CIRCULAR OF THE GENERAL OFFICE OF THE MINISTRY OF COMMERCE ON PROHIBITING ASSIGNING QUOTA OF INVITING INVESTMENT TO SUBORDINATE GOVERNMENTS AND LINKING UP THEIR PERFORMANCE WITH THE QUOTA COMPLETION

Circular of the General Office of the Ministry of Commerce on Prohibiting Assigning Quota of Inviting Investment to Subordinate Governments
and Linking Up Their Performance with the Quota Completion

The competent departments of commerce in all provinces, autonomous regions, municipalities directly under the Central Government,
cities specifically designated in the state plan and Xinjiang Production and Construction Corps:

Currently, the work of absorbing foreign investment has entered a new stage in China and great progress has been achieved in making
the investment invitation more scientific and standardized. Local governments and the competent departments of investment invitation
at various levels have made their contributions to inviting foreign investment by committing themselves to the work and providing
good service for foreign investors in China. However, there still remain some unreasonable emphases in invitation instead of in administration
and in scale instead of in quality. Some local governments have attached undue importance to the quantity of foreign investment and
simply assigned “inflexible quota” to their subordinate, regardless of the quality, or they may even link up the quantity of foreign
investment invited with the assessment of the cadres’ achievements and their salaries and bonuses, which will not only interfere
in the normal operation of the government, but also serve as the hotbed of untruthful reports of figures and irrational and malign
competitions between different regions, and undermine the uniformity and seriousness of the national policies and laws. It runs counter
to the requirements of the scientific outlook on development and will do harm to the quality and level of the absorbed foreign investment.
For the purpose of checking this trend and raise the quality and level of the absorbed foreign investment, it is hereby notified:

The scientific outlook on development shall be strictly followed and it is prohibited to assign quota of inviting investment to subordinate
governments and linking up their performance with the quota completion. China’s main competitiveness in absorbing foreign investment
lies in the long-term steady growth of national economy, political stability, improvement of people’s livelihood, huge market potential
and constantly improving investment environment. Local governments and institutions at various levels shall unswervingly implement
the principles of the State Council and prevent and put an end to all practices of assigning quota to the subordinate departments
and appraising their performance with the quota completion as the only indicator. Meanwhile, emphasis should be laid on improving
the investment environment and raising the quality of service, with a view to further optimizing the foreign investment mix and accelerating
the shift of foreign investment absorption to a growth mode which stresses quality and efficiency. In the future, the Ministry of
Commerce will intensify its supervision over the local authorities and conduct a regular inspection for the aforementioned phenomena
as well as that of mobilizing everyone to attract investment; in serious cases, a notice of criticism shall be circulated.

II.

The Ministry of Commerce shall strengthen the guidance to the formulation and implementation of investment promoting strategy of local
governments, adopt scientific policies, innovate the working methods and measures and boost the investment promoting efficiency,
in accordance with the objectives of the state macro-economic development and the reality of economic development and industrial
distribution. The Ministry of Commerce will provide technical support for the less developed areas in Central-Western Region in image-building,
programme introduction and recommendation, information exchange and personnel training through “the Assistance Centre of Investment
Promoting for Less-Developed Areas” so as to improve the investment promoting work in these areas.

III.

The Ministry of Commerce will cooperate with relevant institutions and conduct an appraisal of local investment environment and performance
of the local authorities in investment promoting, with a view to constantly improving the investment environment and raising the
level of investment promoting.

General Office of the Ministry of Commerce

February 2, 2007

General Office of the Ministry of Commerce
2007-02-02

CIRCULAR OF THE MINISTRY OF COMMERCE ON ENTRUSTING NANJING ECONOMIC-TECHNOLOGICAL AREA 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 Nanjing Economic-Technological Area to Examine, Approve and Administer the Relevant
Work on Foreign-invested Enterprises in Some Service Trade Sectors

Shang Zi Han [2007] No. 26

Nanjing Municipal People’s Government and Nanjing Economic-Technological Area,

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 Nanjing Economic-Technological Area 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 Nanjing Economic-Technological Area 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 Nanjing Economic-Technological Area 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.

Nanjing Economic-Technological Area, the management system of which needs to be improved, has not set up an independent finance department
yet. Nanjing Economic-Technological Area 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 MINISTRY OF COMMERCE, THE MINISTRY OF FINANCE, THE STATE ADMINISTRATION OF TAXATION, THE STATE ADMINISTRATION FOR INDUSTRY AND COMMERCE, THE NATIONAL BUREAU OF STATISTICS AND THE STATE ADMINISTRATION OF FOREIGN EXCHANGE ON EXERCISING THE WORK OF JOINT ANNUAL INSPECTION ON FOREIGN-FUNDED ENTERPRISES OF 2006

Circular of the Ministry of Commerce, the Ministry of Finance, the State Administration of Taxation, the State Administration for
Industry and Commerce, the National Bureau of Statistics and the State Administration of Foreign Exchange on Exercising the Work
of Joint Annual Inspection on Foreign-funded Enterprises of 2006

The administrative departments of commerce, public finance departments (bureaus), State tax bureaus, local tax bureaus, administrations
of industry and commerce, statistics bureaus as well as foreign exchange bureaus of each provinces, autonomous region, municipality
directly under the Central Government, city specifically designated in the state plan and the Xinjiang Production and Construction
Corps:

Exercising joint annual inspection on foreign-funded enterprises is a significant measure of our country to transform the government’s
managerial mode and improve investment environment. In order to earnestly implement the principle of the Notice on the Implementation
Scheme for the Joint Annual Inspection on Foreign-funded Enterprises (Wai Jing Mao Zi Fa [1998] No. 938, hereinafter referred to
as the Notice) and do a good job in the joint annual inspection on foreign-funded enterprises in 2007, the relevant issues are hereby
informed as follows;

Upon the approval of the State Council, the General Administration of Customs may not be on the team of the joint annual inspection,
meanwhile, the National Bureau of Statistics is added as a member thereof. Each joint annual inspection department shall, in strict
accordance with the requirements of the Notice, organize the joint annual inspection on foreign-funded enterprises, and shall, in
the process of work, strengthen coordination and cooperation, carefully arrange, elaborately organize, actually take effective measures
and make more efforts to publicize so as to enhance the enterprises’ participating rate. The relevant departments of annual joint
inspection shall timely sort out, nullify and revoke the enterprises without capital, site and structure, and shall, in accordance
with law and regulations, handle and punish enterprises that fail to declare annual inspection, make unfaithful declaration or commit
law-breaking or rule-breaking acts in production or business operations

The joint annual inspection on foreign-funded enterprises is from March,1 to June, 30, 2007. The inspection content thereof is the
enterprises’ operation status in 2006.

Each joint annual inspection member shall further intensify communication and coordination, give full play to the existing network
resources, make the on-line annual inspection develop orderly, and try out electronic signature and seal in partial conditional provinces
and municipalities so as to further lower enterprises’ burden and realize the on-line inspection in the true sense.

Joint annual inspection members shall reinforce direction on the grass-rooted inspection work, timely grasp the progress of the inspection,
coordinate and resolve problems arised during the inspection so as to ensure that the local inspection work develops orderly. And
they shall strengthen the administration on the intermediary institutes such as accounting firm, etc., and shall strictly handle
any rule-breaking act committed by intermediary institutes, transfer it to competent departments if necessary to adopt corresponding
industrial administration measures.

Each joint annual inspection department shall reinforce training governmental departments and joint annual inspection personnel so
as to improve the personnel’s vocational level and guarantee the smooth and highly effective inspection.

