IMPLEMENTING RULES OF THE REGULATIONS OF THE PEOPLE’S REPUBLIC OF CHINA ON INTERNATIONAL MARITIME TRANSPORTATION

The Ministry of Communication

Order of the Ministry of Communication of the People’s Republic of china

No.1

The Implementing Rules of the Regulations of the People’s Republic of china on International Maritime Transportation which were adopted
at the 14th Ministerial Executive Meeting of the Ministry of Communications on December 25, 2002 are promulgated hereby, and shall
be effective as of March 1, 2003.

Minister of the Ministry of Communication Zhang Chunxian

January 20, 2003

Implementing Rules of the Regulations of the People’s Republic of china on International Maritime Transportation

Chapter I General Provisions

Article 1

These Rules are formulated in accordance with the provisions of the Regulations of the People’s Republic of China on International
Maritime Transportation ( hereinafter referred to as the Maritime Transportation Regulations).

Article 2

The Ministry of Communications and the relevant competent communications department of the people’s government in the province, autonomous
region or municipality directly under the Central Government shall, in accordance with the provisions of the Maritime Transportation
Regulations and these Rules administer the international maritime transportation business operations as well as the auxiliary business
operations relating to international maritime transportation under the principles of fairness, high efficiency and facilitation with
the purpose of encouraging fair competition and preventing illegitimate competition.

Article 3

For the purpose of the Maritime Transportation Regulations and these Rules, the definitions of the terms are as follows:

(1)

“International shipping services” shall mean the services provided by the operators of international shipping services relating to
international maritime cargo and/or passenger transportation, and/or the activities conducted relating to such operators’ vessels,
passengers or cargo for the purpose of completing such international maritime cargo and/or passenger transportation by using their
owned or operated vessels or space on board the vessels. Such services shall include the signing of the relevant agreements, accepting
of space-booking, discussing and collecting freights, issuing of bill of lading and other related transportation documents, arranging
cargo-handling and the care of the cargo, taking delivery of cargo or delivering cargo, arranging the transshipment of cargo and
the entry into and departure from ports by vessels etc.

(2)

“Operators of international shipping services” shall include the Chinese enterprise legal persons who have acquired the Permits for
Operation of International Shipping Services for operating the international shipping services according to the Maritime Transportation
Regulations, or foreign enterprises established in accordance with foreign laws who operate the international shipping services to
and from Chinese ports.

(3)

“International liner services” shall mean the regular international maritime cargo/or passenger transportation services provided between
the fixed ports by means of using the owned or operated vessels or by means of the cases specified in paragraph 3, Article 16 of
the Maritime Transportation Regulations.

(4)

“Non-vessel-operating services” shall mean the services provided in paragraph 2, Article 7 of the Maritime Transportation Regulations,
including the following activities conducted relating to the cargo transported for the purpose of completing such services :

concluding international cargo transportation contracts with the shippers in the name of carriers;

taking delivery of cargo and delivering cargo in the name of carriers;

issuing bills of lading or other transportation documents;

collecting freight and other service charges;

booking space from operators of international shipping services or contracting with operators of other means of transportation for
cargo transportation;

paying the freight of port to port transportation or other transportation charges;

unstuffing and/or cargo container consolidation;

other related activities.

(5)

“A non-vessel-operating common carrier” shall include a Chinese enterprise legal person who has acquired the license for the non-vessel-operating
services in accordance with the Maritime Transportation Regulations and these Rules, and a foreign enterprise established in accordance
with foreign laws or regulations who has acquired the qualification in accordance with the Maritime Transportation Regulations and
these Rules for non-vessel-operating services for cargo to and from Chinese ports.

(6)

“An international shipping agent” shall mean a Chinese enterprise legal person established in accordance with Chinese laws who provides
the services as specified in Article 29 of the Maritime Transportation Regulations.

(7)

“An international ship management operator” shall mean a Chinese enterprise legal person established in accordance with Chinese laws
who provides the services as specified in Article 30 of the Maritime Transportation Regulations.

(8)

“An operator of the business relating to storage and warehousing of international shipments” shall mean a Chinese enterprise legal
person established in accordance with Chinese laws who provides the services of cargo storage and custody in warehouses, cargo inventory
management, as well as sorting and packing, repacking and distributing of cargo etc.

(9)

“An operator of international maritime container freight station and container yard services” shall mean a Chinese enterprise legal
person established in accordance with Chinese laws who provides the storage, custody, cleaning, repairing of containers as well as
the storage, consolidation, distribution of container cargo.

(10)

“A foreign-invested enterprise shall mean a Chinese-foreign equity joint venture, a Chinese-foreign contractual joint venture or a
wholly foreign capital enterprise established in accordance with Chinese laws.

(11)

“A foreign-invested representative office” shall mean a non-commercial organization established according to laws within Chinese territory
by a foreign enterprise or another economic organization which conducts introduction of business, sales promotion, business consultation
and the liaison services for such a foreign enterprise or economic organization.

(12)

“Business registration documents of an enterprise” shall mean the business license or the documents certifying the registration of
an enterprise issued by the enterprises registration authority or the relevant authority of the country where the enterprise was
registered. Where the photocopies of such business registration documents are submitted, a confirmation on such photo-copies about
the truthfulness of such photocopies by the registration authority or notary documents certifying the identity between the photocopies
and the originals shall be provided at the same time.

(13)

“A special-purpose invoice” shall mean the bills approved and uniformly printed by the State Administration of Taxation. It is a receipt
which certifies the payment of the freights or other related charges by the payer to the operator of international shipping services
or its agents, or to the non-vessel-operating carrier or its agents. Such an invoice shall include the Special Invoice for International
Shipping and the Special Invoice for International Shipping Agency.

(14)

“An agreement of liner conference” shall mean the kind of agreement concluded between members of a liner conference or between liner
conferences, which is defined in the UN Convention on A Code of Conduct for Liner Conferences, 1974.

(15)

“An operational agreement” shall mean an agreement relating to the increase or decrease of shipping capacity in one or more shipping
routes concluded between two or more than two international operators of international liner services for the purpose of stabilizing
or controlling the freight rates, or other agreement coordination the joint efforts of operators of international liner ser-vices.
Such an agreement includes the agreed minutes with the natures of the above-mentioned agreement. Such an agreement shall also mean
the agreement relating to the joint operation of the vessels, joint usage of the port facilities and other cooperative operation
agreement and various kinds of alliance or consortia agreements concluded between two or more than two operators of international
liner services for the purpose of improving the operational efficiency.

(16)

“A freight rate agreement” shall mean an agreement relating to the kinds of charges to be collected, the rates thereof, the freight
rates or surcharges etc. which is concluded between two or more than two operators of international liner services. Such an agreement
shall also include the agreed minutes with the natures of the above-mentioned agreement.

(17)

“Tariff rates” refer to the freight rates provided in the tariff book of international liner services operators and non-vessel-operating
common carriers. Such rates include the freight rates, the rules related to the freight rates and the rules which shall be complied
with both by carriers and shippers.

(18)

“Negotiated rates” refer to the freight rates agreed upon between international liner services operators and shippers or non-vessel-operating
common carriers. Such rates shall include the freight rates and the related elements. Negotiated rates shall be concluded in the
form of written contracts or agreements.

(19)

“Documents certifying the business experience” refer to the curriculum vitae certifying that the person to be certified has more than
three years’ experience in the international shipping services and the auxiliary businesses thereof. The curriculum vitae shall be
notarized by a notary office.

Chapter II Operators of International Shipping Services and Auxiliary Businesses thereof

Article 4

The criteria specified in Article 5 in the Maritime Transportation Regulations shall be satisfied and the policies of the State for
the development of international shipping industry and the actual competition situations in international shipping market issued
by the Ministry of Communications shall be considered before an enterprise can be set up within the Chinese territory to operate
the international shipping services or before a Chinese enterprise legal person can apply to operate the international shipping services.

The Ministry of Communications shall publish the policies of the State for the development of international shipping industry and
the actual competition situations in international shipping market at its official website and the other appropriate media. Where
the above-mentioned policies or situations fail to be published, they shall not be used as the reasons for the refusal of applications.

Article 5

The applicant shall make an application and submit the relevant documents to the Ministry of Communications for applying to set up
an enterprise within the Chinese territory to operate international shipping services, or, for applying to operate international
shipping services when such an applicant is a Chinese enterprise legal person. A duplicate of the same documents shall be sent to
the competent communications department of the people’s government of the province, autonomous region or municipality directly under
the Central Government where the enterprise is or is to be registered, as the case may be. The following application documents shall
be included:

(1)

the letter of application;

(2)

the feasibility study report and the agreement of investment;

(3)

the business registration document of the applicant (if applying to set up an enterprise, the main investor’s business registration
document or, as the case may be, the identity document) ;

(4)

the duplicate or photocopy of the vessel’s ownership document, nationality document or inspection document;

(5)

the sample of bill of lading, passage ticket or multi-modal transport documents; and

(6)

the documents certifying the business experience of the senior executives who satisfy the requirements of the Ministry of Communications.

The competent communications department of the people’s government of the province, autonomous region or municipality directly under
the Central Government shall give its comments thereon upon the acceptance of the documents and submit its comments to the Ministry
of Communications within 10 working days from the date of acceptance of the application.

The Ministry of Communications shall, within 30 working days from the date when the application documents are complete and authentic,
complete the examination and verification and make a decision of granting or not granting permission in accordance with Article 5
and 6 of the Maritime Transportation Regulations. If the permission is granted, a Permit for Operation of International Shipping
Services shall be issued to the applicant, or, if no permission is granted, the applicant shall be notified in writing and given
the reasons therefor.

