THE INTERIM MEASURES FOR THE STOCK ISSUANCE AND LISTING RECOMMENDATION SYSTEM

China Securities Regulatory Commission

Order of the China Securities Regulatory Commission

No. 18

The Interim Measures for the Stock Issuance and Listing Recommendation System, which were deliberated and adopted at the 49th executive
meeting, are hereby promulgated and shall come into force as of February 1st, 2004.

Shang Fulin, Chairman of the China Securities Regulatory Commission

December 28th, 2003

The Interim Measures for the Stock Issuance and Listing Recommendation System

Chapter I General Provisions

Article 1

With a view to regulating the activities of listing and issuance of securities, to enhancing the quality of listed companies and the
practices of securities operating institutions, to protecting the legitimate rights and interests of investors and to promote the
sound development of securities market, the present Measures are formulated in accordance with the laws and administrative regulations.

Article 2

The present Measures shall apply to the join-stock limited companies’ initial public offer of stocks and the listed companies’ issuance
of new stocks and convertible corporate bonds.

Article 3

The securities operating institutions shall fulfill the recommendation duties, shall register as the recommendation institutions in
accordance with the present Measures.

Article 4

The recommendation institutions shall comply with the laws, administrative regulations, the rules of the China Securities Regulatory
Commission (hereinafter referred to as CSRC) and the bylaws of the securities industry, shall recommend the issuance and listing
of the issuers’ securities honestly, faithfully, diligently and devotedly, and shall continuously supervise and urge the issuers
to perform the relevant obligations.

When a recommendation institution performs the recommendation duties, it shall designate some recommendation representatives to take
charge of the specific recommendation work.

Article 5

The recommendation institutions shall be responsible for the main underwriting work of the issuance of securities, and shall check
the public offer financing documents according to the law, and shall give a recommendation advice to the CSRC.

The recommendation institutions shall ensure the authenticity, exactness and completeness of the documents issued by them.

Article 6

An issuer and its directors, supervisors, managers and other senior managerial persons (hereinafter referred to as the “senior managerial
persons”), the law firm, accounting firm, assets assessment institutions and other intermediary institutions that provide special
services to the issuer (hereinafter referred to as ” the intermediary institutions”) and the signer of the issuer shall, in accordance
with the laws, administrative regulations and the rules of the CSRC, bear the corresponding liabilities, and shall cooperate with
the recommendation institutions to fulfill the recommendation duties.

The recommendation institution and the recommendation representatives’ fulfillment of their duties cannot be deemed as a reason to
mitigate the liabilities of the issuer and its senior managerial persons, the intermediary institutions and its signer or to exonerate
them from their liabilities.

Article 7

The CSRC shall, according to the laws, administrative regulations and the present Measures, conduct supervision over and administration
of the pertinent activities of the recommendation institutions and their representatives, the issuers and their managerial persons,
the intermediary institutions and their signers.

The China Securities Association shall adopt self-disciplinary management to the recommendation institutions and the recommendation
representatives.

Chapter II Registration of Recommendation Institutions and Recommendation Representatives

Article 8

Any securities operating institution or individual that has been registered in the CSRC and is on the name list of the recommendation
institutions and the recommendation representatives (hereinafter referred to as the name list) may engage in the recommendation work
in accordance with the provisions of the present Measures. Any one who fails to be registered as a recommendation institution or
recommendation representative in the CSRC and to be on the name list may not engage in the recommendation work.

Article 9

Where a securities operating institution files an application for being registered as a recommendation institution, it shall be a
comprehensive securities company and shall submit to the CSRC a statement or commitments expressing its willingness to fulfill the
recommendation duties.

Article 10

Where a securities operating institution is under any of the following circumstances, it shall not be registered as a recommendation
institution:

(1)

There are less than 2 recommendation representatives;

(2)

There is any serious weakness in the company’s governance structure, the risk control system is imperfect or hasn’t been implemented
effectively;

(3)

It is removed from the name list of the CSRC because of violations of laws and regulations in the recent 24 months; or

(4)

Any other circumstance prescribed by the CSRC.

Article 11

Where an individual files an application for being registered as a recommendation representative, he/she shall file an application
to the CSRC via the recommendation institution in which he/she holds a position and submit the relevant evidential documents and
statement if he/she has acquired the professional qualifications of securities and the corresponding certificate. And he/she shall
meet the following conditions in addition:

(1)

Having experience in any investment bank as prescribed by the CSRC;

(2)

Having taken and passed the recommendation representatives’ competence examination acknowledged by the CSRC;

(3)

Having obtained a recommendation letter issued by the recommendation institution in which he/she holds a position and signed by the
chairman of the board of directors or the general manager;

(4)

Without any debt of considerably large amount that shall be paid off when it matures;

(5)

His/her name hasn’t been removed from the name list of the CSRC or he/she hasn’t been given any administrative punishment by the CSRC
because of violations of the law and regulations within the recent 36 months; and

(6)

Other conditions as prescribed by the CSRC.

Article 12

The securities operating institutions and individuals shall ensure that the registration application documents be authentic, exact
and complete. During the period of application, if there is any important change in the documents, the applicant shall submit new
materials to the CSRC within 5 working days as of the day when the change occurs.

Article 13

Where an applicant meets the conditions, the CSRC shall, within 20 working days as of the day when it accepts his/her registration
application, handle the registration formalities, list him/her in the name list and make an announcement. In case the applicant doesn’t
meet the conditions, the CSRC shall not handle the registration formalities and notify him/her of the reasons in writing.

Article 14

A recommendation institution shall, within 1 month as of the day when it or its recommendation representatives complete the registration
or as of the day when it has been 12 months since the previous archival filing is completed, submit the annual archival filing form
and the relevant materials to the CSRC so as to modify the registered information.

Article 15

Where there is any important change in the registered information of the recommendation institution or of its recommendation representatives,
the recommendation institution shall, within 5 working days as of the day when the change occurs, report to the CSRC.

Article 16

Where a recommendation institution is under any of the circumstances as prescribed in Article 10 of the present Measures, the CSRC
shall remove it and its recommendation representatives from the name list.

Article 17

Where a recommendation representative is under any of the following circumstances, the CSRC shall remove his/her name from the name
list:

(1)

His/her professional license has been cancelled or withdrawn;

(2)

Without experience in an investment bank as required by the CSRC;

(3)

The recommendation institution has withdrawn its recommendation letter;

(4)

He/She has been transferred from a recommendation institution or from the operating department of its investment bank;

(5)

He/She fails to clear off any mature debt of considerably large amount;

(6)

He/She is given any administrative punishment by the CSRC because of violations of the law and regulations or receives a criminal
punishment because of committing a crime; or

(7)

Other circumstances prescribed by the CSRC.

Article 18

Where a recommendation representative whose name has been removed from the name list meets the registration conditions, he/she may
re-file an application for being registered as a recommendation representative. Where it has been more than 6 months as of the day
when he/she is removed from the name list, he /she shall have the recommendation representatives’ competence examination once again.

Chapter III Duties of the Recommendation Institutions

Article 19

A recommendation institution shall dutifully recommend the issuance and listing of the securities of an issuer. After the listing
of the securities of an issuer, the recommendation institution shall continuously supervise and guide the issuer to fulfill the obligations
such as operating normatively, keeping its promise, and disclosing the information, etc..

Article 20

Before a recommendation institution recommends the initial public offer of stocks of an issuer, it shall give guidance to the issuer
according to the requirements of the CSRC.

Where the recommendation institution is to recommend the initial public offer of an issuer guided by any other institution, it shall,
prior to making the recommendation, re-provide guidance to the issuer for at least 6 months.

Article 21

The recommendation institution may not recommend an issuer to issue securities by way of listing, until it meets the following requirements
upon guidance:

(1)

It meets the requirements for the public issuance of securities and the relevant regulations and has the capability of sustainable
development;

(2)

It is independent of the promoters, big shareholders and the actual controller in the aspects of operations, assets, personnel, institution
and financial affairs. There is no intra-trade competition, obviously unfair connected transaction or any other act that may affect
the independent operation of the issuer;

(3)

There is no serious defect in the corporate governance, financial and accounting systems that may obstruct the sustained normative
operation;

(4)

The senior managerial persons have grasped the laws and administrative regulations and other related knowledge as required for entering
the securities market, have known the statutory obligations and responsibilities of a listed company and its senior managerial personnel,
are adequately honest and trustworthy, are capable of managing a listed company and have sufficient experiences; and

(5)

Other requirements prescribed by the CSRC.

Article 22

Where a recommendation institution recommends the issuance and listing of the securities of an issuer, it shall, in accordance with
the laws, administrative regulations and provisions of the CSRC, devotedly conduct investigations into and carefully examine the
issuer and its promoters, big shareholders and actual controller. It shall, upon the entrustment of the issuer, organize and make
the application documents and issue the recommendation documents.

Article 23

Among the issuer’s public financing documents, those not supported by any professional opinion of an intermediary institution and
its signer shall be fully, widely and properly investigated into by the recommendation institution, who shall then independently
make a judgment on the materials provided by the issuer and the information disclosed by it and shall have adequate reasons to affirm
that there is no material discrepancy between the judgment made by it and the issuer’s public financing documents.

Article 24

Among the issuer’s public financing documents, those containing the professional opinions issued by the intermediary institutions
and their signers shall be carefully checked and verified by the recommendation institution, who shall independently make a judgment
on the materials provided by the issuer and the information disclosed by it.

Where there is any important discrepancy between the judgment made by the recommendation institution and the professional opinion
of an intermediary institution, the related items shall be re-investigated and re-verified, and another intermediary institution
may be hired to provide professional services.

Article 25

A recommendation institution shall make the following commitments in its recommendation documents:

(1)

It has adequate reasons to believe that the issuer meets the requirements prescribed in Article 14 of the present Measures, and it
is proper for its securities to be listed and traded in the stock exchange;

(2)

It has adequate reasons to believe that there is no false information, misleading statement or serious omission in the issuer’s application
documents and the public financing documents;

(3)

It has adequate reasons to believe that the opinions of the issuer and its directors expressed in the public financing documents are
well-grounded;

(4)

It has adequate reasons to believe that there is no material discrepancy between its judgment and the opinions expressed by other
intermediary institutions;

(5)

It shall guarantee that the recommendation representatives assigned by it and the related personnel of this recommendation institution
has fulfilled their duties diligently, and have devotedly conducted investigations into and have carefully verified the application
documents of the issuer;

(6)

It shall guarantee that there is no false information, misleading statement or serious omission in the recommendation documents and
the other documents relating to the fulfillment of the recommendation duties;

(7)

It shall guarantee that the professional services and the professional opinions provided to the issuer are in line with the laws,
administrative regulations, the provisions of the CSRC and the bylaws of the securities industry;

(8)

It voluntarily accepts the supervision measures taken by the CSRC according to the present Measures; and

(9)

Other commitments as prescribed by the CSRC.

Article 26

The recommendation institution shall, after it has submitted the recommendation documents to the CSRC, shall actively help the CSRC
to examine the said documents, and undertake the following tasks:

(1)

To organize the issuer and its intermediary institutions to make replies to the opinions of the CSRC;

(2)

To devotedly investigate into or verify the special matters in relation to the current issuance and listing of securities according
to the requirements of the CSRC;

(3)

To assign the recommendation representatives to conduct professional communications with the CSRC; and

(4)

Other tasks prescribed by the CSRC.

Article 27

When recommending the listing of the securities of an issuer, the recommendation institution shall submit to the stock exchange a
recommendation letter and the pertinent documents as required in the listing rules in the stock exchange, and shall report them to
the CSRC for archival purposes.

A recommendation letter shall contain the commitments as prescribed in Article 25 of the present Measures, the arrangement in relation
to the continuous supervision over the issuer and other matters as required by the stock exchange.

Article 28

The recommendation institution shall determine the items and emphases of the continuous supervision and guidance according to the
actual situation of the issuer, and shall undertake the following tasks:

(1)

To supervise and guide the issuer to effectively implement and perfect the system in regard to the prevention of the big shareholders’
and other connected parties’ illegal use of the issuer’s resources;

(2)

To supervise and guide the issuer to effectively implement and perfect the internal control system in regard to the prevention of
the senior managerial personnel’s impairment to the interests of the issuer by taking the advantage of their positions;

(3)

To supervise and guide the issuer to effectively implement and perfect the system in regard to guarantee of the fairness and normativeness
of connected transactions, and to express its opinions on the connected transactions;

(4)

To supervise and guide the issuer to fulfill the obligation of information disclosure, to examine the information disclosure documents
and other documents submitted to the CSRC and the stock exchange;

(5)

To continuously pay attention to the issuer’ uses of the raised fund, the fulfillment of the investment project and other commitments;

(6)

To continuously pay attention to the issuer’s providing guaranties to others, and expressing its opinions; and

(7)

Other tasks as required by the CSRC and stipulated in the recommendation agreement.

Article 29

As for an issuer of initial public offer of stocks, the period of continuous supervision and guidance shall be the remaining time
of the current year of the listing of the securities and the following two full fiscal years. As for a listed company who issues
new stocks or convertible corporate bonds, the period of continuous supervision and guidance shall be the remaining time of the current
year of the listing of the securities and the following one full fiscal year. The period of continuous supervision and guidance shall
start as of the day of the listing of the securities.

Article 30

At the expiration of the period of the continuous supervision and guidance, if there is any uncompleted recommendation task, the recommendation
institution shall complete it continuously.

During the conscientious recommendation period or the continuous supervision and guidance period, if the recommendation institution
fails to fulfill its duties diligently and devotedly, it shall bear the corresponding liabilities after the expiration of the period
of continuous supervision and guidance.

Chapter IV Recommendation Procedures

Article 31

A recommendation institution shall establish and perfect the internal control system of the recommendation work.

Article 32

A recommendation institution shall establish and perfect the duty investigation system in regard to the issuance and listing of securities,
the internal examination system concerning the issuance and listing application documents and the system in regard to the continuous
supervision and guidance to the issuers after the listing of securities.

Article 33

A recommendation institution shall establish and perfect the system in regard to the continuous training of the recommendation representatives
and other personnel engaging in recommendation work.

Article 34

A recommendation institution shall establish and perfect the system in regard to the archival files. It shall establish separate archival
files for each recommendation project.

The recommendation archives shall be authentic, exact and complete, and shall be preserved for not less than 10 years.

Article 35

Where any of the following circumstances exists that may affect the impartial performance of duties of recommendation, a recommendation
institution may not recommend the issuance and listing of the securities of any issuer:

(1)

The aggregate shares of the recommendation institution, the actual controllers and the important connected parties exceed 7% of the
total shares of the issuer;

(2)

The issuer holds or controls 7% of the total shares of the recommendation institution;

(3)

Any of the recommendation institution’s recommendation representatives, directors, supervisors, managers and other senior managerial
personnel has an interest in the issuer, takes a position in the issuer or any other circumstance that may affect the impartial performance
of the recommendation duties; or

(4)

The recommendation institution, or any of its big shareholders, actual controllers and important connected parties provide guaranty
or financing services to the issuer.

Article 36

The recommendation institution and the issuer shall conclude a recommendation agreement so as to specify their respective rights and
obligations.

Article 37

The recommendation institution shall, in accordance with the bylaws of the securities industry and by consulting the issuer, determine
the relevant fees for the performance of the recommendation duties.

Article 38

Where a recommendation agreement is terminated prior to the publication of the public offer financing documents, the recommendation
institution and the issuer shall respectively report to the CSRC and give it explanations within 5 working days as of the day of
termination.

Article 39

After the publication of the public offer financing documents, the recommendation institution and the issuer shall not terminate the
recommendation agreement, except that the issuer hires another recommendation institution to apply for the issuance of new stocks
or convertible corporate bonds and that the recommendation institution has been removed from the name list by the CSRC.

Where a recommendation agreement is terminated, the recommendation institution and the issuer shall report to the CSRC and the stock
exchange and give them explanations within 5 working days as of the day of termination.

