inspection and investigation of the local securities control office(securities
commission) or concealing and
destroying evidences.

    Article 34  Any securities and futures investment consultancy agency that
violates the provisions of Articles 18, 19, 20, 21, 22, 23, 24, 25 and 28
shall be penalized on one count or be concurrently administered a warning,
confisticated of the illegal gains and imposed a fine of more than RMB
10,000 Yuan less than RMB 100,000 Yuan; where the circumstances are serious,
the local securities control office(securities commission) should submit a
report to CSSCC and CSSCC shall impose a penalty of suspension or
nullification of the business qualification; where a crime has been
constituted, criminal liability shall be investigated according to law.

    Article 35  Any securities operations agency or futures brokerage firm
that violates the provisions of Article 26 of these Measures shall be ordered
by the local securities control office(securities commission) to make a
rectification and concurrently administered a warning or imposed a fine of
more than RMB 10,000 Yuan less than RMB 50,000 Yuan.

    Article 36  Any securities and futures investment consultant that
violates the provisions of Articles 18, 19, 20, 21, 22 and 24 of these
Measures or fails to fulfil the obligations of reporting to and annual
inspection by the competent securities department in pursuance of the
provisions of these Measures shall be penalized on one count or concurrently
administered a warning, confisticated of the illegal gains and imposed a
fine of more than RMB 10,000 Yuan less than RMB 30,000 Yuan; where the
circumstances are serious, the local securities control office(securities
commission) shall submit a report to CSSCC which shall impose a penalty of suspension or nullification of its business qualification;
where a crime
has been constituted, criminal liability shall be investigated according to
law.

    Article 37  Any functionary of CSSCC or local securities control offices
(securities commissions) that neglects the duty, abuses power, indulges in
self-seeking misconduct constituting a crime shall be investigated of the
criminal liability; where a crime has not been constituted, administrative
sanctions shall be imposed according to law.
Chapter VI  Supplementary Provision

    Article 38  These Measures shall enter into force as of April 1, 1998.





INTERIM PROVISIONS ON BOARDS OF SUPERVISORS IN SOLELY STATE-OWNED COMMERCIAL BANKS

Category  BANKING Organ of Promulgation  The State Council Status of Effect  Invalidated
Date of Promulgation  1997-11-12 Effective Date  1997-11-12 Date of Invalidation  2000-03-15


Interim Provisions on Boards of Supervisors in Solely State-owned Commercial Banks



(Approved by the State Council on October 20, 1997 and promulgated

by Decree No. 3 of the People’s Bank of China on November 12, 1997) (Editor’s
Note: These Regulations have been annulled by the Board of Supervisors of Key State-Owned Financial Institutions> promulgated  
on March 15, 2000)

    Article 1  These Provisions are formulated in accordance with the
Commercial Bank Law of the People’s Republic of China and the Regulations on
Supervision and Management of State-owned Enterprises Property and for the
purpose of deepening the reform of the banking system, establishing boards of
supervisors in solely state-owned commercial banks and perfecting the
supervision mechanism in solely state-owned commercial banks.

    Article 2  A board of supervisors in any solely state-owned commercial
bank (hereinafter referred to as “a board of supervisors”) is an organization
that, stationed by the People’s Bank of China in a solely state-owned
commercial bank under the authorization of the State Council, exercises
supervision over the assets quality and conditions of preservation and
appreciation of the value of state-owned assets in the solely state-owned
commercial bank.

    Article 3  The main responsibilities of a board of supervisors are as
follows:

    (1) examining the financial statements of the solely state-owned
commercial bank and supervising and evaluating the quality of credit assets,
ratio management between assets and debts and the conditions of preservation
and appreciation of the value of state-owned assets in the solely state-owned
commercial bank;

    (2) carrying out supervision and evaluation of the business performance of
the chairman or president of the solely state-owned commercial bank and
proposing for his or her appointment and relief of the post, rewards and
penalties;

    (3) carrying out supervision over acts of the chairman or president who
performs the functions of the solely state-owned commercial bank and, may
require him or her to make corrections if he or she commits acts violating
laws, administrative regulations or rules of the bank; and

    (4) when necessary, proposing a meeting of the board of directors or of
high-ranking managerial staff of the solely state-owned commercial bank to
discuss major problems in operations and management.

    Article 4  A board of supervisors shall be responsible to the People’s
Bank of China and report on its work to the People’s Bank of China at regular
intervals.

    The People’s Bank of China should report on the work of boards
of supervisors to the State Council at regular intervals.

    Article 5  A board of supervisors shall be composed of the following
members:

    (1) one representative from the People’s Bank of China;

    (2) one representative each from the Ministry of Finance, the State
Economic and Trade Commission, the National Audit Administration and the
State Administration of State Assets;

    (3) one or two representatives from staff members of the solely
state-owned commercial bank; and

    (4) one or two experts in economics or law.

    Article 6  Any supervisor of a solely state-owned commercial bank should
fulfil the following requirements:

    (1) impartial and honest, faithful in the discharge of his duties and free
of violation of laws or discipline on record;

    (2) having an educational background of a graduate from economic or law
faculty of a university or above and engaged in economic or legal work for
more than 10 years;

    (3) having an excellent understanding of macro-policies, comprehensive
mastery of knowledge in the field of banking, financial accounting and law and
rich experiences in theory and practice of economic management; and

    (4) other requirements stipulated by the People’s Bank of China.

    Article 7  Representatives from the different departments in a board of
supervisors shall be nominated by these departments and appointed by the
People’s Bank of China upon verification of their qualifications.

    Representatives from staff members of a solely state-owned commercial bank
in its board of supervisors shall be elected democratically by staff members
of the bank and appointed by the People’s Bank of China upon verification of
their qualifications.

    Experts in economics or law in a board of supervisors shall be recommended
by the relevant departments and units and appointed by the People’s Bank of
China upon verification of their qualifications.

    The People’s Bank of China shall submit the list of members of the board
of supervisors to the State Council for the record.

    Article 8  The chairman of a board of supervisors shall be nominated from
among the supervisors by the People’s Bank of China and submitted to the State
Council for the appointment.

    Article 9  The chairman of a board of supervisors holds a full-time
position and other supervisors on the board hold part-time positions.

    Article 10  The high-ranking managerial staff and the person in charge of
financial affairs in a solely state-owned commercial bank shall not
concurrently serve as supervisors of their own bank.

    Article 11  The term of office of a supervisor shall be three years. A
supervisor may, if approved through verification by the People’s Bank of China
upon the expiration of the term of office, serve consecutive terms but shall
serve no more than two consecutive terms.

    Article 12  If the chairman of a board of supervisors no longer meets the
requirements for the position before the expiration of the term of office, the
People’s Bank of China shall report to the State Council for relief of the
post.

    If any other supervisor on a board of supervisors no longer meets the
requirements for the position before the expiration of the term of office, the
People’s Bank of China shall remove him or her from office upon verification
and report to the State Council for the record.

    Article 13  The meeting of a board of supervisors shall be convened once
a quarter. Upon proposal made by the chairman of the board of supervisors or
one-third or more of supervisors, an interim meeting may be convened.

    Article 14  The meeting of a board of supervisors can be held only if
two-thirds or more of the supervisors are present.

    Any resolution of a board of supervisors becomes effective with the
consent of more than half of all the supervisors.

    Article 15  The chairman of a board of supervisors may attend major
working meetings convened by the People’s Bank of China.

    Article 16  Members of a board of supervisors have the following rights
for the performance of functions and responsibilities:

    (1) attending major working meetings and business meetings convened by
the solely state-owned commercial bank, and understanding and mastering in
time related economic and financial policies;

    (2) consulting financial accounts and related information of the solely
state-owned commercial bank;

    (3) addressing inquiries to high-ranking managerial staff and relevant
professionals of the solely state-owned commercial bank; and

    (4) putting forth proposals for the operations and management of the
solely state-owned commercial bank.

    Article 17  Members of a board of supervisors shall not reveal business
secrets of the solely state-owned commercial bank.

    Article 18  Neither a board of supervisors nor its supervisors have the
right to interfere with autonomous management of the solely state-owned
commercial bank.

    Article 19  With the exception of the representative(s) appointed as a
supervisor(s) from among staff members of a solely state-owned commercial
bank, no other member of the board of supervisors shall accept remuneration
of the solely state-owned commercial bank.