Article 6

If a Chinese operator of international shipping services applies to set up a branch within Chinese territory, the provisions relating
to the procedures as specified in Article 5 of these Rules shall apply. The following application documents shall be included:

(1)

the letter of application;

(2)

the feasibility study report;

(3)

the business registration document of the parent company;

(4)

the photocopy of the Permit for Operation of International Shipping Services of the parent company;

(5)

the letter of confirmation by the parent company of the business scope of the branch; and

(6)

the documents certifying the business experience of the senior executives who satisfy the requirement of the Ministry of Communications.

The branches of the Chinese operators of international shipping services may provide the services to the vessels of the parent company
with regard to port entry and departure, arranging for the port handling, accepting of space booking, issuing of bill of lading and
collecting of freight etc.

Article 7

If applying to set up of an enterprise legal person within Chinese territory to operate international shipping agency services or
to operate international shipping agency services, an application shall be submitted to the Ministry of Communications, and the relevant
documents shall be attached thereto. The same documents shall be submitted to the competent communications department of the people’s
government of the province, autonomous region or municipality directly under the Central Government where the enterprise is or is
to be registered, as the case may be. The application documents shall include the following:

(1)

the letter of application;

(2)

the feasibility study report and the agreement of investment;

(3)

the business registration document of the applicant (if applying to set up an enterprise, the main investor’s business registration
document or, as the case may be, the identity document) ;

(4)

the document certifying that there is a fixed place of business;

(5)

the documents certifying the business experience of the senior executives as specified in subparagraph 1 of Article 9 of the Maritime
Transportation Regulations; and

(6)

the agreement of having EDI with the ports and customs etc. If there is no such EDI arrangement, the certifying document issued by
the relevant port or customs shall be provided.

The competent communications department of the people’s government of the province, autonomous region or municipality directly under
the Central Government shall give its comments thereon upon the acceptance of the documents and submit its comments to the Ministry
of Communications within 7 working days from the date of acceptance of the application.

The Ministry of Communications shall, within 15 working days from the date when the application documents are complete and authentic,
complete the examination and verification in accordance with Article 9 of the Maritime Transportation Regulations. If the application
documents are examined and verified as qualified, the registration shall be granted and a Registration for Operation of International
Shipping Agency Services shall be issued to the applicant. If the application documents are examined and verified as unqualified,
the applicant shall be notified in writing and given the reasons therefor. The applicant shall, go through the enterprise registration
procedures at the enterprise registration authority by holding the Registration for Operation of International Shipping Agency Services
issued by the Ministry of Communications and the relevant procedures at the customs, taxation and foreign exchange administration
authorities.

Article 8

If a Chinese enterprise legal person applies to operate international ship management services or to set up an enterprise within Chinese
territory to operate international ship management services, an application shall be submitted to the competent communications department
of the people’s government of the province, autonomous region or municipality directly under the Central Government. The following
application documents shall be included:

(1)

the letter of application;

(2)

the feasibility study report and the agreement of investment;

(3)

the business registration document of the applicant (in case of applying to set up an enterprise, the main investor’s business registration
document or, as the case may be, the identity document) ;

(4)

the document certifying that there is a fixed place of business;

(5)

the documents certifying the business experience of the senior executives as specified in subparagraph 1 of Article 11 of the Maritime
Transportation Regulations; and

(6)

the photocopies of the master, the chief engineer’s documents of competence as specified in subparagraph 2 of Article 11 of the Maritime
Transportation Regulations.

The competent communications department of the people’s government of the province, autonomous region or municipality directly under
the Central Government shall, within 15 working days from the date when the application documents are complete and authentic, complete
the examination and verification. If the application documents are examined as authentic and satisfy the provisions in Article 11
of the Maritime Transportation Regulations, the registration shall be granted and a Registration for Operation of Auxiliary Businesses
Relating to International Maritime Transportation shall be issued to the applicant. If the application documents are examined and
verified as inauthentic or if the application fails to satisfy the conditions specified in Article 11 of the Maritime Transportation
Regulations, no registration shall be granted and the applicant shall be notified in writing and given the reasons therefor. The
applicant shall, go through the enterprise registration procedure at the enterprise registration authority, the relevant procedures
at the taxation authority and the banks designated by the foreign exchange administration authority with the Registration for Operation
of Auxiliary Businesses Relating to International Maritime Transportation.

Article 9

If the branches set up by the operators of international shipping agency services and international ship management services within
Chinese territory to operate the relevant services, the criteria specified in Article 9 and 11 of the Maritime Transportation Regulations
shall be satisfied and registration shall be conducted in accordance with the provisions in Article 10 and 12 of the Maritime Transportation
Regulations, Article 7 and 8 of these Rules. The following documents for registration shall be included :

(1)

the letter of application;

(2)

the feasibility study report;

(3)

the business registration document of the parent company;

(4)

the photocopies of Registration for Operation of International Shipping Agency Services or Registration for Operation of Auxiliary
Businesses Relating to International Maritime Transportation of the parent company;

(5)

the letter of confirmation by the parent company of the business scope of the branch;

(6)

the document certifying that there is a fixed place of business;

(7)

the documents certifying the business experience of staff as specified Article 9 and 11 of the Maritime Transportation Regulations;
and

(8)

the EDI agreement with the port and the customs authorities in case of setting up branches by an operator of international shipping
agency services. If there is no EDI capability, the relevant certifying document issued by the port or the customs authority shall
be submitted.

Article 10

An application and the documents specified in Article 17 of the Maritime Transportation Regulations shall be submitted to the Ministry
of Communications when an operator of international shipping services applies to engage in the international liner services to and
from Chinese ports. The Ministry of Communications shall carry out the examination and verification as specified in Article 17 of
the Maritime Transportation Regulations. If a registration is granted, a Registration of International liner Services Qualification
shall be issued. If no registration is granted when the application documents are inauthentic and incomplete, the applicant shall
be notified in writing and given the reasons therefor.

The Ministry of Communications will list the name of the operator of the international liner services and the bill of lading thereof
at its official website after the operator of international shipping services has acquired the qualification for engagement of the
international liner services to and from Chinese ports.

Article 11

An application and the relevant documents shall be submitted to the Ministry of Communications in case of applying for the registration
of a non-vessel-operating common carrier’s bill of lading. A duplicate of the above-mentioned documents shall be submitted at the
same time to the competent communications department of the people’s government of the province, autonomous region, municipality
directly under the Central Government where the non-vessel-operating common carrier is registered, or, in case of application for
registration of a bill of lading by a foreign non-vessel-operating common carrier, to the competent communications department of
the people’s government of the province, autonomous region or municipality directly under the Central Government where the liaison
office appointed by such non-vessel-operating common carrier is registered. The following application documents shall be included:

(1)

the letter of application;

(2)

the feasibility study report;

(3)

the business registration document;

(4)

the sample of bill of lading;

(5)

the photocopy of the receipt certifying that the surety bond has been deposited at the bank.

If the applicant is a foreign non-vessel-operating common carrier, the relevant documents specified in Article 25 of these Rules
which relate to its appointed liaison office shall be submitted as well.

The competent communications department of the people’s government of the province, autonomous region or municipality directly under
the Central Government shall complete the examination, verification and give its comments on the application documents after the
acceptance of the above-mentioned duplicate. Such communications department shall report its comments to the Ministry of Communications
within 7 working days after the acceptance of the application documents.

The Ministry of Communications shall complete the examination and verification specified in Article 7 and 8 in the Maritime Transportation
Regulations within 15 working days after the acceptance of the complete application documents. If the application documents are authentic
and complete, the registration of the bill of lading shall be granted and a Registration of Non-Vessel-Operating Services Qualification
shall be issued. If the application documents are inauthentic and incomplete, the applicant shall be notified in writing that no
registration is granted and the reasons therefor shall be given.

After acquiring a Registration of Non-Vessel-Operating Services Qualification, a Chinese applicant shall go through the registration
procedure at the enterprise registration authority where it is registered before starting the non-vessel-operating services.

Article 12

If a foreign non-vessel-operating common carrier has acquired the qualification for the non-vessel-operating services in accordance
with foreign laws and has obtained a legal financial liability guaranty, it does not need to deposit the surety bond at the bank
within Chinese territory when it applies to engage in the non-vessel-operating services to and from Chinese ports in accordance with
the Maritime Transportation Regulations and these Rules. However, in order to ensure that the debt to be paid which is incurred from
the foreign non-vessel-operating common carrier’s non-performance or improper performance of the carrier’s responsibility, or, in
order to ensure that the fine to be paid which is incurred from such non-vessel-operating common carrier’s non-performance or improper
performance satisfy the provisions in paragraph 3 of Article 8 of the Maritime Transportation Regulations, the competent authority
of such a foreign non-vessel-operating common carrier shall sign an agreement relating to the ways or means of realizing the financial
liability guaranty with the Chinese governmental transport authority.

Article 13

When the cargo is solicited, the bill of lading or other transport document is issued, or the freight is collected within Chinese
territory, although there is no direct international liner services to and from Chinese ports, the qualification of the non-vessel-operating
services shall be obtained in accordance with the relevant provisions of these Rules if the international cargo transportation services
to and from Chinese ports is provided by way of chartering space from vessels of operators of international liner services, or, if
cargo is shipped at Chinese ports for transshipment at foreign ports by using the feeder service provided by operators of international
liner services, with the exception of the cases specified in paragraph 3 of Article 16 of the Maritime Transportation Regulations.