The Ministry of Commerce

The Ministry of Finance

The State Administration of Taxation

The State Administration for Industry and Commerce

The National Bureau of Statistics

The State Administration of Foreign Exchange

March 1, 2007

The Ministry of Commerce, the Ministry of Finance, the State Administration of Taxation, the State Administration for
Industry and Commerce, the National Bureau of Statistics and the State Administration of Foreign Exchange
2007-03-01

MEASURES FOR EXAMINING DRUG ADVERTISEMENTS

Decree of the State Food and Drug Administration and the State Administration of Industry and Commerce

No.27

The Measures for Examining Drug Advertisements have been deliberated and adopted by the State Food and Drug Administration and the
State Administration of Industry and Commerce of the People’s Republic of China They are hereby promulgated by the sequence number
of the order of the State Food and Drug Administration, and shall go into effect as of May 1, 2007.
Director of the State Food and Drug Administration, Shao Mingli

Director of the State Administration of Industry and Commerce, Zhou Bohua

March 13, 2007

Measures for Examining Drug Advertisements

Article 1

According to the Advertising Law of the People’s Republic of China (hereinafter referred to as Advertising Law), the Drug Administration
Law of the People’s Republic of China (hereinafter referred to as Drug Administration Law), the Rules for Implementing the Drug Administration
Law of the People’s Republic China (hereinafter referred to as Rules for Implementing the Drug Administration Law) and other related
state provisions on the supervision and administration of ads and drugs, the present Measures are enacted with a view to strengthening
the administration of drug advertisements (hereinafter referred to as drug ads) and guaranteeing the authenticity and legality of
drug ads.

Article 2

All the ads containing drug names, applicable diseases (functions and indications) or other drug-related content and published through
various mediums or in various forms belong to drug ads and shall be examined under the present Measures.

As regards a nonprescription drug ad that only publicizes the name of the drug (including the general name and commodity name) or
a prescription drug ad that only publicizes the name of the drug (including the general name and commodity name) on designated professional
publications of medicine science and pharmacy, the examination is not required.

Article 3

A drug ad for being examined may not pass the examination unless it complies with the following laws, regulations and related provisions:

(1)

Advertising Law;

(2)

Drug Administration Law;

(3)

Rules for Implementing the Drug Administration Law;

(4)

Standards for Examining and Issuing Drug Ads;

(5)

Other state provisions on administrating ads.

Article 4

The drug administrative departments of the provinces, autonomous regions and municipalities directly under the Central Government
shall be the examination organs of drug ads and shall, within their respective administrative regions, take charge of examining the
drug ads. The administrative departments of industry and commerce at or above the county level shall be the supervisory and administrative
organs of drug ads.

Article 5

The State Food and Drug Administration shall conduct guidance and supervision over the examination work of drug ads as made by the
examination organs of drug ads, and shall, according to law, punish the examination organs for any violation of the present Measures.

Article 6

Only a qualified manufacturing or trading enterprise of the drug may file an application for a drug license number. In case a trading
enterprise files such application, the consent of the manufacturing enterprise shall be obtained.

An applicant may entrust an agent to deal with the application matters for a drug ad license number on behalf of it.

Article 7

An application for a drug ad license number shall be filed with the examination organ of drug ads at the locality of the manufacturing
enterprise of the drug.

An application for the ad license number of an import drug shall be filed with the examination organ of drug ads at the locality of
the agency of the import drug.

Article 8

For applying for a drug ad license number, an applicant shall provide a Drug Ad Examination Form (Attached List 1), with the electronic
document of the sample manuscript (film or tape) consent with the content to be published and that of the application form for drug
ad attached, and, meanwhile, provide the following true, legal and effective evidentiary documents:

(1)

Photocopy of the Business License of the applicant;

(2)

Photocopy of the Drug Manufacturing License or Drug Trading License of the applicant;

(3)

In case the applicant is a trading enterprise of the drug, the original evidentiary document on the fact that the manufacturing enterprise
agrees to its status as applicant shall be submitted;

(4)

Where the applicant entrusts an agent to apply for a drug ad license number, the original authorization letter produced by the applicant
and the photocopy of the agent’s business license and other evidentiary documents on the agent’s subject status shall be provided;

(5)

Photocopies of the drug approval certificates (including Registration Certificate for Import Drug and Registration Certificate for
Medical Product), photocopy of the approved drug instructions as well as the label and instructions actually used;

(6)

As regards a nonprescription drug ad, a photocopy of the examination and registration certificate of the nonprescription drug or photocopies
of the related evidentiary documents shall be provided;

(7)

For applying for the ad license number of an import drug, the photocopies of the related evidentiary documents on the qualification
of the drug import agencyshall be provided;

(8)

In case the ad involves the commodity name of the drug, the registered trademark or patent, etc, the photocopies of the related evidentiary
valid documents and other evidentiary documents confirming the authenticity of the content of the ad shall be provided.

The photocopy of any evidentiary documents to be provided as provisioned in this Article shall be affixed with the seal of the entity
holding it.

Article 9

An examination organ of drug ads may not accept an enterprise’s application for drug ad under any of the following circumstances:

(1)

Any of the circumstances under which the application may not be accepted as provisioned in Articles 20, 22 and 23 of the present Measures;

(2)

The administrative procedure for revoking the drug ad license number is going on.

Article 10

Where the application materials are complete and satisfy the statutory requirements, an examination organ of drug ads shall issue
a Notice of Drug Ad Acceptance after receiving an application for a drug ad license number, and, where they are not complete or fail
to satisfy the statutory requirements, it shall, on the spot or within 5 workdays, inform the applicant of the content to be corrected
once and for all ; in case it fails to do so within the prescribed time limit, the day of the receipt of the application materials
shall be deemed as the day of acceptance.

Article 11

An examination organ of drug ads shall examine the authenticity, legality and validity of the evidentiary documents provided by the
applicant within 10 workdays since its acceptance of the application and examine the content of the ad in accordance with law. Where
the drug ad passes the examination, it shall issue a drug ad license number; otherwise, it shall make a decision on rejecting issuing
a drug ad license number, inform the applicant of the decision in written form and make explanations, and, meanwhile, inform the
applicant of its right to apply for an administrative reconsideration or lodge an administrative lawsuit in accordance with law.

As regards an approved drug ad, the examination organ of drug ads shall report it to the State Food and Drug Administration for archival
filling and send the approved Drug Ad Examination Form to the ad supervisory and administrative organ at the same level for archival
filling. In case the State Food and Drug Administration finds any problem in the drug ad reported for archival filling, it shall
order the examination organ of drug ads to make corrections.

The drug supervisory and administrative departments shall timely publicize the approved drug ads to the general public.

Article 12

The archive-filing formalities shall be gone through beforehand at the examination organ of drug ads of the place where the ad is
to be published, if the drug ad is to be published in any province, autonomous region, or municipality directly under the Central
Government other than the place where the manufacturing enterprise of the drug or the import drug agency is located (hereinafter
referred to as publishing drug ad in any other place).

Article 13

For publishing any drug ad in any other place, the following materials shall be provided:

(1)

Photocopy of the Drug Ad Examination Form;

(2)

Photocopy of the approved drug instructions;

(3)

For a TV or radio ad, a tape, CD or any other medium carrier with content identical with the content passing the examination shall
be submitted;

The photocopy of any evidentiary document to be provided as provisioned in this Article shall be affixed with the seal of the entity
holding it.

Article 14

As regards an application for the archive-filing of a drug ad published in any other place filed according to the provisions of Articles
12 and 13 of the present Measures, the examination organ of drug ads shall, within 5 workdays as of the acceptance of the archive-filing
application, put it on record, endorse the word “Filed” on the Form, affix the special seal for the examination of drug ads and send
a copy of the Form to the ad supervisory and administrative organ at the same level for future reference.

Where the examination organ of drug ads at the place where a drug ad is to be put on record holds that the drug ad fails to comply
with the related provisions, it shall fill in the Opinion on the Archive-filing of Drug Ads (Attached List 2) and send it to the
original examination organ of drug ads for reexamination, and a copy thereof shall be sent to the State Food and Drug Administration.