    Article 20  The People’s Bank of China shall bear the expenses necessary
for the performance of functions and responsibilities of a board of
supervisors.

    Article 21  Matters related to a board of supervisors not stipulated in
these Provisions shall be handled in accordance with the relevant provisions
of the Regulations on Supervision and Management of State-owned Enterprises
Property.

    Article 22  The People’s Bank of China shall be responsible for
organizing the implementation of these Provisions.

    Article 23  These Provisions shall enter into force as of the date of
promulgation.





DECISION OF THE STANDING COMMITTEE OF THE NATIONAL PEOPLE’S CONGRESS REGARDING THE TREATMENT OF THE EXISTING HONG KONG LAWS ACCORDING TO ARTICLE 160 OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION BASIC LAW

Category  SPECIAL ADMINISTRATIVE REGION Organ of Promulgation  The Standing Committee of the National People’s Congress Status of Effect  In Force
Date of Promulgation  1997-02-23 Effective Date  1997-02-23  


Decision of the Standing Committee of the National People’s Congress Regarding the Treatment of the Existing Hong Kong Laws According
to Article 160 of the Basic Law of the Hong Kong Special Administrative Region of the People’s Republic of China



(Adopted at the 24th Meeting of the Standing Committee of the Eighth

National People’s Congress on February 23, 1997)

    The Basic Law of the Hong Kong Special Administrative Region of the
People’s Republic of China (hereinafter referred to as the Basic Law)
provides in its Article 160: “Upon the establishment of the Hong Kong Special
Administrative Region, the laws previously in force in Hong Kong shall be
adopted as laws of the Region except for those which the Standing Committee
of the National People’s Congress declares to be in contravention of this
Law. If any laws are later discovered to be in contravention of this Law, they
shall be amended or cease to have force in accordance with the procedure as
prescribed by this Law.” Article 8 of the same Law provides: “The laws
previously in force in Hong Kong, that is, the common law, rules of equity,
ordinances, subordinate legislation and customary law shall be maintained,
except for any that contravene this Law, and subject to any amendment by the
legislature of the Hong Kong Special Administrative Region.” According to the
aforesaid provisions, and having deliberated the suggestions by the
Preparatory Committee for the Hong Kong Special Administrative Region
regarding the treatment of the laws previously in force in Hong Kong, the
24th Meeting of the Eighth National People’s Congress hereby makes the
following decisions:

    1. The laws previously in force in Hong Kong, including the common law,
rules of equity, ordinances, subordinate legislation and customary law, shall
be adopted as laws of the Hong Kong Special Administrative Region, except for
those contravening the Basic Law.

    2. The ordinances and subordinate legislation previously in force in Hong
Kong, which are listed in Appendix I of this Decision, shall not be adopted
as laws of the Hong Kong Special Administrative Region for their contravening
the Basic Law.

    3. Some provisions of certain ordinances and subordinate legislation
previously in force in Hong Kong, which are listed in Appendix II of this
Decision, shall not be adopted as laws of the Hong Kong Special
Administrative Region for their contravening the Basic Law.

    4. The laws previously in force in Hong Kong which have been adopted as
laws of the Hong Kong Special Administrative Region shall, starting July 1,
1997, make necessary modification, adaptation, restriction or exception in
applying, so as to tally with the relevant provisions of the Basic Law and
the status of Hong Kong after the resumption of the exercise by the People’s
Republic of China of the sovereignty over Hong Kong. For instance, the
application of the New Territories Land (Exemption) Ordinance shall conform
to the above-mentioned principles.

    In addition to the aforesaid principles, among the ordinances and
subordinate legislation previously in force,

    (1) If any laws concerning foreign affairs related with the Hong Kong
Special Administrative Region are inconsistent with any national law in force
in Hong Kong, the latter shall prevail, with conformation with the
international rights and obligations which the Central People’s Government
enjoys or bears.

    (2) Any provisions granting privileges to Britain or other nations or
regions of the British Commonwealth shall not be maintained, except for those
reciprocity provisions between Hong Kong and Britain or other nations or
regions of the British Commonwealth.

    (3) As for provisions concerning the rights, immunity and duties of
military forces stationed to Hong Kong by Britain, those not contravening the
Basic Law and the Garrison Law of the Hong Kong Special Administrative Region
of the People’s Republic of China shall be maintained and apply to the
military forces stationed to Hong Kong by the Central People’s Government of
the People’s Republic of China.

    (4) Provisions concerning English language’s higher authenticity than
Chinese language shall be interpreted as both of them are formal languages.

    (5) Provisions containing citations of British laws may continue to be
referred to and apply during the transition process before any amendment has
been made to them, provided that they do not impair the sovereignty of the
People’s Republic of China or contravene the Basic Law.

    5. Unless the context otherwise requires, the laws previously in force in
Hong Kong adopted as laws of the Hong Kong Special Administrative Region
under Article 4 of this Decision shall have their post_titles or expressions
interpreted and applied in accordance with the substitution principles
provided for in Appendix III.

    6. Any laws previously in force in Hong Kong adopted as laws of the
Hong Kong Special Administrative Region may be amended or invalidated in
accordance with the procedures stipulated by the Basic Law, if, in the
future, they are discovered to contravene the Basic Law.

    Appendix I

    The following ordinances and subordinate legislation among the laws
previously in force in Hong Kong shall not be adopted as laws of the Hong
Kong Special Administrative Region because of their contravening the Basic
Law:

    1. Trustees (Hong Kong Government Securities) Ordinance (Chapter 77,
Laws of Hong Kong);

    2. Application of English Law Ordinance (Chapter 88, Laws of Hong Kong);

    3. Foreign Marriage Ordinance (Chapter 180, Laws of Hong Kong);

    4. Chinese Extradition Ordinance (Chapter 235, Laws of Hong Kong);

    5. Colony Armorial Bearings (Protection) Ordinance (Chapter 315, Laws of
Hong Kong);

    6. Secretary of State for Defence (Succession to Property) Ordinance
(Chapter 193, Laws of Hong Kong);

    7. Royal Hong Kong Regiment Ordinance (Chapter 199, Laws of Hong Kong);

    8. Compulsory Service Ordinance (Chapter 246, Laws of Hong Kong);

    9. Army and Royal Air Force Legal Services Ordinance (Chapter 286, Laws
of Hong Kong);

    10. British Nationality (Miscellaneous Provisions) Ordinance
(Chapter 186, Laws of Hong Kong);

    11. British Nationality Act 1981 (Consequential Amendments) Ordinance
(Chapter 373, Laws of Hong Kong);

    12. Electoral Provisions Ordinance (Chapter 367, Laws of Hong Kong);

    13. Legislative Council (Electoral Provisions) Ordinance (Chapter 381,
Laws of Hong Kong); and

    14. Boundary and Election Commission Ordinance (Chapter 432, Laws of
Hong Kong).

    Appendix II

    Certain provisions of the following ordinances and subordinate
legislation among the laws previously in force in Hong Kong shall not be
adopted as laws of the Hong Kong Special Administrative Region because of
their contravening the Basic Law:

    1. The definition of “permanent residents of Hong Kong” in Section 2, and
the provisions of “permanent residents of Hong Kong” in Appendix 1,
Immigration Ordinance (Chapter 115, Laws of Hong Kong);

    2. Any provisions for the implementation in Hong Kong of the British
Nationality Act;

    3. Provisions concerning election in Urban Council Ordinance
(Chapter 101, Laws of Hong Kong);

    4. Provisions concerning election in Regional Council Ordinance
(Chapter 385, Laws of Hong Kong);

    5. Provisions concerning election in District Boards Ordinance
(Chapter 366, Laws of Hong Kong);

    6. Subordinate legislation A, Urban Council, Regional Council and Board
Election Expenses Order and subordinate legislation C, Resolution of the
Legislative Council, of Corrupt and Illegal Practices Ordinance (Chapter 288,
Laws of Hong Kong);

    7. Provisions concerning the interpretation and the purpose of the
Ordinance in Section 2(3), provisions concerning the “affection to previous
law” in Section 3 and provisions concerning the “interpretation of laws in
the future” in Section 4, of Hong Kong Bill of Rights Ordinance (Chapter 383,
Laws of Hong Kong);

    8. Provisions concerning the Ordinance’s overriding position in
Section 3(2), of Personal Data (Privacy) Ordinance (Chapter 486, Laws of Hong
Kong);

    9. Major amendments, having been made since July 17, 1992, to the
Societies Ordinance (Chapter 151, Laws of Hong Kong); and

    10. Major amendments, having been made since July 27, 1995, to the Public
Order Ordinance (Chapter 245, Laws of Hong Kong).