Article 14

If a Chinese non-vessel-operating common carrier applies to set up a branch within Chinese territory, the surety bond shall be deposited
in accordance with paragraph 2 of Article 8 of the Maritime Transportation Regulations and the registration shall be obtained in
accordance with Article 11 of these Rules by acquiring the Registration of Non-Vessel-Operating Services Qualification. The following
documents shall be submitted for applying for the registration:

(1)

the letter of application;

(2)

the business registration document of the parent company;

(3)

the photocopy of the Registration of Non-Vessel-Operating Services Qualification of the parent company;

(4)

the document confirming the business scope of the branch by the parent company;

(5)

the photocopy of the receipt certifying that the surety bond has be deposited at the bank.

Article 15

When the non-vessel-operating common carrier applies for the registration of the bill of lading, the name listed at the post_title of the
bill of lading shall be the same as that of the applicant.

If the name listed in the post_title of the bill of lading is different from that of the applicant, the applicant shall provide the documents
certifying that such a bill of lading is printed and used by itself as well as a declaration in writing that it will bear the carrier’s
responsibility of issuing such a bill of lading.

Article 16

If a non-vessel-operating common carrier has two or more bills of lading, each of the bills of lading shall be registered.

If the bill of lading registered by an operator of international liner services or non-vessel-operating common carrier is changed,
the sample of the new bill of lading shall be filed with the Ministry of Communications 15 days before the date of usage of such
a new bill of lading.

Article 17

After the non-vessel-operating common carrier acquires according to law the qualification for the non-vessel-operating services by
depositing the surety bond and registering the bill of lading, the Ministry of Communications shall list the name of the non-vessel-operating
common carrier and the sample of its bill of lading at its official website.

Article 18

A non-vessel-operating common carrier shall deposit according to law the surety bond at the non-vessel-operating common carrier’s
bank account at the commercial bank designated by the Ministry of Communications. The interest of the surety bond shall be calculated
on the basis of the interest rate of the current deposit published by the People’s Bank of China.

Article 19

The surety bond deposited by the non-vessel-operating common carrier is protected by the State laws. The surety bond shall not be
used unless for the following cases:

(1)

bearing the liability for compensation due to the non-vessel-operating common carrier’s non-performance or improper performance of
carrier’s responsibility according to a judgement in force by a judicial organ or an arbitration institution’s arbitration award
ruled by a judicial organ to be enforced;

(2)

being fined by the communications authorities.

If the surety bond shall be transferred due to the cases referred to in subparagraph 1 and 2 of the previous paragraph, it shall be
carried out according to laws.

If the amount of surety bond of the non-vessel-operating common carrier falls short of the amount specified in the Maritime Transportation
Regulations, the Ministry of Communication shall inform the non-vessel-operating common carrier to make up the amount in short. If
the non-vessel-operating common carrier fails to make up the amount in short within 30 days from the date of service of the notice
in writing from the Ministry of Communications, the Ministry of Communication shall revoke its qualification of the non-vessel-ope

CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE ON DOMESTIC INSTITUTIONS USING RENMINBI AS PRICING CURRENCY IN FOREIGN TRADES

The State Administration of Foreign Exchange

Circular of the State Administration of Foreign Exchange on Domestic Institutions Using Renminbi as Pricing Currency in Foreign Trades

HuiFa [2003] No.29

March 3, 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 response to requests from some domestic institutions to use Renminbi as pricing currency in foreign trade agreements and with a
view to promoting smooth development of foreign trade and to further strengthening capacity of international competition of domestic
institutions by adopting more flexible method of settlement in foreign trade transactions, the Circular on relevant provisions is
hereby issued after consideration:

The domestic institutions may use Renminbi as pricing currency in signing import/export contracts.

II.

Where domestic institutions use Renminbi as pricing currency in export contracts, the foreign exchange shall be duly collected in
whole at the exchange rate quoted by the bank on the date of settlement in the course of handling procedures of collecting export
foreign exchange earnings.

III.

Where domestic institutions use Renminbi as pricing currency in import contracts, the payment to foreign party shall be made in foreign
exchange in any of the currency listed by domestic banks after converting the amount of Renminbi stipulated in the contract at the
exchange rate quoted by the bank on the date of settlement in the course of handling procedures of payment to foreign parties under
the import business.

IV.

Where domestic institutions use Renminbi as pricing currency in contracts and in making Customs declarations, they shall handle verification
procedures for export collection and import payment of foreign exchange in accordance with relevant regulations.

The Circular shall enter into force as of the date of its promulgation.

Upon receipt, all branches shall promptly transmit the Circular to their respective subordinate sub-branches and concerned units while
all Chinese-capital designated banks of foreign exchange shall promptly transmit it to their branches and sub-branches. Please feedback
timely to the State Administration of Foreign Exchange any problems encountered in the course of implementation of the Circular.

The State Administration of Foreign Exchange
2003-03-03

SUPPLEMENTARY CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION CONCERNING THE PREFERENTIAL POLICY OF ENTERPRISE INCOME TAX FOR ENTERPRISES WITH FOREIGN INVESTMENT WITH ADDITIONAL INVESTMENT

The State Administration of Taxation

Supplementary Circular of the State Administration of Taxation Concerning the Preferential Policy of Enterprise Income Tax for Enterprises
with Foreign Investment with Additional Investment

GuoShuiHan [2003] No.368

March 28, 2003

For the purpose of implementing the Circular of the State Administration of Taxation and Ministry of Finance Concerning the Preferential
Policy of Enterprise Income Tax for Enterprise with Foreign Investment with Additional Investments (CaiShuiZi [2002] No.56), some
related issues are hereby further specified:

About the scope of hortative items

According to the provisions of the Circular of the State Administration of Taxation on Implementation of New Guidance Catalogue for
Foreign-invested Industries, the hortative items stipulated in the CaiShuiZi [2002] No.56 refer to the foreign investment items with
additional investments approved before April 1, 2002, which are regarded as the hortative items and Limited-type B listed in the
Guidance Catalogue for Foreign-Invested Industries promulgated by the former State Development and Plan Commission and other relative
departments in 1997. The foreign-invested items with additional investments that are approved after April 1, 2002 are regarded as
the hortative items specified in the Guidance Catalogue for Foreign-invested Industries promulgated by the former National Development
and Plan Commission and other relative departments in 2002.

II.

About calculation of the incremental registered capitals after multiple additional investments

All the production items formed through multiple additional investments after initial investment of an enterprise with foreign ivestment,
which have not enjoyed any preferential treatment of fixed-term abatement or exemption of taxes (except for the additional investments
that have not formed production items) may be merged into one item for calculating the its new incremental registered capital. If
this new incremental registered capital meets with the requirements specified in Article 1 of CaiShuiZi [2002] No.56, it may enjoy
preferential treatment of fixed-term abatement or exemption of taxes for the independent item after the merge.

III.

About calculation of original registered capital

The “original registered capital” specified in CaiShuiZi [2002] No.56 refers to the registered capital formed before the enterprise
with foreign ivestment inputs additional investments on the new production items or on the merged items specified in Article 2 of
this Circular.

IV.

About calculation of preferential periods of abatement or exemption of taxes for the additional investments

For the production item formed from merging multiple additional investments of an enterprise with foreign ivestment, which enjoys
a preferential treatment of fixed-term of tax abatement or exemption according to Article 2 of this Circular, the preferential period
shall be calculated from the year in which the enterprise begins to obtains profits from the production item formed since the first
additional investment. The enterprise shall begins to enjoy the residual preferential treatments in the preferential period of tax
abatement or exemption from the year in which the additional investments reach the requirements specified in CaiShuiZi [2002] No.56.

The State Administration of Taxation
2003-03-28

REGULATIONS ON THE MANAGEMENT OF FOREIGN-FUNDED URBAN PLANNING SERVICE ENTERPRISES

Regulations on the Management of Foreign-funded Urban Planning Service Enterprises

Decree of the Ministry of Construction and the Ministry of Foreign Trade and Economic Cooperation,

No 116

The Regulations on the Management of Foreign-funded Urban Planning Service Enterprises, deliberated and ratified at the 65th executive
meeting of the Ministry of Construction on December 13th, 2002 and the 2nd working meeting of the minister of Foreign Trade and Economic
Cooperation on January 30th, 2003, is hereby promulgated for implementation as of May 1st, 2003.

Wang Guangtao, Minister of Construction

Shi Guangsheng, Minister of Foreign Trade and Economic Cooperation

February 13th, 2003

Regulations on the Management of

Foreign-funded Urban Planning Service Enterprises

Article 1 Pursuant to the Law of the People’s Republic of China on Foreign-funded Enterprises , the Law of the People’s Republic of
China on Sino-foreign Equity Joint Ventures , the Law of the People’s Republic of China on Sino-foreign cooperative Joint Ventures
, and the Law of the People’s Republic of China on Urban Planning , the current Regulations is hereby formulated to expand the
scope of opening to the outside; regulate foreign companies, enterprises and other economic entities or individuals investing in
enterprises providing services to urban planning; and strengthen management of the activities of urban planning services provided
by foreign-funded urban planning service enterprises.

Article 2 The Regulations applies to those setting up foreign-funded urban planning service enterprises within the boundary of the People’s
Republic of China and applying for the Certificate of Qualification of Foreign-funded Enterprises for Urban Planning Services
, and to the supervision and management of foreign-funded urban planning service enterprises.