Article 40

Where the recommendation institution is removed from the name list of the CSRC during the period of continuous supervision and guidance,
the issuer shall hire another recommendation institution within one month.

Article 41

The other recommendation institution hired shall finish the supervision and guidance work uncompleted by the former one, and the supervision
and guidance period shall not be shorter than a full fiscal year.

The other recommendation institution hired shall carry out the recommendation work and bear the corresponding liabilities as of the
day when the recommendation agreement is concluded. The former recommendation institution shall bear the corresponding liabilities
during the period of the conscientious recommendation and the period of continuous supervision and guidance.

Article 42

A recommendation institution shall assign 2 recommendation representatives to take charge of the specific recommendation work of an
issuer, shall issue a special authorization signed by the chairman of the board of directors or by the general manager, and shall
ensure that the relevant departments and personnel of the recommendation institution efficiently cooperate with each other based
on division of labor.

In addition, the recommendation institution shall assign a project principal. A recommendation representative may take the position
of a project principal.

Article 43

After the issuance of the securities of an issuer, the recommendation institution shall not change the recommendation representatives,
except that they are removed from the name list by the CSRC because of being transferred from the recommendation institution or any
other circumstance.

Where the recommendation institution changes the recommendation representatives, it shall notify the issuer, and shall report and
give explanations to the CSRC and the stock exchange. The former recommendation representatives shall bear the corresponding liabilities
for the period during which they take charge of the specific recommendation work.

Article 44

The legal representative of the recommendation institution, the person-in-charge of the business department of the investment bank,
the person-in-charge of internal examination, the recommendation representatives and project principal shall affix their signatures
to the recommendation documents, and list their names in the issuer’s public financing documents.

Article 45

The recommendation institution shall in time notify the issuer of the opinions expressed for the performance of the recommendation
duties, shall keep them as its work archives, and may make an announcement according to the provisions of the present Measures and
report them to the CSRC and the stock exchange.

Article 46

The recommendation institution shall submit a “recommendation summary report” to the CSRC and the stock exchange within 10 working
days after completing the continuous supervision and guidance work.

Article 47

Where a recommendation representative engaging in recommendation work is interfered with by any unjustifiable factor, he/she shall
independently keep his/her professional opinions, which shall be recorded in the recommendation archives.

Article 48

Since all the recommendation representatives and other personnel engaging in recommendation work are the persons who know the inside
information, they shall abide by the laws, the administrative regulations and the provisions of the CSRC, shall not directly or indirectly
seek improper interests for themselves or for any other person by making use of the access to the inside information.

Chapter V The Coordination of Recommendation Work

Article 49

A recommendation institution may, when performing the recommendation duties, exercise the following rights to an issuer:

(1)

To ask the issuer to notify it of the information according to the provisions of the present Measures and in the form as stipulated
in the recommendation agreement;

(2)

To announce the illegal acts of the issuer in pursuance of information disclosure provisions of the CSRC and the stock exchange; and

(3)

To exercise other rights as provided by the CSRC or stipulated in the recommendation agreement.

Article 50

Where an issuer is under any of the following circumstances, it shall in time inform or consult the recommendation institution, and
shall, according to the stipulations in the agreement, submit the relevant documents to the recommendation institution:

(1)

Modifying its commitments in regard to the financing and investment project, etc.;

(2)

Making any connected transaction and providing guaranty to any other person, etc.;

(3)

Performing the information disclosure duties or reporting the relevant matters to the CSRC and the stock exchange;

(4)

Committing any illegal act or other serious acts; and

(5)

Other matters as prescribed by the CSRC or as stipulated in the recommendation agreement.

Article 51

Prior to the issuance of securities, in case the issuer fails to cooperate with the recommendation institution to perform the recommendation
duties, the recommendation institution shall express its reservations, and shall give explanations in the recommendation documents;
in case the circumstance is serious, it shall refuse to make recommendation or withdraw the recommendation that it has already completed.

Article 52

After the issuance of securities, in case the recommendation institution has adequate reasons to hold that the issuer may have illegal
acts or other improper acts, it shall supervise and urge the issuer to make explanations and order it to get right within a time
limit; in case the circumstance is serious, it shall report to the CSRC and the stock exchange.

Article 53

A recommendation institution shall organize and coordinate the relevant work of the intermediary institutions and their signers when
they participate in the issuance and listing of securities.

Article 54

Where a recommendation institution has any doubts about the professional opinions issued by an intermediary institution and its signer,
it shall actively negotiate with this intermediary institution and may ask it to make explanations or to present the basis.

Article 55

Where a recommendation institution has adequate reasons to ensure that the professional opinions issued by an intermediary institution
and its signer may have false information, misleading statement, serious omission or any other illegal or improper circumstance,
it shall in time express its opinions; in case the circumstance is serious, it shall report to the CSRC and the stock exchange.

Article 56

An intermediary institution and its signer shall keep professional independence, shall prudently make a new judgment on the doubts
or opinions raised by the recommendation institution, shall in time notify the recommendation institution and the issuer of its opinions,
and may report to the relevant departments, the CSRC and the stock exchange according to the law.

Chapter VI Supervisory Measures and Legal Liabilities

Article 57

The CSRC shall establish a recommendation credit-standing supervision system to conduct continuous and dynamic management in regard
to the registration of the recommendation institutions and recommendation representatives and to announce the records such as their
professional practices, illegal acts, other bad acts and the supervision measures taken against them.

Article 58

A recommendation institution and its recommendation representatives shall bear the corresponding liabilities as of the day when the
recommendation institution submits the recommendation documents to the CSRC.

Article 59

Where the application documents for the registration of a recommendation institution submitted by a securities operating institution
to the CSRC contain any false information, misleading statement or serious omission, the CSRC shall refuse to handle the registration,
or remove the recommendation institution from the name list if it has completed the registration.

Where the application documents for registration of a recommendation representative contain any false information, misleading statement
or serious omission, the CSRC shall refuse to handle the registration, or remove him/her from the name list if it has completed the
registration, and shall refuse to accept any application for the registration of recommendation representatives recommended by this
recommendation institution within 6 months as of the day of removal.

Article 60

Where any recommendation document submitted by a recommendation institution to the CSRC and the stock exchange contains any false
information, misleading statement or serious omission, or where the recommendation institution induces, or

INTERIM REGULATIONS ON ADMINISTRATION OF SOFTWARE PRODUCTS

Interim Regulations on Administration of Software Products

PART ONE GENERAL PRINCIPLES PART TWO REGISTRATION OF SOFTWARE PRODUCTS PART THREE SOFTWARE PRODUCTION PART FOUR MANAGEMENT OF SOFTWARE
PRODUCTS PART FIVE SUPERVISION PART SIX SUPPLEMENTATION

Article One The promulgation of the provisional regulation aims at enhancing the software products management, promoting the development
of the software industry and wider computer application, and accelerating the computerization of the national economy.

Article Two The regulation is applicable to the replication of software carried by all kinds of devices which are provided to the
public by way of selling, renting or licensing. These devices include paper, tape, disc, VCD, semi-transistor storage device, integrated
circuit chip and any other form which has the capacity to store information. The regulation is not applicable to those software designed
or entrusted to be designed by units or individuals for self-use.

Article Three The development, production and marketing of software are encouraged for the purpose of carrying forward the development
of the software industry, and satisfying the increasing demand for computerization.

Article Four Software development, production, management and import and export must not contradict the relevant laws and regulations,
and the following is banned:

1. violating intellectual property right.

2. carrying computer virus endangering the computer system.

3. carrying contents forbidden by the government.

Article Five The Ministry of the Electronic Industry is in charge of the national software administration.

PART TWO REGISTRATION OF SOFTWARE PRODUCTS

Article Six The state exercises a system of registration and filing over software products. The National Software Product Management
Center under the Ministry of Electronic Industry shall be responsible for the registration numbers and certificates as well as other
relevant management affairs.

Article Seven Application for the registration and filing of software products shall be submitted by the relevant manufacturer together
with the following documents:

1. a copy of legal person business license issued by the Administration of Industry and Commerce.

2. the identity certificate of the legal representative and the relevant materials.

3. the valid copyright certificate of the software product, including the valid certificate for holding the copyright by the relevant
institution or enterprise or the contract by which the copyright owner gives approval to the relevant organization to produce the
software product and the valid copyright certificate for the software.

4. the name, contents, function, the copyright holder, materials concerning the registration and filing of the software copyright
as well as the sample and test result of the software product.

5. when the registration is applied for through the delegation of a software manufacturer, the certificate of authorization shall
be provided at the same time.

Article Eight Application for the registration and filling of an imported software product shall be undertaken by the relevant importer,
and apart from the documents stipulated in Article 7 of this regulation, relevant materials granting permission to the importer of
the software product shall be provided at the same time.

Article Nine Application for the registration and filing of a foreign software product made domestically shall be undertaken by the
relevant software manufacturer, and apart from the documents stipulated in Article 7 of this regulation, relevant materials granting
permission to the import of the software product shall be submitted at the same time.

Article Ten In case of the change of the registered software items, the applicant shall go through the formalities of the change of
the registration at the original issuing authorities.

Article Eleven Producers of software shall meet the following requirements:

1. They shall be corporate bodies, established under the approval of the Administration of Industry and Commerce, and the operation
of computer software (including software technology development and production) shall be included in their business range.

2. They shall have the necessary conditions and technical ability, for software production.

3. They shall have a fixed place for production.

4. They shall have the means and capability to guarantee the quality of both the product and the production.

Article Twevele The producer shall hold or be franchised or licensed the copyright of the software they produce.

Article Thirteen The software producers shall be responsible for the examination of the contents of their products.

Article Fourteen The quality of the relevant software shall comply with the relative technology and software standard, and the quality
certification system promulgated by the state, as well as the provisions of relevant laws and regulations.

Article Fifteen Software for the users shall be marked on the outer package with the name, version number, copyright owner, registration
number of the software, as well as the name and address of the producers (or the importer) and the date of production.

Article Sixteen The software products provided to users (including foreign software imported or produced locally) shall be accompanied
with adequate operation literature in Chinese, such as instructions, operation manuals etc.. The content, mode of technological service
as well as its suppliers shall be indicated on the product or in the above- mentioned operation literature, or in other written forms.

Article Seventeen All foreign software products imported or produced locally shall comply with stipulations of relevant laws, the
technology standards and norms of the state and of this regulation. Import or production of foreign software listed in article 4
of this regulation is prohibited. For foreign software products that do not comply with the nation’s technology standards, norms
or this regulation, or evidenced to be inferior in operation, or not up to their promised functions, the competent agencies in charge
of software, according to the specific situations, have the authority to decide either to restrict or forbid their importation or
local production.

Article Eighteen Production of pirated software, software for deciphering secret and software with the main function of removing technology-protection
measures are prohibited. Production of software containing contents listed in article 4 of this regulation is prohibited.

Article Nineteen Laser-disc producers approved by the competent agencies are not allowed to produce software items that have not been
registered or filed.

PART FOUR MANAGEMENT OF SOFTWARE PRODUCTS

Article Twenty The management of software products mainly takes the form of agency. Agency agreements in written form shall be signed
between agents (sellers of software products) and principals (developers and producers of software products), and between general
agents and sub- agent. Agency agreements shall specify the authority limit, geographical limit, time limit and technical services
of the agency relationship, and other necessary contents stipulated by the Ministry of Electronic Industry. Developers and producers
may also directly engage in the sale of their software products.

Article Twenty-One Agents are required to put up their agency qualification certificates in a conspicuous position in their business
places. The certificates shall include he terms of reference, time limit, geographical limit of agency and agency grading, etc.,
which are to be accordingly conveyed in the advertisements and other means of publicity run by the agent.

Article Twenty-Two Managing institution of software products shall conduct he management in the form of licensing. A written licensing
contract shall be signed between the managing and producing institutions. Managing institutions shall notify users to consult licensing
files before the sale of software products, and require them to indicate whether to give their approval.

Article Twenty-Three The software sellers shall sell the software products according to the stipulations of Article 15 and Article
16 and inform the user of the content, means, the fees and the provider of the relevant technical services in written form or on
file. In case providers of technical services are not specified, the software sellers shall be regarded as the providers of the relative
technical services. In case there is no indication of the extra service charges and the specified sum shall be regarded that the
relative charges have been included in the price of the products.

Article Twenty-Four No organizations are permitted to deal in software products which have not been registered and filed or software
products are with contents provide by Article 4 of this regulation or sell or provide free-of-charge pirated software products deciphering
secrets.

Article Twenty-Five Software products provided together with hardware, such as computers, shall comply with the relative stipulations
of this regulation.

Article Twenty-Six The testing edition of the software products shall be marked clearly and provided free of charge, and shall not
be sold for profit.

Article Twenty-Seven The Software Product Management Departments are enpost_titled to supervise and inspect such activities concerning
software products as R

ADMINISTRATIVE RULES FOR THE REPORTING OF LARGE-VALUE AND SUSPICIOUS RMB PAYMENT TRANSACTIONS

Order of the People’s Bank of China

No.2

In accordance with the Law of the People’s Republic of China on the People’s Bank of China and other laws and regulations , the Administrative
Rules for the Reporting of Large-Value and Suspicious RMB Payment Transactions has been adopted at the 7th executive meeting on September
17, 2002, and is hereby promulgated for implementation as of March 1, 2003.
President of the People’s Bank of China Zhou Xiaochuang

January 3, 2003

Administrative Rules for the Reporting of Large-Value and Suspicious RMB Payment Transactions

Article 1

These Rules are formulated in accordance with Law of the People’s Republic of China on the People’s Bank of China and other laws
and regulations in order to strengthen supervision over RMB payment transactions, regulate RMB payment transaction reporting activities
and prevent bank payment and settlement from being misused for money laundering and other law-violating and criminal activities.

Article 2

RMB payment transactions referred to in these Rules are RMB-denominated monetary payment made by institutions and individuals through
bills, bank cards, remittance, entrusted collection, custodian acceptance, online payment and cash and its clearing transactions.

Large-value payment transactions refer to any RMB payment transaction whose value is above the specified threshold.

Suspicious payment transactions refer to those RMB payment transactions with abnormality in amount, frequency, direction, use or nature.

Article 3

Policy banks, commercial banks, urban and rural credit cooperatives and their unions, postal savings institutions (hereinafter referred
to as financial institutions) licensed by the People’s Bank of China and established within the territory of the People’s Republic
of China shall abide by these Rules when handling payment transactions.

Article 4

The People’s Bank of China and its branch offices shall be charged with supervising and administering reporting of payment transactions.

Article 5

The People’s Bank of China shall establish a payment transaction monitoring system.

Article 6

Financial institutions shall create specialized anti-money laundering posts in their operational offices, specify their responsibilities,
and have specified staff record, analyze and report large-value payment transactions and suspicious payment transactions.

Article 7

The following transaction payments constitute large-value transaction payments:

(1)

Any single credit transfer above RMB one million yuan between legal persons, other organizations and firms created by self-employed
persons (hereinafter referred to as institutions);

(2)

Any single cash transaction above RMB 200,000 yuan, including cash deposit, cash withdrawal, cash remittance, cash draft, cash promissory
note payment.

(3)

Fund transfer above RMB200,000 yuan among individual bank settlement accounts, and between individual bank settlement account and
corporate bank settlement account.

