MEASURES FOR THE ADMINISTRATION OF FOREIGN STOCK EXCHANGES’ REPRESENTATIVE OFFICES IN CHINA

Order No. 44 of China Securities Regulatory Commission

No. 44

The Measures for the Administration of Foreign Stock Exchanges’ Representative Offices in China have been deliberated and adopted
at the 203rd chairmen’s executive meeting of China Securities Regulatory Commission on April 3, 2007. They are hereby promulgated
and shall enter into force as of July 1, 2007.

Chairman of China Securities Regulatory Commission, Shang Fulin

May 20, 2007

Measures for the Administration of Foreign Stock Exchanges’ Representative Offices in China
Chapter I General Rules

Article 1

For the purpose of regulating the establishment of foreign stock exchanges’ representative offices in China and their business operations
these Measures are constituted under the Securities Law of the People’s Republic of China and the related regulations.

Article 2

The “foreign stock exchanges” as mentioned in these Measures means the stock exchanges, securities automated quotation or electronic
trading systems or markets established abroad. The “foreign stock exchanges’ representative offices in China” (hereinafter referred
to as representative offices) as mentioned in these Measures means the permanent representative offices established by foreign stock
exchanges inside the territory of China under the approval of engaging in liaison, market promotions, investigations and other similar
non-business activities. The person in-charge of a representative office is the chief representative.

Article 3

A representative office shall conform to the laws, regulations of China and the related provisions of China Securities Regulatory
Commission (hereinafter referred to as CSRC). The legitimate rights and interests of representative offices shall be protected by
Chinese law.

Article 4

The CSRC shall examine, approve and supervise the representative offices subject to the principle of prudent supervision.

Chapter II Application and Establishment

Article 5

A foreign stock exchange applying for establishment of a representative office (hereinafter referred to as the applicant) shall be
subject to the requirements as follows:

(1)

The country or region where the applicant is located has perfect laws and regulations on financial supervision;

(2)

The financial supervision authority in the country or region where the applicant is located has concluded a memorandum of understanding
on supervisory cooperation with CSRC, and keeps a good cooperation with CSRC;

(3)

The applicant is a financial institution established under the approval or ratification of the financial supervision authority of
the country or region where it is located;

(4)

The applicant has been established for more than 20 years, it has a stable operation and, standardization and its financial situation
is well; and

(5)

Other prudential conditions put forward by the CSRC.

Article 6

An applicant can only apply for establishing one representative office, and at the time of application, shall submit the materials
as follows to the CSRC:

(1)

an application letter as signed by the board chairman (director-general) or the general manager to the CSRC;

(2)

a written opinion or any other related document issued by the financial supervision authority of the country or region where the applicant
is located on approval of establishing such a representative office by the applicant;

(3)

a copy of the business license or of the attestation on lawfully opening business as issued upon verification by the related competent
authority of the country or region where the applicant is located, notarized and certified by a competent notary public or certification
institution in the country or region where the applicant is located, and certified by the Chinese embassy or consulate accredited
to that country;

(4)

articles of association and main business rules of the applicant;

(5)

a name list of board of directors (board of governors) and the management personnel;

(6)

the annual reports for the latest 3 years;

(7)

a scheme on establishing the representative office, including, but not limited to, the purposes, necessity of the establishment, working
plan, set-up of internal organs and personnel arrangement, management systems and office site, etc.;

(8)

a power of attorney as signed by the board chairman (governor-general) or general manager on appointing the chief representative;

(9)

a declaration that the applicant published, which the chief representative to-be has no record of penalty due to any serious violation
of law or regulation, and which shall be notarized by a notary public institution in the country or region where the applicant is
located;

(10)

the identity certificate, academic credentials and resume of the chief representative to-be; and

(11)

other documents required to be filed by the CSRC.

Article 7

The CSRC will accept and examine the application materials for establishment as filed by applicants. Where the CSRC decides to approve
an application, it shall produce an approval document.

Article 8

Within 90 days upon approval of the CSRC, a representative office shall handle the procedures for industrial and commercial registration
as well as taxation registration upon the approval document, move into a fixed office, and report the matters as follows to the CSRC
in written form:

(1)

certificates on industrial and commercial registration and taxation registration;

(2)

a certificate for the lawful right to use the office;

(3)

the telephone number, fax number and post address of the office; and

(4)

the mobile phone number and email address of the chief representative.

In case the representative office, within the time limit provided above, fails to file a written report with the CSRC, the original
approval document shall be automatically abated.

Article 9

The name of a representative office shall be composed of the following contents in an order as: “the name of the country or region
where the foreign stock exchange is located”, “the name of the foreign stock exchange”, “the name of the local city” and ” the representative
office”.

Article 10

Other main staff members of a representative office shall be referred to as “representatives” or “deputy representatives” except
for the chief representative.

Article 11

The qualification for the chief representative of a representative office to hold the post shall acquire the approval of the CSRC.
A chief representative shall satisfy the requirements as follows:

(1)

Being known well with the finance laws and regulations of China;

(2)

Having a bachelor’s degree or above, 10 years or more of experiences in finance or economy, and 3 years or more of experiences in
undertaking Chinese-related business in the latest 5 years; and

(3)

Having a good character and no record of criminal or administrative penalty.

Article 12

To appoint a representative or deputy representative, within 5 working days as of the date of appointment, a representative office
shall report the name list, identity certificates and resumes of that person to the CSRC for archival purpose.

Chapter III Alteration and Cancellation

Article 13

Where a representative office changes its name, it shall submit an application to the CSRC, and file an application letter signed
by the board chairman (governor-general) or general manager of its stock exchange as well as other documents as required by the CSRC.

Article 14

Where a representative office changes its chief representative, it shall submit an application to the CSRC, and file an application
letter signed by the board chairman (governor-general) or general manager of its stock exchange as well as the related materials
provided in Items (8) up to (11) of Article 6 of these Measures.

Article 15

The CSRC will accept and examine the application materials for changing the name or chief representative submitted by the applicants.
It shall reissue an approval document if the CSRC decides to approve an application.

Article 16

Where a representative office changes, adds or reduces a representative or deputy representative, it shall report the name, identity
certificate and resume of the person to the CSRC for archival purpose within 5 working days as of the alteration.

Article 17

A representative office can change its office only inside the city where it is located. Within 5 working days as of the alteration,
the representative office shall report the matters as follows to the CSRC in written form:

(1)

a certificate for the lawful right to use the new office; and

(2)

the telephone number, fax number and post address of the new office.

The “change of office” as mentioned in this Article means the relocation, enlargement or reduction of the former office.

Article 18

The cancellation of a representative office shall, ahead of 20 working days, be reported to the CSRC, and handle the formalities
for deregistration at the administrative organ for industry and commerce upon the pertinent confirmation document issued by the CSRC
on approval of the cancellation. The pertinent deregistration certificate shall, within 5 working days, be submitted to the CSRC
after a representative office is deregistered.

Article 19

The unsettled matters shall be responsible for by its stock exchange after a representative office is cancelled.

Chapter IV Supervision and Administration

Article 20

A representative office shall have an independent and fixed office of its own, employ a reasonable amount of staff members, of which,
the proportion of domestic residents shall not be lower than 50%. The foreign staff members of a representative office shall handle
the formalities for residence under the pertinent laws upon entry.

Article 21

Any chief representative may not concurrently hold a post in the head office or a regional head office, nor may he concurrently hold
a post in any other commercial institution inside the territory of China. A chief representative shall stay in the representative
office to take charge of the daily routine. Where a chief representative goes abroad for 30 consecutive days, he shall file a report
with the CSRC and designate a special person to carry out the duties on his behalf. Where a chief representative concurrently holds
a post in any other institution or goes abroad for more than 30 consecutive days without reporting, the CSRC may require the stock
exchange to replace the chief representative.

Article 22

Any representative office and any of its staff members may not conduct any commercial activities or do so in a disguised form, it
or he may not conclude an agreement or contract with any legal person or natural person that may bring about incomes to the representative
office or the stock exchange.

Article 23

Any representative office and any of its staff members may not conduct publicity in any form, it or he may not hold any market promotion
activity oriented to individuals in any form.

Article 24

Where a representative office and its staff members organize and hold a large-scale market promotion activity oriented to enterprises,
they shall report a related scheme to the CSRC in advance, and if the CSRC does not present any objection within 10 working days,
it can hold such promotion activity.

Article 25

Any representative office and any of its staff members may not hold any false market promotion activity in any form, and it or he
may not conduct unfair competition in any form or seek for interests for any other institution in any form.

Article 26

A representative office shall submit a work report of the previous year to the CSRC within two months upon conclusion of each year.

Article 27

A representative office shall file the information about Chinese companies whose stocks are listed and traded in its stock exchange
in the previous year as well as the information about Chinese-funded members within two months upon conclusion of each year.

Article 28

A representative office shall file the annual report on its stock exchange for the previous year within four months upon conclusion
of each accounting year of its stock exchange.

Article 29

Where a foreign stock exchange gives any major punishment to any Chinese company whose stocks are listed and traded in it or any
Chinese-funded member thereof, the representative office shall timely render a notice to the CSRC, and submit a written report to
the CSRC within 10 working days as of the date of punishment.