The original examination organ shall inform the examination organ of drug ads at the place where the drug ad is to be put on record
of its opinion within 5 workdays since the day when it receives the Opinion on the Archive-filing of Drug Ads. In case the two examination
organs of drug ads can’t achieve a consensus, the State Food and Drug Administration may be invited to make a ruling thereon.

Article 15

A drug ad license number’s valid period shall be one year, and once the period expires it shall become invalid.

Article 16

When publishing an approved drug ad, no content of the ad may be altered. In case it is necessary to alter any content, the drug
ad license number shall be reapplied.

Article 17

In case a drug ad applicant publishes the drug ad by itself, the original Drug Ad Examination Form shall be kept for two years for
future reference.

In case an ad publisher or operator is entrusted by a drug ad applicant to act as an agent or publish the drug ad, it shall check
the original Drug Ad Examination Form, publish the drug ad on the basis of the examined and approved content, and keep the photocopy
of the Form for two years for future reference.

Article 18

Where an approved drug ad falls within any of the following circumstances, the original examination organ of the drug ad shall issue
a Notice on the Reexamination of Drug Ads (Attached List 3) to the applicant of the drug ad and reexamine the drug ad in accordance
with law. The drug ad may be continually published during the reexamination period:

(1)

The State Food and Drug Administration holds that the content of the approved drug ad fails to comply with the related provisions;

(2)

An ad supervisory and administrative organ at the provincial level or above suggests the reexamination of the drug ad;

(3)

Any other circumstance under which the examination organ of drug ads holds that it is necessary to reexamine.

Where, upon reexamination, the original examination organ of drug ads holds that the drug ad fails to meet the statutory conditions,
it shall take back the Drug Ad Examination Form and cancel the original drug ad license number.

Article 19

The examination organ of drug ads shall write-off the drug ad license number under any of the following circumstances:

(1)

The Drug Manufacturing License or Drug Trading License has been canceled;

(2)

The approval certifications on the drug have been cancelled or written-off;

(3)

The State Food and Drug Administration or the drug supervisory and administrative department of the province, autonomous region, or
municipality directly under the Central Government has ordered to suspend the production, sale and use of the drug.

Article 20

In case false publicity is made by altering an approved drug ad’s content without authorization, the drug supervisory and administrative
department shall order to stop such publishing immediately, revoke the ad license number of such drug and may not accept the application
for the examination and approval of any ad on such drug within one year.

Article 21

As regards any illegal drug ad that enlarges the scope of applicable diseases (functions and indications) of the drug at will, absolutely
exaggerates the curative effects of the drug and severely cheats and misleads the consumers, once the drug supervisory and administrative
department at the provincial level or above finds, an administrative coercive measure shall be adopted to suspend the sale of such
drug within its jurisdiction and, meanwhile, order the enterprise illegally publishing the drug ad to publish a notice of correction
on the corresponding local medium. The drug supervisory and administrative department at the provincial level or above shall, within
15 workdays, make a decision on releasing the administrative coercive measure after the notice is published; in case it is necessary
to check the drug, the drug supervisory and administrative department shall, within 15 days since the day when the written check
report is sent, make a decision on whether to release the administrative coercive measure or not.

Article 22

As regards an enterprise providing any false application material for the examination and approval of a drug ad, once the examination
organ of drug ads finds during the acceptance or examination, this enterprise’s application for the examination and approval of any
ad on such drug may not be accepted within one year.

Article 23

In case an enterprise obtains a drug ad license number by submitting false application materials, the examination organ of drug ads
shall, after finding, revoke the drug ad license number and may, within three years, not accept this enterprise’s application for
the examination and approval of any ad on such drug.

Article 24

In case the license number of a drug ad has been taken back, written-off or cancelled according to Articles 18, 19, 20 or 23 of the
present Measures, the publication thereof shall be suspended at once; the examination organ of drug ads of any other place shall
stop accepting such enterprise’s application for the archive-filing of such drug ad’s approved license number.

In case an examination organ of drug ads decides to take back, write-off or cancel a drug ad license number according to Articles
18, 19, 20 or 23 of the present Measures, it shall inform the ad supervisory and administrative organ at the same level to deal with
it in accordance with law within 5 workdays since the day when it makes such administrative handling decision.

Article 25

In case an enterprise publishes a drug ad in other place without sending an archive-filing application to the examination organ of
drug ads at the place where the drug ad is published, once it is found out, it shall be order to go through the formalities for archive-filing
within a prescribed period, where it fails to do so, the publishing activities of such drug ad shall be ordered to be stopped in
that place.

Article 26

The drug supervisory and administrative departments at the county level or above shall monitor and inspect the publication of the
examined and approved drug ads. As regards the illegally published drug ads, the drug supervisory and administrative departments
at each level shall fill in the Notice on Transferring Illegal Drug Ads (Attached List 4) and transfer them together with such materials
as the sample pieces of these illegal drug ads to the ad supervisory and administrative organs for investigating and handling at
the same level ; as regards an other-place publication of a drug ad with approved contend altered without authorization, the examination
organ of drug ads at the place where the drug ad is published shall, according to Article 92 of the Pharmaceutical Administration
Law and Article 20 of the present Measures, put forward a suggestion on revoking the license number of the drug ad to the original
examination organ of drug ads.

Article 27

As regards any illegal drug ad with serious circumstance, the drug supervisory and administrative department under the province,
autonomous region, or municipality directly under the Central Government shall publicize an announcement thereon and report it to
the State Food and Drug Administration, which shall, on a consolidated and regular basis, publicize such reports.

As regards any illegal drug ad with serious circumstance, when necessary, the State Administration of Industry and Commerce and the
State Food and Drug Administration shall jointly publicize an announcement thereon.

Article 28

In case a drug ad is published without being examined and approved or the content of a published drug ad is inconsistent with the
examined and approved one, the ad supervisory and administrative organ shall punish according to Article 43 in the Advertising Law;
in case it constitutes a false ad or a false and misleading publicity, the ad supervisory and administrative organ shall punish according
to Article 37 of the Advertising Law and Article 24 of the Anti-Unfair Competition Law.

In case the ad supervisory and administrative organ, when investigating and punishing a case of illegal drug ad, finds it is necessary
to determine certain professional technical content as involved in the case, it shall send a written notice on the content to be
determined to the drug supervisory and administrative department at the provincial level or above, which shall, within 10 workdays
since the day when the notice is received, feed back the determination result to the ad supervisory and administrative organ.

Article 29

The working personnel undertaking the examination and supervision of drug ads shall be subject to the training on the Advertising
Law, the Drug Administration Law and other related laws and regulations. In case any working personnel of the examination organs
of drug ads and the supervisory and administrative organs thereof neglects his duties, abuses his power or conducts any self-exerting
misconduct, administrative punishment shall be imposed. In case any crime is established, criminal liabilities shall be investigated
in accordance with law.

Article 30

A drug ad license number shall be in the form of “No. 0000000000 of X Drug Ad Examination (Video)”, “No. 0000000000 of X Drug Ad
Examination (Audio)” or “No. 0000000000 of X Drug Ad Examination (Words)”, among which, “X” means the abbreviation of a province,
autonomous region, or municipality directly under the Central Government, “0” consists of 10 digits, the first 6 shall be the date
when the examination is conducted and the last 4 shall be the approved ad’s serial number. “Video”, “Audio” and “Words” means the
medium forms for publishing ads.

Article 31

The present Measures shall go into effect as of May 1, 2007. The Measures for Examining Drug Ads (No. 25 of the State Administration
of Industry and Commerce), which were promulgated by the State Administration of Industry and Commerce and the Ministry of Health
on March 22, 1995, shall be repealed at the same time.