Article 8

The following payment transactions constitute suspicious payment transactions:

(1)

Fund being moved out in large quantities after coming into a financial institution in small amounts and in many batches within a short
period of time or vice versa;

(2)

The frequency and amount of fund movement apparently not commensurate with the magnitude of an enterprise’s business operation;

(3)

Direction of fund movement apparently not commensurate with the range of business operation of an enterprise;

(4)

Current fund movement apparently not commensurate with the features of an enterprise’s business operation;

(5)

Regular occurrence of frequent fund movement apparently not commensurate with the nature and business operation of an enterprise;

(6)

Frequent fund movement within a short period of time between the same receiving party and the same paying party;

(7)

Sudden and frequent fund movement in and out of an account that has been dormant for a long time;

(8)

An enterprise frequently receiving individual remittance that is obviously unrelated to its range of business within a short period
of time;

(9)

Cash deposit and withdrawal whose amount, frequency and use are apparently different from the normal fund movement of a customer;

(10)

The accumulated cash movement through an individual bank settlement account exceeding RMB one million yuan within a short period of
time;

(11)

Frequent fund transfer within a short period of time to and from customers located in regions with serious drug-trafficking, smuggling
and terrorist activities;

(12)

Accounts being opened and closed frequently, and experiencing large fund movement before being closed;

(13)

Breaking large-value fund movement up into small amounts deliberately in order to escape large-value payment transaction monitoring;

(14)

Other suspicious payment transaction defined by the People’s Bank of China; or

(15)

Other suspicious payment transaction identified by a financial institution.

“A short period of time” referred to in thisArticle is 10 or less than 10 business days.

Article 9

When a depositor applies for opening a bank settlement account, the financial institution should examine the authenticity, completeness
and legality of the documents submitted by the depositor.

Article 10

A financial institution shall create depositor’s database to record information of holders of bank settlement accounts, including,
in the case of a corporate customer, the post_title of the institution, name of legal representative or person-in-charge and name and
number of his/her valid ID, supporting documents for opening the account, organization registration code, address, registered capital,
range of business, major parties of fund movement, average size of daily fund movement of the account, and in the case of an individual
customer, the name of the customer, name and number of his/her ID, address and other information.

Article 11

When a financial institution discovers from its customer any occurrence as listed inArticle 8 in the processing of payment and settlement
business, it shall record, analyze the suspicious payment transaction, and fill in the Suspicious Payment Transaction Reporting Form
before reporting the case.

Article 12

When a financial institution finds it necessary to further verify a case of suspicious payment transaction, it shall report to the
People’s Bank of China in a timely manner. When the People’s Bank of China inquires about a case of suspicious payment transaction,
the inquired financial institution shall find out the truth, reply promptly and record the case in the file.

Article 13

A financial institution shall keep the record of payment transactions in accordance with the regulations on bank accounting files.

Article 14

A financial institution shall formulate internal rules and operational procedures for payment transaction reporting in line with
these Rules, and report the rules and procedures to the People’s Bank of China.

A financial institution shall supervise and examine the implementation of these rules and procedures by its branch offices.

Article 15

Large-value fund transfer from accounts shall be reported by the financial institution through connecting its system with the payment
transaction monitoring system.

Large-value cash transfer shall be reported by the financial institution through its business processing system or by writing.

Suspicious payment transaction shall be examined by the financial institution at the counter and reported in writing or other forms.

Article 16

When a financial institution processes a large-value fund transfer, it shall report to the head office of the People’s Bank of China
within the next business day after the day of the transaction’s occurrence.

When a financial institution processes a large-value cash transfer, the financial institution shall report within the next business
day after the day of the transaction’s occurrence to the local branch office of the People’s Bank of China, who shall in turn report
to head office of the People’s Bank of China.

Article 17

When an operational office of a policy bank, a wholly state-owned commercial bank, or a joint-stock commercial bank discovers a suspicious
payment transaction, it shall fill in the Suspicious Payment Transaction Reporting Form and report to the tier-one branch of the
bank, who shall report, within the next business day after receiving the Form, to the regional branch, operations office and provincial
capital sub-branch of the People’s Bank of China, and at the same time report to its superior branch.

When an operational office of a city commercial bank, a rural commercial bank, a rural or urban credit cooperative or its union, a
wholly foreign-funded bank, a Chinese-foreign equity joint bank or a foreign bank’s branch discovers a suspicious payment transaction,
it shall fill in a Suspicious Payment Transaction Reporting Form and report to the local branch office, operations office, provincial
capital sub-branch or prefecture sub-branch of the People’s Bank of China. When a prefecture sub-branch of the People’s Bank of China
receives such a report, it shall report, within the next business day after receipt, to the branch, operations office or provincial
capital sub-branch of the People’s Bank of China.

Article 18

When an operational office of a financial institution finds, after analyzing a case of RMB payment transaction, the need for immediate
criminal investigation against the suspect, it shall report to the local public security authority immediately and its superior branch
at the same time.

Article 19

Branches, operation offices and provincial capital sub-branches of the People’s Bank of China shall analyze the Suspicious Payment
Transaction Reporting Forms submitted by financial institutions. When it is necessary for the reporting financial institution to
provide additional material or further explanation, the said financial institution shall be informed immediately.

Article 20

Each branch, operation office and provincial capital sub-branch of the People’s Bank of China shall make a weekly summary of the
Suspicious Payment Transaction Reporting Forms submitted by financial institutions and report to the head office of the People’s
Bank of China on the first business day of every week. The payment transaction shall be reported to the head office of the People’s
Bank of China immediately after its discovery if the case is serious.

Article 21

The People’s Bank of China and financial institutions shall not disclose to any institution or individual information about suspicious
payment transactions, unless otherwise stipulated by laws.

Article 22

When a financial institution fails to examine the document submitted for opening accounts in accordance with relevant regulations
and opens a settlement account for an individual, the People’s Bank of China shall issue a warning and concurrently impose on it
a fine between RMB1,000 yuan and RMB5,000 yuan. In a serious case, its senior executives directly responsible for such misconduct
shall be banned from taking any senior position in the financial industry.

Article 23

In the case of any of the following misconduct by a financial institution, the People’s Bank of China shall issue a warning and order
the financial institution to take remedial action within a specified period of time, and if the financial institution fails to do
so within the specified time limit, a fine up to RMB30,000 yuan may be imposed.

(1)

Opening account without examining the submitted materials according to relevant regulations that leads to the opening of a falsified
institutional bank settlement account;

(2)

Failing to create depositor’s databank or having incomplete depositor’s information;

(3)

Failing to keep customer transactions record as stipulated;

(4)

Failing to examine and report payment transactions in accordance with these Rules;

(5)

Failing to report any known suspicious payment transaction or a suspicious payment transaction that should have been reported;

(6)

Disclosing suspicious payment transaction information in violation ofArticle 21 .

Article 24

Disciplinary penalty shall be imposed on the staff of a financial institution who is/are involved in falsifying account-opening materials
to open bank settlement account(s) for individual(s) and facilitate money-laundering activities; when the misconduct constitutes
a violation of the criminal law, the case shall be transferred to judiciary authorities.

Article 25

When a financial institution seriously violates these Rules, the People’s Bank of China shall cease its approval for the institution
to open basic deposit account, suspend or terminate part or all of its payment and settlement business and ban the senior executives
directly responsible for such violations from taking any senior management position in the industry.

Article 26

Staff of the People’s Bank of China shall be imposed an administrative penalty in accordance with laws for any violation ofArticle
21 of these Rules.

Article 27

When “above”, “between” and “up to” are used to indicate a threshold number, a floor or a ceiling, the number that ensues any of
them is also included.

Article 28

These Rules shall enter into force as of March 1, 2003.

The People’s Bank of China
2003-01-03

CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE CONCERNING DISTRIBUTING THE RULES FOR THE IMPLEMENTATION OF MEASURES FOR STATISTIC DECLARATION OF INTERNATIONAL BALANCE OF PAYMENTS

The State Administration of Foreign Exchange

Circular of the State Administration of Foreign Exchange Concerning Distributing the Rules for the Implementation of Measures for
Statistic Declaration of International Balance of Payments

HuiFa [2003] No.21

February 21, 2003

Branches and foreign exchange administration departments under the State Administration of Foreign Exchange in provinces, autonomous
regions and municipalities directly under the Central Government, and branch administrations of Shenzhen, Dalian, Qingdao, Xiamen,
Ningbo; and Chinese-capital designated banks of foreign exchange:

In order to adapt to the changes of the system of statistic declaration of international balance of payments (IBOP), the State Administration
of Foreign Exchange revised the Rules for the Implementation of Measures for Statistic Declaration of International Balance of Payments,
which has been discussed at the meeting of the State Administration of Foreign Exchange and are hereby transmitted to you. The branch
administrations of foreign exchange shall distribute the Rules to the foreign-funded banks within their jurisdictions and relative
Chinese-capital designated banks of foreign exchange shall transmit the Rules to their branches for implementation. Attachment:Rules for the Implementation Measures for Statistic Declaration of Balance of International Payments

Article 1

These Rules are formulated according to the Measures for Statistic Declaration of IBOP.

Article 2

The State Administration of Foreign Exchange and its branches (hereinafter referred to as AFE) is the administrative authority responsible
for IBOP. Any bargainer shall declare its foreign trades and corresponding IBOP in any payment way including electronic payment in
local and foreign currency and cash according to relative provisions.

Article 3

Chinese residents who receive money from abroad through domestic financial institutions shall make statistic declaration of IBOP according
to relative operating procedures. The paying bank shall transmit the information on statistic declaration of IBOP through computer
system to AFE according to the provisions.

If a Chinese resident fails to make a declaration of IBOP according to the operating procedures within the declaring period, the money
received from abroad within such period stipulated by AFE may be paid by the paying bank only after the statistic declaration of
IBOP has been completed.

For non-Chinese residents who receive money from abroad through domestic financial institutions, such domestic financial institutions
shall make statistic declaration of IBOP according to the operating procedures and transmit the information on statistic declaration
of IBOP through computer systems to AFE.

Article 4

Chinese residents who pay money to abroad through domestic financial institutions shall make statistic declaration of IBOP according
to relative operating procedures. The paying bank may make the payments only after receiving the declarations and shall transmit
the information on the statistic declaration of IBOP through computer systems to AFE according to the provisions.

For non-Chinese residents who pay money to abroad through domestic financial institutions, the domestic financial institutions shall
make statistic declaration of IBOP according to the operating procedures and transmit the information on such declaration through
computer systems to AFE.

Article 5

For payees who receives money from abroad and payers who send money to abroad through domestic post institutions, the post institutions
shall be responsible for the statistic declaration of IBOP.

Article 6

China domestic currency exchange institutions that are engaged in exchanges from RMB into foreign or currency and vise versa shall
fill in the agiotage statistic declaration forms and declare these agiotage transacted to AFE according to relative provisions.

Article 7

Enterprises with Foreign investment in China and enterprises with direct investment abroad shall fill in the statistic declaration
forms of direct investment, and directly declare AFEs with the information on owner’s equity, credit/debt status and allocation of
dividends and interests.

Relative administrations shall provide the AFE with the foreign-related information concerning assets transfer, acquisition, merger,
reconstruction and disposition.

Article 8

The foreign-related securities investment shall be declared in term of the following provisions:

(1)

For the foreign-related securities transactions through China domestic securities exchanges, the domestic securities registration
institutions or securities exchanges shall fill in the statistic declaration forms of securities investments, and declare to AFE
these transactions and relative information concerning incomes/expenditure and allocations of dividends and interests.

(2)

For the securities transactions not through domestic securities exchanges (including securities business on own accounts and through
agents), the domestic securities dealers or domestic investors shall fill in the statistic declaration forms of securities investments,
and declare to AFE these transactions and relative information concerning incomes/expenditures and allocations of dividends and interests.

(3)

Chinese domestic institutions that have issued securities within China shall fill in the statistic declaration forms of securities
investments, and declare to AFE with these transactions and relative information concerning incomes/expense and allocations of dividends
and interests.

Article 9

Foreign-related futures and options shall be declared in the light of the following provisions:

(1)

For the foreign-related futures and options transacted through domestic future/option exchanges (exchange centers), such exchanges
(exchange centers) shall fill in the statistic declaration forms of securities investments, and declare to AFE these transactions
and relative information concerning incomes/expenditures.

(2)

For foreign-related futures and options transacted not through domestic future/option exchanges (exchange centers), the domestic securities
dealers or domestic investors shall fill in declaration forms of future/option transactions and report to AFE these transactions
and relative information concerning incomes/expenditures.

Article 10

Domestic financial institutions within China shall fill in the declaration forms of balance sheets and profit/loss statements of their
own assets abroad, and directly declare to AFE the information of balance and profit/loss of these assets.

Article 11

The Chinese non-financial institutions that opened overseas bank accounts shall fill in the declaration forms of incomes and expenditures
of overseas bank accounts, and declare to AFE the balances and changes of the overseas bank accounts, and provide to AFE relative
bank statements.

Article 12

The staff engaged in the statistic declaration of IBOP shall be trained for statistic declaration of IBOP and shall reach relative
levels.

Article 13

Branch administrations of foreign exchange shall transmit the information on statistic declaration of IBOP to the AFE at higher level
through computer system in the light of relative requirements.

Article 14

Any financial institution dealing with foreign exchange that fails to declare IBOP shall be imposed a warning according to provisions
of the Article 25 in Punishment Measures for Financial Illegal Activities and a fine of no less than 50,000 and no more than 300,000;
and the senior manager, the leading members who are directly in charge and other persons who are directly responsible for the offence
shall be imposed with disciplinary punishment of demerit record even expulsion; in case of serious offence, the senior manager who
is directly in charge of the financial institution shall be imposed with disciplinary punishment of dismissal even expulsion.

Article 15

For other acts in violation of the Measures of Statistic Declaration of International Balance of Payments, AFE shall impose them with
respective or contemporary warning and fine according to actual circumstances.

(1)

Failing to declare or failing to perform the responsibility of conveying the information;

(2)

Causing missing of declaration information on IBOP;

(3)

Misdeclaring, giving false information or disguising IBOP transactions;

(4)

Frustrating, impeding or destroying the examination or auditing by AFE on declaration information on IBOP.

The sum of penalties in above Paragraphs 1, 2 and 3 in this Article shall be within a range of 1%-5% for a single IBOP, but shall
be no more than RMB 30,000. The penalty in above Paragraph 4 in this Article shall be decided by AFE according to the seriousness
of the violation, but shall be no more than RMB 30, 000.

Article 16

AFEs shall investigate, examine and audit the statistic declaration acts for IBOP according to the Procedures of Punishments of the
State Administration of Foreign Exchange during Auditing the Statistic Declarations of IBOP, and relative institutions and their
staffs shall provide convenience for such investigation, examination and audit.

Article 17

For any violation of confidential regulations or leaking out the specific statistic declaration information on IBOP by the AFE, relative
institutions and staff may request the local AFE or upper level for disposing the offenders.

Article 18

The State Administration of Foreign Exchange is responsible for the interpretation for these Rules.

Article 19

These Rules shall enter into force as of March 1, 2003. The Rules of Implementation of Measures for Statistic Declaration of International
Balance of Payments promulgated by the State Administration of Foreign Exchange on November 23, 2003 shall be nullified simultaneously.

The State Administration of Foreign Exchange
2003-02-21

MEASURES FOR THE ADMINISTRATION OF FOREIGN-INVESTED BOOKS, NEWSPAPERS AND MAGAZINES DISTRIBUTION ENTERPRISES

the State Administration of Press and Publication, the Ministry of Foreign Trade and Economic Cooperation

Decree of the State Administration of Press and Publication and the MOFTEC of the PRC

No.18

The Measures for the Administration of Foreign-Invested Books, Newspapers and Magazines Distribution Enterprises, as passed at the
3rd Administrator’s Meeting of the State Press and Publication Administration on December 17, 2002 and at the 4th Ministerial Meeting
of the MOFTEC on March 7, 2003, is hereby promulgated, which enters into force on May 1, 2003.

Administrator of of the State Administration of Press and Publication Shi Yanyuan

Minister of the MOFTEC Shi Guangsheng

March 17, 2003

Measures for the Administration of Foreign-Invested Books, Newspapers and Magazines Distribution Enterprises

Article 1

In order to expand foreign exchange and cooperation and strengthen the administration over foreign-invested books, newspapers and
magazines distribution enterprises, the Measures are hereby formulated according to the Law of Sino-Foreign Equity Joint Ventures
of the PRC, the Law of Sino-Foreign Cooperative Joint Ventures of the PRC, the Law of Solely Foreign-funded Enterprises of the PRC,
the Regulation on Administration of Publication of the PRC and the relevant laws and regulations.