Article 30

If a foreign stock exchange is under any of the following circumstances, the representative office shall, within 10 days after the
event occurs, file a written report with the CSRC:

(1)

Its articles of association, registered capital or registered address alters;

(2)

The stock exchange is split up, consolidated or implements any other major merger;

(3)

Its board chairman (governor-general) or general manger changes;

(4)

It is operating at a heavy loss or with serious financial difficulties;

(5)

The competent supervisory authority of the country or region where the stoke exchange is located takes major supervisory measures
against the stock exchange; or

(6)

Other events that severely affect the foreign stock exchange’s business.

Article 31

The CSRC will implement regular or irregular on-site or off-site inspections of a representative office from, but not limited to,
the aspects as follows:

(1)

Whether the representative office conducts commercial activities or does so in a disguised form;

(2)

Whether the representative office engages in publicity or holds any market promotion activity oriented to individuals;

(3)

Whether the representative office organizes and holds any large-scale market promotion activity oriented to enterprises without reporting
in advance;

(4)

Whether the application materials filed by the representative office are truthful or accurate;

(5)

Whether the representative office goes through complete formalities for any alteration thereof;

(6)

Whether the representative office goes through complete formalities for employment or alteration of any of its staff member; or

(7)

Other matters to be inspected by the CSRC.

Article 32

The CSRC may take such regulatory measure as ordering its chief representative or any other person in-charge to make correction,
arranging a supervisory interview and issuing a letter of warning where a representative office violates these Measures. In case
of serious circumstances, the CSRC may take the measure of prohibiting its chief representative or any other person in-charge from
entry into the securities market.

Chapter V Legal Liabilities

Article 33

Where a foreign stock exchange, without approval, illegally establishes a representative office or conduct activities in the name
of any representative office or in any other form, the CSRC shall ban such representative office or activities under law. Where the
foreign stock exchange violates the criminal law, it shall assume criminal liabilities.

Article 34

Where a representative office conducts commercial activities or does so in a disguised form, the CSRC shall give it a warning, confiscate
its illegal gains, or even revoke it, etc.

Article 35

Where a representative office implements publicity or holds any market promotion activity oriented to individuals, the CSRC shall
give it a warning, or even revoke it, etc.

Article 36

Where a representative office organizes and holds a large-scale market promotion activity oriented to enterprises without reporting
in advance, the CSRC shall impose upon it a warning, or a fine, or even revoke it, etc.

Article 37

Where a representative office implements false publicity or unfair competition, the CSRC shall give it a warning, a fine, or even
revoke it, etc.

Chapter VI Supplementary Rules

Article 38

The establishment of a representative office within the territory of China by a stock exchange of Hong Kong Special Administrative
Region, Macao Special Administrative Region or Taiwan Area shall be implemented by reference to these Measures.

Article 39

The documents as required to be submitted by an applicant under these Measures shall be in Chinese. For the articles of association,
main business rules or annual reports of a foreign stock exchange, Chinese abstracts thereof may be provided together with the original
texts.

Article 40

These Measures shall enter into force as of July 1, 2007.

China Securities Regulatory Commission
2007-05-20

CIRCULAR OF MINISTRY OF COMMERCE, MINISTRY OF FINANCE, STATE ADMINISTRATION OF TAXATION, STATE ADMINISTRATION FOR INDUSTRY AND COMMERCE, NATIONAL BUREAU OF STATISTICS, STATE ADMINISTRATION OF FOREIGN EXCHANGE ON CONDUCTING THE 2007 JOINT SURVEY OF FOREIGN-INVESTED ENTERPRISES

Circular of Ministry of Commerce, Ministry of Finance, State Administration of Taxation, State Administration for Industry and Commerce,
National Bureau of Statistics, State Administration of Foreign Exchange on Conducting the 2007 Joint Survey of Foreign-Invested Enterprises

Shang Zi Han [2007] No. 7

The joint annual survey of foreign-invested enterprises is a significant move to transform the administration model of the government
and improve the environment of investment. For the purpose of well implementing the Circular of the Implementing Plan of the Joint
Annual Survey of Foreign-Invested Enterprises (Wai Jing Mao Zi Fa [1998] No.938, hereinafter referred to as the Circular) and making
the national joint survey of foreign-invested enterprises of 2007 a success, it is hereby notified:

Approved by the State Council, the General Administration of Customs will not participate the joint annual survey any more while National
Bureau of Statistics will take its place. The departments which take part in the joint annual survey shall strictly follow the Circular
in the survey and enhance their coordination and cooperation. They shall have the survey carefully arranged and well organized and
take effective measures in publicity and in raising the participation rate of the enterprises. They shall timely wind up and revoke
the “three-no-enterprises (referring to enterprises with no capital, no plant, and no administrative structure)” and, in accordance
with the laws and regulations, impose penalties on those which do not apply for the annual survey, or which cheat in the survey or
perform any other illegal activities in their production and operation.

II.

The period from March 1 to June 30, 2007 shall be the office hours of the joint annual survey of foreign-invested enterprises and
the survey will focus on the operation of the foreign-invested enterprises in 2006.

III.

The departments which take part in the joint annual survey shall further enhance their communication and coordination, make full use
of the current network resources so as to facilitate the online joint annual survey of foreign-invested enterprises. In provinces
and municipalities with due facilities, the online signature can be tried out to further relieve the burden of the enterprises and
conduct a substantial online survey.

IV.

The departments which take part in the joint annual survey shall enhance the guidance of the joint annual survey at the basic level,
keep abreast with its latest progress, resolve various problems and guarantee the smooth progress of the survey in the region. The
departments which take part in the joint annual survey shall enhance the administration of the intermediary agencies such as accounting
firms; in case of any activities against the existing laws and regulations on their part, they shall be dealt with strictly and,
if necessary, transferred to the departments in charge and imposed corresponding penalties.

The departments which take part in the joint annual survey shall provide more training for the personnel of the government and the
enterprises involved in the survey with a view to raising their professional level and ensuring the efficient and smooth progress
of the online joint annual survey.

Ministry of Commerce

Ministry of Finance

State Administration of Taxation

State Administration for Industry and Commerce

National Bureau of Statistics

State Administration of Foreign Exchange

January 10, 2007

Ministry of Commerce, Ministry of Finance, State Administration of Taxation, State Administration for Industry and
Commerce, National Bureau of Statistics, State Administration of Foreign Exchange
2007-01-10

ANNOUNCEMENT NO.5, 2007 OF MINISTRY OF COMMERCE, PROMULGATING 14 INDUSTRIAL STANDARDS OF DOMESTIC TRADE SUCH AS APPRAISING MEASURES ON PRODUCTION BASE OF SILKWORM MULBERRY

Announcement No.5, 2007 of Ministry of Commerce, Promulgating 14 Industrial Standards of Domestic Trade Such as Appraising Measures
on Production Base of Silkworm Mulberry

[2007] No.5

Ministry of Commerce has approved 14 industrial standards of domestic trade such as Appraising Measures on Production Base of Silkworm
Mulberry (please refer to appendix for code, name and date of implementation), which are now announced.

China Standard Press House will be in charge of publishing of above standards.

Appendix: Code, Name and Date of Implementation of 14 Industrial Standards

Ministry of Commerce

Jan 25, 2007

Ministry of Commerce
2007-01-25

MEASURES OF THE CUSTOMS OF THE PEOPLE’S REPUBLIC OF CHINA FOR ADMINISTERING DIRECT RETURN OF IMPORTED GOODS

Decree No. 156 of the General Administration of Customs

No. 156

The Measures of the Customs of the People’s Republic of China for Administering Direct Return of Imported Goods have been deliberated
and adopted at the executive meeting of the General Administration of Customs on December 21, 2006. They are hereby promulgated,
and shall go into effect as of April 1, 2007.
Director General Mou Xinsheng

February 2, 2007

Measures of the Customs of the People’s Republic of China for Administering Direct Return of Imported Goods

Article 1

For the purpose of strengthening the administration of direct return of imported goods, and protecting the lawful rights and interests
of citizens, legal persons and other organizations, these Measures are formulated under the Customs Law of the People’s Republic
of China as well as other relevant laws and administrative regulations.

Article 2

After the goods have entered the territory and before the customs release formalities are finished, if the consignee and the consigner
of the imported goods, the person in charge of the original transport means or his agent (hereinafter uniformly referred to as the
party involved ) applies to direct return of his all or part of its goods abroad, or the customs orders such direct return under
the related the state provisions, these Measures shall apply.

After the imported goods to be transited between customs offices are released at the customs house at the entry place, if the party
involved applies for the direct return thereof, these Measures may not apply, instead, the general return formalities shall be handled.

Article 3

The direct return of imported goods shall be determined by the directly subordinate customs or its authorized subordinate customs.