The State Food and Drug Administration, the State Administration of Industry and Commerce
2007-03-13

CIRCULAR OF THE MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION CONCERNING THE TAX MATTERS ABOUT THE RESTRUCTURING OF FOREIGN BANK BRANCHES INTO SOLELY FOREIGN-INVESTED BANKS

Circular of the Ministry of Finance and the State Administration of Taxation Concerning the Tax Matters about the Restructuring of
Foreign Bank Branches into Solely Foreign-invested Banks

Cai Shui [2007] No. 45

The public finance departments (bureaus), state taxation bureaus and local taxation bureaus of each province, autonomous region, municipality
directly under the Central Government and city specifically designated in the state plan, and the Public Finance Bureau of Xinjiang
Production and Construction Corps.,

The Regulations of the People’s Republic of China on Administrating Foreign-invested Banks (Order No. 478 of the State Council) promulgated
by the State Council on November 11, 2006 and the detailed rules for the implementation thereof provided that: where the related
conditions are met, a foreign bank may set up a solely foreign-invested bank within China, and a foreign bank branch set up within
China may be restructured into a solely foreign-invested bank (or the subsidiary bank thereof). During the process of restructuring,
the solely foreign-invested bank (or the subsidiary bank thereof) shall inherit the creditor’s rights and debts of the former foreign
bank branch. As regards the related tax matters about the restructuring of foreign bank branches into solely foreign-funded banks
(or the subsidiary banks thereof), it is the principle that the business activities before and after the restructuring should be
taken as continuous business activities. The related specific tax treatments are hereby informed as follows:

Business Tax and Value-added Tax

When the foreign bank branches are restructured, as regards the transfer of enterprise property rights or stock rights to the restructured
solely foreign-invested banks (or the subsidiary banks thereof), no business tax or value-added tax may be levied .

Enterprise Income Tax

(1)

. As regards assets transfer

Where a foreign bank branch is restructured into a solely foreign-invested bank (or the subsidiary bank thereof), all assets thereof
shall be transferred in light of their respective book value and in accordance with the Circular of the State Administration of Taxation
Concerning the Tax upon the Incomes Generated from the Transfer of Stock Rights by Foreign-invested Enterprises and Foreign Enterprises
(Guo Shui Han [1999] No. 207).

(2)

. As regards making up losses

The business losses suffered by a foreign bank branch in the years before its restructuring may be made up continuously by the restructured
solely foreign-invested bank (or the subsidiary bank thereof), and the fixed number of years for making up losses shall be calculated
continuously after the year when the former foreign bank branch suffered the losses according to the fixed number of years as provided
for in Article 11 of the Income Tax Law of the People’s Republic of China on Foreign-invested Enterprises and Foreign Enterprises
(hereinafter referred to as the Foreign-invested Enterprise Income Tax Law).

(3)

As regards the item of tax preferences

If the preferential tax reduction and exemption treatments for a certain term have not been enjoyed by a foreign bank branch in accordance
with the provisions in the Foreign-invested Enterprise Income Tax Law before its restructuring, or if the term has not expired, the
corresponding restructured solely foreign-invested bank (or the subsidiary bank thereof) may enjoy them until the term expires. If
the term has expired, the restructured solely foreign-invested bank (or the subsidiary bank thereof) may not enjoy them again.

(4)

As regards consolidated payment of taxes

In accordance with Article 5 of the Detailed Rules for Implementing the Foreign-invested Enterprise Income Tax Law, after a foreign
bank branch is restructured into a subsidiary bank of a solely foreign-invested bank, the headquarters of the solely foreign-invested
bank shall pay enterprise income tax on a consolidated basis.

Stamp Tax

In accordance with the Circular of the Ministry of Finance and the State Administration of Taxation Concerning Related Policies on
the Stamp Tax in the Process of Enterprise Restructuring (Cai Shui [2003] No.183), after the restructuring of a foreign bank branch
into a solely foreign-invested bank (or the subsidiary bank thereof), if the capital book accounts and taxable contracts, have been
affixed with the tax stamps in the foreign bank branch, tax stamps will not be affixed with in the restructured solely foreign-invested
bank (or the subsidiary bank thereof) again.

Deed Tax

In accordance with the Circular of the Ministry of Finance and the State Administration of Taxation Concerning Related Policies on
the Deed Tax in the Process of Enterprise Restructuring (Cai Shui [2003] No.183), the deed tax may be exempted if the house property
rights a foreign bank branch owns before the restructuring are transferred to the solely foreign-invested bank (or the subsidiary
bank thereof) set up after the restructuring.

Where a foreign bank branch is restructured into a solely foreign-invested bank (or the subsidiary bank thereof), in case the transfer
is not carried out on the basis of book value, tax shall be levied pursuant to the current related tax law.

The Ministry of Finance

The State Administration of Taxation

March 26, 2007

The Ministry of Finance, The State Administration of Taxation
2007-03-26

CIRCULAR OF THE FOREIGN FUND DEPARTMENT UNDER THE STATE ADMINISTRATION FOR INDUSTRY AND COMMERCE ON REPORTING LICENSE USE STATUS OF FOREIGN-FUNDED ENTERPRISES

Circular of the Foreign Fund Department under the State Administration for Industry and Commerce on Reporting license Use Status of
Foreign-funded Enterprises

All foreign fund offices under Administration for Industry and Commerce of each province, autonomous region and municipality directly
under the Central Government:

As annual examination and exchange of new-version business license for foreign-funded enterprises are ongoing all over the country
for now, you are required to report the following information to this Department in the unit of province immediately after receiving
this Circular so as to make a plan as a whole of the printing and distribution of licenses of foreign-funded enterprises and guarantee
license exchange can be done as usual during the annual examination period.

(1)

The actual number of foreign-funded enterprises with a status of legal person and branches thereof as well as the growth rate for
the last two years.

(2)

The actual number of enterprises from foreign countries (regions) and the permanent representative offices thereof that engage in
production and operation in China as well as the growth rate for the last two years.

(3)

The drawing methods for each kind of licenses of foreign-funded enterprises (drawing uniformly by each province, autonomous region
and municipality directly under the Central Government or self-drawing by an authorized administration).

(4)

Cancellation rate of each kind of license in the process of use.

(5)

Stock situation of the new-version business license.

You shall, prior to April 30, gather the aforesaid items and fill them in the Statistics of License Use of Foreign-funded Enterprises.
In the case of self-drawing by authorized administration, the above-mentioned Statistics shall be attached separately, and then reported
to the Foreign Fund Department under the State Administration for Industry and Commerce via electronic documents.

E-mail: wz@saic.gov.cn

Contact person: Wang Junfeng, Comprehensive Office under the Foreign Fund Department

Tel: 010-68057996 or 010-88650408

Appendix: Statistics of License Use of Foreign-funded Enterprises (omitted)

The Foreign Fund Department under the State Administration for Industry and Commerce

April 10, 2007

The State Administration for Industry and Commerce
2007-04-10

ANNOUNCEMENT NO. 43, 2007 OF MINISTRY OF COMMERCE AND GENERAL ADMINISTRATION OF CUSTOMS

Announcement No. 43, 2007 of Ministry of Commerce and General Administration of Customs

[2007] No. 43

In accordance with the Measures on the Administration of Automatic Import Licenses of Goods, Ministry of Commerce made the following
adjustment to the List of Administration of Automatic Import Licenses on Goods, 32 items of the Administration of Automatic Import
Licenses are eliminated. The list of the eliminated items is now promulgated and shall be put into effect as from June 10, 2007.