Article 3 The foreign-funded urban planning service enterprises as referred to in the current Regulations include Sino-foreign equity joint
ventures, Sino-foreign cooperative joint ventures, and ventures with exclusive foreign investment that are set up in the People’s
Republic of China in accordance with law to provide services to urban planning.

The term ‘urban planning service’ as used in the current Regulations refers to provide drawing and consulting services to urban
development plans other than general planning.

Article 4 All foreign companies, enterprises, other economic entities or individuals engaged in urban planning services in China shall set
up Sino-foreign equity joint ventures, Sino-foreign cooperative joint ventures, or ventures with exclusive foreign investment and
apply for the Certificate of Qualification of Foreign-funded Enterprises for Urban Planning Services .

Those have not been granted the Certificate of Qualification of Foreign-funded Enterprises for Urban Planning Services shall
not take up the business of urban planning services.

Article 5 The department responsible for the management of foreign trade and economic cooperation under the State Council shall take charge
of management of establishment of foreign-funded urban planning service enterprises, while the department responsible for construction
under the State Council shall take charge of management of qualification of foreign-funded urban planning service enterprises.

The departments responsible for foreign trade and economic cooperation under the people’s governments at the provincial, autonomous
regional and municipal governments under the direct leadership of the central government shall take charge of preliminary examination
of establishment of foreign-funded urban planning service enterprises in their respective administrative areas, and departments responsible
for urban planning under people’s governments at and above the county level shall take charge of supervision and management of the
urban planning service activities carried out by foreign-funded urban planning service enterprises in their respective administrative
areas.

Article 6 Apart from meeting requirements set in relevant Chinese laws and regulations on foreign-funded enterprises, the following requirements
shall be met for the establishment of foreign-funded urban planning service enterprises:

1. The foreign party shall be an enterprise or professional specializing in urban planning services in its resident country
or region.

2. The applicant shall own more than 20 employees specializing in urban planning, architecture, road transportation, gardening
and related disciplines, with foreign specialists accounting for no less than 25 percent of the total, and have at least one foreign
technician specializing in urban planning, architecture, road transportation, and gardening respectively.

3. The applicant shall have technical apparatus and fixed working site as stipulated by the State.

Article 7 Those applying for establishing foreign-funded urban planning service enterprises shall apply, in accordance with law, to the
State Administration of Industry and Commerce or local administrations of industry and commerce with authorization from the State
Administration of Industry and Commerce for examination and approving the post_titles of the foreign-funded enterprises they plan to set
up.

Article 8 After passing examination and receiving approval of the post_titles of the foreign-funded enterprises it plans to set up, the applicant
shall apply to the departments of the provincial, autonomous regional or people’s municipal government under the direct leadership
of the central government in charge of foreign trade and economic cooperation in the region where the enterprise is to be located
for the establishment. it shall submit the following documents:

1. The application for the establishment of a foreign-funded enterprise signed by the legal representative of the investing
party.

2. The feasibility study report, project proposal and plan on the establishment of the enterprise (including staffing of specialists,
plan on technical equipment, and area of the working site) produced or approved by the investing party.

3. The contract and rules of the foreign-funded enterprise signed by the legal representative of the investing party (or rules
only, in the case of an enterprise with exclusive foreign investment).

4. Notice of pre-approval on the post_title of the enterprise to be set up.

5. Certificate of legal person registration of the investing party and certificate of the credit provided by the bank of the
investing party.

6. Documents and certificates of appointment of the chairman, board members, managers, and leading engineers or technicians
to be appointed by the investing party.

7. The balance sheets and statements of loss and gain of the investing party during the latest three years as audited by a
chartered accountant or an accountant firm.

8. Certificate of registration and certificate of bank credit of the urban planning service enterprise(s) run by the foreign
investing party in its country or region.

9. Certificates of experiences and achievements of the foreign investing party in urban planning services produced by responsible
government departments or associations, societies, or notary organs in the residential country or region of the said party.

Article 9 The department under provincial, autonomous regional or people’s municipal governments under the direct leadership of central
government in charge of foreign trade and economic cooperation shall complete preliminary examination within 30 days after receiving
an application and submit its approval to the State Council department in charge of foreign trade and economic cooperation.

Article 10 The State Council department in charge of foreign trade and economic cooperation shall submit the application documents that have
passed preliminary examination and approval to the State Council department in charge of construction for soliciting the comments
within 10 days. The State Council department in charge of construction shall put forward its opinion within 30 days after receiving
the application documents. Within 30 days after receiving the written opinion of the State Council department in charge of construction,
the State Council department in charge of foreign trade and economic cooperation shall make a decision of approval or disapproval.
In the case of approval, a certificate of approval shall be issued; and in the case of disapproval, a written explanation shall be
given.

Article 11 After receiving the Certificate of Approval of Foreign-funded Enterprise, the applicant shall register with an administration
of industry and commerce in accordance with law to get a business license.

Article 12 After receiving a legal person business license, the applicant shall apply to the State Council department in charge of construction
for the Certificate of Qualification for Urban Planning Services for Foreign-funded Enterprises .

Article 13 The following documents shall be supplied for application for the Certificate of Qualification for Urban Planning Services for
Foreign-funded Enterprises :

1. Form of Application for the Certificate of Qualification for Urban Planning Services for Foreign-funded Enterprises ;

2. Certificate of Approval of Foreign-funded Enterprise;

3. Business license for enterprise legal person;

4. Contract of employment of technicians and specialists and certificates of technical qualifications of these people put on
file in labour and personnel departments;

5. Documents about the technical equipment of the enterprise.

Article 14 The foreign-funded urban planning service enterprise shall report, within 30 days after receiving the Certificate of Qualification
for Urban Planning Services for Foreign-funded Enterprises , to the urban planning administration in the city or county of its registered
for the record.

Article 15 The foreign-funded urban planning service enterprise that contracts for urban planning services in areas other than that of its
registration shall report to the urban planning administrations of these areas for the record.

Article 16 All the documents submitted by the applicant shall be written in Chinese. If any document of certification is written in a foreign
language, a Chinese version shall be supplied.

Article 17 Foreign-funded urban planning service enterprises shall abide themselves by pertinent Chinese laws, regulations, and technical
standards and norms when providing urban planning services.

Article 18 The foreign technicians employed by foreign-funded urban planning service enterprises shall stay in China for a total length of
no less than 6 months per person a year.

Article 19 The State Council department in charge of construction shall carry out annual checks to the foreign-funded urban planning service
enterprises that have received the Certificate of Qualification for Urban Planning Services for Foreign-funded Enterprises . Those
found unqualified shall have their Certificate of Qualification for Urban Planning Services for Foreign-funded Enterprises revoked.

Article 20 Chinese units that have received the Certificate of Qualification for Compilation of Urban Planning shall hand in the Certificate
when they are restructured into Sino-foreign equity or cooperative joint ventures specializing in urban planning services.

Article 21 Foreign-funded urban planning service enterprises shall hand in their Certificate of Qualification for Urban Planning Services
for Foreign-funded Enterprises when they stop operations or are disbanded or terminated.

Article 22 It is strictly forbidden to entrust any businesses of urban planning services to foreign-funded enterprises that have not granted
the Certificate of Qualification for Urban Planning Services for Foreign-funded Enterprises .

It is strictly forbidden to entrust any businesses of service to general urban planning to foreign-funded enterprises.

Article 23 Those that contract for urban planning services without the Certificate of Qualification for Urban Planning Services for Foreign-funded
Enterprises shall be ordered by the construction administrations of people’s governments at or above the county level to stop their
illegal activities, together with a penalty above RMB10,000 yuan and below RMB30,000 yuan. Their achievements shall not be acknowledged
by any department.

Article 24 Those foreign-funded urban planning service enterprises that provide services to compilation of general urban planning in violation
of the current Regulations shall be ordered by the construction administrations of people’s government at or above the county level
to mend themselves. Those involved in severe cases shall have their Certificate of Qualification for Urban Planning Services for
Foreign-funded Enterprises withdrawn by the original issuer.

Those foreign-funded urban planning service enterprises that obtain the Certificate of Qualification for Urban Planning Services
for Foreign-funded Enterprises through fraud and deception shall have their Certificate withdrawn by the issuer.

After withdrawing a Certificate, the issuer shall inform the registration department concerned of the case. The enterprise whose
certificate has been withdrawn shall apply to the original department of registration for cancellation of its registration. Those
that refuse to go through cancellation formalities shall be handled by registration departments in accordance with law.

Article 25 Those that entrust urban planning services or general urban planning services to foreign-funded enterprises that have not got
the Certificate of Qualification for Urban Planning Services for Foreign-funded Enterprises in violation of the current Regulations
shall be corrected by their senior departments, with administrative responsibilities to be affixed upon the person responsible in
accordance with law. If a crime is committed, criminal responsibilities shall be found out in accordance with law.

Article 26 The current Regulations shall be interpreted by the State Council department in charge of construction and the State Council department
in charge of foreign trade and economic cooperation according to their respective functions.

Article 27 Investors from the Hong Kong Special Administrative Zone, the Macao Special Administrative Zone, and Taiwan area coming to run
urban planning service enterprises on the mainland shall be handled with reference to the current Regulations.

Article 28 The current Regulations shall take effect as of May 1, 2003.