Article 4

After the goods have entered the territory and before the customs release formalities are finished, the party involved may apply
for handling the direct return formalities to the customs under any of the following circumstances:

(1)

The consignee is unable to provide related certificates by virtue of adjustment of the trade administration policies of the state;

(2)

The written evidential instruments of the consigner or the carrier can be provided to testify the mis-delivery, mis-unloading or over-unloading
of the goods;

(3)

Both the consignee and the consigner, through negotiations, agree on the return, and the written mutual consent of both parties can
be provided;

(4)

A dispute arises out of related trade, and the judgment of the court, the arbitral award of the arbitration institution, or the undisputed
valid goods ownership voucher can be provided; or

(5)

The goods are damaged or are not qualified from the inspection and quarantine of the state, and the related inspection testimonial
as issued by the state inspection and quarantine department upon application of the consignee can be provided.

Article 5

After the transport means carrying the batch of goods is declared to enter the territory, and before the customs releases goods,
a related party applying for direct return of any imported goods shall file a written application to the customs where the goods
are located.

Article 6

A related party applying to the customs for direct return shall, according to the requirement of the customs, present an application
form for direct return of imported goods (see Affix 1 for the format), the contracts testifying the actualities of the import, the
invoices, the shipment lists, the original declaration form for the goods that have been declared to the customs, the bill of lading
or carriage list and other related documents, the related testimonial satisfying the conditions for application, and other documents
to be provided by the party involved as required by the customs.

Article 7

The customs shall, according to the following circumstances, separately handle the applications for direct return of imported goods
as filed by the related parties:

(1)

In case the party involved is not qualified for applying for direct return of imported goods, the customs shall decide not to accept
the application;

(2)

In case the application materials are incomplete or do not satisfy the legal form, the customs shall, either on the spot or within
5 days as of its sign for the acceptation of the application materials, notify the party involved of the contents in need of supplement
once and for all, or in case the customs fails to do so, it shall be considered to have accepted the application as of its receipt
of the application materials;

(3)

In case the application materials only contain literal, technical or binding errors, etc. which may be corrected on the spot, the
customs shall permit the party involved to correct on the spot, and the party involved shall sign and seal to confirm the corrected
contents; or

(4)

In case the application materials are complete and satisfy the legal form, or the party involved has submitted all supplementary application
materials as required by the customs, the customs shall accept the application for direct return of imported goods.

In case the customs notifies the party involved pursuant to Item (2) of the preceding paragraph, and has decided to accept or not
accept the application for direct return of imported goods, it shall make and issue a corresponding Notification of the Customs of
the People’s Republic of China on the Application for Direct Return of Imported Goods (see Affix 2 for the format), the Decision
of the Customs of the People’s Republic of China on Accepting the Application for Direct Return of Imported Goods (see Affix 3 for
the format), and the Decision of the Customs of the People’s Republic of China on Not Accepting the Application for Direct Return
of Imported Goods (see Affix 4 for the format), affix its special seal for administrative license, and indicate the date.

Article 8

Unless a decision on direct return is made on the spot, the directly subordinate customs shall, within 20 days as of its acceptance
of the application for direct return, make a decision, and shall make and issue the Decision of the Customs of the People’s Republic
of China on Permitting Direct Return of Imported Goods (hereinafter referred to as the Decision on Permitting the Direct Return,
see Affix 5 for format) to the party involved with respect to a decision on permitting direct return upon examination; or shall make
and issue the Decision of the Customs of the People’s Republic of China on Refusing Direct Return of Imported Goods (see Affix 6
for the format) to the party involved with respect to a decision on refusing direct return upon examination,.

In case the customs is unable to make a decision within 20 days, the time limit may be extended by 10 days upon approval of the person
in charge of the directly subordinate customs, and the customs shall make and issue a Notification of the Customs of the People’s
Republic of China on Extending the Time Limit for Examining the Direct Return (see Affix 7 for the format), and notify the party
involved of the reasons for extending the time limit.

Article 9

In case the goods are determined by the customs to be checked or considered by it to be involved in suspected smuggling before the
party involved applies for direct return, the direct return may not be permitted, and the aforesaid goods shall be dealt with by
the customs under the related provisions after they have been checked or the case has been finalized.

Article 10

The formalities for direct return of imported goods which are not prescribed in these Measures shall be governed by the related provisions
in the Measures of the Customs of the People’s Republic of China for Implementing the Administrative License Law of the People’s
Republic of China.

Article 11

After the goods have entered the territory and before the customs release formalities are finished, the customs shall order the party
involved to directly return the imported goods abroad under any of the following circumstances, under which the goods shall be returned
under law:

(1)

The imported goods are forbidden by the state from being imported, and the customs has dealt with under law;

(2)

The import of goods goes against any policy or regulation of the state on inspection and quarantine, and the inspection and quarantine
department of the state has dealt with the matter and issued the Notification on Inspection and Quarantine or other evidential instruments
;

(3)

The party involved imports solid wastes restricted from being imported without permission, and uses them as raw materials, and the
customs has dealt with under law; and

(4)

Other circumstances, under which the party involved goes against any related law or administrative regulation of the state, and shall
be ordered to directly return the goods.

Article 12

In case it is necessary to order the direct return of imported goods, the customs shall, on the basis of the testimonial as issued
by the related governmental administrative department, make and issue a Notification of the Customs of the People’s Republic of China
on Ordering Direct Return of Imported Goods (hereinafter referred to as Notification on Ordering the Direct Return, see Affix 8 for
format) to the party involved.

Article 13

After receiving the Decision on Permitting the Direct Return or the “Notification on Ordering the Direct Return, The party involved
shall, make a declaration to the customs for direct return of imported goods as required by the customs.

Article 14

When making the declaration for direct return of imported goods, a party involved shall, unless there are otherwise different provisions,
fill out an export declaration form and make a declaration to the customs first, then fill out an import declaration form, and fill
the export declaration form number in the column of Associated Declaration Form of the import declaration form.

Article 15

In case some certain imported goods are to be directly returned, the party involved concerned shall fill out a declaration form for
the import and export of goods under the Norms of the Customs of the People’s Republic of China on Filling out Declaration Forms
for Import and Export of Goods, and shall satisfy the requirements as follows:

(1)

filling out the serial number of the Decision on Permitting the Direct Return or of the Notification on Ordering the Direct Return
in the column of Remarks;

(2)

filling out Direct Return (Code: “4500”) in the column of Supervision Method.

Article 16

In case the goods are not required to submit its or his import or export permit or other supervisory certificate upon approval of
the customs or its order of direct return, they shall be exempted from various taxes, fees and surcharges for delay, and may not
be listed into the statistics of the customs.

Article 17

In case some certain goods are approved by the customs to be directly returned after they have entered the territory upon being declared
to the customs, the customs shall, before handling the formalities for exit declaration of the imported goods to be directly returned
abroad, revoke the original import declaration form or the data of the transit list.

Article 18

In case the mis-delivery, mis-unloading or over-unloading of the goods are caused by the consignee, consigner or carrier of the imported
goods, and the customs approves or orders direct return, the party involved shall be exempted from filling out the declaration form,
and shall apply to the customs for handling the direct return formalities upon the strength of the Decision on Permitting the Direct
Return or the Notification on Ordering the Direct Return.

Article 19

The imported goods subject to direct return shall exit from the territory via the port at the original entry place. If the transport
method needs to be changed or to exit from the territory via another port by virtue of any transport reason, the goods shall exit
from the territory in the method of transit transport upon approval of the customs at the entry place.

Article 20

The direct return of imported goods in bonded zones, export processing zones, other areas under special supervision of the customs,
and bonded surveillance areas shall be handled under the related provisions of these Measures by analogy.

Article 21

In case anyone violates these Measures by committing smuggling or any other act violating the customs supervision provisions, it/he
shall be punished by the customs under the Customs Law of the People’s Republic of China and the Regulations of the Customs of the
People’s Republic of China on Implementing Administrative Penalties; if a crime is committed, he shall be subject to criminal liabilities
under law.

Article 22

The General Administration of Customs shall be responsible for the interpretation of these Measures.

Article 23

These Measures shall go into effect as of April 1, 2007.

General Administration of Customs
2007-02-02

CIRCULAR OF THE MINISTRY OF COMMERCE ON ENTRUSTING NINGBO ECONOMIC &TECHNICAL DEVELOPMENT ZONE TO EXAMINE, APPROVE AND ADMINISTER THE RELEVANT WORK ON FOREIGN-INVESTED ENTERPRISES IN SOME SERVICE TRADE SECTORS

Circular of the Ministry of Commerce on Entrusting Ningbo Economic &Technical Development Zone to Examine, Approve and Administer
the Relevant Work on Foreign-invested Enterprises in Some Service Trade Sectors

Shang Zi Han [2007] No. 7

Zhejing People’s Government, Ningbo Municipal People’s Government and Ningbo Economic &Technical Development Zone,

Pursuant to Some Opinions on Further Promoting the Development Level of National Economic and Technical Development Zones (Guo Ban
Fa [2005] No. 15) as forwarded by the General Office of the State Council to the Ministry of Commerce, the Ministry of Land and Resources
and the Ministry of Construction as well as the provisions of the Ministry of Commerce on the authorized examination, approval and
administration of foreign-funded enterprises, the Ministry of Commerce has finished the archival filing, examination and approval
of the management systems of all the national economic and technological development zones and the connected network for examination
and approval of foreign capital. The related matters are hereby notified as follows:

Upon research, we hereby authorize the Management Committee of Ningbo Economic &Technical Development Zone to be responsible for
examining, approving and administrating the foreign-funded enterprises in related service trade sectors set up inside its zone for
the purpose of encouraging and supporting the national economic and technological development zones to vigorously develop the high
value-added service industries.