Appendix: The Eliminated List of Administration of Automatic Import Licenses on Goods(omitted)

Ministry of Commerce

General Administration of Customs

May 20, 2007

Ministry of Commerce, General Administration of Customs
2007-05-20

ANNOUNCEMENT OF THE PEOPLE’S BANK OF CHINA ON IMPROVING THE INTER-BANK SPOT FOREIGN EXCHANGE MARKET

People’s Bank of China

Announcement of the People’s Bank of China on Improving the Inter-bank Spot Foreign Exchange Market

Announcement [2006] No.1 of the People’s Bank of China

For the purpose of improving the managed floating exchange rate system on the basis of market supply and demand with reference to
a basket of currencies to make adjustment, promoting the development of the foreign exchange market, diversifying the mode of foreign
exchange transactions, and enhancing the independent pricing capability of the financial institutions, the People’s Bank of China
determines to further perfect inter-bank spot foreign exchange market, and improve the formation mechanism of the central parity
of RMB exchange rate, and hereby make the announcement on relevant issues concerned as follows:

Since January 4, 2006, over-the-counter transactions (hereinafter referred to as the OTC transactions) will be brought into the inter-bank
spot foreign exchange market , and the way of negotiation shall be kept down at the same time. Participants in the inter-bank foreign
exchange market may engage in foreign exchange transactions either based on centralized credit authorization and price bidding, or
engage in OTC transactions based on bilateral credit authorization and bilateral settlement. At the same time the system of market
makers shall be introduced into the inter-bank foreign exchange market for providing the liquidity for the market.

II.

Since January 4, 2006, the People’s Bank of China will authorize the China Foreign Exchange Trade System , at 9:15 AM on each workday,
to announce the central parity of exchange rate of the RMB against US dollar, euro, Japanese yen and Hong Kong dollar on the current
day, which shall be considered as the central parity of the exchange rate for the inter-bank spot foreign exchange market (including
OTC transactions and negotiation) and the OTC transactions of the banks on the current day.

III.

After OTC transactions is introduced, the formation mechanism of the central parity of exchange rate of RMB against US dollars, which
was confirmed based on the closing quotation of a bank in a negotiation mode in the inter-bank foreign exchange market before, will
now be confirmed by the means as follows: the China Foreign Exchange Trade System makes offers to all market markers in the inter-bank
foreign exchange market before the opening of the inter-bank foreign exchange market every day, and the quotations of all market
makers shall be taken as the samples for computation of the central parity of the exchange rate of RMB against US dollar, after excluding
the highest and lowest quotations, the central parity of the exchange rate of RMB against US dollar shall be confirmed for the current
day by the weighted average of quotations from all remained market makers, and the weight shall be determined comprehensively by
the China Foreign Exchange Trade System in the light of the volume of transactions of the party that quotes in the inter-bank foreign
exchange market and the quotation conditions and other indexes.

IV.

The central parity of exchange rate of RMB against euro, Japanese yen and Hong Kong dollar shall be calculated and confirmed by the
China Foreign Exchange Trade System in the light of the RMB-US dollar central parity of exchange rate on the current day and the
exchange rate of those currencies against US dollar in the international market at 9 o’clock AM.

After this Announcement is promulgated, the existing provisions shall still be followed for the band of fluctuation of RMB against
US dollar and other currencies in the inter-bank spot foreign exchange market and the spread of US dollar exchange rate quotation
of the banks to their clients. Namely, the daily trading price of the US dollar against RMB in the inter-bank spot foreign exchange
market shall float within a range of 0.3% around the central parity of the US dollar transaction announced by the China Foreign Exchange
Trade System, while the trading price of such non-US dollar currencies as euro, Japanese yen and Hong Kong dollar against RMB shall
float within a range of 3% around the central parity of the non-US dollar currencies transaction announced by the China Foreign Exchange
Trade System. The maximum buying and selling spread of the US exchange rate quotation of a bank to its clients shall not exceed the
asymmetric management of 1% of the central parity of transaction announced by the China Foreign Exchange Trade System, that is the
difference between the selling price and the buying price of the currency exchange does not exceed 1% of the central parity of transaction
of the current day, and the band formed by the selling price and the buying price contains the central parity of transaction of the
current day. And the difference between the selling price and the buying price of the US dollar cash by a bank to its clients shall
not exceed 4% of the central parity transaction. Within the prescribed extent of price difference, the banks may adjust the listed
US dollar exchange rate of the current day by themselves.

In accordance with the economic and financial situations both home and abroad, the People’s Bank of China shall take charge of managing
and adjusting the RMB exchange rate based on the market supply and demand with reference to the fluctuation of exchange rate of a
basket of currencies, maintaining the normal fluctuation of the RMB exchange rate, and keeping the RMB exchange rate to be basically
stable on a reasonable and balance level, promoting the balance of international payment basically, and maintaining the stability
of macro economy and financial market.

People’s Bank of China

January 3, 2006

People’s Bank of China
2006-01-03

MEASURES OF CHINA BANKING REGULATORY COMMISSION FOR THE IMPLEMENTATION OF ADMINISTRATIVE LICENSING MATTERS CONCERNING COOPERATIVE FINANCIAL INSTITUTIONS

China Banking Regulatory Commission

Order of China Banking Regulatory Commission

No. 3

The “Measures of China Banking Regulatory Commission for the Implementation of Administrative Licensing Matters Concerning Cooperative
Financial Institutions”, which were adopted at the 40th chairman’s meeting of China Banking Regulatory Commission on November 10,
2005, are hereby promulgated, and shall come into force on February 1, 2006.

Chairman Liu Mingkang

January 12, 2006

Measures of China Banking Regulatory Commission for the Implementation of Administrative Licensing Matters Concerning Cooperative
Financial Institutions

Chapter I General Provisions

Article 1

The present measures are formulated in accordance with the “Law of the People’s Republic of China on the Regulation of the Banking
Industry”, the “Administrative License Law of the People’s Republic of China”, the “Law of the People’s Republic of China on Commercial
Banks” as well as other laws, administrative regulations, and the relevant decisions of the State Council for the purpose of regulating
China Banking Regulatory Commission (hereinafter referred to as CBRC) and its dispatched offices in their granting administrative
licenses to cooperative financial institutions, clarifying the administrative licensing matters, conditions, applicable operational
flows and term, and protecting the lawful rights and interests of the applicants.

Article 2

Cooperative financial institutions as mentioned in the present measures shall include: rural credit cooperatives, associate rural
credit cooperative unions of the counties (cities, districts), rural credit cooperative unions of the counties (cities, districts),
associate rural credit cooperative unions of the prefectures (cities), associate rural credit cooperative unions of the provinces
(autonomous regions, municipalities directly under the Central Government), rural cooperative banks, and rural commercial banks.

Article 3

CBRC and its dispatched offices shall comply with the present measures and the “Provisions of China Banking Regulatory Commission
on the Procedures for Granting Administrative Licenses” when granting administrative licenses to cooperative financial institutions.

Article 4

The following matters of a cooperative financial institution shall be subject to administrative license of CBRC or its dispatched
office: establishment, modification or termination of the institution, adjustment of the business scope, addition of new varieties
of business, qualifications for holding the positions of council members (directors) and senior managers, and so on.

Article 5

An applicant shall submit the application materials in accordance with the “Catalogue of China Banking Regulatory Commission on Application
Materials for Administrative Licensing Matters and the Format Requirements”.

Chapter II Establishment of Legal Person Institutions

Section 1 Establishment of Rural Credit Cooperatives

Article 6

For the establishment of a rural credit cooperative, the applicant shall meet the following conditions:

(1)

It has the articles of association conforming to the provisions of CBRC;

(2)

It is established by means of initiation and there shall be no less than 500 initiators;

(3)

The minimum amount of registered capital shall be RMB 1 million Yuan, which shall be paid-in capital;

(4)

It has council members and senior managers who meet the qualification conditions for holding their respective positions;

(5)

There are no less than 2 persons who hold the positions of director general and vice director general(s);

(6)

No less than 80% of practitioners have engaged in financial work for at least 1 year or have the technical secondary school diploma
or above majoring in finance or similar field;

(7)

It has a sound organizational structure and management rules; and

(8)

It has qualified business place, safety protection measures and other relevant facilities for its business.

Article 7

For the establishment of a rural credit cooperative, the applicant shall meet the following conditions on prudence in addition:

(1)

It has a sound risk management system, and is capable of effectively controlling the risks in associated transactions;

(2)

It has scientific and effective human resources management rules, and has professional talents with high qualities;

(3)

It has an effective capital restraint and supplement mechanism;

(4)

It contain no shares held by the local people’s government in the form of fiscal funds; and

(5)

Other conditions on prudence as prescribed by CBRC.