To be sent to: The Law Committee of the National People’s Congress, the Law Office of the State Council, the Editorial Office
of the Gazette of the State Council, the construction commissions and bureaus of foreign trade and economic cooperation of people’s
governments at the provincial, autonomous regional and municipal level, the construction commission of cities as independent entries
in State plans and budgets, ministries and commissions of the State Council, and leaders, bureaus, and subsidiary institutions of
the Ministry of Construction.

Secretariat of the General Office of the Ministry of Construction

Printed and issued on February 20th, 2003

INTERIM PROVISION ON THE ESTABLISHMENT OF FOREIGN HOLDING AND WHOLLY FOREIGN-OWNED TRAVEL AGENCIES

The State Administration of Tourism, the Ministry of Commerce

Decree of the State Administration of Tourism of the People’s Republic of China and the Ministry of Commerce of the People’s Republic
of China

No.19

The Interim Provisions on the Establishment of Foreign Holding and Wholly Foreign-owned Travel Agencies are hereby promulgated upon
review and adoption at the director-general work meeting of the State Administration of Tourism of the PRC on May 19, 2003 and at
the second ministerial executive meeting of the Ministry of Commerce of the P.RC on June 10, 2003.

Director-General of the State Administration of Tourism He Guangwei

Minister of the Ministry of Commerce Lu Fuyuan

June 12, 2003

Interim Provision on the Establishment of Foreign Holding and Wholly Foreign-owned Travel Agencies

Article 1

In order to adapt to new situation upon China’s accession to the WTO and further open tourism to the outside world and promote the
development of travel agency industry, the Provision is formulated in accordance with the relevant laws and regulations of China
on foreign-invested enterprises, the Regulation on Travel Agency Management and the relevant provisions.

Article 2

The Provision is applicable to the foreign holding and wholly foreign-owned travel agencies established in China during transition
period prior to the scheduled term committed by China upon its accession to the WTO.

Article 3

The foreign investor for establishing a foreign holding agency shall be eligible for the following conditions:

(1)

Being a travel agency or an enterprise mainly undertaking tourism;

(2)

With total annual amount of tourism more than USD40m;

(3)

Being a member of the national (regional) association of tourism;

(4)

Being in good international credit with advanced management experience of travel agency;

(5)

Abiding by Chinese laws and the relevant Chinese regulations of tourism.

Article 4

For the foreign investor of wholly foreign-owned travel agency, besides meeting the conditions prescribed in Article 3 (1), (3),
(4) and (5) of the Provision, the annual total amount of tourism prescribed in (2) should be more than USD500m.

Article 5

The Chinese investor of a foreign holding agency shall meet the conditions prescribed in Article 29 of the Regulation of Travel Agency
Management.

Article 6

The foreign holding and wholly foreign-owned travel agency to be established shall meet the following conditions:

(1)

In compliance with development planning of tourism;

(2)

In compliance with the requirements of tourist market;

(3)

With investors meeting the conditions prescribed in Articles 3, 4 and 5 of the Provision; and

(4)

With registered capital no less than RMB4m.

Article 7

The eligible foreign investor can establish a foreign holding and wholly foreign-owned travel agency in the national tourist and holiday
area approved by the State Council and 5 cities, including Beijing, Shanghai, Guangzhou, Shenzhen and Xi’an.

Article 8

In general, for an investor applying for establishing foreign holding and wholly foreign-owned travel agencies, only one agency will
be approved.

Article 9

The Application for establishing foreign holding and wholly foreign-owned travel agencies shall be processed by reference with the
procedure for examining and approving of foreign-invested travel agencies as specified in the Regulation of Travel Agency Management.

Article 10

The foreign holding and wholly foreign-owned travel agencies may not directly or in disguise engage in tourism businesses relating
to going abroad of Chinese citizen or Chinese people in other regions going to Hong Kong, Macao, and Taiwan regions.

Article 11

The responsibility for interpretation of the Provision shall be vested with the State Administration of Tourism and the Ministry of
Commerce.

Article 12

The Provision shall come into force 30 days after their promulgation.

The State Administration of Tourism, the Ministry of Commerce
2003-06-12

CIRCULAR ON THE RELEVANT ISSUES CONCERNING THE REFUND OF THE SECURITY DEPOSIT FOR REMITTED-BACK OVERSEAS INVESTMENT PROFITS

The State Administration of Foreign Exchange

Circular on the Relevant Issues Concerning the Refund of the Security Deposit for Remitted-Back Overseas Investment Profits

HuiFa [2003] No.81

July 8, 2003

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

In order to carry out the development strategy of “going out”, and to implement the relevant spirits of the Decision of the State
Council on Repealing the First Batch of Administrative Examination and Approval Items (GuiFa No.24 [2002]), SAFE has abolished the
system of security deposit for remitted back overseas investment profits (hereinafter referred to as security deposit), and has decided
to refund to the investing subjects the security deposit already collected. In order to ensure the smooth progress of this work,
the following circular is hereby made concerning the relevant issues:

The branches and departments shall pay high attention to and earnestly take care of the work of refund of security deposit. In order
to ensure the smooth progress of the work, the branches and departments shall form work groups of security deposit refund, which
shall be led by the directors or deputy directors in charge, and the section of capital account check shall have the participation
of at least two cadres at the division level and two handling persons.

During the period between the day of issuance of the present Circular to March 31, 2004, the branches and departments may process
the formalities for refund of security deposit to the investing subjects in a concentrated way. Where an investing subject fails
to go through the said formalities within the said period, that subject shall be regarded as automatically waiving the relevant rights
and interests it has in the security deposit. The branches and departments shall, as a general principle, notify the investing subjects
one by one that surrendered the security deposit, and shall urge them to go through the refund formalities as soon as possible.

An investing subject shall submit the following materials when applying for refund of security deposit with the local branch or department:

(1)

The investing subject’s business license which has passed the annual industrial and commercial examination (original and duplicate),
the original will be returned to the investing subject after the examination, and the duplication shall be kept on file.

If the original investing subject is altered, then the new investing subject applying for refund of security deposit shall submit,
in addition to the original and duplicate of its business license passing the annual industrial and commercial examination, the relevant
documents evidencing its beneficial right to the security deposit. The relevant documents refer to: in case of alteration of the
name of the original investing subject, the new investing subject shall submit the document of approval of the relevant authority
for the name alteration; in case of merger of the original investing subject and other entities, the security deposit shall be refunded
to the new investing subject formed after the merger, however, the document of approval of the relevant authority for the merger
and the merger agreement shall be submitted, and the merger agreement shall expressly stipulate that the new investing subject will
continue enjoying the relevant rights and interests in the overseas investment; in case of splitting of the original investing subject
into several new entities, the security deposit shall be refunded only to the new investing subject(s) that will enjoy the relevant
rights and interests in the overseas investment after the splitting, however, the document of approval of the relevant authority
for the splitting and the splitting agreement shall be submitted, and the splitting agreement shall expressly stipulate that the
new investing subject(s) will continue enjoying the relevant rights and interests in the overseas investment; in case of bankruptcy,
dissolution, and liquidation of the investing subject, the security deposit already surrendered to the foreign exchange bureau will
no longer be returned.

(2)

Deposit proof or remittance proof of the surrendered security deposit (original and duplicate), the original will be returned to the
investing subject, and the duplicate will be put on file.

(3)

Letter of introduction issued by the investing subject to its handling persons.

(4)

Opening bank, account name, and account number of the account designated by the investing subject, among which, the account name shall
be strictly consistent with the name of the investing subject.

The principal of the security deposit shall be returned to the investing subject in full, and the interest on the security deposit
occurring during the period of surrender shall be returned to the investing subject according to the following standards:

(1)

Where a general account is opened in the name of the foreign exchange bureau, and separate subsidiary accounts are opened for the
investing subjects hereunder (hereinafter referred to as an enterprise subsidiary account), or security deposit accounts are opened
directly in the name of the investing subjects (hereinafter referred to as enterprise accounts), the capital (principal and interest)
in the enterprise subsidiary accounts and the enterprise accounts shall all be refunded to the investing subjects, and those accounts
shall be written off.

(2)

Where a security deposit account in opened in the name of the foreign exchange bureau (hereinafter referred as bureau account), the
interest on the security deposit shall be calculated at the following fixed rates in a uniform way and be refunded to the investing
subjects, that is: security deposit in RMB: annual rate of 0.72%; security deposit in US dollar: annual rate of 0.1250%; security
deposit in Euro, annual rate of 0.2000%; security deposit in Yen: annual rate of 0.0001%; security deposit in HK dollar: annual rate
of 0.1250%.

The branches and departments shall carefully examine the relevant materials in light of their own administrative accounts of security
deposit. Where the identity of an investing subject is inerrable and the security deposit surrendered by that subject are not refunded
indeed, the handling person of the work group of security deposit refund shall write down the handling opinions, and the application
shall, after being rechecked by the division director, submitted to the leader of the branch or department for examination and approval.
Instructions for payment may be issued to the bank only upon approval of the leader of the branch or department. Double signatures
shall be applied both in the handling and recheck.

The branches and departments shall keep intact the business archives for security deposit refund. And after the end of the refund
work, the branches and departments shall submit work reports to SAFE, summing up and reporting the implementation of the work.

After the end of the refund work, the branches and departments shall, prior to April 30, 2004, surrender the residual principal and
interest of the security deposit to SAFE for unified handling.

Remittance instruction for security deposit in RMB: Account: State Administration of Foreign Exchanges. Opening Bank: Beijing City
Commercial Bank Fu Yu Branch. Account Number: 0373100120111015692.