The Management Committee of Ningbo Economic &Technical Development Zone shall, in strict accordance with the laws and regulations
on foreign investments as well as the related provisions on foreign-funded enterprises of non-vessel shipping, construction, printing,
construction engineering design, road transport, commerce and international freight forwarding (see appendix), carefully examine
and approve the related foreign-funded enterprises set up within its zone, and report the related problems found in the work to the
Ministry of Commerce in a timely manner. The Ministry of Commerce shall implement the inspection of the aforesaid examination, approval
and administration, and cancel the authorization to a national economic and technological development zone which commits illegal
examination and approval during the course of authorization.

The Management Committee of Ningbo Economic &Technical Development Zone shall conduct a good job in examination and approval,
archival filing and statistical work in strict accordance with the requirements of the Ministry of Commerce for networking and online
joint annual inspection and by taking advantage of the networking certification system for foreign-funded enterprises. The related
statistical data shall be in line with the requirements so that the Ministry of Commerce can keep informed of the situation and strengthen
supervision.

Ningbo Economic &Technical Development Zone, the management system of which needs to be improved, has not set up an independent
finance department yet. Ningbo Economic &Technical Development Zone shall keep a close eye on and further resolve the problems
in the management system, keep a concise and efficient management system, and improve the level for examining, approving and administrating
the foreign-funded enterprises. Where any management system problem that may affect the work on examining, approving and administrating
the foreign-funded enterprises is found, this Ministry will withdraw the authorized power of examination, approval and administration
immediately.

This Circular shall enter into force as of the promulgation date.

Ministry of Commerce

February 12, 2007
Appendix:
Related documents on entrusting the competent provincial departments of commerce to examine, approve and Administer foreign-funded
service trade Enterprises

Circular of the Ministry of Commerce on Entrusting the Competent Provincial Departments of Commerce to Examine and Manage Foreign-funded
Non-vessel Shipping Enterprises (Shang Zi Han [2005] No. 89)

Circular of the Ministry of Commerce on Entrusting the Provincial Administrative Departments of Commerce to Examine, Approve and Administer
the foreign-funded Construction Enterprises (Shang Zi Han [2005] No. 90)

Circular of the Ministry of Commerce on Entrusting the Administrative Departments of Commerce at the Provincial Level to Examine and
Administer the Foreign-funded Printing Enterprises (Shang Zi Han [2005] No. 91)

Circular of the Ministry of Commerce on Entrusting the Administrative Departments of Commerce at the Provincial Level to Examine and
Administer the Foreign-funded Designing Enterprises for Engineering Projects (Shang Zi Han [2005] No. 92)

Circular of the Ministry of Commerce on Entrusting the Competent Provincial Departments of Commerce to Examine and Manage Some Foreign-funded
Road Transport Enterprises (Shang Zi Han [2005] No. 93)

Circular of the Ministry of Commerce on Entrusting Local Departments to Check Foreign-funded Commercial Enterprises (Shang Zi Han
[2005] No. 94)

Circular of the Ministry of Commerce about the related Issues on Entrusting National Economic and Technical Development Zones to Examine
and Approve foreign-funded Commercial Enterprises and International Freight Forwarding Enterprises (Shang Zi Han [2005] No. 102)

Measures for the Administration of Foreign-funded International Freight Forwarding Enterprises (Decree No. 19, 2005 of the Ministry
of Commerce)

Ministry of Commerce
2007-02-12

CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE CONCERNING THE RELATED MATTERS ON ADMINISTERING SHORT-TERM FOREIGN DEBTS OF FINANCIAL INSTITUTIONS IN 2007

Circular of the State Administration of Foreign Exchange Concerning the Related Matters on Administering Short-term Foreign Debts
of Financial Institutions in 2007

Hui Fa [2007] No. 14

The branches and foreign exchange administration offices of the State Administration of Foreign Exchange in each province, autonomous
region, and municipality directly under the Central Government, and the municipal branches of the State Administration of Foreign
Exchange in Shenzhen, Dalian, Qingdao, Xiamen and Ningbo, and all the headquarters of the designated Chinese-funded foreign exchange
banks:

For the purpose of rigorously controlling the short-term foreign debt scale, promoting the international balance of payments and maintaining
the safety of the national economic and financial, the related matters on administering short-term foreign debts of financial institutions
in 2007 are hereby notified as follows:

The administration of short-term foreign debt balance quotas (hereinafter referred to as short-term foreign debt quotas) shall apply
to the following foreign debts of financial institutions:

(1)

Usance letters of credit that has been accepted but not yet paid with a term of over 90 days (excluding 90 days);

(2)

Deposits of overseas institutions as well as deposits of overseas individuals whose balance in the foreign exchange account at a same
bank with a legal person status is more than an equivalent value of USD 500,000;

(3)

Overseas loans, overseas inter-bank borrowings, current businesses with overseas inter-bank and subordinated institutions thereof
(as the debtor) as well as overseas agency payments by various settlement methods with a term of less than one year (including one
year) ; and

(4)

Short-term foreign debts in other forms.

The short-term foreign debt quotas of financial institutions in 2007 will be reduced by the decrease State Administration of Foreign
Exchange (SAFE). The short-term foreign debt quotas for Chinese-funded banks in 2007 shall be decreased to 30% of their respective
quotas as determined upon confirmation in 2006, and short-term foreign debt quotas for non-bank financial institutions and foreign-funded
banks in 2007 shall be decreased to 60% of their respective quotas as determined upon confirmation in 2006.

A financial institution shall decrease its short-term foreign debt balance according to the following requirements:

(1)

By June 30, 2007, a Chinese-funded bank shall reduce its short-term foreign debt balance to 45% or less of the quota as determined
in 2006, and with regard to a non-bank financial institution or foreign-funded bank, its short-term foreign debt balance shall be
reduced to 85% or less of the quota as determined in 2006.

(2)

By September 30, 2007, a Chinese-funded bank shall reduce its short-term foreign debt balance to 40% or less of the quota as determined
in 2006, and with respect to a non-bank financial institution or foreign-funded bank, its short-term foreign debt balance shall be
reduced to 75% or less of the quota as determined in 2006.

(3)

By December 31, 2007, a Chinese-funded bank shall reduce its short-term foreign debt balance to 35% or less of the quota as determined
in 2006, and with regard to a non-bank financial institution or foreign-funded bank, its short-term foreign debt balance shall be
reduced to 65% or less of the quota as determined in 2006.

(4)

By March 31, 2008, a Chinese-funded bank shall reduce its short-term foreign debt balance to 30% or less of the quota as determined
in 2006, and with respect to a non-bank financial institution or foreign-funded bank, its short-term foreign debt balance shall be
reduced to 60% or less of the quota as determined in 2006.

The short-term foreign debt quota for a Chinese-funded or foreign-funded bank newly established, or a Chinese-funded bank newly launching
foreign exchange business shall be determined upon verification as no more than two times its foreign exchange operating fund or
its capital.

After a branch of a foreign-funded bank is converted into a bank with a legal person statue in China, the short-term foreign debt
quota of the original short-term foreign debt quota management bank or the original domestic branch shall be inherited by this bank
with a legal person status, and its headquarters shall submit such quota to the SAFE or the SAFE branch or management department
at the registration place (hereinafter referred to as the “SAFE branch”) for archival filing.

In case a foreign-funded bank has simultaneously established both a bank with a legal person status and a branch conducting wholesale
business of foreign exchange within the territory of China, the subsidiary bank shall take charge of managing short-term foreign
debts, and the short-term foreign debt quota shall be jointly used by the bank with a legal person status and the branch conducting
wholesale business of foreign exchange.

Where it is necessary for a foreign-funded bank to adjust short-term foreign debt quotas for different regions because of the merger
or split-up, etc., the institution needing to increase the quota shall apply to the local SAFE branch, who shall examine and approve
the application together with other related SAFE branches, and then report it to the SAFE for archival filing.

Before a branch of a foreign-founded bank in China is converted into a bank with a legal person status, the funds from its overseas
parent bank for its the capital increase may be deposited into a special account which is opened in a domestic bank upon this branch’s
application to the local SAFE branch on behalf of the foreign bank. Such funds are not subject to the management of short-term foreign
debt quotas of such domestic bank, but they may only be used as overseas short-term capital by such domestic bank and not for any
other purpose.

The SAFE will determine upon verification the short-term foreign debt quotas of the following financial institutions:

(1)

Policy banks and nationwide commercial banks with a legal person status (including foreign-funded banks with a legal person status
converted from foreign bank branches, see the affixed forms 1 and 2); and

(2)

Foreign bank branches implementing the centralized management on short-term foreign debt quotas (see affixed Form 1).