    Appendix III:

    The laws previously in force in Hong Kong adopted as laws of the Hong
Kong Special Administrative Region shall generally have their post_titles and
expressions interpreted and applied in accordance with the following
substitution principles:

    1. Any reference of “the Queen”, “royal”, “the British Government”,
“Secretary of State” or other similar post_titles or expressions shall be regarded
as referring to the central or other competent authorities of China, if the
provisions are concerning the Hong Kong land use right or involving the
affairs under the central administration or the relationship between the Hong
Kong Special Administrative Region and the central authorities prescribed by
the Basic Law; in other context, they shall be regarded as referring to
the government of the Hong Kong Special Administrative Region.

    2. Any reference of “the Queen in Privy Council” or the “Privy Council”
shall be regarded as referring to the Court of Final Appeal of the Hong Kong
Special Administrative Region, if the provisions are concerning the right of
appeal; in other context, it shall be treated in accordance with the
provisions of the preceding paragraph.

    3. Any government organizations or semi-governmental organizations which
have their name preceded by “royal” shall delete the word “royal” and
regarded as organizations of the Hong Kong Special Administrative Region.

    4. Any reference of “this colony” shall be regarded as referring to the
Hong Kong Special Administrative Region; any provisions concerning the
territories of Hong Kong shall be applied after relevant interpretations have
been made in accordance with the map of the administrative division of the
Hong Kong Special Administrative Region published by the State Council.

    5. Any reference of “Supreme Court” and “High Court” shall be regarded as
respectively referring to the High Court and the Court of First Instance of
the High Court.

    6. Any reference of “Governor”, “Governor in Executive Council”, “Chief
Secretary”, “Attorney General”, “Chief Justice”, “Secretary for Home Affairs”,
“Secretary for Constitutional Affairs”, “Commissioner of Customs and Excise”
or “Judges” shall be regarded as respectively referring to the Chief Executive
of the Hong Kong Special Administrative Region, Chief Executive in the
Executive Council, Administrative secretary, Secretary of Justice, Chief
Justice of the Court of Final Appeal or Chief Judge of the High Court,
Secretary for Home Affairs, Secretary for Electoral Affairs, Commissioner of
Customs and Excise and Judges of the High Court.

    7. Any post_titles or expressions in the Chinese texts of laws previously in
force in Hong Kong, of or regarding the Legislative Council, the judiciary or
the executive authorities or the personnel thereof shall be interpreted and
applied in accordance with relevant provisions of the Basic Law.

    8. Any reference of “the People’s Republic of China”, “China” or other
similar post_titles or expressions shall be regarded as referring to the People’s
Republic of China including Taiwan, Hong Kong and Macao; any individual or
simultaneous reference of the mainland, Taiwan, Hong Kong or Macao shall be
regarded as referring to a part of the People’s Republic of China.

    9. Any reference of “foreign countries” or other similar post_titles or
expressions shall be regarded as referring to any country or region other
than the People’s Republic of China or, in accordance with the context of the
law or articles or sections, regarded as referring to “any area outside the
Hong Kong Special Administrative Region”; any reference of “foreigners” or
other similar post_titles or expressions shall be regarded as referring to any
persons other than citizens of the People’s Republic of China.

    10. Any provisions as “the stipulations of this ordinance shall not
prejudice nor may be regarded as prejudice to the rights of the Queen, her
crown prince or successor to the throne” shall be interpreted as “the
stipulations of this ordinance shall not prejudice nor may be regarded as
prejudice to the rights enjoyed by the Central Government or the government
of the Hong Kong Special Administrative Region according to the provisions of
the Basic Law and other laws.





CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION ON APPLICABLE RATE OF INCOME TAX FOR THE BRANCHES OF THE ENTERPRISES WITH FOREIGN INVESTMENT

The State Administration of Taxation

Circular of the State Administration of Taxation on Applicable Rate of Income Tax for the Branches of the Enterprises with Foreign
Investment

GuoShuiFa [1997] No.49

April 9, 1997

The state and local tax bureaus of various provinces, autonomous regions, municipalities directly under the Central Government and
municipalities separately listed on the State plan:

Recently, the issues on how to determine the applicable income tax rate for the branches established in the area within the territory
of our country where different rates of income tax exist by the enterprises with foreign investment under the Income Tax Law of the
People’s Republic of China on the Enterprises with Foreign Investment and Foreign Enterprises (hereinafter referred to as Tax Law)
have been enquired for many times by the local taxation institutions. In accordance with Article 5 and Article 7 of Law of Income
Tax and Article 71 of Rules for the Implementation of it, the above issues should be handled depending on the following situations:

I.

The branches established in our country by the enterprises with foreign investment and undertaking the production, commodity trade
and services are applied to the income tax rate of the local enterprises with the same trade. The headquarters of the foreign-funded
enterprises should pay the income tax of the branches on a consolidated basis.

II.

The profits of products by the enterprises with foreign investment which produce and sell the products in our country by their own
is applied to the income tax rate of the local enterprises in the area where the products are produced, no matter whether the enterprises
sell the products through the sales agent or not and no matter how the sales organizations square the account. The income tax should
be calculated and paid on a consolidated basis by their headquarters.

III.

The previous settlements opposite to this Circular can be adjusted according to the relevant provisions of this Circular from 1996.



 
The State Administration of Taxation
1997-04-09

 






INTERIM MEASURES ON THE ESTABLISHMENT OF CHINESE-FOREIGN EQUITY JOINT RESEARCH AND DEVELOPMENT INSTITUTIONS AND CHINESE-FOREIGN CONTRACTUAL JOINT RESEARCH AND DEVELOPMENT INSTITUTIONS

The State Science and Technology Commission

Interim Measures on the Establishment of Chinese-foreign Equity Joint Research and Development Institutions and Chinese-foreign Contractual
Joint Research and Development Institutions

the State Science and Technology Commission

September 10,1997

Chapter I General Provisions

Article 1

These Measures are formulated in accordance with the provisions of Article 36 of the Law of the People’s Republic of China on Progress
of Science and Technology for the purposes of safeguarding the lawful rights and interests of Chinese-foreign (overseas) equity joint
research and development institutions and Chinese-foreign (overseas )contractual joint research and development institutions (hereinafter
referred to as “Chinese-foreign equity and Chinese-foreign contractual joint research and development institutions”), enhancing basic
research, applied research and experimental developments, and fostering international scientific and technological cooperation and
exchange.

Article 2

These Measures are applicable to Chinese-foreign equity and Chinese-foreign contractual joint research and development institutions
established by foreign and overseas organizations or individuals (hereinafter referred to as “the foreign party”) with Chinese scientific
research institutes and research and development institutions of higher education institutions (hereinafter referred to as “the Chinese
party”) within the territory of the People’s Republic of China.

Article 3

A Chinese-foreign equity joint research development institution refers to a research and development institution which is jointly
established by a Chinese party and a foreign party on the basis of a joint venture agreement where both parties invest capital, equipment
and scientific and technological resources. The investment amount of the foreign party in a Chinese-foreign equity joint research
and development institution must account for no less than 25 per cent of the total investment amount. A Chinese-foreign equity joint
research and development institution shall have the qualification of an institution legal person.

Article 4

A Chinese-foreign contractual joint research and development institution refers to a research and development institution which is
established in cooperation by a Chinese party and a foreign party on the basis of a contract. A Chinese-foreign contractual joint
research and development institution shall not have the qualification of a legal person.

Article 5

The establishment of a Chinese-foreign equity or Chinese-foreign contractual joint research and development institution shall abide
by the laws, regulations and policies of the People’s Republic of China and implement the principles of equity and mutual benefit,
honesty and trustworthiness, sharing of achievements, joint assumption of risk, protection of intellectual property and respect for
international practices.