Article 2

The Measures are applicable to the foreign-invested books, newspapers and magazines distribution enterprises established in the territory
of the PRC.

The books, newspapers and magazines herein refer to those published by the publishing units approved by the publication administrative
department of the State Council.

The distribution business herein refers to wholesale and retail of the books, newspapers and magazines.

The foreign-invested books, newspapers and magazines distribution enterprises herein refer to the books, newspapers and magazines
distribution enterprises in the nature of Sino-foreign equity joint ventures or cooperative joint ventures jointly established in
the principle of equality and mutual benefits with approval by the relevant department of the Chinese government according to law
by foreign enterprises, other economic organization or individuals (hereinafter referred to as foreign investors) with Chinese enterprises
or other economic organizations (hereinafter referred to as Chinese investors) and those solely established by foreign investors
in the territory of the PRC.

Share-participation or M&A of foreign investors in domestic-invested books, newspapers and magazines distribution enterprises is one
of the modes for the establishment of foreign-invested books, newspapers and magazines distribution enterprises. In case of share-participation
or M&A of foreign investors in domestic-invested books, newspapers and magazines distribution enterprises, the enterprises shall
go through the formalities for conversion into foreign-invested enterprises according to the Measures.

Article 3

The foreign-invested books, newspapers and magazines distribution enterprises to be established with application are limited liability
companies or joint-stock companies.

Article 4

In case of undertaking of the distribution business of books, newspapers and magazines, the foreign-invested books, newspapers and
magazines distribution enterprises shall abide by the Chinese laws and regulations.

The normal operation and business of foreign-invested books, newspapers and magazines distribution enterprises, as well as the legitimate
rights and interests of the parties thereto are protected by the Chinese law.

Article 5

In selecting the sites for operation and business, the foreign-invested books, newspapers and magazines distribution enterprises shall
be in compliance with the requirements for urban planning.

Article 6

The administrative department of the press and publication of the State Council and the administrative department of foreign trade
and economic cooperation under the State Council shall be in charge of the administration over the examination, approval and supervision
of foreign-invested books, newspapers and magazines distribution enterprises.

The administrative department of the press and publication and the administrative department of foreign trade and economic cooperation
at and above county level shall in compliance with their function division be responsible for the supervision administration over
the foreign-invested books, newspapers and magazines distribution enterprises in their corresponding administrative areas.

Article 7

For establishing foreign-invested books, newspapers and magazines wholesale enterprises, the following conditions should be met:

(1)

Chinese and foreign investors shall be independently capable of civil liabilities in the capacity for undertaking of the distribution
business of books, newspapers and magazines, without records of violation of law or breach of disciplines in the past three years;

(2)

The legal representative or general manager shall have obtained the professional qualification certificate for distributors of publications
above medium level and the professional distributors shall have obtained the qualification certificate for distributors of publications
above primary level;

(3)

Having the fixed business site pertinent to the wholesale business with business area no less than 50m2, and the business area of
independently engaged operation site no less than 500m2;

(4)

Registered capital no less than RMB30m; and

(5)

Operation term no more than 30 years.

Article 8

For establishing foreign-invested books, newspapers and magazines retail enterprises, the following conditions should be met:

(1)

(2)

(3)

Having the fixed business site pertinent to the business;

(4)

Registered capital no less than RMB5m; and

(5)

Operation term no more than 30 years.

Article 9

In case of investment participation with state-owned assets (including capital contribution after pricing or pricing as cooperative
terms), the Chinese investors shall go through the formalities for appraisal of the state-owned assets and confirmation (or filing)
of the appraisal results in compliance with the relevant state provisions.

Article 10

Prior to establishing the foreign-invested books, newspapers and magazines distribution enterprises, application documents should
be submitted to the administrative department of the press and publication of the provinces, autonomous regions, and municipalities
directly under the Central Government where the enterprises are located:

(1)

Application for the establishment of the foreign-invested books, newspapers and magazines distribution enterprises.

(2)

Project proposals and feasibilities study report signed by the legal representatives or the general managers of both parties to the
investment that have been compiled or recognized jointly by both parties. The project proposals shall indicate the following items:

Names and residential places of investors of both parties;

the name, legal representative, place, business scope, registered capital and total investment of the foreign-invested books, newspapers
and magazines distribution enterprises to be established; and

Means of investment contribution by both parties and amount of contribution.

(3)

Business licenses or incorporation registration certification and qualification certification of investors, as well as the valid certification
and professional qualification certificates of the legal representatives of both parties.

(4)

In case the Chinese investors of the Sino-foreign equity joint venture or the cooperative joint venture participate in the investment
with state-owned assets, the report on the appraisal of the state-owned assets and the documents relating to the confirmation (or
filing) of the appraisal results should be submitted.

Within fifteen working days upon receipt of the application documents, the corresponding administrative department of the press and
publication of provinces, autonomous regions, and municipalities directly under the Central Government shall put forth opinions on
review and examination, which then should be submitted to for examination and approval by the administrative department of the press
and publication of the State Council.

Article 11

In submitting the application for foreign-invested books, newspapers and magazines distribution enterprises, the administrative department
of the press and publication of provinces, autonomous regions, and municipalities directly under the Central Government shall present
the following documents to the administrative department of the press and publication of the State Council:

(1)

the application documents stipulated by Article 10 of the Measures;

(2)

the opinions on review and examination by the administrative department of the press and publication of provinces, autonomous regions,
and municipalities directly under the Central Government;

(3)

other documents as specified by the provisions of laws and regulations.

Within thirty working days upon receipt of the application and the opinion on review and examination, the administrative department
of the press and publication of the State Council should make decisions on whether or not the approval is granted, which should be
notified in writing to the applicant by the administrative department of the press and publication of the provinces, autonomous regions,
and municipalities directly under the Central Government, and in case no approval is granted, the reasons thereof should be given.

Article 12

Upon obtaining the approval document from the administrative department of the press and publication of the State Council, the applicant
should according to the relevant laws and regulations submit application to the administrative department of foreign trade and cooperation
of the provinces, autonomous regions, and municipalities directly under the Central Government where the enterprises are located,
with the following documents submitted:

(1)

The application documents specified by Article 11 of the Measures and the approval documents granted by the administrative department
of the press and publication of the State Council;

(2)

The contract and articles of association of the foreign-invested books, newspapers and magazines distribution enterprises signed by
the legal representatives or authorized representatives of the parties to the investment;

(3)

Lists of the name and certification documents of the directors of the foreign-invested books, newspapers and magazines distribution
enterprises to be established;

(4)

Certificate on pre-verification of the name of the enterprises issued by the administrative department of industry and commerce; and

(5)

Other documents specified by the provisions of laws and regulations.

Within fifteen working days upon receipt of the application and the relevant documents, the administrative department of foreign trade
and economic cooperation of the provinces, autonomous regions, and municipalities directly under the Central Government put forth
the opinions on review and examination, which should be submitted for examination and approval by the administrative department of
foreign trade and economic cooperation of the State Council.

Article 13

In submitting the application for foreign-invested books, newspapers and magazines distribution enterprises, the administrative department
of foreign trade and economic cooperation provinces, autonomous regions, and municipalities directly under the Central Government
shall present the following documents to the administrative department of foreign trade and economic cooperation of the State Council:

(1)

the application documents stipulated by Article 12 of the Measures;

(2)

the opinions on review and examination by the administrative department of foreign trade and economic cooperation of provinces, autonomous
regions, and municipalities directly under the Central Government;

(3)

other documents as specified by the provisions of laws and regulations.

Within thirty working days upon receipt of all the documents specified, the administrative department of foreign trade and economic
cooperation of the State Council should make written decisions on whether or not the approval is granted, and in case the application
is approved, the Certificate on Approval for Foreign-Invested Enterprises should be issued.

Article 14

Within 90 days upon obtaining the approval, the applicant of the foreign-invested books, newspapers and magazines distribution enterprises
shall carry the approval documents and the Certificate on Approval for Foreign-Invested Enterprises and go to the administrative
department of the press and publication of provinces, autonomous regions, and municipalities directly under the Central Government
for obtaining the License of Publication Business. Then the applicant shall carry the License of Publication Business and the Certificate
on Approval for Foreign-Invested Enterprises and go to the local administrative department of industry and commerce for obtaining
the business license by force of law before undertaking of the distribution business of books, newspapers and magazines.

Article 15

In case the foreign-invested books, newspapers and magazines distribution enterprises established with approval apply for alteration
of the investors, registered capital, total investment, business scope, or operation term, corresponding formalities should be handled
with for alteration and registration in compliance with Article 10 through Article 14 .

In case of alteration of other items by the foreign-invested books, newspapers and magazines distribution enterprises, application
should be submitted for approval or filing by the administrative department of foreign trade and economic cooperation of the State
Council State Council in compliance with the provisions of foreign-invested enterprises. In case of alteration of the enterprise
name, place, legal representative, principal responsible persons and termination of the operation and business upon the expiration
term of the business term of the foreign-invested books, newspapers and magazines distribution enterprises, filing should be made
within thirty days with the local administrative department of the press and publication of the provinces, autonomous regions, and
municipalities directly under the Central Government.

Article 16

In case of renewal of the business term of the foreign-invested books, newspapers and magazines distribution enterprises upon it expiration,
the application should be submitted to the administrative department of foreign trade and economic cooperation of the State Council
180 days prior to the expiration of the business term, and the administrative department of foreign trade and economic cooperation
of the State Council shall make written decisions on whether approval would be granted within thirty days upon receipt of the application.
And in case of approval granted, filing should be made within thirty days with the local administrative department of the press and
publication of provinces, autonomous regions, and municipalities directly under the Central Government.

Article 17

The Measures are applicable to investors from Hong Kong and Macao Special Administrative Regions and Taiwan Area when they establish
books, newspapers and magazines distribution enterprises in other provinces, autonomous regions, and municipalities directly under
the Central Government of the PRC.

Article 18

In case the foreign-invested books, newspapers and magazines distribution enterprises are designated to online sales, chain operations,
reader clubs and other relevant businesses, the formalities should be handled with according to the provisions of Article 7 through
Article 14 of the Measures.

Article 19

The Measures shall enter into force as of May 1, 2003.

The provisions in the Measures on the establishment of foreign-invested books, newspapers and magazines wholesale enterprises shall
come into force as of December 1, 2004.

the State Administration of Press and Publication, the Ministry of Foreign Trade and Economic Cooperation
2003-03-17

ADMINISTRATIVE RULES FOR RMB BANK SETTLEMENT ACCOUNTS

The People’s Bank of China

Order of the People’s Bank of China

No. 5

In order to regulate the opening and use and strengthen management of RMB bank settlement accounts and to maintain financial stability,
Administrative Rules for RMB Bank Settlement Accounts enacted by the People’s Bank of China and adopted at the 34th executive meeting
of the bank president on August 21, 2002 are hereby promulgated and shall be come into force as of the day of September 1, 2003.

President of the People’s Bank of China, Zhou Xiaochuan

April 10, 2003

Administrative Rules for RMB Bank Settlement Accounts

Chapter I General Provisions

Article 1

These rules are formulated according to the “Law of the People’s Republic of China on the People’s Bank of China” and the “Commercial
Banking Law of the People’s Republic of China” so as to regulate the opening and use and strengthen management of RMB bank settlement
accounts (hereinafter referred to as “bank settlement accounts”) and safeguard economic and financial stability.

Article 2

These rules are applicable to bank settlement accounts opened by depositors with banks domiciled in China.

“Depositors” hereinafter refer to government agencies, social organizations, military units, enterprises, public institutions and
other organizations (referred as Institutions hereinafter), self-employed entities and natural persons that maintain settlement accounts
with banks in China.

Banks in these rules refer to policy banks, commercial banks (including wholly foreign-funded banks, Sino-foreign joint-equity banks
and branches of foreign banks), urban and rural credit cooperatives that are approved by the People’s Bank of China to engage in
payment and settlement business in China.

Bank settlement accounts in these rules refer to RMB demand deposit accounts opened by banks for depositors to effect payment and
settlement of funds.

Article 3

Bank settlement accounts may be classified on the basis of the nature of depositors into bank settlement accounts for institutions
and bank settlement accounts for individuals.

(1)

A bank settlement account opened by a depositor in the name of an institution is a bank settlement account for institution. Based
on their uses, bank settlement accounts for institutions may be divided into basic deposit accounts, general deposit accounts, special
deposit accounts and temporary deposit accounts.

Bank settlement accounts opened by self-employed entities with the brand of their products or the name of the owner appeared in the
business license shall be managed as bank settlement accounts for institutions.

(2)

A bank settlement account opened by a natural person depositor with his or her ID is a bank settlement account for individual.

Banking accounts opened by postal savings institutions to conduct banking card business shall be managed as bank settlement accounts
for individuals.

Article 4

A depositor opening bank settlement accounts for institutions may only keep one basic deposit account in banks.

Article 5

Depositors shall open bank settlement accounts in the place where they are registered or located, except for those allowed by these
rules to open bank settlement accounts outside their places of residence (in different provinces, cities or counties).

Article 6

Opening of basic deposit accounts, temporary deposit accounts, or opening of special deposit accounts by budget units shall be subject
to review and approval of the People’s Bank of China. With the approval, the bank that is to hold the account shall issue a registration
certificate of opening of such an account. However, temporary deposit accounts opened by depositors for the purpose of examination
of registered capital requirement compliance are exempted from such a stipulation.

Article 7

Depositors may make their own choices of banks to open bank settlement accounts. No institutions or individuals are allowed to command
depositors to open bank settlement accounts with designated banks, unless stipulated otherwise by laws, administrative regulations
or rules of the State Council.

Article 8

The opening and use of bank settlement accounts shall be conducted in accordance with laws and administrative regulations. It is not
allowed to use bank settlement accounts to evade tax and debt payment, make illegal encashment or for other criminal purposes.

Article 9

Banks shall ensure confidentiality of information about depositors’ bank settlement accounts. Banks shall have the right to decline
any inquires by institutions or individuals on deposits and other relevant information on bank settlement accounts for institutions,
unless stipulated otherwise by the laws and administrative regulations. Banks shall also have the right to decline any inquiries
by institutions or individuals on deposits and other relevant information on bank settlement accounts for individuals, unless stipulated
otherwise by the laws and administrative regulations.

Article 10

The People’s Bank of China is the supervisory authority of bank settlement accounts.

Chapter II Opening of Bank Settlement Accounts

Article 11

The basic deposit accounts are bank settlement accounts that the depositors need to open to conduct day-to-day transfer and settlement
of funds as well as receipt and payment of cash. Following depositors are eligible to open basic deposit accounts:

(1)

An enterprise that is a legal entity.

(2)

An enterprise that is not a legal entity.

(3)

Government agencies and public institutions.

(4)

Military units, armed police and detachment on separate missions that are above regiment level.

(5)

Social organizations.

(6)

Non-enterprise private organizations.

(7)

Permanent office outside its place of residence.

(8)

Resident offices of international organizations in China.

(9)

Self-employed entities.

(10)

Community agencies.

(11)

Subsidiaries of institutions that maintain independent accounts.

(12)

Other organizations.

Article 12

General deposit accounts are bank settlement accounts opened by a depositor for borrowing or other payment needs with banks other
than the bank that holds the basic deposit account.

Article 13

Special deposit accounts are bank settlement accounts opened by a depositor to separately manage and use earmarked funds in accordance
with laws, administrative rules or regulations. Depositors may apply for opening of special deposit accounts for the management and
use of following type of funds:

(1)

Funds for capital construction.

(2)

Funds for technology upgrading.

(3)

Extra budgetary funds.

(4)

Funds for procurement of grain, cotton and edible oil.

(5)

Settlement funds for securities transactions.

(6)

Margin funds for futures trading.

(7)

Trust funds.