Remittance instruction for security deposit in foreign currencies: Account: State Administration of Foreign Exchanges. Opening Bank:
Shenzhen Development Bank Beijing An Hua Branch. Account Number: 11000253308402.

All the money orders shall be indicated with “balance after clearing of the security deposit for remitted back profits by abranch
(department)”.

In case of any problem encountered during the execution of the present Circular, please contact with the Department of Capital Account
Administration of SAFE. Contact persons: Zhao Jun, Ma Shaobo, Feng Yanqiu; Telephone: (010) 68402251, 68402252, 68519138; Fax: (010)
68402253.

The State Administration of Foreign Exchange
2003-07-08

REGULATIONS ON CHINESE-FOREIGN COOPERATION IN RUNNING SCHOOLS

Regulations of the People s Republic of China on Chinese-Foreign Cooperation in Running Schools

(Adopted at the 68th Executive Meeting of the State Council on February 19, 2003, promulgated by Decree No. 372 of the State Council
of the People s Republic of China on March 1, 2003, and effective as of September 1, 2003)

Chapter I General Provisions

Article 1 These Regulations are formulated in accordance with the Education Law of the People s Republic of China, the Vocational Education
Law of the People s Republic of China and the Law of the People s Republic of China on Promotion of Privately-Run Schools for the
purposes of standardizing Chinese-foreign cooperation in running schools, strengthening international exchange and cooperation in
the field of education and promoting the development of the educational cause.

Article 2 These Regulations apply to the activities of the cooperation between foreign educational institutions and Chinese educational institutions
(hereinafter referred to as Chinese and foreign cooperators in running schools) in establishing educational institutions (hereinafter
referred to as Chinese-foreign cooperatively-run schools) within the territory of China to provide education service mainly to Chinese
citizens.

Article 3 Chinese-foreign cooperation in running schools is an undertaking beneficial to public interests and forms a component of China s
educational cause.

For Chinese-foreign cooperation in running schools, the State adopts the policies of opening wider to the outside world, standardization
of running schools, exercising administration according to law and promoting its development.

The State encourages Chinese-foreign cooperation in running schools to which high-quality foreign educational resources are introduced.

The State encourages Chinese-foreign cooperation in running schools in the field of higher education and vocational education,
and encourages Chinese institutions of higher learning to cooperate with renowned foreign institutions of higher learning in running
schools.

Article 4 The legal rights and interests of Chinese and foreign cooperators in running schools and of Chinese-foreign cooperatively-run schools
shall be protected by the laws of China.

Chinese-foreign cooperatively-run schools shall enjoy preferential policies made by the State and enjoy autonomy when conducting
educational activities in accordance with law.

Article 5 Chinese-foreign cooperation in running schools shall abide by the laws of China, implement China s educational policies, comply
with Chinese public ethics and shall not jeopardize China s sovereignty, security and public interests.

Chinese-foreign cooperation in running schools shall meet the needs of the development of China s educational cause, ensure teaching
quality and make efforts to train all kinds of talents for China s socialist construction.

Article 6 Chinese and foreign cooperators in running schools may cooperate to establish educational institutions of various types at various
levels. However, they shall not establish institutions offering compulsory education service or special education services such as
military, police and political education services.

Article 7 No foreign religious organization, religious institution, religious college and university or religious worker may engage in cooperative
activities of running schools within the territory of China.

Chinese-foreign cooperatively-run schools shall not offer religious education, nor conduct religious activities.

Article 8 The education administrative department of the State Council shall be responsible for overall planning, comprehensive coordination
and macro control for all Chinese-foreign cooperative activities in running schools nationwide. The education administrative department,
the labour administrative department and other relevant administrative departments of the State Council shall be responsible for
the work in relation to Chinese-foreign cooperation in running schools in accordance with their functions and duties as defined by
the State Council.

The education administrative departments of the people s governments of the provinces, autonomous regions and municipalities
directly under the Central Government shall be responsible for overall planning, comprehensive coordination and macro control for
all Chinese-foreign cooperative activities in running schools within their respective administrative regions. The education administrative
departments, the labour administrative departments and other relevant administrative departments of the people s governments of
the provinces, autonomous regions and municipalities directly under the Central Government shall be responsible for the work in relation
to Chinese-foreign cooperation in running schools within their respective administrative regions in accordance with their functions
and duties.

Chapter II Establishment

Article 9 An educational institution which applies for establishing a Chinese-foreign cooperatively-run school shall have the legal person
status.

Article 10 A Chinese or foreign cooperator in running a school may contribute with funds, in kind or in forms of land-use right, intellectual
property rights or other assets to establish the school.

Contribution of intellectual property rights by a Chinese or foreign cooperator in running a school shall not exceed one-third
of its total contribution. However, for a foreign educational institution that comes to China for cooperation in running a school
at the invitation of the education administrative department or the labour administrative department of the State Council or at the
invitation of the people s government of a province, an autonomous region or a municipality directly under the Central Government,
its contribution in the form of intellectual property rights may exceed one-third of its total contribution.

Article 11 A Chinese-foreign cooperatively-run school shall meet the basic requirements prescribed by the Education Law of the People s Republic
of China, the Vocational Education Law of the People s Republic of China, the Higher Education Law of the People s Republic of
China and other laws and administrative regulations, and shall have the legal person status. However, a Chinese-foreign cooperatively-run
school established to offer higher education service through the cooperation between a foreign educational institution and a Chinese
institution of higher learning which offers education for academic qualifications may have no legal person status.

The establishment of a Chinese-foreign cooperatively-run school shall follow the standards for the establishment of State-run educational
institutions of the same type and at the same level.

Article 12 An application for establishing a Chinese-foreign cooperatively-run school offering higher education for academic qualifications
at or above the regular university education shall be subject to examination and approval of the education administrative department
of the State Council; an application for establishing a Chinese-foreign cooperatively-run school offering specialized higher education
or higher education for non-academic qualifications shall be subject to examination and approval of the people s government of the
province, autonomous region or municipality directly under the Central Government where the proposed school is to be located.

An application for establishing a Chinese-foreign cooperatively-run school offering secondary education for academic qualifications,
programs of tutoring self-taught students for examinations, programs offering supplementary teaching of school courses and pre-school
education shall be subject to examination and approval of the education administrative department of the people s government of
the province, autonomous region or municipality directly under the Central Government where the proposed school is to be located.

An application for establishing a Chinese-foreign cooperatively-run school offering vocational technical training shall be subject
to examination and approval of the labour administrative department of the people s government of the province, autonomous region
or municipality directly under the Central Government where the proposed school is to be located.

Article 13 The establishment of a Chinese-foreign cooperatively-run school shall include two steps of preparation for establishment and formal
establishment. However, the applicant may file an application directly for formal establishment if it fulfills the conditions for
offering education and meets the standards for establishment.

Article 14 An applicant who applies for preparation for establishment of a Chinese-foreign cooperatively-run school shall submit the following
documents:

(1) a project report which shall mainly contain the names of the Chinese and foreign cooperators in running the school, the name
of the proposed cooperatively-run school, educational targets, size of the school, level and form of education to be offered, conditions
for offering education, system of internal management, sources of funding and capital management and use, etc.;

(2) a cooperative agreement which shall contain the duration of cooperation and ways of dispute settlement, etc.;

(3) valid documents verifying sources of assets and amount of capital, with clear statement of ownership;

(4) a donation agreement for any assets provided as a donation to the proposed school, which carries the name of the donor, value
of donation, purpose of use and management methods, and the relevant valid verifying documents; and

(5) a certificate verifying that not less than 15 percent of initial funds provided by the Chinese and foreign cooperators is
already invested.

Article 15 In the case of an application for preparation for establishment of a Chinese-foreign cooperatively-run school, the examination and
approval authorities shall decide whether to grant the approval or not within 45 days from the date of receiving the application.
If the application is approved, a letter of approval for preparation for establishment shall be issued; if the application is not
approved, reasons shall be provided in writing.

Article 16 An applicant whose application for preparation for establishment of a Chinese-foreign cooperatively-run school is approved shall
file an application for formal establishment within three years from the date of approval; if it is more than three years, the Chinese
and foreign cooperators in running the school shall file an application anew.

During the period of preparation for establishment, no students shall be enrolled.

Article 17 An applicant who has completed its preparation for establishment and applies for formal establishment shall submit the following
documents:

(1) an application for formal establishment;

(2) the letter of approval for preparation for establishment;

(3) a report on the progress of preparation for establishment;

(4) the articles of association for the Chinese-foreign cooperatively-run school, and a list of members on its first board of
trustees or board of directors, or of its first joint managerial committee;

(5) valid documents verifying assets of the Chinese-foreign cooperatively-run school; and

(6) documents verifying the qualifications of the president or principal administrator, the teachers and financial staff.

An applicant who directly applies for formal establishment of a Chinese-foreign cooperatively-run school shall submit all documents
listed under subparagraphs (1), (4), (5) and (6) of the preceding paragraph and subparagraphs (2), (3) and (4) of Article 14.

Article 18 In the case of an application for formal establishment of a Chinese-foreign cooperatively-run school offering education for non-academic
qualifications, the examination and approval authorities shall decide whether to grant the approval or not within three months from
the date of receiving the application; in the case of an application for formal establishment of a Chinese-foreign cooperatively-run
school offering education for academic qualifications, the examination and approval authorities shall decide whether to grant the
approval or not within six months from the date of receiving the application. If the application is approved, a permit for Chinese-foreign
cooperation in running the school printed in a standard format and numbered in a unified way shall be granted; if the application
is not approved, reasons shall be provided in writing.