Article 6

Chinese-foreign equity and Chinese-foreign contractual joint research and development institutions shall, in the fields of natural
science and its interrelated scientific and technological fields, engage in basic research, applied research, high scientific and
technological research, social public welfare-related scientific research, and in technological developments and experimental developments
within the above mentioned fields.

Where a Chinese-foreign equity or Chinese-foreign contractual joint research and development institution is to engage in production
or business operations, it must obtain approval from its competent department in advance, then separately undertake enterprise legal
person registration with the local administrative department for industry and commerce and apply for the relevant business license.

Article 7

To establish a Chinese-foreign equity or Chinese-foreign contractual joint research and development institution, the foreign party
to the equity or cooperation shall supply advanced scientific and technological achievements, information materials and testing equipment
or send highly skilled scientific and technological personnel to participate in the joint research and development work.

Article 8

The State Science and Technology Commission shall be responsible for macro-administration, coordination and guidance in respect of
Chinese-foreign equity and Chinese-foreign contractual joint research and development institutions throughout the country. The various
departments and directly affiliated organizations of the State Council shall centrally administer Chinese-foreign equity and Chinese-foreign
contractual joint research and development institutions within their respective departments. The science and technology commissions
of the provinces, autonomous regions, municipalities directly under the Central Government and municipalities separately listed in
the State plan shall centrally administer Chinese-foreign equity and Chinese-foreign contractual join research and development institutions
within their respective administrative areas.

Chapter II Establishment, Alteration and Termination

Article 9

The establishment of a Chinese-foreign equity or Chinese-foreign contractual joint research and development institution must meet
the following requirements:

(1)

complying with the overall arrangements of the State’s allocation of scientific and technological resources;

(2)

its research and development shall be in a direction which complies with technology and industry policies of the State;

(3)

possessing articles of association complying with China’s laws, regulations and policies;

(4)

possessing necessary scientific research funds, testing equipment, intelligence information and other scientific research requirements;

(5)

possessing a certain number of scientific research personnel;

(6)

possessing fixed premises and organizational structure;

(7)

other requirements stipulated by the competent department.

Article 10

The establishment of a Chinese-foreign equity or Chinese-foreign contractual joint research and development institution shall be examined
and approved according to the following jurisdictions:

(1)

When a research and development institution under the jurisdiction of a department or a directly subordinate institution of the State
Council applies to establish a Chinese-foreign equity joint research and development institution, the matter shall be approved by
the competent department, and reported to the State Science and Technology Commission for examination and verification, and then
examined and approved by the Office of the State Commission for Public Service Structure and Establishment Administration.

(2)

When a research and development institution under the jurisdiction of a province, autonomous region, municipality directly under the
Central Government or municipality separately listed in the State plan applies to establish a Chinese-foreign equity joint research
and development institution, the matter shall be approved by the local competent department, and reported to the science and technology
commission of the province, autonomous region, municipality directly under the Central Government or municipality separately listed
in the State plan for examination and verification, and then examined and approved by the local departments for public service structure
and establishment administration.

(3)

When a research and development institution applies to establish a Chinese-foreign contractual joint research and development institution,
the matter shall be examined and approved by the competent department in accordance with the subordination framework, and then reported
to the science and technology committee at the same level for the record.

Article 11

To establish a Chinese-foreign equity joint research and development institution, the joint venture agreement shall specify the following
items:

(1)

the names, addresses and countries or regions of the two parties to the joint venture;

(2)

the name and domicile of the research and development institution;

(3)

the field, specialization and direction of research and development;

(4)

the total capital amount of the institution;

(5)

the means of investment, investment amounts and conditions for the transfer of investment in respect of all parties;

(6)

the organizational structure of the research and development institution;

(7)

the enpost_titlement to and sharing of scientific and technological achievements and intellectual properties;

(8)

the life of the joint venture and liquidation procedures after its termination;

(9)

liability for breach of contract;

(10)

measures for resolving disputes;

(11)

the language(s) to be used in the agreement and the conditions required for the agreement to take effect.

A feasibility proof and assessment report, the articles of association of the research and development institution and a capital verification
certificate shall be attached to the joint venture agreement.

Article 12

To establish a Chinese-foreign contractual joint research and development institution, the contractual venture contract shall specify
the following items:

(1)

the names, addresses and countries or regions of the two parties to the contractual venture;

(2)

the type of the research and development institution and its name and domicile;

(3)

the fields of scientific experimentation, research and development or technological innovations in which the institution is to engage;

(4)

the conditions of cooperation;

(5)

the means of cooperation;

(6)

the enpost_titlement to and sharing of scientific and technological achievements and intellectual properties;

(7)

the life of the contractual venture and relevant matters after its termination;

(8)

liability for breach of contract;

(9)

measures for resolving disputes;

(10)

the language(s) to be used in the contract and the conditions required for the contract to take effect.

A feasibility study report and the articles of association of the research and development institution shall be attached to the contract.

Article 13

No Chinese-foreign equity or Chinese-foreign contractual joint research and development institution may be established in any fields
which involve State security or vital interests where confidentiality is essential, or in any fields in which investment in China
by foreign or overseas organizations is prohibited in accordance with the laws, regulations or policies of the State.

Article 14

A Chinese-foreign equity joint research and development institution which is to be divided or merged, or to alter its articles of
association, relocate or amend its name, etc., must obtain approval from its original examination and approval organ. Its claims
and debts shall be borne by the altered research and development institution.

A Chinese-foreign contractual joint research and development institution which is to alter the contents of its contract must report
the matter to its original examination and approval organ for the record.

Article 15

A Chinese-foreign equity or Chinese-foreign contractual joint research and development institution may apply for renewal with its
original examination and approval organ 60 days before the expiry of the joint venture agreement or contract.

Article 16

To establish a Chinese-foreign equity or Chinese-foreign contractual joint research and development institution, the two parties may
use currency, factories, equipment, instruments and other assets as investment; they may also use intellectual properties, scientific
and technological achievements, land-use rights and other intangible assets as investment. These assets shall be assessed by an assets
assessment institution recognized by the administration department of State-owned assets.

Chapter III Rights and Obligations

Article 17

A Chinese-foreign equity joint research and development institution shall enjoy the following rights:

(1)

enjoying legal person property rights;

(2)

formulating research and development plans, deciding research and development topics;

(3)

deciding internal organizational structures and personnel allocations;

(4)

employing scientific and technological personnel and deciding their wages and remuneration on its own;

(5)

obtaining intellectual properties and entering into technology transfer contracts with other parties in respect of these intellectual
properties.

Chinese-foreign equity and Chinese-foreign contractual joint research and development institutions may apply to undertake science
and technology projects listed in State plans or science and technology projects commissioned by enterprises or society.

Chinese-foreign equity and Chinese-foreign contractual joint research and development institutions meeting the requirements stipulated
by the State may, upon approval by the relevant departments, recruit students with masters or doctorate degree.

Chinese-foreign equity and Chinese-foreign contractual joint research and development institutions may open their laboratories, research
centers, experimental bases, etc., to domestic and foreign parties.

Article 18

Chinese-foreign equity and Chinese-foreign contractual joint research and development institutions shall, in accordance with the provisions
of the laws and regulations of the People’s Republic of China, stick to their research and development direction, and promote the
progress of science and technology, the transformation of scientific and technological achievements and the popularization of scientific
and technological knowledge.

Article 19

A Chinese-foreign equity joint research and development institution which employs scientific and technological personnel shall enter
into a contract of appointment with these personnel. The contract shall specify the appointment, dismissal, wage and remuneration,
welfare benefits, labor protection, personal insurance, intellectual properties and other issues. When appointing part-time personnel,
an agreement shall be concluded with the unit to which the personnel belong.

Article 20

For scientific and technological achievements and intellectual properties which result from the work of a Chinese-foreign equity or
Chinese-foreign contractual joint research and development institution, their enpost_titlement to and sharing shall be handled in accordance
with the provisions of the joint venture agreement or contractual contract. If no relevant provisions are included in the joint venture
agreement or contractual contract, the above-mentioned achievements shall be jointly owned by the two parties, and the Chinese party
shall enjoy priority right of usage and transfer.