Article 8

For the establishment of a rural credit cooperative, there shall be qualified initiators. Such initiators may include: natural persons,
domestic non-financial institutions, domestic financial institutions, overseas financial institutions and other initiators acknowledged
by CBRC.

The expression “overseas financial institutions” as mentioned in the preceding paragraph shall include the financial institutions
from Hong Kong, Macao and Taiwan regions.

Article 9

A natural person initiator shall meet the following conditions:

(1)

He has full capacity for civil conduct;

(2)

He has good social prestige as well as honesty and credibility records;

(3)

His share funds are owned by himself and the sources are lawful, and he shall not hold shares by contributing loans or contributing
funds commissioned by others;

(4)

He is a resident of the locality of the rural credit cooperative to be established, or a non-local resident who has a fixed domicile
at the said locality and has resided for at least 3 years; and

(5)

Other conditions on prudence as prescribed by CBRC.

Article 10

The proportion of the shares of a single natural person shall not exceed 2%, and the proportion of the total shares of employees shall
not exceed 25%.

Article 11

As an initiator, a domestic non-financial institution shall meet the following conditions:

(1)

It has been registered in the administrative department for industry and commerce, and has the status as a legal person;

(2)

It has good social prestige, honesty and credibility records, as well as tax payment records;

(3)

It is in good financial situation, and made profits continuously in the latest 2 accounting years;

(4)

It has strong management capabilities and fund strength;

(5)

After the year-end distribution of profits, its net assets reach 30% of the total assets or even higher (by standard of consolidated
accounting statements);

(6)

The balance of its equity investments shall generally not exceed 50% of its net assets (including the amount of current investments,
by standard of consolidated accounting statements);

(7)

His share funds are owned by himself and the sources are lawful, and he shall not hold shares by contributing loans or contributing
funds commissioned by others;

(8)

Its place of registration is within the jurisdiction of the rural credit cooperative to be established; and

(9)

Other conditions on prudence as prescribed by CBRC.

Article 12

The proportion of the total shares of a single domestic non-financial institution and its associated parties shall not exceed 10%.

Article 13

As an initiator, a domestic financial institution shall meet the following conditions:

(1)

Its capital adequacy ratio shall not be lower than 8% if it is a bank, and the total amount of its capital shall not be lower than
10% of the total amount of its risk-weighted assets if it is a non-bank financial institution;

(2)

The balance of its equity investments shall not exceed 50% of its net assets (including the amount of current investments, by standard
of consolidated accounting statements);

(3)

It made profits continuously in the latest 2 accounting years;

(4)

It has good corporate governance, as well as sound and effective internal control rules;

(5)

Its main prudent regulatory indices meet the regulatory requirements; and

(6)

Other conditions on prudence as prescribed by CBRC.

None of the associate rural credit cooperative unions of the provinces (autonomous regions, municipalities directly under the Central
Government), associate rural credit cooperative unions of the prefectures (cities), or associate rural credit cooperative unions
of the counties (cities, districts) may hold shares of a rural credit cooperative.

Article 14

The proportion of the total shares of a single domestic financial institution and its associated parties shall not exceed 20%.

Article 15

As an initiator, an overseas financial institution shall meet the following conditions:

(1)

Its total year-end assets in the latest year shall generally be no less than 1,000 million USD;

(2)

If it is an international rating institution acknowledged by CBRC, its long-term credit was rated by CBRC as good in the latest 2
years;

(3)

It has been keeping a favorable balance in the latest 2 accounting years;

(4)

Its capital adequacy ratio shall reach the average level of capital adequacy ratio for the banking sector at the place of its registration
and shall not be lower than 8% if it is a bank, or the total amount of its capital shall not be lower than 10% of the total amount
of risk-weighted assets if it is a non-bank financial institution;

(5)

It has sound internal control rules;

(6)

The financial institution at the place of registration has sound supervision and management rules;

(7)

Its home country (region) is in good economic situation; and

(8)

Other conditions on prudence as prescribed by CBRC.

CBRC may, when required by the risk situation of the financial industry and the supervision thereof, adjust the conditions for overseas
financial institutions to hold the shares.

Article 16

The proportion of the shares held by a single overseas financial institution in a single rural credit cooperative shall not exceed
20%. The proportion of the total shares of more than one overseas financial institution shall not exceed 25%.

The expression “proportion of the shares” as mentioned in the preceding paragraph shall refer to the proportion of the total shares
held by an overseas financial institution in a rural credit cooperative. The proportion of shares held by an associated party of
the overseas financial institution shall be counted into that of the overseas financial institution.

Article 17

The establishment of a rural credit cooperative shall include two stages, namely, preparatory establishment and initiation of the
business.

For the establishment of a rural credit cooperative, a preparatory establishment team shall be formed, and the initiators of the rural
credit cooperative shall entrust the preparatory establishment team as the applicant.

Article 18

The application for preparatory establishment of a rural credit cooperative within the jurisdiction of a banking regulatory branch
office of China Banking Regulatory Commission (hereinafter referred to as banking regulatory branch office) shall be subject to the
acceptance and preliminary examination of the banking regulatory branch office, and be subject to the examination of the supervisory
office of China Banking Regulatory Commission (hereinafter referred to as banking regulatory office) for decision. The banking regulatory
office shall, within 4 months as of receipt of the entire application materials, make a written decision on approval or disapproval.

The application for the preparatory establishment of a rural credit cooperative within the jurisdiction of the city where the banking
regulatory office is located shall be subject to the acceptance and examination of the banking regulatory office for decision. The
banking regulatory office shall, within 4 months as of the acceptance, make a written decision on approval or disapproval.

Article 19

The term of preparatory establishment of a rural credit cooperative shall be 6 months as of the day when the decision on approval
is made. In the case of any particular circumstance, the applicant shall, within 1 month prior to expiry of the time limit for preparatory
establishment, submit the application for postponing the preparatory establishment to the banking regulatory office. The banking
regulatory office shall, within 20 days as of receipt of the written application, make a decision on whether to approve the postponement
or not, and the maximum period postponed for preparatory establishment shall be 3 months.

The applicant shall, prior to the expiry of the time limit prescribed in the preceding paragraph, submit the application for the initiation
of business. If it fails to submit the application within the time limit, the deciding organ shall nullify the license for preparatory
establishment, and take back the approval document for preparatory establishment.

Article 20

The application of a rural credit cooperative within the jurisdiction of a banking regulatory branch office for the initiation of
business, shall be subject to the acceptance and preliminary examination of the banking regulatory branch office, and be subject
to the examination of the banking regulatory office for decision. The banking regulatory office shall, within 2 months as of receipt
of the entire application materials, make a written decision on ratification or refusal.

The application of a rural credit cooperative within the jurisdiction of the city where the banking regulatory office is located for
the initiation of business, shall be subject to the acceptance and examination of the banking regulatory office for decision. The
banking regulatory office shall, within 2 months as of the acceptance, make a written decision on ratification or refusal.

Article 21

A rural credit cooperative shall, after receiving the ratification document for the initiation of business and obtaining a financial
business permit, go to the administrative department for industry and commerce to apply for a business license.

A rural credit cooperative shall initiate the business within 6 months as of obtaining the business license. In the case of any particular
circumstance, the applicant shall, within 1 month prior to the expiry of the time limit for the initiation of business, submit the
application for postponing the initiation of business to the banking regulatory office. The banking regulatory office shall, within
20 days as of receipt of the written application, make a decision on whether to approve the postponement or not, and the maximum
period postponed for the initiation of business shall be 3 months.

Where a rural credit cooperative fails to initiate the business within the time limit as prescribed in the preceding paragraph, the
deciding organ shall nullify the license for the initiation of business, take back the ratification document for the initiation of
business and the financial business permit, and make an announcement.