Within the regional quotas (see affixed form 3) determined upon verification by the SAFE, each SAFE branch shall determine the short-term
foreign debt quotas of the following financial institutions within its jurisdiction:

(1)

Regional Chinese-funded banks (those that have not been listed into affixed Form 2);

(2)

Foreign-funded bank branches not implementing the centralized management of short-term foreign debts and regional foreign-funded banks
with a legal person status (hereinafter referred to as regional foreign-funded banks, that are, those that have not been listed into
affixed form 1); and

(3)

Non-bank financial institutions that have not been listed into any affixed form.

A department and some staff members shall be designed by a financial institution to be responsible for managing and registering its
short-term foreign debts, as well as reporting them to the SAFE for archival filing.

10.

A financial institution shall conduct careful statistics on and comprehensive report of the short-term foreign debt data (see annex)
according to the relevant provisions on the statistical monitoring of foreign debts.

Chinese-funded financial institutions shall, uniformly by their headquarters through the SAFE foreign debt statistical monitoring
system (the bank version), report the foreign debt data on usance letters of credit, deposits of non-resident, overseas inter-bank
borrowing and overseas agency payments. The foreign-funded bank with a legal person status upon restructuring and its branches conducting
wholesale business of foreign exchange shall, uniformly by the subsidiary bank through the SAFE foreign debt statistical monitoring
system (the bank version), report the foreign debt data. A foreign bank branch that has not been restructured shall keep its original
foreign debt data submission method.

A financial institution shall report the data on usance letters of credit subject to the following three types based on currencies;
(1) usance letters of credit within a term of 90 days or less in the same currency; (2) usance letters of credit within a term of
over 90 days up to one year in the same currency; and (3) usance letters of credit with a term of over one year.

The data on overseas deposits not governed by foreign debt quotas shall be reported in the system at the same time.

11.

The SAFE and branches thereof shall deliver the short-term foreign debt quotas to the financial institutions under their respective
jurisdictions prior to March 31, 2007, and rigorously administer and supervise the borrowing of short-term foreign debts and the
implementation of quotas.

12.

The demands for short-term foreign exchange financing of a domestic financial institution may be satisfied through currency market
lending and swap, etc.

13.

The present Circular shall go into effect as of April 1, 2007. All SAFE branches shall promptly forward the present Circular to the
sub-branches and foreign-funded banks under their jurisdiction after they receive it. All designated Chinese-funded foreign exchange
banks shall promptly forward the present Circular to their branches. Any problem encountered during the implementation shall be fed
back to the SAFE in a timely manner.

Annex: Instructions on the Adjustment of the Submission Methods of Foreign Debt Data (Omitted)

Form 1: Form of the Verification of Short-term Foreign Debt Quotas for the Short-term Foreign Debt Management Banks of Foreign-funded
Financial Institutions in 2007 (Omitted)

Form 2: Form of the Verification of Short-term Foreign Debt Quotas for Chinese-funded Financial Institutions in 2007 (Omitted)

Form 3: Form of the Verification of Short-term Foreign Debt Quotas of Various Regions in 2007 (Omitted)

The State Administration of Foreign Exchange

March 2, 2007

The State Administration of Foreign Exchange
2007-03-02

PROVISIONS ON THE ADMINISTRATION OF SALES INFORMATION MANAGEMENT PLATFORMS OF SECURITIES INVESTMENT FUNDS

Circular of China Securities Regulatory Commission on Promulgating the Provisions on the Administration of Sales Information Management
Platforms of Securities Investment Funds

Zheng Jian Ji Jin Zi [2007] No. 76

Securities Depository and Clearing Company Limited, all the fund management companies, fund underwriting institutions and fund custodian
banks:

For the purpose of specifying various technical standards for securities investment fund sales information management, and strictly
surveilling market entrance and routine acts of fund sales institutions, the Provisions on the Administration of Sales Information
Management Platforms of Securities Investment Funds has been formulated in accordance with the Law on Securities Investment Funds
and the Measures for the Administration of the Sales of Securities Investment Funds (Decree No. 20 of China Securities Regulatory
Commission). It is hereby promulgated. Please implement them accordingly.

China Securities Regulatory Commission

March 15, 2007

Provisions on the Administration of Sales Information Management Platforms of Securities Investment Funds
Chapter I General Rules

Article 1

For the purpose of regulating the securities investment fund sales information management, advancing the quality of information services
provided to fund investors, and promoting the further development of securities investment fund sales business, the present Provisions
are formulated in accordance with the Law on Securities Investment Funds and the Measures for the Administration of the Sales of
Securities Investment Funds (hereinafter referred to as the Sales Administrative Measures).

Article 2

Sales information management platform of securities investment funds (hereinafter referred to as information management platform)
as referred to in the present Provisions means the information systems that are used for the sales of funds by fund sales institutions,
including foreground business systems, background management systems and support systems for applied systems.

Fund sales institutions as referred to in the present Provisions means the fund managers who carry out the subscription, purchase
and redemption of fund units lawfully and other institutions that have obtained the qualification for fund underwriting business
as well.

Article 3

The establishment and maintenance of information management platforms shall be line with the principles of safety, practicality and
systematization, and satisfy the requirements as follows:

(1)

they have all the fund sales functions as referred to in the present Provisions, and are capable of performing the duties of related
principals as prescribed in related laws or regulations;

(2)

they have a mechanism for monitoring and checking fund sales information flows and capital flows, and ensure the safety of capital
flows of fund investors;

(3)

they have a mechanism for monitoring fund sales rates, and prevent unfair competition in the fund sales business;

(4)

they support the utilize of the applicability principle for fund sales in the fund sales business;

(5)

they have a mechanism of management, supervisory and complaint concerning fund salespersons; and

(6)

they are able to provide the information about monitoring the fund transactions, capital safety and other sales acts for China Securities
Regulatory Commission (CSRC) as required.

Article 4

When implementing the activities regarding fund sales, a fund sales institution shall build, reconstruct and manage a related information
system under the present Provisions.

Chapter II Foreground Business Systems

Article 5

Foreground business systems means the application systems that are used by fund investors directly or are directly related to the
trading activities of fund investors, and are classified into self-service systems and assisted systems.

Assisted foreground system means a software application system that is offered by a fund sales institution and is required for qualified
professional service staff to assist fund investors to complete business operations.

Self-service foreground system means an application system that is offered by a fund sales institution, and used for completing business
operations by fund investors independently, and comprises of the on-site self-service systems in the outlets of the fund sales institution
as well as the off-site self-service systems by internet, telephone or mobile communications, etc.

The foreground business system performs its functions by the network connection with the background management system.

Article 6

A foreground business system shall be able to provide the investment information for fund investors and fund salespersons, and the
following contents shall be included in the investment information:

(1)

Basic knowledge with respect to funds;

(2)

Related laws and regulations with respect to funds;

(3)

Fund products information, including basic information, rates, conversion of funds, mode for paying commissions, information on fund
risk evaluation and other public market information on funds, etc.;

(4)

Information concerning fund managers and fund custodians;

(5)

Related investment market information on funds; and

(6)

Information with respect to fund sales branches and outlets.

The investment information as provided for fund investors shall come from lawful information sources, and the provider shall disclose
the information sources and the time of publicity to fund investors.

Article 7

A foreground business system shall cover the function of managing the information concerning the accounts for fund transaction and
fund investors, including the opening of accounts, investigation and assessment of risk tolerance of fund investors, information
inquiry about fund investors as well as the alteration of the information, annulment of accounts, password management, applications
for freezing or defreezing accounts, etc. with regard to the fund investors:

(1)

When an account is opened for an individual, the information concerning the type and number of the certificate, fund transaction account,
the name, date of birth, type and number of the statutory or authorized agent’s certificate, name of the statutory or authorized
agent, the bank account, contact information and method for delivery of statements, etc. shall be recorded down by the system;

(2)

When an account is opened an entity, information concerning the type and number of the certificate, type, fund transaction account,
the name, registration place, name of the legal representative, type and number of the statutory or authorized agent’s certificate,
name of the statutory or authorized agent, the bank account, contact information and method for delivery of statements, etc. shall
be recorded down by the system;

(3)

A reliable mechanism shall be contained by the system for the transaction codes of fund investors and it shall prohibit the system
from generating same passwords or weak passwords, and the revision or taking back of passwords by fund investors shall be recorded
down as log files; and

(4)

The system shall contain the functions of investigating, assessing and recording down the risk tolerance of fund investors.

Article 8

As for a foreground business system, the functions of subscribing, purchasing and redeeming funds and changing the mode for distributing
dividends as well as other trading functions as recognized by CSRC shall be contained:

(1)

whether the risk degree of the funds subscribed or purchased by fund investors matches with the risk tolerance of these fund investors
shall be examined by the system; and the function of requiring fund investors to make confirmation and recording down the information
concerning the confirmation of fund investors shall be included in the system if the non-matching occurs;

(2)

The transfer of the capital from redemption into any bank account which is not owned by the fund investor shall be prohibited in the
system; and if a fund investor makes alterations to his bank account after filing an application for redemption but before the return
of the capital from redemption into his account, it shall be deemed as an abnormal transaction, and shall be recorded down in the
system;

(3)

The function of revising the sales rates may not be included in the system; and

(4)

The correct indications shall be made for the transaction applications as submitted at the time other than the opening hours for fund
transactions.