Chapter IV Awards and Penalties

Article 21

The inventions, discoveries and other scientific and technological achievements which are completed by Chinese-foreign equity and
Chinese-foreign contractual joint research and development institutions within the Chinese territory may, subject to the recommendation
by the competent department, receive a State Natural Science Prize, Invention Prize or Scientific and Technological Progress Prize
of the People’s Republic of China.

Foreign joint venture partners and contractual venture partners in Chinese-foreign equity and Chinese-foreign contractual joint research
and development institutions, who have made an important contribution in promoting China’s scientific and technological advancement,
may be awarded an International Science and Technology Cooperation Prize in accordance with the provisions of Article 54 of the
Law of the People’s Republic of China on Progress of Science and Technology.

Article 22

Where a Chinese-foreign equity or Chinese-foreign contractual joint research and development institution departs from its research
and development direction and violates the laws or regulations of China, it shall be ordered by the competent department to rectify
the situations within a prescribed time limit; if the rectification is ineffective, the institution shall be dismantled.

Where a Chinese-foreign equity or Chinese-foreign contractual joint research and development institution infringes upon or steals
other’s intellectual properties or encroaches other’s technological and economic rights and interests, it shall bear the corresponding
legal liability.

Article 23

Where any of the relevant administrative departments or their staff neglect their duties, commit illegalities by fraudulent means
or for personal gains, or oppress or obstruct research and development activities, penalties shall be imposed in accordance with
the laws and administrative regulations.

Chapter V Supplementary Provisions

Article 24

Financial administration and accounting practices of Chinese-foreign equity and Chinese-foreign contractual joint research and development
institutions shall be governed in accordance with relevant provisions of the Ministry of Finance.

Article 25

Chinese-foreign equity and Chinese-foreign contractual joint research and development institutions established before the promulgation
of these Measures shall undertake examination and approval procedures again in accordance with the provisions of these Measures.

Article 26

The State Science and Technology Commission shall be responsible for the interpretation of these Measures.

Article 27

These Measures shall enter into force as of the date of promulgation.



 
The State Science and Technology Commission
1997-09-10

 






REGULATIONS ON NUCLEAR EXPORT CONTROL

Category  FOREIGN TRADE Organ of Promulgation  The State Council Status of Effect  In Force
Date of Promulgation  1997-09-10 Effective Date  1997-09-10  


Regulations of the People’s Republic of China on Nuclear Export Control



(Adopted at the 61st Executive Meeting of the State Council on August 1,

1997  Promulgated by Decree No. 230 of the State Council of the People’s
Republic of China on September 10, 1997)

    Article 1  These Regulations are formulated for the purpose of enhancing
nuclear export control, safeguarding state security and public interest of society and promoting international cooperation in the
peaceful uses of nuclear energy.

    Article 2  Nuclear export referred to in these Regulations means export
for trade as well as grant to foreign countries, exhibitions, scientific-
technological cooperation and foreign assistance of such items as nuclear
materials, nuclear equipment and non-nuclear materials for reactors and their
related technologies listed in the (hereinafter
referred to as the ) as the appendix to these Regulations.

    Article 3  The State exercises strict control over nuclear export and
strictly abides by the international obligations undertaken for non-
proliferation of nuclear weapons.

    The State does not advocate, encourage or engage in proliferation of nuclear weapons, nor shall it assist
other countries in the development of nuclear weapons. Nuclear export shall only be used for peaceful purposes
and shall be subject to safeguards and supervision of the International
Atomic Energy Agency, and an acceptor must not transfer it to any third
country without the permission of the Chinese Government. The State
prohibits provision of assistance to nuclear facilities not under the
safeguards and supervision of the International Atomic Energy Agency,
and no nuclear export to them or personnel and technological exchanges
and cooperation shall be conducted.

    Article 4  Nuclear export shall abide by the provisions of the relevant
state laws and regulations and must not harm state security or public interest
of society.

    Article 5  Examination of and permission for nuclear export shall abide
by the following norms:

    (1)The acceptor government shall guarantee that the nuclear materials,
nuclear equipment or non-nuclear materials for reactors supplied by China
as well as the special fissionable materials produced through the uses
thereof shall not be used for the purpose of any nuclear explosion;

    (2)The acceptor government shall guarantee that it shall take approriate
in-kind protective measures for the nuclear materials supplied by China as
well as the special fissionable materials produced through the uses thereof;

    (3)The acceptor government has concluded with the International Atomic
Energy Agency the agreement for safeguards and supervision which is in force
and has undertaken to integrate into the agreement for safeguards and
supervision the nuclear materials, nuclear equipment or non-nuclear materials
for reactors supplied by China as well as the special fissionable materials
produced through the uses thereof and accept the safeguards and supervision
of the International Atomic Energy Agency;

    (4)The acceptor pledges that it will not retransfer to any third party
the nuclear materials, nuclear equipment or non-nuclear materials for
reactors and the related technologies thereof supplied by China without
advance permission in writing of the State Atomic Agency of China; for
retransfer with advance permission, the third party accepting the retransfer
shall undertake the obligations equivalent to those taking direct supply
from China.

    Article 6  Nuclear export shall be monopolized by units designated by the
State Council, and no other unit or individual shall engage in the operations.

    Article 7  For export of items and the related technologies thereof listed
in the , an application shall be filed with the State Atomic
Energy Agency, an application form for nuclear export filled out and the
following documents presented:

    (1)Certification of monopoly qualification for nuclear export of the
applicant;

    (2)Identifications of the legal representative, chief manager in the
operations as well the person handling the operations of the applicant;

    (3)A copy of the contract or agreement;

    (4)Analytical reports of the nuclear materials or non-nuclear materials
for reactors;

    (5)Certification of the end user;

    (6)Certification of guarantee provided by the acceptor pursuant to the
provisions of Article 5 of these Regulations; and

    (7)Other documents required to be presented by the examination organ.

    Article 8  The applicant shall truthfully fill out the application form
for nuclear export.

    Application forms for nuclear export shall be uniformly printed by the
State Atomic Energy Agency.

    Article 9  The applicant shall file revisions in time in the case of changes in the itmes filled out in the application form for
nuclear export
or file a new application for export.

    The applicant shall withdraw the application for nuclear export in time
in the case of suspension of nuclear export.

    Article 10  The State Atomic Energy Agency shall, within fifteen working
days starting from the date of the receipt of the application form for
nuclear export and the documents listed in Article 7 of these Regulations,
put forth its remarks of examination and notify the applicant; for those
approved upon examination, the cases shall be processed pursuant to the
following provisions in the light of different circumstances:

    (1)For export of nuclear materials, the case shall be transmitted to
the Defense Science Technology and Industries Commission for reexamination;

    (2)For export of nuclear equipment or non-nuclear materials for reactors
and the related technologies thereof, the case shall be transmitted to the
Ministry of Foreign Trade and Economic Cooperation for reexamination or to
the Ministry of Foreign Trade and Economic Cooperation for reexamination
in conjunction with the Defense Science Technology and Industries Commission.

    The Defense Science Technology and Industries Commission and the Ministry
of Foreign Trade and Economic Cooperation shall, within fifteen working days
starting from the date of receipt of the application form for nuclear export,
the documents listed in Article 7 of these Regulations and the remarks of examination transmitted by the State Atomic Energy Agency,
put forth remarks
of reexamination and notify the applicant.

    In the case of necessity to extend the time limit for examination or
reexamination by the State Atomic Energy Agency, the Defense Science
Technology and Industries Commission and the Ministry of Foreign Trade and
Economic Cooperation owing to extraordinary circumstances, an extension of fifteen working days may be effected in which case, however,
the applicant
should be notified.

    Article 11  For nuclear export having important impact on state security,
public interest of society or foreign policy, the State Atomic Energy Agency,
the Defense Science Technology and Industries Commission and the Ministry of Foreign Trade and Economic Cooperation should consult
with the Ministry of Foreign Affairs in the examination or reexamination; the case should be
submitted to the State Council for examination and approval when necessary.

    The cases submitted to the State Council for examination and approval
shall not be subject to the time limit prescribed in Article 10 of these
Regulations.

    Article 12  The Ministry of Foreign Trade and Economic Cooperation
shall issue nuclear export licenses to applications for nuclear export upon
approval after reexamination or examination and approval pursuant to the
provisions of these Regulations.

    Article 13  A holder of the nuclear export license should return the
original license for changes in the export items and the related technologies
thereof in the original application and reapply for a nuclear export license
pursuant to the provisions of these Regulations.