Section 2 Establishment of Rural Associate Credit Cooperative Unions of Counties (Cities, Districts)

Article 22

For the establishment of an associate rural credit cooperative union of a county (city, district), the applicant shall meet the following
conditions:

(1)

It has the articles of association conforming to the provisions of CBRC;

(2)

The associate union is established by means of initiation and there are no less than 8 rural credit cooperatives within the jurisdiction;

(3)

The minimum amount of its registered capital is RMB 1 million Yuan, which shall be paid-in capital;

(4)

It has council members and senior managers who meet the qualification conditions for holding their respective positions;

(5)

There are no less than 2 persons who hold the positions of director general and vice director general(s);

(6)

No less than 80% of practitioners have engaged in financial work for at least 1 year or have the technical secondary school diploma
or above majoring in finance or similar field;

(7)

It has a sound organizational structure and management rules; and

(8)

It has qualified business place, safety protection measures and other relevant facilities for its business.

Article 23

For the establishment of an associate rural credit cooperative union of a county (city, district), the applicant shall meet the following
conditions on prudence in addition:

(1)

It has a good corporate governance structure;

(2)

It has a sound risk management system, and is capable of effectively controlling the risks in associated transactions;

(3)

It has scientific and effective human resources management rules, and has professional talents with high qualities;

(4)

It has an effective capital restraint and supplement mechanism;

(5)

It contains no shares held by the local people’s government in the form of fiscal funds; and

(6)

Other conditions on prudence as prescribed by CBRC.

Article 24

For the establishment of an associate rural credit cooperative union of a county (city, district), there shall be qualified initiators,
and the initiators shall be rural credit cooperatives within the jurisdiction.

The employees of an associate rural credit cooperative union of a county (city, district) may hold shares by centralizing their funds.

None of the associate rural credit cooperative unions of the provinces (autonomous regions, municipalities directly under the Central
Government), or associate rural credit cooperative unions of the prefectures (cities) shall hold shares of an associate rural credit
cooperative union of a county (city, district).

Article 25

As an initiator, a rural credit cooperative shall meet the following conditions:

(1)

The place of registration is located within the jurisdiction of the associate rural credit cooperative union of the county (city,
district) to be established;

(2)

The balance of its equity investments shall not exceed 50% of its net assets (including the amount of current investments); and

(3)

Other conditions on prudence as prescribed by CBRC.

Article 26

A single rural credit cooperative shall hold no less than 50,000 shares, and the proportion of its shares shall not exceed 20%.

Article 27

Any of the employees of a shareholding associate rural credit cooperative union of a county (city, district) shall meet the following
conditions:

(1)

He has full capacity for civil conduct;

(2)

His share funds are owned by himself and the sources are lawful, and he shall not hold shares by contributing loans or contributing
funds commissioned by others; and

(3)

Other conditions on prudence as prescribed by CBRC.

Article 28

The proportion of the shares of a single employee shall not exceed 2%, and the proportion of the total shares of all employees shall
not exceed 25%.

Article 29

The establishment of an associate rural credit cooperative union of a county (city, district) shall include two stages, namely, preparatory
establishment and initiation of the business.

For the establishment of an associate rural credit cooperative union of a county (city, district), a preparatory establishment team
shall be formed, and the initiators of the associate rural credit cooperative union of the county (city, district) shall entrust
the preparatory establishment team as the applicant.

Article 30

The application of an associate rural credit cooperative union of a county (city, district) within the jurisdiction of a banking regulatory
branch office for preparatory establishment shall be subject to the acceptance and preliminary examination of the banking regulatory
branch office, and shall be subject to the examination of the banking regulatory office for decision. The banking regulatory office
shall, within 4 months as of receipt of the entire application materials, make a written decision on approval or disapproval.

The application for preparatory establishment of an associate rural credit cooperative union of a county (city, district) within the
jurisdiction of the city where the banking regulatory office is located, shall be subject to the acceptance and examination of the
banking regulatory office for decision. The banking regulatory office shall, within 4 months as of the acceptance, make a written
decision on approval or disapproval.

Article 31

The term of preparatory establishment of an associate rural credit cooperative union of a county (city, district) shall be 6 months
as of the day when the decision on approval is made. In the case of any particular circumstance, the applicant shall, within 1 month
prior to expiry of the time limit for preparatory establishment, submit to the banking regulatory office the application for postponing
the preparatory establishment. The banking regulatory office shall, within 20 days as of receipt of the written application, make
a decision on whether to approve the postponement or not, and the maximum period postponed for preparatory establishment shall be
3 months.

Article 32

The application of an associate rural credit cooperative union of a county (city, district) within the jurisdiction of a banking regulatory
branch office for the initiation of business shall be subject to the acceptance and preliminary examination of the banking regulatory
branch office, and be subject to the examination of the banking regulatory office for decision. The banking regulatory office shall,
within 2 months as of receipt of the entire application materials, make a written decision on ratification or refusal.

The application of an associate rural credit cooperative union of a county (city, district) within the jurisdiction of the city where
the banking regulatory office is located for the initiation of business, shall be subject to the acceptance and examination of the
banking regulatory office for decision. The banking regulatory office shall, within 2 months as of the acceptance, make a written
decision on ratification or refusal.

Article 33

An associate rural credit cooperative union of a county (city, district) shall, after receiving the ratification document for the
initiation of business and obtaining a financial business permit, go to the administrative department for industry and commerce to
obtain a business license.

An associate rural credit cooperative union of a county (city, district) shall initiate the business within 6 months as of obtaining
a business license. In the case of any particular circumstance, the applicant shall, within 1 month prior to the expiry of the time
limit for the initiation of business, submit an application for postponing the initiation of business to the banking regulatory office.
The banking regulatory office shall, within 20 days as of receipt of the written application, make a decision on whether to approve
the postponement or not, and the maximum period postponed for the initiation of business shall be 3 months.

Where the associate rural credit cooperative union of the county (city, district) fails to initiate the business within the time limit
as prescribed in the preceding paragraph, the deciding organ shall nullify the license for the initiation of business, take back
the ratification document for the initiation of the business and the financial business permit, and make an announcement.

Section 3 Establishment of Rural Credit Cooperatives of Counties (Cities, Districts)

Article 34

For the establishment of a rural credit cooperative of a county (city, district), the applicant shall meet the following conditions:

(1)

It has the articles of association conforming to the provisions of CBRC;

(2)

It is established by means of initiation and there shall be no less than 1,000 initiators;

(3)

Its registered capital shall be RMB 10 million Yuan or more;

(4)

It has council members and senior managers who meet the qualification conditions for holding their respective positions;

(5)

There are no less than 2 persons who hold the positions of director general and vice director general(s);

(6)

No less than 80% of practitioners have engaged in financial work for at least 1 year or have the technical secondary school diploma
or above majoring in finance or similar field;

(7)

It has a sound organizational structure and management rules; and

(8)

It has qualified business place, safety protection measures and other relevant facilities for its business.

The banking regulatory office may, in light of the actual situation of the locality of the rural credit cooperative union of the county
(city, district) to be established, make a proper adjustment to the registered capital in Item (3) of the preceding paragraph, provided
that the amount of registered capital shall not be less than RMB 5 million Yuan.

Article 35

For the establishment of a rural credit cooperative union of a county (city, district), the applicant shall meet the following conditions
on prudence in addition:

(1)

It has a good corporate governance structure;

(2)

It has a sound risk management system, and is capable of effectively controlling the risks in associated transactions;

(3)

It has scientific and effective human resources management rules, and has professional talents with high qualities;

(4)

It has an effective capital restraint and supplement mechanism;

(5)

It contains no shares held by the local people’s government in the form of fiscal funds; and

(6)

Other conditions on prudence as prescribed by CBRC.