(8)

Interbank deposits of financial institutions.

(9)

Funds for policy encouraged real estate development.

(10)

Deposit reserves for banking cards of enterprises.

(11)

Housing provident funds.

(12)

Social security funds.

(13)

Surrendered proceeds and funds for business spending.

(14)

Operational funds for offices of the Party, the Youth League and the Trade Union institutions.

(15)

Other funds that need to be separately managed and used.

Surrendered proceeds and funds business spending refer to income and expenses of non-financially independent subsidiaries detachments
affiliated with or of the depositors that own basic deposit accounts.

Special deposit accounts opened for surrendered proceeds and funds for business spending shall use the name of the parent institution.

Article 14

Temporary deposit accounts are bank settlement accounts opened by a depositor for temporary need and to be used in a limited period
of time. Depositor may apply for opening of temporary deposit accounts on the following occasions:

(1)

Establishment of temporary institutions.

(2)

Temporary operations in different places.

(3)

Examination of registered capital requirement compliance.

Article 15

Bank settlement accounts for individuals are deposit accounts opened by natural persons for investment, consumption and settlement
purpose, which may be used to carry out payment and settlement businesses. A depositor may apply for opening of bank settlement accounts
for individuals on the following occasions:

(1)

Using credit payment instruments such as checks and credit cards.

(2)

Conducting settlement business such as remittance, regular credit, regular debit and debit card business.

A natural person may either apply for opening of bank settlement accounts for individuals according to his or her own needs, or select
an existing saving account as a bank settlement account for individuals after applying to the account-holding bank and get its permission.

Article 16

A depositor may open bank settlement accounts outside its place of residence on any of the following occasions:

(1)

Places of business registration and operation are in different administrative areas (different provinces, cities, counties), which
entails the need of opening of basic deposit accounts.

(2)

Borrowing from other places or conducting other settlement, which need to open general deposit accounts.

(3)

A depositor needs to open special deposit accounts for surrendered proceeds or business spending of its non-financially independent
subsidiaries or detachments.

(4)

Conducting temporary business operation outside its place of residence that need to open temporary deposit accounts.

(5)

A natural person that needs to open bank settlement accounts for individual used outside its place of residence.

Article 17

When applying for opening basic deposit accounts, a depositor shall produce documents according to the following rules:

(1)

If the depositor is an enterprise that is a legal entity, it shall present the original copy of the business license for a legal entity.

(2)

If the depositor is an enterprise that is not a legal entity, it shall present the original copy of the business license for an enterprise.

(3)

Government agencies and public institutions that are included in the budget process shall produce approval letters or certificates
of registration issued by the personnel department or staffing quota commission of the government, and permission issued by fiscal
agencies. Public institutions that are not included in the budget process shall produce approval letters and certificates of registration
issued by the personnel department or staffing quota commission of the government.

(4)

Military units, armed police units at or above regimental level and detachments on separate missions shall present certificates of
account holding by the treasury departments in units that are above army level or in headquarters of the armed police.

(5)

Social organizations shall produce their registration certificates, while religious organizations shall produce approval letters or
certificates issued by religious affairs administration authorities as an addition.

(6)

Private non-enterprise organizations shall produce registration certificates for private non-enterprise organizations.

(7)

Resident offices outside their places of residence shall produce approval letters issued by the government of where they are located.

(8)

Resident offices in China of international organizations shall produce approval letters or certificates issued by relevant Chinese
authorities; representative offices or operational branches of foreign companies shall produce registration certificates issued by
the Chinese registration agencies.

(9)

Self-employed entities shall produce original copies of their business licenses.

(10)

Community agencies shall produce approval letters and certificates issued by relevant authorities.

(11)

Financially independent subsidiaries shall produce registration certificates for opening of basic deposit accounts and approval letters
issued to entities to which they are affiliated.

(12)

Other organizations shall produce approval letters or certificates issued by relevant authorities.

Depositors in this Article that are taxpayers and engaged in productive and commercial activities shall, in addition, produce tax
registration certificates issued by the taxation authority.

Article 18

When applying for opening general deposit accounts, a depositor shall produce relevant documents according to the following requirements,
in addition to the documents required for opening basic deposit accounts and the registration certificate of opening basic deposit
accounts:

(1)

If in need of borrowing from banks, the depositor shall produce borrowing contracts.

(2)

If for the purpose of conducting other settlement, the depositor shall produce relevant documents.

Article 19

When applying for opening special deposit accounts, a depositor shall produce relevant documents according to the following requirements,
in addition to the documents required for opening basic deposit accounts and the registration certificate of opening basic deposit
accounts:

(1)

As for depositing funds of capital construction, technology upgrading, policy encouraged real estate development, housing provident
funds and social security funds, the depositor shall produce approval documents of relevant authorities.

(2)

As for depositing extra budgetary funds, the depositor shall produce approval of fiscal agencies.

(3)

As for depositing funds for procurement of grain, cotton and edible oil, the depositor shall produce approval of relevant authorities.

(4)

As for depositing reserve funds of institutions for banking card transactions, the depositor shall produce relevant documents according
to the rules on banking card transactions approved by the People’s Bank of China.

(5)

As for depositing settlement funds for securities transactions, the depositor shall produce certificates issued by securities firms
or the securities supervisory authority.

(6)

As for depositing margin funds for futures trading, the depositor shall produce certificates issued by futures firms or the futures
supervisory authority.

(7)

As for interbank deposits of financial institutions, the depositor shall produce relevant certificates.

(8)

As for depositing surrendered proceeds and funds for business spending, the depositor shall produce relevant certificates of the depositors
holding basic deposit accounts.

(9)

As for depositing operational funds for offices of the Party, the Youth League and the Trade Union in institutions, the depositor
shall produce approval documents or certificates issued by these institutions or relevant authorities.

(10)

As for depositing other funds required to be managed or used separately, relevant copies of laws and regulations or relevant documents
of government shall be produced.

Article 20

Special RMB account and RMB fund settlement accounts opened by qualified foreign institutional investors (QFII) for the convenience
of domestic securities investment shall be managed as special deposit accounts. A QFII shall produce approval issued by the State
Administration of Foreign Exchange for opening special RMB account, and in the case of opening RMB fund settlement account, the business
license for securities investment issued by the securities authority is required.

Article 21

When applying for opening temporary deposit accounts, a depositor shall produce relevant documents to banks according to the following
rules:

(1)

As for temporary institutions, they shall produce approval for their establishments issued by relevant authorities in residence place.

(2)

As for construction or equipment installation enterprises operating outside their original registration location, they shall produce
original copies of their or their parent institutions’ business licenses, and permission issued by local construction/equipment installation
authorities or contracts of construction/equipment installation.

(3)

As for institutions engaged in temporary operations outside their original registration location, they shall produce original copies
of their business licenses and approval issued by local administration bureaus of industry & commerce.

(4)

As for funds deposited for registration and examination of capital requirement compliance, the depositor shall produce Notice of Advance
Approval of Enterprises’ Names issued by the administrative authorities of industry & commerce or approval of other relevant authorities.

Depositors that fall into section (2) and (3) shall, in addition, produce their registration certificates for opening of basic deposit
accounts.

Article 22

When applying for opening of bank settlement accounts for individuals, depositors shall produce ID cards to banks according to the
following rules:

(1)

Residents of China shall produce ID cards or temporary ID cards.

(2)

Military units servicemen shall produce their army ID cards.

(3)

Armed Police shall produce their armed police ID cards.

(4)

Residents of Hong Kong, Macau and Taiwan shall produce valid ID cards issued by the state immigration/emigration authorities.

(5)

Foreign citizens shall produce passports.

(6)

Other valid certificates stipulated by laws, regulations and relevant state documents.

When opening bank settlement accounts for individuals, banks may also require applicants to produce other valid certificates accordingly,
including certification of permanent residence registration (Hukou), driving licenses or passports.

Article 23

When a depositor needs to open bank settlement accounts for institutions outside their original registration location, relevant certificates
shall be provided according to the following rules in addition to the relevant documents required to be submitted in Article 17 ,
18, 19, 20 of these rules:

(1)

Depositors that are registered and operating outside their administrative places, when opening basic deposit accounts outside their
original registration location, shall produce certificates issued by branch office(s) of the People’s Bank of China in where they
are registered, which prove that they have not opened basic deposit accounts.

(2)

Depositors that borrow from outside their original registration location, when opening general deposit accounts outside their places
of residence, shall produce borrowing contracts proving they have got loans from that location.

(3)

Depositors to effect proceeds surrender and business spending outside their original registration location due to operational needs,
when opening special deposit accounts in that location, shall produce relevant certificates of their parent institutions.

Depositors that fall into Section (2), (3) of this Article shall, in addition, produce their registration certificates of opening
of basic deposit accounts.

Depositors that need to open bank settlement accounts for individuals outside their original registration location shall produce certificates
required by Article 21 of these rules.

Article 24

post_titles that institutions use to open bank settlement accounts shall be consistent with those they provide in their certificate documents
for application for opening of accounts. A self-employed entity with a brand name shall ensure consistence of the post_title of its bank
settlement account and the brand name recorded in its business license. post_titles of bank settlement accounts opened by self-employed
entities that have no brand name shall comprise characters of “Self-employed Entities” and “names” of the owners recorded in their
business licenses. post_titles of bank settlement accounts opened by natural persons shall be consistent with names in the valid ID certificates
provided.

Article 25

When a bank opens a general deposit account, an special deposit account or a temporary deposit account for a depositor, it shall inform
the bank that holds the basic deposit account for that depositor within 3 working days after the opening of such accounts.

Article 26

Applications for the opening of bank settlement accounts for institutions may be filed by the legal person or head of the applying
institution, or other people authorized by that institution.

If it is the legal entity or head of the institution that files the application, in addition to required certificates, he or she still
needs to produce his or her ID card. In the case of other people authorized by the institution, in addition to the required certificates,
he or she still needs to produce authorization issued by and the ID card of the legal entity or head of that institution, as well
as his or her own ID card.

Article 27

When applying for opening of bank settlement account, a depositor shall fill the application form for opening of such account. The
application form is to record relevant information required by the People’s Bank of China.

Article 28

Banks shall carefully verify the authenticity, integrity and regulatory compliance of certificate and filled-in information in the
application form.

When the application form is filled completely and meets the requirements for opening a basic deposit account, a temporary deposit
account or an special deposit account of a budget unit, the bank shall send to the local branch office of the People’s bank of China
the filled application form, the required certificates and review conclusion of the bank and go on with the opening account process
after being approved by the local branch office of the People’s Bank of China. As to applications that meet the requirements for
opening general deposit accounts, other special deposit accounts or bank settlement accounts for individuals, banks shall carry out
the opening account process right away and file the case with the local branch office of the People’s Bank of China within five working
days after the opening of such accounts.

Article 29

The People’s Bank of China shall review the regulatory compliance of the documents submitted for opening basic deposit accounts, temporary
deposit accounts and special deposit accounts of budget units within two working days. It shall approve those eligible applications,
while sign and return those ineligible application forms along with the submitted certificates back to the bank.

Article 30

When opening a bank settlement account for a depositor, the bank shall sign an agreement with the depositor on the management of that
bank settlement account, defining rights and obligations of either party. It shall also keep cards that contain the stamp or signature
of the depositor and keep files of the original copies or duplicates of the stamp or signature and required certificates.

Article 31

Registration certificates of opening accounts are the valid proof containing information on bank settlement accounts for institutions.
Depositors shall use these certificates in accordance with these rules and keep them in safe place.

Article 32

When opening general deposit accounts, special deposit accounts or temporary deposit accounts for depositors, banks shall record on
the registration certificates of basic deposit accounts names of the accounts, numbers of the accounts, nature of the accounts, banks
to hold the accounts and the opening date of the accounts and stamp on it. Temporary deposit accounts that are opened by temporary
institutions or in need of registration and examination of capital requirement compliance are exempted from this requirement.

Chapter III Use of Bank Settlement Accounts

Article 33

Basic deposit account is the principal account for a depositor. Funds receipt and payment in depositors’ day-to-day operations, as
well as withdrawal of salary, bonus or cash, shall all be conducted through this account.

Article 34

General deposit account is to be used for depositing borrowing proceeds, repaying debt and other settlements. Such an account may
be used to surrender cash, but is prohibited from being used to withdraw cash.

Article 35

Special deposit account is to be used for receipt and payment of various earmarked funds.

Funds deposited in enterprise banking card accounts shall only be transferred from the basic deposit accounts and are not allowed
to be used for cash receipt and payment.

Cash withdrawal is not allowed from special deposit accounts for extra budgetary funds, settlement funds of securities transactions,
margin funds for futures trading and trust funds.

If depositors need to withdraw cash from accounts set for depositing funds of capital construction, technology upgrading, policy encouraged
real estate development or interbank deposits of financial institutions, they shall apply for approval of the local branch office
of the People’s Bank of China when applying for opening such accounts. The local branch office of the People’s Bank of China shall
review and approve the applications according to rules on cash management.

Cash withdrawal from special deposit accounts for depositing social security funds, housing provident funds and funds for procurement
of grain, cotton and edible oil shall be carried out in accordance with rules on cash management.

Accounts set for depositing proceeds surrender are not allowed to conduct payment transactions except for transferring funds to the
basic deposit accounts or special deposit accounts for extra budgetary funds. No cash withdrawal is allowed. Accounts for effecting
business spending are not allowed to receive funds except for funds transferred from the basic deposit accounts. Cash withdrawal
from such accounts shall be conducted in line with rules on cash management.

Banks shall reinforce surveillance according to these rules and rules on management and use of funds for procurement of grain, cotton
and edible oil. Banks shall not conduct funds receipt and payment and cash withdrawal that are in violation of relevant rules and
regulations. However, banks are not responsible for supervising the use of other earmarked funds.

Article 36

Temporary deposit accounts are to be used for funds receipt and payment resulted from temporary operations by temporary institutions
or depositors.

The validity period of temporary deposit accounts shall be determined according to the validity period defined in the relevant certificate
for opening of such accounts, as well as the need of the depositors. If depositors need to extend the validity period while using
such accounts, they shall apply to the bank that holds the account during the validity period. Then the bank shall submit such applications
to the local branch office(s) of the People’s Bank of China and make the extension upon approval. Validity period of temporary deposit
accounts shall not be longer than two years.

Cash withdrawal from the temporary deposit accounts shall be conducted in accordance with relevant rules on cash management.

Article 37

Temporary deposit account opened for depositing funds for registration and examination of capital requirement compliance may only
be used to receive funds (not to disburse funds) during the examination period. The name of the person who provides such funds shall
be the same as that of the investor.

Article 38

In the case of depositors opening bank settlement accounts for institutions, such accounts may only be used to conduct payment transactions
three working days after their opening. However, conversion of a temporary deposit account for registration and examination of capital
requirement compliance into a basic deposit account, as well as a general deposit account opened to deposit borrowing proceeds, are
exempted from this restriction.

Article 39

Bank settlement accounts for individuals are to be used to conduct individuals’ receipt and disbursement of fund transfers, as well
as cash deposit and withdrawal. Following funds are allowed to be transferred to bank settlement accounts for individuals:

(1)

Income of salary and bonus.

(2)

Author’s remuneration and performance remuneration of actors.

(3)

Principle and returns of investment such as bonds, futures and trust.

(4)

Gains from transfer of personal debt or ownership.

(5)

Deposits of retail loan proceeds.

(6)

Settlement funds for securities transactions and margin funds for futures trading.

(7)

Inherited or granted funds.

(8)

Insurance compensation and returned premium.

(9)

Tax rebate.

(10)

Sales income of agricultural and mineral products.

(11)

Other legitimate proceeds.

Article 40

When an institution disburses funds from its bank settlement account to a bank settlement account for individuals, it shall produce
to the bank that holds its account the following warrants to effect the disbursement if the disbursement is over RMB 50 thousand
Yuan:

(1)

Agreement on entrusted salary payment and the name list of recipients.