    Article 14  The Ministry of Foreign Trade and Economic Cooperation
should inform the State Atomic Energy Agency in writing of the issuance of a nuclear export license.

    Article 15  A nuclear export monopoly unit should, in the process of nuclear export, present the nuclear export license to the customs,
go through
customs formalities pursuant to the provisions of the Customs Law and accept
customs supervision and control.

    Article 16  In the case of violation of the guarantee made pursuant to
the provisions of Article 5 of these Regulations by the acceptor or its
government, or when the danger of nuclear proliferation arises, the Ministry
of Foreign Trade and Economic Cooperation is, in conjunction with the
departments concerned under the State Council, empowered to make a decision on
the suspension of export of the items concerned or the related technologies
thereof, and the Ministry of Foreign Trade and Economic Cooperation shall
inform the customs in writing for execution.

    Article 17  For export of nuclear materials, nuclear equipment, non-
nuclear materials for reactors and the related technologies thereof in
violation of the provisions of these Regulations constituting a criminal
offense, criminal responsibility shall be investigated according to law;
for a case which does not constitute a criminal offense, the violator
shall be penalized pursuant to the provisions of the Customs Law and
the Foreign Trade Law.

    Article 18  For forgery, alteration, buying and selling of nuclear
export licenses, criminal responsibility shall be investigated according to
law.

    Article 19  State functionaries for nuclear export control who commit
a criminal offense in negligence of duties, self-seeking misconduct or
abuse of power shall be investigated of the criminal responsibility
according to law; those whose conduct do not constitute a criminal offense
shall be given administrative sanctions in accordance with law.

    Article 20  The State Atomic Energy Agency may, in conjunction with
such departments as the Defense Science Technology and Industries Commission,
the Ministry of Foreign Trade and Economic Cooperation, the Ministry of Foreign Affairs and the General Administration of Customs,
make adjustments
in the in the light of actual conditions for implementation
upon approval of the State Council.

    Article 21  In the case of differences in provisions between the
international treaties concluded or acceded to by the People’s Republic of China and these Regulations, the provisions of the international
treaties
shall apply; however, the articles for which the People’s Republic of China
has stated her reservations are excluded.

    Article 22  These Regulations shall come into force as of the date of promulgation.(For Nuclear Export Control List, please refer
to the appendix
in Chinese.)





INTERIM MEASURES FOR EXEMPTION FROM THE IMPORT DUTIES ON THE SPECIAL-PURPOSE ARTICLES FOR THE DISABLED

Category  CUSTOMS Organ of Promulgation  The State Council Status of Effect  In Force
Date of Promulgation  1997-04-10 Effective Date  1997-04-10  


Interim Measures for Exemption From the Import Duties on the Special-purpose Articles for the Disabled



(Approved by the State Council on January 22, 1997 and promulgated by

Decree No.61 of the General Customs Administration on April 10, 1997)

    Article 1  These Measures are formulated with a view to supporting
the work of recovery of the disabled, facilitating the import of the
special-purpose articles for the disabled.

    Article 2  Customs import duties and value-added taxes or consumption
taxes in import links shall be exempted from on the following import
special-purpose articles for the disabled:

    (1) The propping and auxiliary utensils, artificial limbs and relevant
parts, artificial eyes, artificial noses, supporting belts for internal
organs, orthopedic appliances, orthopedic shoes, non-motorized walking-aids,
means of transport instead of walk(not including cars, motors), self-help
living appliances, or special sanitary materials for the mutilated persons;

    (2) Walking-sticks for the persons disabled in eyes, guided glasses for
the blind, sight-aids, reading appliances for the blind;

    (3) Language training appliances for the lingually or aurally disabled;

    (4) Action training appliances and living ability training articles for
the intellectually disabled.

    When importing the special-purpose articles for the disabled as
prescribed in the proceeding paragraph, the duty payers shall go through
the formalities of exemption from Customs duties directly at the Customs
authorities.

    Article 3  The following special-purpose articles for the disabled which
are imported by relevant units and can not be made in China shall, upon the
approval of the Ministry of Civil Affairs or the Chinese Federation for the
disabled according to subordinate relations and after examination of
the General Customs Administration, be exempted from Customs import duties
and value-adding taxes or consumption taxes:

    (1) Recovery equipments and special-purpose equipments for the disabled,
including guarding equipments of beds or wards of hospitals, central guarding
equipments, biochemical analysing instruments and ultrasonic diagnosing
instruments;

    (2) Specific educational equipments and professional educational
equipments for the disabled;

    (3) Instruments of assessing and gauging of professional ability for the
disabled;

    (4) Special-purpose working instruments and working protection instruments
for the disabled;

    (5) Special-purpose instruments for the cultural and sports acts of the
disabled;

    (6) Special-purpose equipments for producing assembling and testing
artificial limbs,including special-purpose milling and polishing machines,
special-purpose vacuum forming machines, special-purpose flat hearing
machines and comprehensively testing instruments employed in artificial
limbs production;

    (7) Hearing aids used by persons disabled in ears.

    Article 4  The term “relevant units” stipulated in Article 3 of these
Measures denotes:

    (1) Enterprises and institutions directly under the Ministry of Civil
Affairs, and welfare institutions, artificial limbs factories and recovery
hospitals for disabled disaled soldiers(including various kinds of sanitariums
for disabled revolutionary soldiers, hospitals and recovery hospitals for
disabled disaled soldiers directly under provinces, autonomous regions and
municipalities directly under the Central Government;

    (2) Institutions directly under the Chinese Federation for the Disabled
(the Chinese Welfare Foundation for the Disabled), welfare institutes
and recovery institutes directly under the Federation for the Disabled(the
Welfare Foundation for the Disabled) of provinces, autonomous regions and
municipalities directly under the Central Government;

    Article 5  The import special-purpose articles for the disabled with
duties exemption according to These Measures shall not be used for other
purposes.

    Where anyone, in violation of the provisions of the proceeding paragraph,
use the import articles with duties exemption for other purposes, and such
an act constitutes a smuggling crime, he shall be investigated for criminal
responsibilities in accordance with law; Where such an act does not
constitutes a crime, the case shall be treated as a smuggling act or an act
violating Regulations on Customs control.

    Article 6  Provisions for implementation shall be formulated by the
General Customs Administration in accordance with These Measures.

    Article 7  These Measures shall come into effect as of the date of
promulgation.





MEASURES FOR ADMINISTRATION OF BORROWING INTERNATIONAL COMMERCIAL LOANS BY DOMESTIC INSTITUTIONS

19970908the People’s Bank of China

The State Administration of Foreign Exchange

Measures for Administration of Borrowing International Commercial Loans by Domestic Institutions

(Approved by the People’s Bank of China on September 8, 1997, promulgated by the State Administration of Foreign Exchange on September
24, 1997)

Chapter I General Provisions

Article 1

These Measures are formulated in accordance with the Regulations of the People’s Republic of China on Foreign Exchange Control and
other relevant provisions of the State Council for the purpose of improving the administration of the borrowing international commercial
loans

Article 2

The term “international commercial loans” mentioned in these Measures refers to funds raised and borrowed by domestic institutions
from financial institutions, enterprises, individuals or other economic organizations outside the Chinese territory or from financial
institutions with foreign investment within the Chinese territory, which are subject to contractual obligations for repayment in
foreign currency. Export credits, international financial leases, compensation trade repaid in foreign exchange, foreign exchange
deposits of institutions and individuals out of the territory (excluding foreign exchange deposits in banks which are approved to
conduct offshore banking business), project financing, financing under trade with the minimum term of 90 days and other types of
foreign exchange loans shall be regarded and administered as international commercial loans.

Article 3

The People’s Bank of China shall be the examination and approval organ of borrowing international commercial loans by domestic institutions.

The People’s Bank of China shall authorize the State Administration of Foreign Exchange and its branches offices (hereinafter referred
to as the foreign exchange bureaus) to be responsible for the examination, approval, supervision and administration of borrowing
international commercial loans by domestic institutions.

Article 4

A domestic institution must obtain approval from the foreign exchange bureau for borrowing an international commercial loan. An international
commercial loan agreement signed without the approval from the foreign exchange bureau shall be invalid. The foreign exchange bureau
shall not undertake foreign debt registration. The bank shall not open a foreign debt special account for it and the loan principals
and interests shall not be remitted abroad without authorization.