Article 9

A foreground business system shall have the function of providing services to fund investors:

(1)

The service for inquiring about the information with respect to the fund products and fund units as held by fund investors, details
about fund transactions as performed by fund investors, capital transfer for fund transactions as implemented by fund investors,
fund products suitable for the risk tolerance of fund investors, net value of funds and fund proceeds, etc. shall be offered by the
system;

(2)

The statements shall be provided to fund investors regularly and irregularly by a mode as chosen by fund investors, which shall comprise
of the fund units as held by each fund holder, details regarding the transactions occurred in the fund transaction account of each
fund investor, conditions on collection of commissions, and the means for distributing dividends, etc.; and

(3)

The information about the complaints put forward by fund investors shall be recorded down by the system, which shall contain the name
of the fund investor, time of complaint, matter as complained about, handling process and results, etc.

Chapter III Self-service Foreground Systems

Article 10

A self-service foreground system shall satisfy the provisions as prescribed in this Chapter at the same time upon the requirements
as prescribed in Chapter II.

Article 11

Various methods shall be provided for fund investors to verify their real identities and qualifications in the self-service foreground
system by a fund sales institution, which shall comprise of the provision of related certification documents with respect to lawful
sales of funds and the contact information of the supervisory organ for fund investors to conduct convenient verifications.

The related personnel that provide supporting services in the self-service foreground system shall be required for the same qualification
as for the employees that provide face-to-face services at the similar positions; and a self-service foreground system shall provide
a function of checking the qualifications of related personnel for fund investors.

Article 12

The following information shall be disclosed to fund investors by way of online reading, downloading and links of documents or voice
indicating, etc. in a self-service foreground system:

(1)

Information on the fund sales institution, including the registration address, main office site, branches and outlets of fund sales,
and contact information, etc.;

(2)

Models of the client’s account opening agreement or any other related document;

(3)

Two or more means for handling complaints; and

(4)

Revealing related risks in the self-service and the prevention measures of fund investors, including information safety, abnormal
operations and system malfunction, etc., and reminding fund investors of their obligations of verifying the information as provided
by the fund sales institution through the third party and the obligation of keeping their identity data as passwords, certificates
and etc. properly.

Article 13

When opening a fund transaction account through the self-service foreground system, the fund investor shall be required to offer
related materials that may prove his identity, verify his identity by adopting an equivalent real-name system; and when opening an
account independently or revising the information about the account by a fund investor, the fund sales institution shall verify the
identity of the name of the fund investor with the bank account thereof.

A self-service foreground system shall have the function of verifying the identity of the fund investor for conducting self-service
operations and take lawful and valid anti-denial measures; where a fund investor carries out operations by the internet, the IP address
and digital certificate, etc. of the operator shall be recorded down by the system, and if through the phone, the phone number shall
be recorded down.

In case of any surplus, transaction or rights in float in a fund transaction account, a fund investor may not conduct such important
operations as cancel this fund transaction account through a self-service foreground system, designate the alteration of bank account,
and shall go through the aforesaid operations at the counter upon his valid certificate.

Article 14

The following quotas shall be set in the self-service foreground system by any fund sales institution:

(1)

the maximum amount that a fund investor may subscribe or purchase funds in a single deal or in a day accumulatively; and

(2)

the maximum amount that a fund investor may redeem funds in a single deal or in a day accumulatively.

Article 15

Standby service measures or schemes shall be provided to fund investors by all fund sales institutions when the self-service foreground
system breaks down.

Article 16

Each function as designed in the self-service foreground system shall have the friendly interface, be convenient to use, and have
the function of preventing or correcting wrong operations of fund investors.

Chapter IV Background Management Systems

Article 17

A background management system shall implement the data support and centralized management for the foreground business system, the
functions of which shall be used only inside the fund sales institution.

Article 18

In a background management system, the related information with respect to the fund sales institution, branches and outlets of fund
sales, and fund salespersons shall be recorded down, and the functions of managing, examining and monitoring the branches and outlets
of fund sales as well as the fund salespersons shall be remained:

(1)

The basic information concerning the fund sales institution shall comprise of the name, registration place, contact person, person
in charge and contact information, etc.;

(2)

The basic information concerning the branches and outlets of fund sales shall comprise of names, addresses, contact persons, persons
in charge and contact information, etc.; and

(3)

The basic information on the fund salespersons shall comprise of their names, contact information, sales branches and outlets where
they are serving, and the qualification certificates, etc.; and the system shall be able to record down the training records and
irregularity information, etc. concerning fund salespersons.

Article 19

The information regarding the risk evaluation of funds, fund managers, fund products and investments, etc. shall be recorded down
and managed by a background management system:

(1)

The information on a fund manager shall include the name, registration address, main office site, person in charge, contact person
and contact information, etc. thereof;

(2)

The information concerning a fund product shall include the code, name, type, trading quota, and rate, etc. of the fund; and

(3)

The system shall be able to monitor the regularity of fund sales rates.

Article 20

In a background management system, the transaction applications that are received at the time other than the opening hours for fund
transactions shall be disposed of correctly so as to prevent the off-hour trading by fund investors.

Article 21

A background management system shall be able to liquidate transactions and dispose the capital so as to complete the data exchange
with the fund registration system and the bank system:

(1)

Inputting the data on opening fund accounts and fund transactions as confirmed by the fund registration institution into the system
for disposal shall be remained within the functions thereof, including the confirmation of the annulment of accounts, freeze of accounts,
freeze of shares, defreeze of accounts, defreeze of shares, non-trade transfer of funds, division of shares and other special business
disposal functions as launched by the fund registration institution;

(2)

Recording down the bank accounts of fund investors and the capital transfer information shall be remained within the functions thereof;
and

(3)

Controlling the fund sales scale with a fund registration system shall be remained within the functions thereof.

Article 22

A background management system shall be able to check the information flows and capital flows as involved:

(1)

Checking whether the fund units held by fund investors as recorded down by the fund sales institution conform to the data as provided
by the fund registration institution;

(2)

Checking whether the amount booked in and out of special fund sales accounts are identical with the amount of subscription and purchase
and the amount of redemption as recorded down by the fund registration institution;

(3)

Checking the details of trading dates, funds, fund investors, and branches, etc.; and

(4)

Recording down the problems that are found during the course of checking, and giving warnings against major problems and logging actual
methods of resolution.

Chapter V Submission of the Information to the Supervisory System

Article 23

The following information shall be provided to the CSRC fund supervisory business information system by a fund sales institution,
and the genuineness, accuracy and integrity thereof shall be guaranteed:

(1)

Daily fund transactions of the fund sales institution;

(2)

Monthly summaries of the information concerning whether the risk degree of the funds as subscribed and purchased by fund investors
match with the risk tolerance thereof;

(3)

Monthly summaries of the information on abnormal fund transactions;

(4)

Quarterly internal audit reports of the fund sales institution;

(5)

Annual financial and business information of the fund sales institution;

(6)

Instructions about the fund risk assessment methods of the fund sales institution;

(7)

Instructions about the methods of the fund sales institution for investigating and assessing the risk tolerance of fund investors;
and

(8)

Other information as required by the CSRC.

The bank that opens exclusive fund sales accounts shall be entrusted by a fund sales institution to provide the daily capital flow
data concerning the said exclusive fund sales accounts to the CSRC fund supervisory business information system.

Article 24

The confirmation information concerning daily fund transactions shall be provided to the CSRC fund supervisory business information
system by all fund registration institutions, and the authenticity, accuracy and integrity thereof shall be guaranteed.

The bank that opens settlement accounts shall be entrusted by a fund sales institution to provide the daily capital flow data concerning
settlement accounts to the CSRC fund supervisory business information system.

Chapter VI Administration of Information Management Platforms

Article 25

The support system of the application system to the information management platform shall comprise of databases, servers, network
communications, and security guards, etc., and back-up measures or schemes shall be provided for the component parts of a key support
system.

Article 26

An information management platform shall have the technical features of uniformly business disposal and uniformly data storage so
as to keep the information on fund investors, trading records, information concerning fund salespersons and service information to
fund investors, or any other electronic data in a centralized manner.

Article 27

Such reports as putting the system into use, performing major upgrading to the system and annual technical risk assessment shall
be submitted to the CSRC for archival filing.

Interconnection tests shall be implemented together with fund managers and the fund registration institution when upgrading a system.

Article 28

A fund sales institution shall formulate the business continuity scheme and the disaster resumption scheme, and corresponding drills
shall be performed regularly.

Article 29

A fund sales institution shall set up a perfect monitoring system so as to record down system upgrading, network visiting, database
access, revision of user passwords or any other important operation, and keep log files properly.

Article 30

The system data shall be backed up everyday and shall be kept on different places properly, and the backup of the information on
fund investors and the trading records in the system operating data shall be kept on the media that can not be changed for 15 years.