(2)

Certificates of rewards.

(3)

Contracts signed between recipients and the publishing houses or sponsors of the show performance, or certificates of disbursement
to individuals

(4)

Certificates of disbursement or rebate of funds to natural persons by securities firms, futures firms, trust and investment companies
and lottery issuers or underwriters.

(5)

Agreement of debt or ownership transfer.

(6)

Borrowing contract.

(7)

Warrant of insurance company.

(8)

Warrant of taxation authorities.

(9)

Purchase and sale contracts of agricultural and mineral products.

MEASURES FOR EVALUATION OF THE CHARGES FOR USING IMPORTS COMMODITY CONCESSION OF THE CUSTOM OF THE PEOPLE’S REPUBLIC OF CHINA

2003053020030701The General Administration of CustomsDecree of the General Administration of Customs of the People’s Republic of ChinaNo.102Measure for Evaluation of the Charges for Using Imports Commodity Concession of the Custom of the People’s Republic of China was approved
by Administration Affairs Committee on May 29, 2003, and promulgated hereby and shall enter into force as of July 1, 2003.The Interim
Measure of the Custom of the People’s Republic of China of Exemption of Imports Commodities Software (ShuShui [1993] No.15) promulgated
on January 8, 1993 shall be repealed simultaneously.Minister of the General Administration of Customs Mou XinshengMay 30, 2003epdf/e03146.pdfP2, Oimport commodity, concession, charge for using, evaluation, importe03146Measures for Evaluation of the Charges for Using Imports Commodity Concession of the Custom of the People’s Republic of ChinaArticle 1 These Measures are formulated in accordance with the Custom Law of the People’s Republic of China and Regulations of the People’s
Republic of China on Import and Export Duties for the purpose of standardizing custom evaluation of the charges for using imports
commodity concession.Article 2 Charges for using imports commodity concession as mentioned in these measure shall cover charges for using patent right, trademark,
expertise, copyright and so on, namely:(I)Charges for using patent right(II)Charges for using trademark(III)Charges for using copyright(IV)Charges for using expertise(V)Charges for distribution and resale(VI)Charges of the same kindArticle 3 Charges for using imports commodity concession shall be included in the duty-paying price when meet the following conditions:(I)Related to the imports commodities(II)Seller views the payment as one precondition for certain goods to be sold within the territory of the People’s Republic of China.Article 4 Charges for using concession shall be viewed as related to the import commodities under any circumstances in accordance with Article
5 to 8.Article 5 Charges for using concessions are payment for using patent right or expertise, and the import commodities shall be in accordance with
any of the following situations:(I)goods contain patent and expertise;(II)goods which need patent and expertise to produce;(III)Machines or facilities specially designed for implementing the patent and expertise.Patent, expertise imported in the forms of tape, disk, compact disc or medium of the same kind, transmitted or downloaded from internet,
satellite will be viewed as related to the import commodities.Article 6 Charges for using concessions are payment for using trademark, and the import commodities shall be in accordance with any of the following
situation:(I)import commodities with trademark;(II)import commodities which can be resold after attached with trademark;(III)acquiring trademark when imported, can be resold after slightly processing and after attached with trademark.Article 7 Charges for using concessions are payment for using copyright, and the import commodities shall be in accordance with any of the following
situations(I)import commodities with software, character, music, picture, image or things of the same kind in the forms as tapes, discs, compact
disc and medium of the same kind;(II)import commodities with other forms of copyright.Article 8 Charges for using concessions are payment for the seller to acquire the right of resale, distribution and right of the same kind within
the territory of the People’s Republic of China, and the import commodities shall be in accordance with any of the following situations:(I)commodities which can be resold directly after entering;(II)commodities which can be resole after slightly processing.Article 9 The payment of the charges for using concessions constitutes the preconditions for the sellers to sell certain commodities within
the territory of People’s Republic of China. To be in accordance with the second item of Article 3 , the transaction of the commodities
proceeds after the payment of the charges.Article 10 Charges for using concessions included in the duty-paying price shall be levied according to the duty rate of the import commodities.Article 11 Consignee shall make a truthful declaration with regard to means of paying the charges for using the concession when declaring the
import commodities to the customs. The consignee shall also provide objective and quantifiable data.Charges for using the concession shall be added to the duty-paying price when comply with Article 3 . The customs shall examine and
approve the charges based on quantifiable and objective data. The duty-paying price shall be fixed by the customs; Where the consignee
can not provide relevant data or can not provide objective and quantifiable data, the duty-paying value of an import item shall be
fixed by the Customs according to the Provisions of the Customs of the People’s Republic of China For Assessment of Duty-paying Price
on Import and Export Goods.Charges for using the concession shall not be added to the duty-paying price when consignee proves it does not comply with article
3 , and after the confirmation of the customs. Any charges which have been added to the duty-paying price shall be deducted. The
charges which has not been separately stated and the Customs cannot judge from the data provided by the consignee shall not be deducted
therefore.Article 12 Where only part of the charges for using the concession are in accordance with Article 3 , or where the charges for using the concession
in accordance with Article 3 only cover part of the commodities, the Customs shall assess the duty-paying price based on subjective,
quantifiable standard and common-accepted accounting principals by adding relevant charges to the duty-paying price.Article 13 The charges which has been separately stated in any of the following circumstances will not be added into the duty-paying price after
the examination of the Customs.:(I)charges for replicating the import commodity;(II)charges for skills training and oversea field trip;The charges shall be deducted from the duty-paying price where the charges have been included in the price; Where the above-mentioned
charges has not been separately stated and the Customs cannot judge from the data provided by the consignee, the charges shall not
be deducted thereforeArticle 14 Any duty evasion by rendering false contracts, invoices and other documents, by making fraudulent declaration of the charges of using
the concessions, shall be investigated and punished in accordance with the Customs Law of the People’s Republic of China and the
Rules of Administrative Penalties for the Implementation of the Customs Law of the People’s Republic of China.Article 15 Definitions of the following terms under the Regulations for Evaluation of the Charges for Using Imports Commodity Concession of the
Custom of the People’s Republic of China:“Payment” herein refers payment of charges for using concession by any means, it has two meanings, one is charges having paid, another
is charges to be paid.“Software” herein refers the programs and documents for data processing under the Regulations for the Protection of Computer Software.“Expertise” herein refers the knowledge, experience, technique and know-how for process design, prescription, product design, quality
control, examine, marketing management in the forms of blueprint, model, technical data and so on.“Charges for skills training” herein refers the teaching, accommodation, transportation and medical insurance fees for the technical
personnel sent out by the seller or the third party related to the seller for giving technical instructions with regard to the import
commodities.“Slightly processing” herein refers such activities as dilute, mix, sort, simply assembly, repackage or any other activities of the
same kink.Article 16 The General Administration of Customs of the People’s Republic of China shall be responsible for the interpretation of the provisions.Article 17 These Measures shall enter into force as of July 1, 2003. The Interim Measures of the Custom of the People’s Republic of China of
Exemption of Imports Commodities Software promulgated on January 8, 1993 shall be repealed simultaneously.

The General Administration of Customs
2003-05-30

INTERIM MEASURES FOR THE MANAGEMENT OF THE SERVICE PRICES OF COMMERCIAL BANKS

China Banking Regulatory Commission, National Development and Reform Commission

Order of China Banking Regulatory Commission and National Development and Reform Commission

No.3

According to laws and regulations of the “Commercial Bank Law of the People’s Republic of China” and the “Price Law of the People’s
Republic of China”, Interim Measures for the Management of the Service Prices of Commercial Banks formulated by China Banking Regulatory
Commission and National Development and Reform Commission are hereby promulgated and shall come into force as of the day of October
1, 2003.

President of China Banking Regulatory Commission, Liu Mingkang

Director of National Development and Reform Commission, Ma Kai

June 26, 2003

Interim Measures for the Management of the Service Prices of Commercial Banks

Article 1

In order to standardize commercial banks’ behaviors in service pricing, safeguard consumers’ legal rights and interests, and to promote
the healthy development of commercial banks, the Measures are formulated according to the “Commercial Bank Law of the People’s Republic
of China” and the “Price Law of the People’s Republic of China”.

Article 2

The Measures apply to all service pricing behaviors of commercial banks occurred in the territory of the People’s Republic of China.

Article 3

The commercial banks herein refer to bank institutions set up in accordance with the “Commercial Bank Law of the People’s Republic
of China ” and the “Regulation on the Management of Foreign-Invested Financial Institutions of the People’s Republic of China”.

Article 4

The commercial banking services herein refer to various toll banking services in home currency and foreign currencies that are provided
to customers by commercial banks.

Article 5

When formulating service prices and providing banking services, commercial banks shall comply with the provisions of relevant state
price laws, rules and regulations of the State, observe reasonable and open principles and principles of good faith and consistence
of price and quality, focus on their customers, increase service varieties and improve service quality, thus enhancing their service
levels and forbidding use of service prices for unfair competition.

Article 6

According to the nature and characteristics of services and the competition situation in the market, commercial bank services should
adopt prices instructed by the government and adjusted by the market respectively.

Article 7

The following commercial bank services adopt prices instructed by the government:

(1)

Basic settlement businesses in RMB, including bank drafts, bank acceptances, promissory notes, checks, currency exchanges, authorized
collection and acceptance and payment by collection.

(2)

Commercial bank service items determined by China Banking Regulatory Commission and State Development and Reforming Commission based
on the extent of the influence of individuals and enterprises and institutions and the competition situation of the market.

Other services provided by commercial banks, exclusive of the above-mentioned items, should adopt prices adjusted by the market.

Article 8

The service prices under instruction of the government shall be formulated in the principle of cost maintenance with slight profits
and the specific service items, their benchmark prices and floating range shall be formulated and adjusted by the State Development
and Reforms Commission jointly with China Banking Regulatory Commission.

Article 9

The service prices under market adjustment shall be formulated and adjusted by the head offices of commercial banks and branches of
foreign banks (or master reporting banks, if any), and any other branches and sub-branches of commercial banks should not formulate
or adjust the prices concerned at their own discretion. When formulating the prices, the commercial banks shall take full consideration
of the affordability of individuals and enterprises and institutions.

Article 10

In handling with collection and payment services, the commercial banks shall abide by the principles of “whoever authorizes pays the
charges,” and shall not charge with other unit or individual than the authorizer.

Article 11

The commercial banks shall not charge against opening of savings account in Renminbi, revocation of such account, deposits of savings
in Renminbi occurred within the same bank corporation of the same city and withdrawal below big sum, except for withdrawal of big
sum and saving services of change arrangement.

The definitions of “changes’ and “big sum” and the formulation and adjustment of the relevant service prices are in the charge of
China Banking Regulatory Commission.

Article 12

The commercial banks shall formulate the uniform pricing management system concerning the service items under market adjustment, thus
clarifying the pricing scope, principles, methods and the management responsibilities of the head offices and their branches.

Article 13

The commercial banks shall publish their service items, service content and service pricing standards at their business points according
to the relevant provisions on clear-cut marking of prices by commodities and services.

Article 14

The commercial banks shall report to China Banking Regulatory Commission at least 15 working days before implementation of the service
prices formulated by them according to the Measures and shall make announcement at the relevant business points at least ten days
before execution.

While reporting the above-mentioned items to China Banking Regulatory Commission as specified, the commercial banks shall make copy
to China Banking Association.

Article 15

The service items adopting market adjustment prices and the services prices of the commercial banks shall be properly published by
China Banking Association under social supervision.

Article 16

In case of any of the following acts on the part of the commercial banks; the government competent pricing authority shall impose
corresponding punishment according to the Pricing Law of the PRC and the Regulation on Administrative Punishment Against Offenses
in Pricing:

(1)

Formulating the service prices at discretion within the pricing scope under direction of the government;

(2)

Exceeding the floating range of the pricing under direction of the government;

(3)

Not marking the prices according to the provisions; and

(4)

Other acts in violation of laws and regulations in breach of the provisions of the Measures.

Article 17

In case the commercial banks have violated the provisions of Articles 9, 12 and 14 of the Measures, China Banking Regulatory Commission
shall handle with the case according to the provisions of the relevant laws, administrative laws and regulations and stipulations.

Article 18

In case policy banks, urban credit cooperatives, rural credit cooperatives, post saving institutions, joint venture financial companies
and wholly foreign-owned companies provide the services specified by Article 4 of the Measures, the service prices shall be executed
in compliance with the provision of the Measures.

Article 19

The Measures shall come into force as of October 1, 2003.

Article 20

The previous provisions on the service prices or charge of commercial banks in conflicts with the Measures shall be repealed.

China Banking Regulatory Commission, National Development and Reform Commission
2003-06-26

CIRCULAR OF THE NATIONAL DEVELOPMENT AND REFORM COMMISSION ON THE RELATED ISSUES CONCERNING THE HANDLING OF CONFIRMATION LETTERS ON DOMESTIC AND FOREIGN-FUNDED PROJECTS ENCOURAGED BY THE STATE FOR DOMESTIC PROJECTS

Circular of the National Development and Reform Commission on the Related Issues concerning the Handling of Confirmation Letters on
Domestic and Foreign-funded Projects Encouraged by the State for Domestic Projects

Fa Gai Gui Hua [2003] No. 900

Each department of the State Council, the planning commissions and the economic and trade commissions of each province, autonomous
region, municipality directly under the Central Government, and city specifically designated in the state plan, as well as Xinjiang
Production and Construction Corporations; each pilot enterprise group of the State, the enterprise directly under the Central Government
and the enterprise group specifically designated in the state plan:

In accordance with the Circular of the State Council on the Adjustment of Taxation Policies for Import Equipment (Guo Fa [1997] No.
37 ) as well as the Circular of the General Office of the State Council on Printing and Distributing the Provisions on the Main Functions,
Internal Bodies and Staffing of the National Development and Reform Commission (Guo Ban Fa [2003] No.27), and for the purpose of
regulating and unifying the work of tax exemption from the import equipment for related domestic infrastructure and technical transformation
projects, a circular concerning the related issues is hereby given as follows:

Application Scope

The present Circular shall apply to the tax exemption confirmation for the investment projects in line with the Catalog of Industries,
Products and Technologies Mainly Encouraged by the State at Present (hereinafter referred to as domestic projects), and the domestic
projects specifically include:

(1)

Domestic projects which are approved by the State Council or the National Development and Reform Commission (NDRC);

(2)

Domestic infrastructure and technical transformation projects which are approved by the former State Planning Commission or former
State Economic and Trade Commission;

(3)

Domestic infrastructure projects above the quota which are approved by related departments in accordance with the Circular of the
State Planning Commission on Canceling Some Administrative Examination and Approval Matters (Ji Ban [2001] No. 2440);

(4)

Domestic projects above the quota which are approved by related entities empowered or entrusted by the NDRC, former State Planning
Commission or former State Economic and Trade Commission;

(5)

Domestic projects under the quota which are approved by the related enterprises, which are authorized by the State council to examine
and approve the projects under the quota but do not have qualification for issuing tax exemption confirmation letters; and

(6)

Other domestic projects which are determined by the NDRC.

Handling of Tax Exemption Confirmation Letters

(1)

Procedures for application of tax exemption confirmation letters

To handle a tax exemption confirmation letter for any of the aforesaid projects, the related department of the State Council, all
the provincial development and reform commissions, planning commissions, and economic and trade commissions (which refer to the development
and reform commission, planning commission and the economic and trade commission of each province, autonomous region, municipality
directly under the Central Government or city specially designated in the state plan, or Xinjiang Production and Construction Corporations,
similarly hereinafter) and all the related enterprises (which refers to each pilot enterprise group of the State, enterprise directly
under the Central Government and enterprise group under separate state planning, similarly hereinafter) shall formally submit to
the NDRC an application by official documents, and the tax exemption confirmation letter shall be issued on examination and approval
of the NDRC.