Article 5

Domestic institutions borrowing international commercial loans from foreign parties shall be restricted to:

(1)

Chinese-funded financial institutions authorized by the State Administration of Foreign Exchange to engage in foreign exchange loan
business operations;

(2)

non-financial enterprise legal persons approved by the departments authorized by the State Council.

Article 6

A financial institution borrowing an international commercial loan shall conform to the provisions of the People’s Bank of China on
the administration of the ratio of foreign exchange equity-debt of financial institutions.

Article 7

A non-financial enterprise legal person directly borrowing an international commercial loan from a foreign party shall meet the following
requirements:

(1)

having successively made profits over the previous three years, possessing an import-export business licence and engaging in an industry
encouraged by the State;

(2)

possessing a sound and complete financial management system;

(3)

for a trade-type non-financial enterprise legal person, its net assets shall account for not less than 15 per cent of its total assets;
for a non-trade-type non-financial enterprise legal person, its net assets shall account for not less than 30 per cent of its total
assets;

(4)

the sum of the international commercial loan borrowed and the surplus of the guaranty provided to a foreign party shall not exceed
50 per cent of the equivalent foreign exchange of its net assets;

(5)

the sum of the foreign exchange loan and the surplus of foreign exchange guaranty shall not exceed the foreign exchange revenue created
in the last financial year.

Article 8

A domestic institution shall borrow an international commercial loan on the basis of its own creditworthiness, and shall bear repayment
responsibility of its own accord.

Article 9

In the borrowing of an international commercial loan from a foreign party, a domestic institution shall strengthen the control of
cost. The total cost of its loan shall not exceed the total cost of a loan at the same period from a loan institution of the same
credit grading on the international financial market.

The foreign exchange bureaus shall supervise and direct the cost control in the borrowing of international commercial loans by domestic
institutions.

Article 10

A domestic institution borrowing an international commercial loan from a foreign party shall, in accordance with the provisions of
the State Administration of Foreign Exchange, submit the foreign loan statement for the previous quarter and the annual report on
the use of the international commercial loan to the foreign exchange bureau within the first ten days of each quarter.

Article 11

Foreign Exchange bureaus shall have the right to inspect the situations of the raising, using and repayment of international commercial
loans by domestic institutions. Loan institutions shall provide cooperation and submit the relevant documents and data.

Article 12

Without the approval of a foreign exchange bureau, a domestic institution shall not have the international commercial loan it has
borrowed deposited or directly paid out of the territory or converted into Renminbi for use.

Chapter II Medium-and-long-term International Commercial Loans

Article 13

The term “a medium-and-long-term international commercial loan” mentioned in these Measures refers to an international commercial
loan with a term of more than one year (not including one year), including a usance letter of credit with a term of more than one
year.

Article 14

The borrowing of a medium-and-long-term international commercial loan by a domestic institution shall be listed into the State plan
for the use of foreign capital.

Article 15

When borrowing a medium-and-long-term international commercial loan, a domestic institution shall apply to the foreign exchange bureau
by submitting all or part of the following data:

(1)

documents certifying that the borrowing is listed into the State plan for the use of foreign capital;

(2)

a document of project establishment approval for the loan;

(3)

a letter of intent on loan conditions, which shall include the name of the creditor, currency of the loan, amount, term and grace
period, interest rate, charges, early repayment intents and other financial conditions;

(4)

the source of repayment funds, repayment plan and the foreign exchange guaranty;

(5)

balance sheets in foreign exchange or Renminbi for the previous three years and other financial statements which have been verified
by a public accounting firm;

(6)

other relevant data as required by the foreign exchange bureau.

In addition to the provisions of the preceding paragraph, a branch of a financial institution borrowing a medium-and-long-term international
commercial loan from a foreign party shall also submit the relevant document of authorization from its head office (head company).

Article 16

The borrowing of an international commercial loan by a national institution resided in Beijing from a foreign party shall be directly
submitted to the State Administration of Foreign Exchange for examination and approval;

The borrowing of a loan from a foreign party by a national institution not resided in Beijing or by a local institution shall, after
being verified by the local foreign exchange bureau of the place where it is located, be submitted to the State Administration of
Foreign Exchange for examination and approval.

The branches of national and local financial institutions may make an application for approval only after they have been authorized
by their head offices (head companies).

Chapter III Short-term International Commercial Loans

Article 17

The term “a short-term international commercial loan” mentioned in these Measures refers to an international commercial loan with
a maximum term of one year (including one year), including inter-bank foreign exchange call loans, outward documentary bills, packing
loans and usance letter of credit with a term of more than 90 days but less than 365 days, etc..

Article 18

A short-term international commercial loan shall not be used for investment into long-term projects, fixed assets loans or other inappropriate
purposes.

Article 19

The foreign exchange bureaus shall implement administration of balance in respect of short-term international commercial loans borrowed
by domestic institutions.

Article 20

The balance control quota applied to short-term international commercial loans of domestic institutions (hereinafter referred to as
“the short-term loan quota”) shall be verified by the foreign exchange bureaus annually.

The balance of a short-term international commercial loan borrowed by a domestic institution shall not exceed the verified quota.

Article 21

The short-term loan quota of national financial institutions and non-financial enterprise legal persons shall be verified and made
known to lower levels by the State Administration of Foreign Exchange.

The short-term loan quota of local financial institutions and non-financial enterprise legal persons shall be examined and approved
by the foreign exchange bureaus of the place where they are located within the short-term loan quota verified and made known to lower
levels by the State Administration of Foreign Exchange.

Article 22

A Chinese-funded financial institution approved by the State Administration of Foreign Exchange to engage in international account
settlement businesses shall formulate the measures for the administration of usance letter of credit which shall be submitted to
the foreign exchange bureau for verification.

A Chinese-funded financial institution shall open usance letter of credit in accordance with the measures for the administration of
usance letter of credit that have been verified by the foreign exchange bureau.

A usance letter of credit with a term of more than 90 days but less than 365 days opened by a Chinese-funded financial institution
shall not use its short-term loan quota.

Article 23

If a non-financial enterprise legal person applies to a domestic financial institution with foreign investment to open a usance letter
of credit with a term of more than 90 days but less than 365 days, it shall be use its short-term loan quota.

Article 24

When applying to the foreign exchange bureau for a short-term loan quota, a domestic institution shall submit all or part of the following
data:

(1)

an application (including such contents as fund demand, situations of its credit-worthiness, purposes of the funds, etc.);

(2)

the previous year’s balance sheets and profit and loss statements verified by a public accounting firm;

(3)

a loan commitment letter of intention issued by the credit agency;

(4)

the foreign exchange receipts and expenditures in the previous year;

(5)

other data required by the foreign exchange bureau to be submitted.

Article 25

When borrowing a short-term international commercial loan, a non-financial enterprise legal person which does not implement the administration
of short-term loan quota balance shall have it reported case by case to the foreign exchange bureau, and shall have it included in
the short-term loan quota of the place where it is located.

Chapter IV Project Financing

Article 26

The term “project financing” mentioned in these Measures refers to the method of raising foreign exchange funds out of the territory
in the name of a domestic construction project, with the debt prepayment obligation to the foreign party by the project’s own expected
income and assets. It shall possess the following natures:

(1)

The creditor has no right of recourse over any assets and income other than the construction project;

(2)

The domestic institution is not required to mortgage, pledge or pay debts by using any assets, rights and interests as well as income
other than the construction project;

(3)

The domestic institution is not required to provide any forms of financial guaranty.

Article 27

The scale of financing with a foreign party in respect of project financing shall be incorporated into the State guidelines for borrowing
international commercial loan.

Article 28

The conditions for project financing shall be competitive and shall be examined and approved or examined and verified by the State
Administration of Foreign Exchange. With regard to the conditions for financing of project financing submitted to higher levels by
local authorities, after being preliminarily examined by the local foreign exchange bureau of the places where they are located,
they shall be reported to the State Administration of Foreign Exchange for examination and approval or examination and verification.