For the establishment of a rural credit cooperative union of a county (city, district) by means of consolidation, the applicant shall
meanwhile meet the following conditions in addition:

(1)

Both the rural credit cooperative and the associate rural credit cooperative union of the county (city, district) participate in the
establishment voluntarily;

(2)

The associate rural credit cooperative union of the a county (city, district) has strong management capabilities;

(3)

The rural credit cooperative and the associate rural credit cooperative union of the county (city, district) make an estimation according
to consolidated financial statements, which shows that it is solvent;

(4)

Its core capital adequacy ratio shall be no lower than 2%, and may continue to be raised after establishment.

Article 36

For the establishment of a rural credit cooperative union of a county (city, district), there shall be qualified initiators. The initiators
may include: natural persons, domestic non-financial institutions, domestic financial institutions, overseas financial institutions,
and other initiators acknowledged by CBRC.

Article 37

The initiators shall conform to the provisions in Article 9 and Articles 11 through 16 of the present measures.

The proportion of the shares of a single natural person shall not exceed 5the proportion of the total shares of the employees
shall not exceed 25%, and the proportion of the total shares of all natural persons shall be no less than 50%.

None of the associate rural credit cooperative unions of the provinces (autonomous regions, municipalities directly under the Central
Government), or of the associate rural credit cooperative unions of the prefectures (cities) shall hold shares of a rural credit
cooperative union of a county (city, district).

Article 38

The establishment of a rural credit cooperative union of a county (city, district) shall include two stages, namely, preparatory establishment
and initiation of the business.

For the establishment of a rural credit cooperative union of a county (city, district), a preparatory establishment team shall be
formed, and the initiators of the rural credit cooperative union shall entrust the preparatory establishment team as the applicant.

Article 39

The application of a rural credit cooperative union of a county (city, district) within the jurisdiction of a banking regulatory branch
office for preparatory establishment shall be subject to the acceptance and preliminary examination of the banking regulatory branch
office, and shall be subject to the examination of the banking regulatory office for decision. The banking regulatory office shall,
within 4 months as of receipt of the entire application materials, make a written decision on approval or disapproval.

The application for preparatory establishment of a rural credit cooperative union of a county (city, district) within the jurisdiction
of the city where the banking regulatory office is located, shall be subject to the acceptance and examination of the banking regulatory
office for decision. The banking regulatory office shall, within 4 months as of the acceptance, make a written decision on approval
or disapproval.

Article 40

The term of preparatory establishment of a rural credit cooperative union of a county (city, district) shall be 6 months as of the
day when the decision on approval is made. In the case of any particular circumstance, the applicant shall, within 1 month prior
to expiry of the time limit for preparatory establishment, submit to the banking regulatory office the application for postponing
the preparatory establishment. The banking regulatory office shall, within 20 days as of receipt of the written application, make
a decision on whether to approve the postponement or not, and the maximum period postponed for preparatory establishment shall be
3 months.

The applicant shall, prior to the expiry of the time limit prescribed in the preceding paragraph, submit an application for the initiation
of business. If it fails to submit the application within the time limit, the deciding organ shall nullify th

NOTICE OF THE MINISTRY OF COMMERCE ON ENTRUSTING THE COMPETENT DEPARTMENTS OF COMMERCE AT PROVINCIALLEVEL TO EXAMINE AND MANAGE PART OF FOREIGN-FUNDED ROAD TRANSPORTATION ENTERPRISES

Ministry of Commerce

Notice of the Ministry of Commerce on Entrusting the Competent Departments of Commerce at ProvincialLevel to Examine and Manage Part
of Foreign-funded Road Transportation Enterprises

Shang Zi Han [2005] No. 93

January 22, 2006

The competent departments of commerce of all the provinces, autonomous regions, municipalities directly under the Central Government,
and cities under separate state planning, as well as that of the Xinjiang Production and Construction Corp.,

According to the request of the State Council for simplifying the system of administrative examination and approval, and for the
purpose of simplifying the procedures for the examination of the contracts and the articles of association of foreign-funded enterprises,
improving efficiency, and speeding up the work for absorbing foreign investment in service trade fields, we hereby make the following
notice on relevant issues concerning entrusting the competent departments of commerce at all the provinces, autonomous regions, municipalities
directly under the Central Government, and cities under separate state planning, as well as that of Xinjiang Production and Construction
Corp. (hereinafter referred to as the provincial competent departments of commerce) and the state level management commissions of
economic and technological development zones to make examination and management on part of foreign-funded road transportation enterprises:

The provincial competent departments of commerce and the state level management commissions of economic and technological development
zones shall be entrusted to responsible for the work of examination and management of foreign-funded road transportation enterprises
(excluding road passenger transportation enterprises).

II.

Each entrusted department and institution shall, in accordance with the Provisions on the Administration of Foreign Investment in
the Road Transport Sector (No.9 [2001] of the Ministry of Communications and the Ministry of Foreign Trade and Economic Cooperation)
and other laws and regulations on foreign investment, strictly control the qualifications of foreign funded road transportation enterprises,
make careful examination on the applications of foreign-funded road transportation enterprises for their establishment and alteration,
and handle the applications after requesting the applicants to make report to the competent departments of communications for approval
according to the procedures and conditions as prescribed in the aforesaid provisions. The entrusted departments and institutions
shall report any problem arising from the examination process to the Ministry of Commerce in a timely manner. If there is any act
of examination and approval that is in violation of regulations during the entrustment period, the Ministry of Commerce shall circulate
a notice on it in light of the circumstances or even takes back the entrustment.

III.

Each entrusted department and institution shall have the conditions for issuing the documents of approval for foreign-funded enterprises
by networking with the Ministry of Commerce and for online annual joint inspection, and do a good job for putting the examination
and approval on archives and making statistics by making use of the network license issuing system for foreign-funded enterprises.
The relevant statistical data shall comply with the requirements, so that it may be convenient for the Ministry of Commerce to know
the information and strengthen supervision. The Ministry of Commerce will carry out training on the local competent departments of
commerce and the state level management commissions of economic and technological development zones, so as to clarify the concrete
issues in the process of examination.

IV.

The entrusted state level management commissions of economic and technological development zones shall, in accordance with the Notice
of the General Office of the State Council on Transferring the Several Opinions of the Ministry of Commerce and Other Departments
concerning Promoting the State Level Economic and Technological Development Zones to Improve Development Level (No.15 [2005] of the
General Office of the State Council), implement the management system of simplification and high efficiency. After the state level
economic and technological development zones have put the management systems on archives, carried out personnel training, and passed
checking and acceptance for networking, the Ministry of Commerce shall handle the corresponding entrustment formalities by batch
separately.

The present entrustment shall take effect as of March 31, 2006.

Ministry of Commerce
2006-01-22

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

CIRCULAR OF THE GENERAL OFFICE OF THE MINISTRY OF COMMERCE ON PROHIBITING ASSIGNING QUOTA OF INVITING INVESTMENT TO SUBORDINATE GOVERNMENTS AND LINKING UP THEIR PERFORMANCE WITH THE QUOTA COMPLETION

CIRCULAR OF THE MINISTRY OF COMMERCE ON ENTRUSTING NANJING ECONOMIC-TECHNOLOGICAL AREA TO EXAMINE, APPROVE AND ADMINISTER THE RELEVANT WORK ON FOREIGN-INVESTED ENTERPRISES IN SOME SERVICE TRADE SECTORS

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MEASURES OF CHINA BANKING REGULATORY COMMISSION FOR THE IMPLEMENTATION OF ADMINISTRATIVE LICENSING MATTERS CONCERNING COOPERATIVE FINANCIAL INSTITUTIONS

NOTICE OF THE MINISTRY OF COMMERCE ON ENTRUSTING THE COMPETENT DEPARTMENTS OF COMMERCE AT PROVINCIALLEVEL TO EXAMINE AND MANAGE PART OF FOREIGN-FUNDED ROAD TRANSPORTATION ENTERPRISES

CONSTITUTION ACT, 1982 – page 22

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CONSTITUTION ACT, 1982 – page 9

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