(2)

Materials that shall be subject to examination and approval for issuing a tax exemption confirmation letter

(a)

the approval document concerning the feasibility study report for the project or a photocopy thereof (in respect of a project for
which the State only examines and approves the project proposal, it shall attach a photocopy of the approval document on the project
proposal simultaneously; and in respect of a project that shall be subject to examination and approval upon authorization or entrustment,
it shall attach a photocopy of the authorization or entrustment letter separately );

(b)

the list of import equipment for the project in quadruplicate (see Annex 1 for the format) and the list of import equipment put forward
in the feasibility study report on the project;

(c)

a photocopy of the business license of the legal person entity for the project; and

(d)

other materials needed to be explained or provided.

(3)

Requirements for preliminary examination

The related department of the State Council, all the provincial development and reform commissions, planning commissions, and economic
and trade commissions as well as all the related enterprises shall carry out a preliminary examination of the legal person entity
for the project, the list of import equipments, the amount of foreign exchanges to be used, the year for starting and completing
the construction, as well as applicable policy items for the project in the application which is reported to the NDRC, and issue
preliminary examination opinions; and shall carefully examine the list of import equipments, and the amount of foreign exchange to
be used as put forward by the legal person entity for the project, and affix their seals on the said list. The self-use equipment
not for the project may not be excluded in the said list. If the import equipment or the amount of foreign exchange to be used as
put forward in the feasibility study report on the project is needed to be adjusted, they shall explain the reasons and submit the
preliminary examination opinions.

In respect of the legal person entity for a project not specified in the approval document on the feasibility study report, or any
major alteration occurring to the legal person entity for the project or the construction site during the course of implementation,
it shall make an application for a supplementary approval document on the project to the competent department that originally approved
the project, so as to make an application for a tax exemption confirmation letter again.

(4)

Issuance of tax exemption confirmation letters

The NDRC will adopt one-off tax exemption confirmation of the import equipment for domestic projects and issue tax exemption confirmation
letters (accompanied by the list of import equipment) in quadruple, of which, one copy shall be put on archives and another three
copies shall be distributed to lower levels. The related department of the State Council, all the provincial development and reform
commissions, planning commissions, and economic and trade commissions and all the related enterprises shall, on receiving the said
tax exemption confirmation letters, send to the legal person entity for the project and the customs house directly under the General
Administration of Customs at the locality of the project two copies respectively in a timely manner, and keep the last copy on the
archives.

Alteration of Tax Exemption Confirmation Letters

(1)

Procedures for making an application for the alteration of tax exemption confirmation letters

Where the tax exemption confirmation letter on any domestic project which is issued by the NDRC, former State Planning Commission
or former State Economic and Trade Commission needs to be deferred or the quota of foreign exchange to be used needs to be increased
in the implementing process, the related department of the State Council, all the provincial development and reform commissions,
planning commissions, and economic and trade commissions as well as all the related enterprises shall formally submit to the NDRC
an application for alteration by official documents. After the examination and approval of the NDRC, it shall handle the alteration
procedures.

(2)

Materials that shall be subject to examination and approval for alteration of a tax exemption confirmation letter

(a)

four photocopies of the tax exemption confirmation letter that has been issued; and

(b)

the comparison form of items before and after adjusting, and related explanation materials.

(3)

Requirements for preliminary examination

The related department of the State Council, all the provincial development and reform commissions, planning commissions, and economic
and trade commissions as well as all the related enterprises shall carry out a preliminary examination of the contents of and reasons
for altering the tax exemption confirmation letter, and put forward preliminary examination ideas in the application reported to
the NDRC.

(4)

Alteration of tax exemption confirmation letters

In principle, it may not alter a tax exemption confirmation letter without any special reason. In case there is any proper reason
and alteration shall be done, it shall alter on the photocopy of the original tax exemption confirmation letter. The alteration documents
shall be in quadruple, of which, one copy shall be put on archives and the other three copies shall be distributed to lower levels.
After receiving the altered tax exemption confirmation letter, the relates department of the State Council, all the provincial development
and reform commissions, planning commissions, and economic and trade commissions as well as all the related enterprises shall send
to the legal person entity for the project and the customs house directly under the General Administration of Customs at the locality
of the project two copies respectively in a timely manner, and keep the last copy on the archives.

Archival Filing of Tax Exemption Confirmation Letters

The related department of the State Council, all the provincial development and reform commissions, planning commissions, and economic
and trade commissions as well as all the related enterprises shall rigidly implement the related provisions on archival filing of
tax exemption confirmation letters, and shall, before 10th each month, submit to the NDRC the tax exemption confirmation letters
for domestic projects under the quota it has issued in the previous month (the approval documents on feasibility study reports for
the projects and the lists of import equipment shall be also attached) for archival purpose.

When submitting archival filing materials, all the entities shall submit both paper and electronic documents of summary tables in
line with the format (see Annex II for the format) as required.

In case any error is found in a tax exemption confirmation letter as put on archives, the NDRC may notify the entity that produced
the said letter to correct it within the time limit, and where the circumstance is serious, the NDRC may notify the General Administration
of Customs to stop implementing the tax exemption confirmation letter it has issued.

In case it has not put any tax exemption confirmation letter on archives as required for three consecutive months, the NDRC may notify
the General Administration of Customs to stop implementing the tax exemption confirmation letter it has issued.

Confirmation of Import Equipment Lists

(1)

Procedures for application of confirming the list of import equipments

In case the procedures for confirming a list of related import equipments need to be handled for a domestic project for which the
tax exemption confirmation letter has been issued by the former State Economic and Trade Commission and the tax exemption procedures
for import equipments are handled in the way of bidding, importing and confirming the equipment list by batches, the related department
of the State Council, all the provincial development and reform commissions, planning commissions, and economic and trade commissions
as well as all the related enterprises shall formally apply to the NDRC by official documents. After examination and approval of
the NDRC, it shall supplement the conformation procedures once and for all (not by batches).

(2)

Materials that are needed for examination and approval for confirming a list of import equipments

(a)

the tax exemption confirmation letter which is issued by the former State Economic and Trade Commission and a photocopy of the list
of import equipment that has been confirmed;

(b)

the list of import equipments which are put forward in the feasibility study report on the project;

(c)

the list of import equipments for the project that needs to be confirmed in quadruple; and

(d)

other materials that need to be explained or supplied.

(3)

Requirements for preliminary examination

The related department of the State Council, all the provincial development and reform commissions, planning commissions, and economic
and trade commissions as well as all the related enterprises shall carefully examine the list of equipments that needs to be imported
in comparison with the feasibility study report and official reply on the project, and affix seals on the said list. Self-use equipments
not for the project may not be included in the said list. If it is necessary to adjust the import equipments or the amount of foreign
exchange to be used which is put forward in the feasibility study report on the project, it shall specify the reasons for adjustment
and the preliminary examination ideas.

(4)

Confirmation of import equipment lists

A list of import equipments shall be confirmed in the way of affixing seals thereon, and it shall issue the list of import equipments
in quadruple, of which, one copy shall be put on archives and another three copies shall be distributed to lower levels. After receiving
the confirmation letters on the equipment list, the related department of the State Council, all the provincial development and reform
commissions, planning commissions, and economic and trade commissions as well as all the related enterprises shall send two copies
to the legal person entity for the project and the customs house directly under the General Administration of Customs at the locality
of the project respectively in a timely manner, and keep the last copy on the archives.

Miscellaneous

(1)

The “domestic projects above the quota” as mentioned in the present Circular means those large and medium-sized domestic infrastructure
projects as well as domestic technical transformation projects above the quota which are provided in the related existing policies
for examination and approval of fixed-asset investment projects.

(2)

In accordance with the Circular of the State Council on the Adjustment of Taxation Policies for Import Equipment and other related
documents, each tax exemption confirmation letter for the domestic project above the quota shall be issued by the NDRC, and each
related entity shall comply with this prescription rigidly, and may not illegally issue tax exemption confirmation letters for the
projects above the quota.

(3)

For the handling of tax exemption confirmation letters for the domestic projects under the quota that are not mentioned in the present
Circular, all the entities that have the qualification for issuing tax exemption confirmation letters for such projects shall formulate
measures of administration by referring to the present Circular.

(4)

In respect of the application for confirming the exemption of tax on related import equipment, any other intermediary institution
or individual may not deputize, except the legal person entity for the project.

(5)

Related documents shall be submitted to higher levels in the form of official documents. After receiving the complete and correct
application materials the NDRC shall, in principle, issue approval documents and distribute tax exemption confirmation letters within
10 working days by means of official documents.

(6)

The Planning Department of the NDRC shall be specifically responsible for the tax exemption confirmation administration of the import
equipments for those investment projects in line with the Catalog of Industries, Products and Technologies Encouraged by the State
at Present, and the issuance of Confirmation Letters on Domestic and Foreign-funded Projects Encouraged by the State for the investment
projects above the quota.

Each related entity shall, in combination with the institutional reform and in accordance with the present Circular as well as the
principle of smooth connection between high levels and lower levels, straighten out the relations and specify the offices in charge
of this work, and report to the Planning Department of the NDRC the related contact persons and their phone numbers prior to September
1.

(7)

The present Circular shall be implemented as of August 10, 2003. In the case of any specific problem encountered in the implementation,
all the related entities shall contact the Planning Department of the NDRC in a timely manner.

Tel: 68502556

Fax: 68501657

E-mail: wangbc@sdpc.gov.cn

Annex I Format of the List of Import Equipments and Technology (omitted)

Annex II Format of Archival Filing and Summary Table (EXCEL is required to be employed as the document form) (omitted)

The National Development and Reform Commission

August 8, 2003

The National Development and Reform Commission
2003-08-08

NOTICE OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE ON PRINTING AND DISTRIBUTING THE MEASURES FOR THE ADMINISTRATION OF FOREIGN EXCHANGE IN BORDER TRADE

Notice of the State Administration of Foreign Exchange on Printing and Distributing the Measures for the Administration of Foreign
Exchange in Border Trade

HuiFa [2003] No. 113
September 22nd 2003

The branches / departments of the State Administration of Foreign Exchange in all provinces, autonomous regions, and municipalities
directly under the Central Government, the branches in Shenzhen, Dalian, Qingdao, Xiamen and Ningbo Cities, and all designated foreign
exchange (FX) banks controlled by Chinese fund:

For the purpose of promoting the development of border trade between China and its surrounding counties and regulating the FX administration
in border trade, the State Administration of Foreign Exchange (SAFE) has formulated the Measures for the Administration of Foreign
Exchange in Border Trade (hereinafter referred to as the Measures). The Measures are hereby printed and distributed to you, with
the relevant matters notified as follows:

The Measures are applicable to the foreign trade operations related to border trade in the border provinces (autonomous regions).
The designated FX banks and enterprises outside the border provinces shall not be governed by the present Measures.

The Measures are a normative document on FX administration in border trade of the whole nation. The SAFE branches in all border provinces
(autonomous regions) shall, pursuant to the present Measures and other provisions on the administration of foreign trade and in response
to the real situation of FX operations in border trade, formulate detailed implementation rules for FX administration in border trade
within their respective jurisdictions. If a port SAFE sub-branch, as demanded by the real situation, is to formulate detailed implementation
rules for FX administration in border trade under its jurisdiction, it shall submit the drafted rules to the SAFE branch of the province
(autonomous region) where it is located, which shall carefully examine and submit them as well as the detailed implementation rules
drafted for FX administration in border trade of the whole province (autonomous region) to the SAFE for approval.

When submitting the drafted rules, the SAFE branches in all border provinces (autonomous regions) shall also submit the import &
export circumstances, the settlement channels and writing-off of FX proceeds and payment concerning import & export of border
trade within their respective jurisdictions and in all port areas under their respective jurisdictions, as well as the circumstances
of FX administration in the neighboring countries.

The designated FX banks in border areas shall, pursuant to the relevant provisions of the People’s Bank of China and the SAFE and
out of consultation on an equal footing, establish agency relations with banks in the border areas of the neighboring countries and
open direct settlement channels between the banks. For a neighboring country whose central bank has concluded a bilateral agreement
on home currency payment, the designated FX banks in the border areas shall establish agency relations with the commercial banks
in the border areas of such country, open direct settlement channels between banks, increase outlets for FX settlement and sales
and provide convenient and shortcut services to border trade enterprises.

Upon receiving the present Notice, all SAFE branches in border provinces (autonomous regions) shall transmit it as soon as possible
to the port SAFE sub-branches and designated FX banks within their respective jurisdictions as well as the relevant organizations;
and all designated FX banks controlled by Chinese capital shall transmit it as soon as possible to their branches. In case any problem
occurs during the implementation of the present Notice, please feed back to the State Administration of Foreign Exchange in good
time.

Attachment: Measures for the Administration of Foreign Exchange in Border Trade

Attachment:
Measures for the Administration of Foreign Exchange in Border Trade
Chapter I General Provisions

Article 1

For the purpose of promoting the sound development of border trade between China and its surrounding countries, improving the FX
administration and regulating the capital settlement behaviors and account administration in border trade, the Measures have been
formulated pursuant to the Regulations of the People’s Republic of China on the Administration of Foreign Exchange as well as other
provisions concerned.

Article 2

The term “border trade” as mentioned in the present Measures refers to the transactions between inhabitants on either side of the
border, small-scale border trade and foreign economic and technical cooperation in border areas.

The transactions between inhabitants on either side of the border refer to the exchange of commodities between border inhabitants
within the range of designated capital amount and quantities in the open sites within 20 kilometers from the border line to each
side as approved by the governments or on the designated markets.

The small-scale border trade refers to the trade activities through state-designated land port on border between the enterprises with
small-scale trade right approved in the border areas of China and the enterprises or other trade organizations in the border areas
of the neighboring countries (hereinafter referred to as trade organization outside China).

The foreign economic and technical cooperation in border areas refer to the project contracting and labor services in the border areas
of China’s neighboring countries by enterprises with foreign economic and technical cooperation right approved in the border areas
of China.

Article 3

The border trade enterprises as mentioned in the present Measures include the small-scale border trade enterprises and foreign economic
and technical cooperation enterprises of China.

The small-scale border trade enterprises refer to the enterprises with small-scale trade right as approved by the departments in charge
of commerce.

The foreign economic and technical cooperation enterprises refer to the enterprises with foreign economic and technical cooperation
right on project contracting, labor services, etc. in the border areas of the neighboring countries, as approved by the commerce
competent departments.

Article 4

When conducting border trade with trade organizations outside China, the border trade enterprises or individuals may use freely convertible
currencies, home currencies of the neighboring countries or RMB for pricing and settlement, or conduct settlement through barter
trade.

Article 5

When conducting border trade settlement with trade organizations outside China, the border trade enterprises or individuals shall
carry out the reporting of balance of payment statistics pursuant to the Measures for Statistical Reporting on Balance of International
Payments and other provisions concerned.

Article 6

The SAFE and the branches and sub-branches thereof are the authorities in charge of FX operations in border trade.

Article 7

After obtaining the small-scale border trade right or the foreign economic and technical cooperation right upon the approval of the
commerce competent departments, a border trade enterprise shall go to the FX administration for record keeping by presenting the
business license issued by the administration of industry and commerce, the approval document of the commerce competent department,
the certificate of organizational code and the certification for registration with the customs.

Chapter II Account Administration in Border Trade

Article 8

A border trade enterprise shall open, use and close accounts with the designated FX banks (hereinafter referred to as the banks)
in China’s border areas under the Provisions on the Management of Domestic Foreign Exchange Accounts, the Detailed Implementation
Rules for the Administration of Current Foreign Exchange Accounts of Domestic Institutions and other provisions concerned.