Article 29

When reporting the conditions for project financing to the State Administration of Foreign Exchange for examination and approval or
examination and verification, the project company shall submit the following documents:

(1)

an application, which shall include the methods for project financing, amount of money, market, as well as the term and interest rate
of the loan, the various charges and other financing conditions;

(2)

the project feasibility study report or other documents approved by the State Planning Commission;

(3)

documents certifying the incorporation of this project financing into the State guidelines for international commercial loans borrowed;

(4)

a project financing agreement;

(5)

documents with a nature of guaranty related to the project financing;

(6)

other necessary documents.

Chapter V International Commercial Loans Borrowed by Oversea Braches of Domestic Institutions

Article 30

The term “an overseas branch of a Chinese-funded financial institution” (hereinafter referred to as “an overseas branch”) refers to
a non-independent legal person branch which is established overseas by a Chinese-funded financial institution in accordance with
the local laws.

Article 31

A Chinese-funded financial institution shall decide the total amount of overseas financing for each of its overseas branches in accordance
with its overseas branches’ working capital amount, equity-debt ratio, volume of business for the current year and other indexes,
and shall have them reported to the State Administration of Foreign Exchange for the record before the end of February of each year.
If an overseas branch is to raise an international commercial loan equivalent to the value of more than US $ 50 million (including
US $ 50 million) on a one-off basis, its head office (head company) shall in advance report the matter to the State Administration
of Foreign Exchange for approval.

Article 32

Any financing which an overseas branch carries out overseas shall be incorporated into the equity-debt ratio administration of its
head office (head company).

Funds raised overseas by an overseas branch shall be only used for the development of overseas business. These funds must not be repatriated
for use into China without the approval of the State Administration of Foreign Exchange.

Article 33

A non-operating working office or representative office or other institutions established overseas by a Chinese-founded enterprise
shall not undertake financing overseas.

Article 34

Where a branch or other operating institution established overseas by a Chinese-funded enterprise borrows funds overseas in the name
of its head (parent) company with the authorization of its head (parent) company, the funds shall be regarded as the overseas loans
of the head (parent) company, and the head (parent) company shall undergo the relevant application and approval procedures in the
territory in accordance with the provisions of these Measures.

Chapter VI Legal Liability

Article 35

Where a domestic institution borrows an international commercial loan without authorization or fails to carry out inflation proof
work in accordance with the provisions of Article 42 of these Measures, the foreign exchange bureau shall give a warning, circulate
a notice of criticism and impose a fine of not less than RMB100,000 yuan nor more than RMB500,000 yuan. Where a crime is constituted,
criminal liability shall be investigated in accordance with the law.

Article 36

Where a domestic institution has the international commercial loan it has borrowed deposited or directly paid out of the territory
without authorization, or has it converted into Renminbi for use without authorization and without approval, the foreign exchange
bureau shall order it to make corrections, give a waning, circulate a notice of criticism and impose a fine in Renminbi of not less
than 30 per cent nor more than five times the amount of the illegally used funds. Where a crime is constituted, criminal liability
shall be investigated in accordance with the law.

Article 37

Where the overseas branch of a domestic institution, in violation of the provisions of Articles 31, 33 or 34 of these Measures, undertake
overseas financing without authorization, the foreign exchange bureau shall give the domestic institution a warning, circulate a
notice of criticism and impose a fine of not less than RMB100,000 yuan nor more than RMB500,000 yuan.

Article 38

Where, in violation of the provisions of Article 32 of these Measures, the overseas branch of a Chinese-funded financial institution
repatriates the funds raised overseas for use in China without authorization, the foreign exchange bureau shall order it to make
corrections and shall give the domestic Chinese-funded financial institution a warning, circulate a notice of criticism and impose
a fine of not less than RMB 100,000 yuan nor more than RMB500.000 yuan.

Article 39

Where a domestic institution submits false or invalid documents or other data to the foreign exchange bureau in order to fraudulently
obtain approval from the foreign exchange bureau, the foreign exchange bureau shall recover the documents of approval and impose
a punishment in accordance with the provisions of Article 35 of these Measures. Where a crime is constituted, criminal liability
shall be investigated in accordance with the law.

Article 40

Where a domestic institution fails to submit statements or data in accordance with the provision of these Measures, or refuses to
accept an inspection by and to cooperate with the foreign exchange bureau, the foreign exchange bureau shall give a warning, circulate
a notice of criticism and impose a fine of not less than RMB10,000 yuan nor more than RMB30,000 yuan.

Chapter VII Supplementary Provisions

Article 41

After signing an international commercial loan agreement, a domestic institution shall undertake foreign debt registration with the
foreign exchange bureau in accordance with the provisions on statistical monitoring of foreign debts and shall undertake repayment
procedures in accordance with relevant provisions.

Article 42

A domestic institution borrowing an international commercial loan must comply with the following principles based on the fluctuations
in international market exchange rates and interest rates and on the premise of not expanding the scale of foreign debts and not
extending the debt term in order to conscientiously minimize the foreign debt risks:

(1)

The matter shall be reported to the State Administration of Foreign Exchange for examination and approval where the amount to be borrowed
is low while the repayments are high;

(2)

A Chinese-funded financial institution that is approval to operate a foreign exchange trading business on a self-operation or agency
basis may carry out the business of preserving the value of international commercial loans in respect of its own debt or on commissions
accepted from other domestic institutions;

(3)

Where any other Chinese-funded financial institution commissions an overseas financial institution or a domestic financial institution
with foreign investment to carry out the business of preserving the value of its international commercial loan borrowed, the matter
shall be approved by the foreign exchange bureau;

(4)

An enterprise with foreign investment may itself commission an overseas financial institution or a domestic financial institution
with foreign investment to carry out the business of preserving the value of its international commercial loan borrowed.

Article 43

After a domestic institution has carried out the business of preserving the value of international commercial loan borrowed, the modification
of foreign debt registration procedures shall be undertaken in accordance with the provisions on statistical monitoring of foreign
debts.

Article 44

Provisions on the administration of foreign exchange accounts shall apply to the administration of account of international commercial
loans borrowed.

Article 45

These Measures shall apply to the borrowing of international commercial loans from the overseas branches of Chinese-funded financial
institutions by domestic institutions.

Article 46

These Measures shall apply to aircraft financial lease and international commercial loan funds which are borrowed for advance payment
on aircraft financial lease.

Article 47

The provisions of these Measures on project financing shall apply to domestic institutions which transfer overseas at fixed costs
the operating rights or rights to earnings of already established projects.

Article 48

The international commercial loans borrowed by Chinese-funded banks to engage in offshore banking operations shall be handled in accordance
with the provisions of these Measure on the administration of overseas branches.

Article 49

Foreign exchange loans which domestic institutions borrow from the offshore banking departments of Chinese-funded banks shall be regarded
and administered as international commercial loans.

Article 50

The provisions of Articles 1,2,3,8,9,10,11,12,13,17,18,35,36,37,39,40,41, 42(4), 43,44,45,46,47,49,51,52 and Chapter IV of these Measures
shall apply to enterprises with foreign investment. Other articles shall not apply to enterprises with foreign investment.

Article 51

The State Administration of Foreign Exchange shall be responsible for the interpretation of these Measures.

Article 52

These Measures shall enter into force as of January 1, 1998. The Measures for Administration of Borrowing International Commercial
Loans by Domestic Institutions, approved on September 26, 1991 by the people’s Bank of China and promulgated by the State Administration
of Foreign Exchange, the Circular on Matters Relating to Project Financing by Domestic Institutions, promulgated on July 14, 1995
by the People’s Bank of China, the Provisions on Administration of Overseas Financing by Overseas Branches of Chinese-funded Banks
Conducting Foreign Exchange Business, promulgated on April 17, 1996 by the State Administration of Foreign Exchange, and the Circular
on Strengthening the Administration of Financing Conducted by Overseas Institutions of Chinese-funded Enterprises, promulgated on
January 16, 1997 by the State Administration of Foreign Exchange, shall be repealed simultaneously.



 
The State Administration of Foreign Exchange
1997-09-24

 






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NOTES (1) The enacting clause was repealed by the Statute Law Revision Act, 1893, 56-57 Vict., c. 14 (U.K.). It read as...

CONSTITUTION ACT, 1982 – page 21

CONSTITUTION ACT, 1982 – page 20

CONSTITUTION ACT, 1982 – page 19

CONSTITUTION ACT, 1982 – page 18

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