The format of the permit for Chinese-foreign cooperation in running a school shall be determined by the education administrative
department of the State Council and the printing be arranged separately by the education administrative department and the labour
administrative department of the State Council in accordance with their respective functions and duties; the permit for Chinese-foreign
cooperation in running a school shall be numbered in a unified way by the education administrative department of the State Council
and the specific measures shall be formulated by the education administrative department jointly with the labour administrative department
of the State Council.

Article 19 In the case of an application for formal establishment of a Chinese-foreign cooperatively-run school offering education for academic
qualifications, the examination and approval authorities, upon receiving such an application, shall organize an expert committee
to make an evaluation, and the expert committee shall give its opinions.

Article 20 A Chinese-foreign cooperatively-run school which has obtained the permit for Chinese-foreign cooperation in running the school shall
register in accordance with the relevant laws and administrative regulations, and the registering authorities shall process the registration
timely in accordance with the relevant provisions.

Chapter III Organization and Administration

Article 21 A Chinese-foreign cooperatively-run school with the legal person status shall set up a board of trustees or a board of directors,
and a Chinese-foreign cooperatively-run school without the legal person status shall set up a joint managerial committee. Chinese
members on the board of trustees, the board of directors or of the joint managerial committee shall not be less than half of the
total number.

The board of trustees, the board of directors or the joint managerial committee shall be composed of at least five members with
one of them serving as the chairperson and one of them serving as the vice-chairperson respectively. If either of the Chinese and
foreign cooperators in running the school assumes the chairpersonship, the other shall assume the vice-chairpersonship.

The legal representative of a Chinese-foreign cooperatively-run school with the legal person status shall be appointed through
consultation between the Chinese and foreign cooperators in running the school from the chairperson of the board of trustees, or
the chairperson of the board of directors, or the president of the cooperatively-run school.

Article 22 The board of trustees, the board of directors or the joint managerial committee of a Chinese-foreign cooperatively-run school shall
be composed of the representatives from both the Chinese and foreign cooperators in running the school, the president or principal
administrator of the school, the representatives of the school s teaching and administrative staff, etc., and one-third of the members
shall have at least five years of work experience in the field of education and teaching.

The list of members on the board of trustees, the board of directors or of the joint managerial committee of a Chinese-foreign
cooperatively-run school shall be submitted to the examination and approval authorities for the record.

Article 23 The board of trustees, the board of directors or the joint managerial committee of a Chinese-foreign cooperatively-run school shall
exercise the following powers:

(1) electing or by-electing the members on the board of trustees, the board of directors or of the joint managerial committee;

(2) appointing or dismissing the president or the principal administrator;

(3) modifying the articles of association and formulating school rules and bylaw;

(4) formulating development plans and approving annual work plans;

(5) raising operational funds, examining and approving the budget and the final accounts;

(6) determining the staff arrangement and quotas and the wage scales;

(7) making decisions on the division, merger or termination of the Chinese-foreign cooperatively-run school; and

(8) exercising other powers specified by the articles of association.

Article 24 The board of trustees, the board of directors or the joint managerial committee of a Chinese-foreign cooperatively-run school shall
meet at least once a year. Interim meetings of the board of trustees, the board of directors or the joint managerial committee may
be convened upon proposal made by at least one-third of its members.

The board of trustees, the board of directors or the joint managerial committee of a Chinese-foreign cooperatively-run school
shall adopt its decision upon agreement by at least two-thirds of its members when it discusses the following major issues:

(1) appointing or dismissing the president or the principal administrator;

(2) modifying the articles of association;

(3) formulating the development plan;

(4) making decisions on the division, merger or termination of the Chinese-foreign cooperatively-run school; and

(5) other major issues specified by the articles of association.

Article 25 The president or the principal administrator of a Chinese-foreign cooperatively-run school shall be a person with the nationality
of the People s Republic of China, domicile in the territory of China, love the motherland, possess moral integrity, and have work
experience in the field of education and teaching as well as compatible professional expertise.

The president or the principal administrator appointed by a Chinese-foreign cooperatively-run school shall be subject to approval
of the examination and approval authorities.

Article 26 The president or the principal administrator of a Chinese-foreign cooperatively-run school shall exercise the following powers:

(1) executing the decisions of the board of trustees, the board of directors or the joint managerial committee;

(2) implementing the development plan and drafting annual work plans, financial budget, rules and bylaw;

(3) employing and dismissing the staff and executing rewards and punishments;

(4) organizing teaching and scientific research activities and ensuring teaching quality;

(5) taking charge of daily administrative work; and

(6) exercising other powers specified by the articles of association.

Article 27 A Chinese-foreign cooperatively-run school shall administer its teachers and students in accordance with law.

Foreign teachers and administrators employed by a Chinese-foreign cooperatively-run school shall possess a bachelor s degree
or above and related occupational certificates, and have at least two years of work experience in the field of education and teaching.

The foreign cooperator shall send a certain number of teachers from its own educational institution to teach in the Chinese-foreign
cooperatively-run school.

Article 28 A Chinese-foreign cooperatively-run school shall safeguard the lawful rights and interests of its teachers and students in accordance
with law, guarantee the payment and welfare benefits of the teaching and administrative staff and pay social insurance premiums for
the teaching and administrative staff.

The teaching and administrative staff of a Chinese-foreign cooperatively-run school shall establish their trade union and other
organizations in accordance with law, and participate in the democratic governance of the Chinese-foreign cooperatively-run school
through the staff congress or other means.

Article 29 Foreign employees of a Chinese-foreign cooperatively-run school shall abide by the relevant provisions on employment of foreigners
in China.

Chapter IV Education and Teaching

Article 30 A Chinese-foreign cooperatively-run school shall offer courses on the constitution, laws, ethics of citizens and basic facts about
China, etc. in accordance with the requirements by China for educational institutions of the same type at the same level.

The State encourages Chinese-foreign cooperatively-run schools to introduce internationally advanced courses and teaching materials
that are urgently needed in China.

A Chinese-foreign cooperatively-run school shall report the courses that it offers and the teaching materials that it has introduced
in to the examination and approval authorities for the record.

Article 31 A Chinese-foreign cooperatively-run school may, if necessary, use foreign languages in teaching, but shall use the standard Chinese
language and standard Chinese characters as the basic teaching language.

Article 32 The enrollment by Chinese-foreign cooperatively-run schools offering higher education for academic qualifications shall be incorporated
into the national enrollment plan for institutions of higher learning. The enrollment by Chinese-foreign cooperatively-run schools
offering other education for academic qualifications shall be conducted in accordance with the provisions of the education administrative
departments of the people s governments of the provinces, autonomous regions or municipalities directly under the Central Government.

The enrollment of overseas students by Chinese-foreign cooperatively-run schools shall be conducted in accordance with the relevant
provisions of the State.

Article 33 The enrollment brochures and advertisements of Chinese-foreign cooperatively-run schools shall be submitted to the examination and
approval authorities for the record.

A Chinese-foreign cooperatively-run school shall publicize regularly relevant information on the type and level of its education,
its specialties and courses and its enrollment plan, etc.

Article 34 Chinese-foreign cooperatively-run schools offering education for academic qualifications shall grant academic qualifications certificates
or other education certificates in accordance with the relevant provisions of the State; those that offer education for non-academic
qualifications shall grant training certificates or course completion certificates in accordance with the relevant provisions of
the State. Students who receive vocational skill training may be granted relevant national vocational qualifications certificates
in accordance with the relevant provisions of the State if they pass the evaluation by a vocational skill evaluation organ authorized
by the government.

Chinese-foreign cooperatively-run schools offering higher education for academic qualifications may grant relevant Chinese certificates
of academic degrees in accordance with the relevant provisions of the State.

Certificates of academic qualifications or certificates of academic degrees of a foreign educational institution granted by a
Chinese-foreign cooperatively-run school shall be identical with the certificates of academic qualifications or certificates of academic
degrees issued by the foreign educational institution in its own country and shall be recognized by that country.

The recognition of certificates of academic qualifications or certificates of academic degrees of a foreign educational institution
granted by Chinese-foreign cooperatively-run schools shall be governed by the international treaties concluded or acceded to by the
People s Republic of China or the relevant provisions of the State.

Article 35 The education administrative department of the State Council or the education administrative departments, the labour administrative
departments and other related administrative departments of the people s governments of the provinces, autonomous regions or municipalities
directly under the Central Government shall strengthen their routine supervision over Chinese-foreign cooperatively-run schools,
organize or authorize intermediary organizations to evaluate the management and educational quality of the Chinese-foreign cooperatively-run
schools and publicize the evaluation results.

Chapter V Assets and Financial Matters

Article 36 Chinese-foreign cooperatively-run schools shall establish and improve their financial and accounting systems as well as their assets
management system in accordance with law, and shall keep books of accounts pursuant to the relevant provisions of the State.

Article 37 During the period of their existence, Chinese-foreign cooperatively-run schools shall enjoy the property of legal persons on all
their assets in accordance with law, and no other organizations or individuals may encroach on such assets.

Article 38 The items and standards of charges by Chinese-foreign cooperatively-run schools shall be determined and publicized in accordance
with the relevant provisions of the State on price fixing by the government; no additional items or increase in charges shall be
allowed without approval.

Chinese-foreign cooperatively-run schools shall use Renminbi instead of any foreign currencies in calculating and collecting tuition
and other fees.