Article 9

A border trade enterprise may open with the banks in China’s border areas the border trade accounts capable of settlement in the
currency of a neighboring country. For a currency of the neighboring country in a situation that the central bank of the currency
issuing country has not concluded with the People’s Bank of China a bilateral agreement on home currency payment, when a border trade
enterprise opens the border trade account in such currency, the scope of income is: the capitals transferred under border trade by
the trade organizations outside China from the current FX accounts or the border trade accounts in the currency of the neighboring
country opened with banks in China’s border areas; and the scope of payout is: the capitals transferred under border trade by the
trade organizations outside China to the current FX accounts or the border trade accounts in the currency of the neighboring country
opened with the banks in China’s border areas. For a currency of the neighboring country in a situation that the central bank of
the currency issuing country has concluded with the People’s Bank of China a bilateral agreement on home currency payment, the border
trade accounts in such currency opened by a border trade enterprise shall be utilized pursuant to the aforesaid agreement and incorporated
into the administration under the Foreign Exchange Accounts Administration Information System.

Article 10

Trade organizations outside China may open with banks in China’s border areas the current FX accounts and the border trade accounts
in the currency of the neighboring country. For a trade organization of the neighboring country whose central bank has not concluded
with the People’s Bank of China a bilateral agreement on home currency payment, the scope of income of the current FX accounts and
the border trade accounts in the currency of the neighboring country is: the capitals transferred under border trade from the border
trade FX accounts or the border trade accounts in the currency of the neighboring country opened by the domestic border trade enterprises
and individuals; and the scope of payout is: the capitals transferred under border trade to the border trade FX accounts or the border
trade accounts in the currency of the neighboring country opened by the domestic border trade enterprises and individuals. For a
trade organization of the neighboring country whose central bank has concluded with the People’s Bank of China a bilateral agreement
on home currency payment, the current FX accounts and the border trade accounts in the currency of the neighboring country opened
thereby shall be utilized in accordance with the said agreement.

Article 11

In the border areas with big volume of RMB settlement, a trade organization outside China may open an exclusive account for RMB settlement
in border trade. Such account may not be used for any purpose other than receipt and payment of capitals under border trade settlement.

Article 12

During the opening of a current FX account, border trade account in the currency of the neighboring country or exclusive account
for RMB settlement in border trade with a bank in China’s border areas, a trade organization outside China shall file an application
thereof to the FX administration of the locality where such opening takes place by presenting the business license certification
of its home country (in the case of an individual, valid identity certification such as passport) and such materials as border trade
contract, and go through the account-opening procedures by presenting the approval document of the FX administration. A account-opening
bank shall handle the account-opening procedures for the trade organization outside China in accordance with the present Measures
and indicate with special marks the account numbers of the current FX accounts and the border trade accounts in the currency of the
neighboring country opened by the trade organizations outside China so as to incorporate such numbers into the administration under
the “Foreign Exchange Accounts Administration Information System”.

For a current FX account, a border trade account in the currency of a border country or exclusive account for RMB settlement in border
trade opened by a trade organization outside China with a bank in China’s border areas, all foreign-related income and payment transactions
taking place outside China of such account shall be subject to the procedures of statistical reporting on the balance of international
payments in accordance with the relevant provisions of China on FX administration.

Article 13

In case a trade enterprise collects export proceeds by arranging a domestic resident individual as the payee, it shall report in
advance the name, account number, etc. of such resident individual proposed to the local FX administration for archival purposes.
The account-opening bank shall process account-opening procedures upon the certification issued by the FX administration and indicate
such account with a special mark. The scope of income for an account of such category is: the FX payments remitted from outside China
for goods under the border trade export. The enterprise receiving the payments shall conduct FX settlement with the bank immediately
after entering such payments into the account, and the bank shall issue to such enterprise the FX settlement voucher used exclusively
for the writing-off of export FX proceeds. The FX transactions in the accounts of such category shall be settlement under trade;
when submitting the Monthly (Ten-day) Report on Bank Statistics of Foreign Exchange Settlement and Sales to the FX administration,
the bank shall include such transactions under the post_title of “101 Trade Proceeds”.

Chapter III Administration of Foreign Exchange Proceeds and Payments in Border Trade

Article 14

As to the freely convertible currencies earned under current account by a border trade enterprise, for those within the quotas of
current FX accounts as approved by the FX administration, the enterprise may conduct settlement or retain the FX by depositing it
in the current FX account; for those exceeding the approved quotas, the enterprise shall conduct settlement as provided for. For
the currency of the neighboring country received under current account by a border trade enterprise, the enterprise may deposit such
currency in the border trade account in the currency of the neighboring country or sell them at the free will of the banks for purchase.

Article 15

The foreign payments under current account by a border trade enterprise shall, in accordance with the Provisions on the Administration
of Foreign Exchange Settlement, Sales and Payments and other provisions concerned, be made from the current FX account, border trade
account in the currency of the neighboring country or RMB account or be honored at the bank by presenting the designated valid certificates
and commercial documents.

Article 16

If direct FX collection or payment arises with a border trade enterprise or individual from the current FX account, border trade
account in the currency of the neighboring country or exclusive account for RMB settlement in border trade opened with a bank in
China’s border areas, such enterprise or individual shall be regarded as making FX collection from or payment to outside China. The
border trade enterprise and individual shall go through the procedures for statistical reporting on the balance of international
payments with the bank and take the designated valid certificates and business documents to go through the collection or payment
procedures concerned, in accordance with the Measures for Statistical Reporting on Balance of International Payments, the Provisions
for the Administration of Foreign Exchange Settlement, Sales and Payment and other provisions concerned.

Chapter IV Administration of Proceeds and Payments Writing-off in Border Trade

Article 17

If foreign payment by a border trade enterprise under import in border trade is settled in a freely convertible currency or the currency
of the neighboring country, no matter the payment is made to outside China or to the current FX account or border trade account in
the currency of the neighboring country opened in a bank of China’s border areas by a trade organization outside China, such enterprise
or individual shall fill out the Form on the Writing-off of Foreign Exchange Payment Under Import in Trade (Substitute Reporting
Form) and go through the writing-off procedures for the FX payment in accordance with the Interim Measures for the Supervision and
Administration of Foreign Exchange Payment Under Import Trade and other provisions concerned.

Article 18

For a border trade enterprise that needs to make settlement in RMB during import, if the other party is an enterprise located in
a country that have signed a bilateral agreement on home currency payment, the first mentioned enterprise shall fill out the Form
on the Writing-off of Foreign Exchange Payment Under Import Trade (Substitute Reporting Form) during the payment for goods and go
through the writing-off procedures for the FX payment in accordance with the Interim Measures for the Supervision and Administration
of Foreign Exchange Payment Under Import Trade and other provisions concerned.

Article 19

Where a border trade enterprise needs to make payment to an exclusive account for RMB settlement in border trade opened by a trade
organization outside China with a bank in China’s border areas, the beneficiary’s bank shall process the account entry procedures
at the presentation of the contract provided by the trade organization outside China, the customs declaration of imports by the border
trade enterprise and other designated certificates. After the completion of account entry procedures, the beneficiary’ s bank shall
write off the corresponding customs declaration of imports on the China E-port Foreign Exchange Payment System and conclude the case
thereabout in good time, or make a submission to the local FX administration for the writing-off and case conclusion.

Article 20

After processing the writing-off procedures for import FX payment, the FX administrations and the banks shall write off the corresponding
customs declaration of imports on the China E-port Foreign Exchange Payment System and conclude the case thereabout in good time
under the provisions concerned.

Article 21

A border trade enterprise conducting export under border trade shall apply for the export Foreign Exchange Proceeds Writing-off Form
and go through the procedures for export customs declaration, FX proceeds, etc. The writing-off of FX proceeds shall be handled under
the following provisions:

(1)

For exchange settlement in a freely convertible currency, the border trade enterprise shall go through the export FX proceeds writing-off
procedures in accordance with the Administrative Measures for the Writing-off of Export Foreign Exchange Proceeds, the detailed implementation
rules thereof and other provisions concerned.

(2)

For cash settlement in a freely convertible currency, the border trade enterprise shall go through the export FX proceeds writing-off
procedures by presenting the customs declaration of imports, the export FX proceeds writing-off form, the bank-issued FX cash settlement
voucher and the purchase invoice.

(3)

For settlement in the currency of a neighboring country, the border trade enterprise shall go through the export FX proceeds writing-off
procedures by presenting the customs declaration of imports, the export FX proceeds writing-off form, and the customs-verified declaration
on carrying currency cash of a neighboring country or the bank-issued inward remittance certification.

(4)

For settlement in RMB, the border trade enterprise shall go through the export FX proceeds writing-off procedures by presenting the
customs declaration of imports, the export FX proceeds writing-off form, and the RMB inward remittance certification (where the trade
organization has opened an exclusive account for RMB settlement in border trade, the enterprise may present the domestic RMB transfer
certification).

(5)

For payment collected from the current FX account or the border trade account in the currency of a neighboring country opened by a
trade organization outside China with a bank in China’s border areas, the border trade enterprise shall go through the export FX
proceeds writing-off procedures by presenting the customs declaration of imports, the export FX proceeds writing-off form, and the
capital transfer certification issued by the payer’s bank.

(6)

For FX payment collected by remittance of domestic resident individual, the border trade enterprise shall go through the export FX
proceeds writing-off procedures by presenting the customs declaration of imports, the export FX proceeds writing-off form, and the
exclusive settlement voucher for writing-off of export FX proceeds.

(7)

For settlement through barter trade, the border trade enterprise shall go through the export FX proceeds writing-off procedures by
presenting such documents as the export FX proceeds writing-off form, and the customs declarations of exports and imports respectively.

Article 22

After processing the export FX proceeds writing-off procedures, the FX administrations shall issue the “special page for writing-off
and drawback of export FX proceeds” to the border trade enterprises and indicate the type of currency and the capital amount in the
column of remarks.

Article 23

The FX administrations shall, in accordance with the Administrative Measures for the Writing-off of Export Foreign Exchange Proceeds,
the detailed implementation rules thereof and the present Measures, distribute the export FX proceeds writing-off forms and process
the export FX proceeds writing-off procedures, and conduct appraisal of the circumstances concerning the export FX proceeds of such
enterprises.

Article 24

The FX administrations shall strengthen statistics and analysis of border trade and gather information about border trade within
their jurisdictions in good time. All SAFE sub-branches shall submit the Statistical Form on Import & Export and Writing-off
Circumstances of Small-amount Border Trade of the last month to the SAFE within first ten office days of each month.

Chapter V Administration of Settlement and Conversion of Currencies in Border Trade

Article 25

The banks in border areas shall, in accordance with the relevant provisions of the People’s Bank of China, establish agency relations
with the commercial banks in the border areas of the neighboring countries and open direct settlement channels between banks.

Article 26

In accordance with the Notice of the People’s Bank of China on Relevant Issues Concerning the Administration of Foreign Currency
Cash (YinFa [2001] No.376), the Supplementary Notice of the People’s Bank of China on Relevant Issues Concerning the Administration
of Foreign Currency Cash (YinFa [2001] No. 384), the Interim Measures for the Administration of Foreign Exchange Settlement and Sales
in Designated Foreign Exchange Banks (Order No. 4 [2002] of the People’s Bank of China), and the Detailed Implementation Rules for
the Administration of Foreign Exchange Purchase by Domestic Resident Individuals, all commercial banks in the border areas engaged
in foreign currency deposit operations upon the approval of the banking regulatory departments may apply for individual FX settlement
operations upon the approval of the local FX administrations, and all commercial banks in border areas engaged in FX settlement and
sales or conversion of foreign currencies upon the approval of the banking regulatory departments or the FX administrations may apply
for individual FX sales operations and increase outlets for FX settlement and sales upon the approval of the local FX administrations.

Article 27

The banks in the border areas shall, in accordance with the Notice of the People’s Bank of China on Relevant Issues of Adjusting
Administrative Policies for Foreign Currency Cash (YinFa [2002] No. 283), adjust the purchase and sale prices of foreign currency
cash within the designated floating range. The FX administrations shall assist the banks in conducting individual FX settlement and
sales operations by fluctuating in line with the market conditions under the provisions concerned and guide them in handling well
the risk management and capital balance.

Article 28

The banks in the border areas may put up exchange rates between RMB and currencies of the neighboring countries and self-determine
the difference between purchase and sale prices, with the currencies of the neighboring countries accepted being handled on their
own.

Article 29

The banks in the border areas shall set up foreign currency conversion outlets to process the conversion between RMB and freely convertible
currencies or currencies of the neighboring countries in accordance with the provisions concerned of the banking regulatory authority
and the SAFE.

Chapter VI Supplementary Provisions

Article 30

The banks, border trade enterprises and individuals shall carry out the relevant FX operations of border trade pursuant to the present
Measures and other provisions concerned on FX administration. For violators of the present Measures or other provisions concerned
on FX administration, the FX administrations will mete out punishment pursuant to the laws and regulations such as the Regulations
of the People’s Republic of China on FX Administration.

Article 31

Other matters concerning FX administration unspecified in the present Measures shall be implemented pursuant to the laws and regulations
concerned on FX administration.

Article 32

The banks shall earnestly perform the provisions on the reporting of wholesale and doubtful capital transactions in strict compliance
with the Provisions on Anti-Money Laundering in Financial Institutions and the Administrative Measures for the Reporting of Wholesale
and Doubtful Capital Transactions in Financial Institutions. In case of any doubtful situation, a bank shall timely submit to the
next higher-level bank as well as the people’s bank, FX administration and public security department in the place where it is located,
take initiatives to cooperate with the people’s bank, FX administration and public security department in handling well the relevant
work, and prevent and combat illegal FX trading activities such as using border trade payment or settlement to commit money-laundering.

Article 33

A SAFE branch in a province (autonomous region) where the border areas belong may, in accordance with the present Measures and other
laws and regulations on FX administration and on catering to the real circumstances of the locality, formulate corresponding detailed
implementation rules, which shall be promulgated and implemented upon the approval of the SAFE.

Article 34

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

Article 35

The present Measures shall be implemented as of October 1st 2003, on which the Interim Measures for Foreign Exchange Administration
as promulgated on January 23rd 1997 and the Notice of the State Administration of Foreign Exchange on the Foreign Exchange Administration
of Small-scale Border Trade Between China and Russia and Other Members of the Commonwealth of Independent States as promulgated on
September 16th 2002 will be repealed at the same time.

Attachment: Statistical Form on Import & Export and Writing-off Circumstances of Small-amount Border Trade (omitted)

State Administration of Foreign Exchange
2003-09-22

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Constitution

The basic law

Concluding and Transitional Provisions

THE INTERIM MEASURES FOR THE STOCK ISSUANCE AND LISTING RECOMMENDATION SYSTEM

INTERIM REGULATIONS ON ADMINISTRATION OF SOFTWARE PRODUCTS

ADMINISTRATIVE RULES FOR THE REPORTING OF LARGE-VALUE AND SUSPICIOUS RMB PAYMENT TRANSACTIONS

CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE CONCERNING DISTRIBUTING THE RULES FOR THE IMPLEMENTATION OF MEASURES FOR STATISTIC DECLARATION OF INTERNATIONAL BALANCE OF PAYMENTS

MEASURES FOR THE ADMINISTRATION OF FOREIGN-INVESTED BOOKS, NEWSPAPERS AND MAGAZINES DISTRIBUTION ENTERPRISES

ADMINISTRATIVE RULES FOR RMB BANK SETTLEMENT ACCOUNTS

MEASURES FOR EVALUATION OF THE CHARGES FOR USING IMPORTS COMMODITY CONCESSION OF THE CUSTOM OF THE PEOPLE’S REPUBLIC OF CHINA

INTERIM MEASURES FOR THE MANAGEMENT OF THE SERVICE PRICES OF COMMERCIAL BANKS

CIRCULAR OF THE NATIONAL DEVELOPMENT AND REFORM COMMISSION ON THE RELATED ISSUES CONCERNING THE HANDLING OF CONFIRMATION LETTERS ON DOMESTIC AND FOREIGN-FUNDED PROJECTS ENCOURAGED BY THE STATE FOR DOMESTIC PROJECTS

NOTICE OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE ON PRINTING AND DISTRIBUTING THE MEASURES FOR THE ADMINISTRATION OF FOREIGN EXCHANGE IN BORDER TRADE

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