Article 31

The reliable encryption shall be performed for the transmission of sensitive data such as the identities of fund investors and the
detailed transactions on the public network, and no plain text means shall be used for the storage and transmission of the trading
passwords of fund investors; and the business, operation and maintenance personnel of a fund sales institution may not directly alter
the trading data or passwords of fund investors; and in case of any alteration as required for any special reason, rigid procedures
shall be implemented and marks shall be left accordingly.

Article 32

A fund sales institution shall appropriately manage the project documents and technical files in the management system; and with
regard to a core business system that is developed as required, the fund sales institution shall require the developer to provide
source code or give the source code to a third party for custody.

Article 33

A fund sales institution shall take guild standards and data interfaces that have already been promulgated in the system development
and operation.

Article 34

On the basis of the guaranteed safety, a fund sales institution may outsource such professional services as systems integration,
application development, operations maintenance, equipment custody, network communications, technical advice, and etc. to service
providers having a corresponding qualification in light of the principle of fair competition in the market. A fund sales institution
shall conclude a detailed business contract with the party that undertakes the technical outsourcing so as to clarify the duties
respectively.

The basic information concerning selection or alteration of the party that undertakes the technical outsourcing shall be submitted
to the CSRC for archival filing.

Article 35

When outsourcing technical services, the fund sales institution shall assume the final management duty for the safe operation of
the information management platform.

Chapter VII Supplementary Rules

Article 36

The CSRC and the agencies thereof shall be enpost_titled to monitor the fund transactions, capital safety and other sales activities by
its fund supervisory business information system.

Article 37

The CSRC and the agencies thereof shall be enpost_titled to conduct on-site inspections of the information platforms of fund sales institutions,
and may adopt monitoring measures accordingly under specific situation and the related laws and regulations if any major problem
is found.

Article 38

As for an institution that plans to apply for the qualification for fund underwriting business, it shall build a related information
system as required in the Sales Administrative Measures and the present Provisions, and supplement and improve the related contents
in the application materials for the fund underwriting qualification at the same time.

Article 39

As for fund managers and those institutions that have obtained the qualification for fund underwriting business, they shall complete
the reconstruction of related information system within one year as of the implementation of the present Provisions in accordance
with the present Provisions, and prepare for the on-site inspections of CSRC and the agencies thereof on the information management
platform simultaneously.

Article 40

The format requirements for the data exchanges as submitted by fund sales institutions and fund registration institutions to the
CSRC fund supervisory business information system shall be informed by the CSRC separately.

Article 41

The present Provisions shall enter into force as of the promulgation date.

China Securities Regulatory Commission
2007-03-15

CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION ON INTENSIFYING INVESTIGATION INTO AND ANALYSIS OF TRANSFER PRICING

Circular of the State Administration of Taxation on Intensifying Investigation into and Analysis of Transfer Pricing

Guo Shui Han [2007] No. 363

The state taxation bureaus and local taxation bureaus of all provinces, autonomous regions, municipalities directly under the Central
Government, and cities specifically designated in the state plan,

With a view to regulating the investigation into and analysis of the cases concerning transfer pricing of all regions and enhancing
the quality of such investigations, the related issues are hereby clarified as follows in accordance with Article 51 of the Detailed
Rules for the Implementation of the Law of the People’s Republic of China on the Administration of Tax Collection and the related
provisions in the Rules of the State Administration of Taxation for the Taxation Management Rules for the Businesses between Associated
Enterprises (Guo Shui Fa [2004] No. 143 ):

Every region shall intensify the functional risk analysis of the enterprises under investigation, and the enterprises that accept
the transfer pricing investigation shall fill in the Analysis Form on Enterprise Functional Risks. The competent taxation authority
shall fill in the Confirmation Form on the Analysis of Enterprise Functional Risks in light of the Analysis Form on Enterprise Functional
Risks as filled in by the enterprise and by referring to other related conditions it has known through investigation, and shall submit
these two forms to the State Administration of Taxation together.

Every region shall intensify the related financial analysis of associated transactions conducted by the enterprises under investigation,
and fill in the Financial Analysis Form on the Associated Transactions between Enterprises on the basis of anti-tax avoidance investigation,
and report it and the archival filing report and the case settlement report to the State Administration of Taxation.

Attachments:

Analysis Form on Enterprise Functional Risks (omitted)

Confirmation Form on the Analysis of Enterprise Functional Risks (omitted)

Financial Analysis Form on the Associated Transactions between Enterprises (omitted)

State Administration of Taxation

March 27, 2007

State Administration of Taxation
2007-03-27

CIRCULAR OF THE MINISTRY OF COMMERCE CONCERNING MATTERS ABOUT REINFORCING THE ADMINISTRATION OF PROCESSING TRADE

Circular of the Ministry of Commerce Concerning Matters about Reinforcing the Administration of Processing Trade

Shang Chan Fa [2007] No.133

In order to further perfect the administration of processing trade, encourage processing trade enterprises to optimize structure,
improve economic performance, independently innovate and actively perform social responsibilities, restrict and decrease activities
of processing trade enterprises conducting the processing trade with high consumption of energy, serious pollution of environment
and low added value, effectively accelerate the transformation and upgrading of processing trade and promote the sound development
of processing trade, the competent departments of commerce at various levels shall ceaselessly reinforce system construction in the
administration of processing trade business, check the business qualification and processing production capacity of processing trade
enterprises as well as do well in access administration. The related matters are hereby notified as follows:

Reinforcing the system construction of the processing trade administrative departments at each level

(1)

Rigorously administering the power of examination and approval. The competent commerce departments at each level shall, strictly according
to the provisions on examining and approving organ and graded examination and approval in the Interim Measures for Administrating
Examination and Approval of Processing Trade, exercise the power of examination and approval over processing trade business. When
delegating the power of examination and approval to lower levels, the provincial competent commerce departments shall observe the
related provisions and file the related situation with the Ministry of Commerce for record. The examining and approving organs at
each level shall issue the Certificate on Operation Situation and Production Capacity of Processing Trade Enterprises and the Approval
Certificate for Processing Trade Business to enterprises by using the e-networked approval/administration system for processing trade.
The related data on such certificates shall be put into the database of the Ministry of Commerce for unified administration. Any
examining and approving organ may not issue any certificate by any other means.

(2)

Attention shall be paid to daily statistical analysis. The competent commerce departments at each level shall pay attention to gathering
the statistical data regarding the production, operation, taxation, environmental protection, energy consumption, number of workers,
wage level, payment of staff’s social insurances, etc., of the local processing trade enterprises, summarize the situation and experience
in using advanced technical equipment, obtaining patents and building self-owned brands by them, and file the related information
with the higher competent commerce departments for statistical summary.

Perfecting the access management for processing trade enterprises

(1)

Inspection on the operation situation and production capacity of processing trade enterprises shall be reinforced. For determining
an enterprise’s qualification for engaging in processing trade business as well as examining and approving processing trade business
by the examining and approving organ, the Certificate on Operation Situation and Production Capacity of Processing Trade Enterprises
(hereinafter referred to as the Production Capacity Certificate) shall be deemed as an important basis. When applying for engaging
in processing trade business, an enterprise shall truthfully report each item listed in the Production Capacity Certificate, and
the competent commerce departments at each level shall make on-the-spot investigation and make examination and approval in accordance
with the actual situation. The enterprise shall provide the evidentiary documents or materials in relation to the reported contents
when necessary. The competent commerce department may not approve any enterprise failing to pass the check on operation situation
and production capacity to engage in processing trade business.

(2)

Incorporating the indices about environmental protection, energy consumption, employment and equipment level, etc., into the scope
of check on operation situation and production capacity.

(a)

Processing trade enterprises shall be urged to strictly carry out environmental protection standards and encouraged to save energy
and reduce energy consumption. A processing trade enterprise’s major discharge indices such as sulfur dioxide (SO2) index, chemical
oxygen demand (COD) index, etc., shall reach the requirements of the environmental protection departments, and its comprehensive
energy consumption for gross unit output value may not be higher than the local average level. If any enterprise fails to reach the
standards for environmental protection and energy consumption or commits any environment responsible accident, it shall be prohibited
from engaging in processing trade business.

(b)

Processing trade enterprises shall be urged to improve the employment system. A processing trade enterprise shall go through employment
registration formalities as required at the local labor security department, care for workers’ welfare and respect the related local
provisions on minimum wage level and social insurances payment. Where any enterprise fails to go through employment registration
formalities as required, fails to reach the minimum wage level at its locality or violates the related provisions at its locality
on social insurance payment, engagement in trade business may not be approved; as for any such enterprise approved prior to the issuance
of the present Circular, the competent commerce department shall urge it to correct within a fixed time limit, where it fails to
do so, the competent commerce department shall cancel its qualification for engaging in processing trade business.

(c)

The elimination of outdated production capacity shall be accelerated. The competent commerce departments at each level shall effectively
implement the Decision of the State Council Concerning the Promulgation of the “Interim Provisions on Promoting Industrial Structure
Adjustment” for Implementation (Guo Fa [2005] No.40), and in light of the Catalogue for the Guidance of Industrial Structure Adjustment,
forbid the enterprises using outdated production technical equipment as listed in the eliminated category from operating processing
trade business, and may not approve any enterprise to undertake processing trade business for the purpose of producing any outdated
product as listed in the eliminated category. They shall urge the processing trade enterprises, which use technologies and equipment
as listed in the restricted category or produce products listed in the restricted category, to accelerate transformation and upgrading,
and may not approve any new enterprise to undertake processing trade business by using technologies and equipment as listed in the
restricted category any more.

Delegating the power of examination and approval on the domestic sale of processing trade to the lower levels

For the purpose of adapting to the development situation of processing trade and strengthening the administration of processing trade,
from July 1st, 2007, when any processing trade enterprise applies for selling bonded import materials in domestic market, the application
shall be accepted, examined and approved by the original competent commerce department issuing the Approval Certificate for Processing
Trade Business according to the Interim Measures for Examining and Approving the Domestic Sales of Bonded Import Materials of Processing
Trade. In case any commodity to be sold in domestic market involves quota, license or any other special administrative measure, it
shall still be submitted to the provincial competent commerce department or the Ministry of Commerce for approval as required.

The competent commerce departments at each level shall, by considering the requirements mentioned above and the actual situation of
the locality, perfect each control measure, do well in self-inspection and rectification, find out the real situation of all the
processing trade enterprises within your respective jurisdiction and timely report the problems and situation found out. The provincial
competent commerce departments shall supervise the examination and approval organs at lower levels, handle and report behaviors of
examining and approving by exceeding power or issuing certificate not through the e-networked approval/administration system for
processing trade once found out, work hard in statistical analysis and summarize the experiences of outstanding entities, timely
report them to the higher authorities as well.

The Ministry of Commerce

April 12, 2007

The Ministry of Commerce
2007-04-12

CIRCULAR OF THE MINISTRY OF COMMERCE AND THE STATE ADMINISTRATION OF FOREIGN EXCHANGE CONCERNING FURTHER STRENGTHENING AND STANDARDIZING THE EXAMINATION AND APPROVAL OF FOREIGN DIRECT INVESTMENT IN REAL ESTATE INDUSTRY

Circular of the Ministry of Commerce and the State Administration of Foreign Exchange concerning Further Strengthening and Standardizing
the Examination and Approval of Foreign Direct Investment in Real Estate Industry

Shang Zi Han [2007] No.50

The authorities responsible for commerce and foreign exchange in all provinces, autonomous region, municipalities, and cities specifically
designated in the state plan, and Xinjiang Production and Construction Corps:

Six departments of the State Council (namely, Ministry of Construction, Ministry of Commerce, National Development and Reform Commission,
People’s Bank of China, State Administration for Industry of Commerce and State Administration of Foreign Exchange) jointly issued
Opinions on Regulating the Access to and Administration of Foreign Investment in the Real Estate Market (Jian Zhu Fang [2006] No.
171, hereinafter referred to as the Opinions) for the purpose of standardizing foreign fund access to and administration of real
estate market. The local authorities strictly implemented the prescriptions and requirements in the Opinions and made some substantial
achievement. However, some problems still remain in some regions. In accordance with the laws and regulations of foreign investment
and the relevant prescriptions in the Opinions, the relevant particulars concerning further strengthening and standardizing the examination,
approval, record for file and supervision of foreign investment in real estate are hereby notified as follows:

The local commerce authorities shall strictly implement the Opinions and the Circular of the General Office of the Ministry of Commerce
concerning Implementing Circular concerning Standardizing Foreign Fund Access to and Administration of Real Estate Market (Shang
Zi Zi [2006] No. 192), strengthen the examination, approval and supervision of foreign-funded real estate enterprises, and strictly
control foreign investment in top grade real estate.

Foreign-funded investment in the development and operation of real estate market shall observe the principle of project company.

(1)

In the case of applying for opening a real estate company, the right of land use and ownership of real estate building, or the booking
sale/purchase of land use or real estate right signed with land administration authority, land developer/ the owner of real estate
building. The examination and approval authority may not approve it if the aforesaid requirements are not met.

(2)

Should such enterprises as have established new-added real estate or business of foreign-funded enterprises, and as are engaged in
the development and operation of new real estate project, the enterprises hereof shall, in light of the relevant laws and rules,
apply to the examination and approval authority for the relevant procedures concerning increasing business scope or extending business
scale.

The merge and acquisition or investment in domestic real estate enterprises by means of return investment (including the same actual
manipulator) shall be strictly controlled. Foreign investor may not alter the means of actual manipulator of domestic real estate
enterprises, evade the examination and approval upon foreign-funded real estate. Should the foreign exchange authority discovers
the foreign-funded real estate enterprises established by such means as deliberate evasion and false statement, the authority hereof
shall investigate it for remitting capital and the additive yield of its own accord to evade foreign exchange responsibility.

Foreign investor engaged in domestic real estate development or operation shall abide by the principle of business existence, lawfully
apply for establishing foreign-funded enterprises in real estate and engage in the relevant business in accordance with the approved
business scope. The Chinese and foreign parties to the foreign-funded real estate enterprise shall not conclude the clauses guaranteeing
fixed return or the fixed return in disguised form of any party by any means.

The local authority responsible for examining and approving the establishment of foreign investment shall record for file in the Ministry
of Commerce.

The authority responsible for foreign exchange administration and designated foreign exchange bank shall not handle procedure of settlement,
sale, and remittance of capital exchange for such foreign-invested real estate enterprises as have not completed the procedure of
record for file in the Ministry of Commerce or have not passed the joint annual inspection upon foreign-funded enterprises.

With regard to the foreign-funded real estate enterprises examined and approved by local authority hereof against the law, the Ministry
of Commerce shall investigate and rectify it, the authority of foreign exchange administration shall not handle such procedures as
foreign exchange registration hereto.

Ministry of Commerce

State Administration of Foreign Exchange

May 23, 2007

Ministry of Commerce, State Administration of Foreign Exchange
2007-05-23

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Federal Acts

Act on Proceedings in Family Matters and in Matters of Non-contentious Jurisdiction

Act on Occupational Physicians, Safety Engineers and Other Occupational Safety Specialists

MEASURES FOR THE ADMINISTRATION OF FOREIGN STOCK EXCHANGES’ REPRESENTATIVE OFFICES IN CHINA

CIRCULAR OF MINISTRY OF COMMERCE, MINISTRY OF FINANCE, STATE ADMINISTRATION OF TAXATION, STATE ADMINISTRATION FOR INDUSTRY AND COMMERCE, NATIONAL BUREAU OF STATISTICS, STATE ADMINISTRATION OF FOREIGN EXCHANGE ON CONDUCTING THE 2007 JOINT SURVEY OF FOREIGN-INVESTED ENTERPRISES

ANNOUNCEMENT NO.5, 2007 OF MINISTRY OF COMMERCE, PROMULGATING 14 INDUSTRIAL STANDARDS OF DOMESTIC TRADE SUCH AS APPRAISING MEASURES ON PRODUCTION BASE OF SILKWORM MULBERRY

MEASURES OF THE CUSTOMS OF THE PEOPLE’S REPUBLIC OF CHINA FOR ADMINISTERING DIRECT RETURN OF IMPORTED GOODS

CIRCULAR OF THE MINISTRY OF COMMERCE ON ENTRUSTING NINGBO ECONOMIC &TECHNICAL DEVELOPMENT ZONE TO EXAMINE, APPROVE AND ADMINISTER THE RELEVANT WORK ON FOREIGN-INVESTED ENTERPRISES IN SOME SERVICE TRADE SECTORS

CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE CONCERNING THE RELATED MATTERS ON ADMINISTERING SHORT-TERM FOREIGN DEBTS OF FINANCIAL INSTITUTIONS IN 2007

PROVISIONS ON THE ADMINISTRATION OF SALES INFORMATION MANAGEMENT PLATFORMS OF SECURITIES INVESTMENT FUNDS

CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION ON INTENSIFYING INVESTIGATION INTO AND ANALYSIS OF TRANSFER PRICING

CIRCULAR OF THE MINISTRY OF COMMERCE CONCERNING MATTERS ABOUT REINFORCING THE ADMINISTRATION OF PROCESSING TRADE

CIRCULAR OF THE MINISTRY OF COMMERCE AND THE STATE ADMINISTRATION OF FOREIGN EXCHANGE CONCERNING FURTHER STRENGTHENING AND STANDARDIZING THE EXAMINATION AND APPROVAL OF FOREIGN DIRECT INVESTMENT IN REAL ESTATE INDUSTRY

CONSTITUTION ACT, 1982 – page 22

CONSTITUTION ACT, 1982 – page 21

CONSTITUTION ACT, 1982 – page 20

CONSTITUTION ACT, 1982 – page 19

CONSTITUTION ACT, 1982 – page 18

CONSTITUTION ACT, 1982 – page 17

CONSTITUTION ACT, 1982 – page 16

CONSTITUTION ACT, 1982 – page 12

CONSTITUTION ACT, 1982 – page 11

CONSTITUTION ACT, 1982 – page 10

CONSTITUTION ACT, 1982 – page 9

CONSTITUTION ACT, 1982 – page 8

CONSTITUTION ACT, 1982 – page 7