Article 39 All fees collected by Chinese-foreign cooperatively-run schools shall be mainly used for educational and teaching activities and
for improving the conditions of school operation.

Article 40 Chinese-foreign cooperatively-run schools shall abide by the provisions of the State on foreign exchange control in conducting their
activities of the receipt and payment of foreign exchange and opening and using foreign exchange accounts.

Article 41 Chinese-foreign cooperatively-run schools, at the end of each fiscal year, shall prepare financial and accounting reports, commission
public auditing institutions to conduct auditing work in accordance with law, publicize the audit findings, and file such information
with the examination and approval authorities for the record.

Chapter VI Alteration and Termination

Article 42 Division or merger of a Chinese-foreign cooperatively-run school shall be reported to the examination and approval authorities for
approval, after the liquidation, by the board of trustees, the board of directors or the joint managerial committee.

In the case of an application for division or merger of a Chinese-foreign cooperatively-run school offering education for non-academic
qualifications, the examination and approval authorities shall reply in writing within three months from the date of receiving the
application; in the case of an application for division or merger of a Chinese-foreign cooperatively-run school offering education
for academic qualifications, the examination and approval authorities shall reply in writing within six months from the date of receiving
the application.

Article 43 Alteration of cooperators in running a Chinese-foreign cooperatively-run school shall be proposed by the cooperators, and after liquidation,
with the consent of the board of trustees, the board of directors or the joint managerial committee, shall be reported to the examination
and approval authorities for approval, and the relevant alteration formalities shall be undertaken.

Any alteration in the domicile, legal representative or the president or the principal administrator of a Chinese-foreign cooperatively-run
school shall be subject to examination and approval of the examination and approval authorities, and the relevant alteration formalities
shall be undertaken.

Article 44 Any alteration in the name, level or type of a Chinese-foreign cooperatively-run school shall be reported for approval by the board
of trustees, the board of directors or the joint managerial committee to the examination and approval authorities.

In the case of an application for altering a Chinese-foreign cooperatively-run school to offer education for non-academic qualifications,
the examination and approval authorities shall reply in writing within three months from the date of receiving the application; in
the case of an application for altering a Chinese-foreign cooperatively-run school to offer education for academic qualifications,
the examination and approval authorities shall reply in writing within six months from the date of receiving the application.

Article 45 A Chinese-foreign cooperatively-run school shall be terminated in one of the following cases:

(1) where a request for termination is made in accordance with the articles of association and approved by the examination and
approval authorities;

(2) where its permit for Chinese-foreign cooperation in running the school is revoked; or

(3) where it is unable to continue its operation due to insolvency and such termination is approved by the examination and approval
authorities.

A Chinese-foreign cooperatively-run school shall make proper arrangements for its students at school upon its termination; a Chinese-foreign
cooperatively-run school shall submit a plan for such arrangements while applying for termination thereof.

Article 46 A Chinese-foreign cooperatively-run school shall make liquidation in accordance with law upon termination.

Where a Chinese-foreign cooperatively-run school itself requests termination, the Chinese-foreign cooperatively-run school shall
organize liquidation; where the termination is the result of dissolution by the examination and approval authorities in accordance
with law, the examination and approval authorities shall organize liquidation; where the termination is the result of inability to
continue the operations for education due to its insolvency, a people s court shall be requested according to law to organize liquidation.

Article 47 Upon liquidation, a Chinese-foreign cooperatively-run school shall settle its outstanding debts according to the following sequence:

(1) tuition and other fees that shall be refunded to the students;

(2) salaries due to the teaching and administrative staff and their social insurance premiums payable;

(3) payments for other outstanding debts.

The remaining assets of a Chinese-foreign cooperatively-run school after the settlement of the above debts shall be handled in
accordance with the provisions of the relevant laws and administrative regulations.

Article 48 Where a Chinese-foreign cooperatively-run school is terminated after approval or its permit for Chinese-foreign cooperation in running
the school is revoked, it shall return its permit for Chinese-foreign coo

INTERIM MEASURES FOR THE ADMINISTRATION OF FOREIGN CURRENCY EXCHANGE AGENCIES

People’s Bank of China

Order of the People’s Bank of China

No. 6

The Interim Measures for the Administration of Foreign Currency Exchange Agencies, which were adopted at the 3rd executive meeting
of the People’ Bank of China on May 28th, 2003, are hereby promulgated, and shall be implemented as of November 1st, 2003.

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

October 8th, 2003

Interim Measures for the Administration of Foreign Currency Exchange Agencies

Article 1

The present Measures are formulated in accordance with the Law of the People’s Republic of China on the People’s Bank of China, Regulations
of the People’s Republic of China on Foreign Exchange Administration, Regulations on Settlement and Sales of and Payment in Foreign
Exchange, Interim Measures for Settlement and Sales of and Payment in Foreign Exchange by Designated Foreign Exchange Banks as well
as other relevant provisions with a view to regulating the foreign exchange business of the foreign exchange agencies and safeguarding
the market order.

Article 2

The term “foreign currency exchange agencies” as mentioned in the present Measures refers to the domestic entities with legal person
status (hereinafter referred to as “exchange agencies”) that have signed agreements with the domestic commercial banks or their branches
(hereinafter referred to as “banks”) eligible for foreign currency exchange business (or settlement and sales of foreign exchange)
and are authorized by banks to do foreign currency exchange business.

Article 3

The foreign currency exchange business by the exchange agencies is limited to the exchange of banknotes and traveler’s checks in convertible
foreign currencies.

When conducting foreign currency exchange business, the exchange agencies are limited to convert foreign currency banknotes or traveler’s
checks held by domestic resident individuals or non-resident individuals into RMB.

Where a non-resident individual needs to convert his or her RMB holdings obtained from an exchange agency back into foreign currency,
he or she needs to handle it with the bank that authorizes the exchange agency to conduct the currency exchange business for handling.
The value of re-conversion is not allowed to exceed that of the previous conversion. Re-conversion shall be effected within 6 months
as of the day of the initial conversion.

Resident individuals are not permitted to convert the exchanged RMB back into foreign currencies.

Article 4

The State Administration of Foreign Exchange (SAFE) and its branches shall make supervision over and regulation of the foreign currency
exchange business conducted by the bank-authorized exchange agencies according to the laws and regulations.

Article 5

The head offices of commercial banks shall establish uniform internal regulatory rules and risk management system for authorization
of foreign currency exchange business.

Authorizing banks shall, in accordance with its head office’ regulatory rules and risk management system, establish regulatory rules
and operational procedures. The contents shall include the following elements: regulation over foreign currency quotation of the
exchange agencies; regulation over settlement of foreign currency exchange business; regulation over the application, use, invalidation,
verification of foreign currency exchange receipts; risk management and cost-sharing of losses caused by currency exchanges; resolution
of disputes; stipulation on currencies that can be exchanged; setting upper limits for RMB or foreign currency cash stock; and management
of staff involved in foreign currency exchange business, etc.

Article 6

The bank shall, when authorizing exchange agencies to conduct foreign currency exchange business, sign a written agreement with the
exchange agencies on the authorization of foreign currency exchange business, which specifies the rights and obligations of both
parties and the guidelines for disputes resolution. This written agreement shall contain the main contents of regulatory rules and
operational procedures indicated in Article 5 and shall be filed in the local SAFE branch. The exchange agencies are not permitted
to conduct foreign currency exchange business before the filing of the written agreement is confirmed.

Article 7

When handling the formalities of filing, an authorizing bank shall submit the following materials:

(1)

Unified internal regulatory rules and risk management system for authorization of foreign currency exchange business formulated by
its head office.

(2)

Application form of the exchange agency to conduct foreign currency exchange business.

(3)

Statement of basic information of the exchange agency.

(4)

Regulatory rules on authorizing foreign currency exchange business.

(5)

Written agreement signed on authorizing foreign currency exchange business.

(6)

Samples of foreign exchange sales statement and the seals used in the business.

(7)

Other materials required by the SAFE and its branch.

The SAFE and its local branch shall issue a responding letter, within 30 days as of the day when such materials are received, to confirm
or reject the filing. If the filing is rejected, the reason shall be explained in the aforesaid letter. The authorizing bank, which
receives a letter from the Local SAFE branch rejecting the filing, shall not submit the same filing application for a second time
within 6 months since the day when the responding letter is received.

Article 8

The business venue of the exchange agencies for foreign currency exchange shall in principle be located in places with large flows
of people, such as ports, airports, railway stations, piers, scenic spots, border entry areas, main commercial areas, and hotels
eligible for receiving overseas guests.

Article 9

Where an exchange agency conduct foreign currency exchange business, it shall conform to the following requirements:

(1)

Having the domestic corporate legal person status.

(2)

Having a permanent business venue.

(3)

Having at least 2 staff members to conduct foreign currency exchange business, who shall be trained by the authorizing bank, and eligible
for such business.

(4)

Having equipment and related facilities that can receive accurate and timely quotation of foreign currencies from the authorizing
bank.

(5)

Other conditions required by the authorizing bank.

Article 10

An exchange agency is limited to sign the agreement on authorization of foreign currency exchange business with one bank located in
the same city, and may not sign such agreements with multiple banks or with banks in other cities.

An exchange agency may open multiple business venues for foreign currency exchange as agreed upon by the authorizing bank.

Article 11

Where the authorizing bank terminates its agreement with the exchange agency on foreign currency exchange business, it shall file
the termination with the Local SAFE branch within 10 days after the agreement is terminated.

Article 12

An exchange agency shall hang its plate at its business venue, indicating “Foreign Currency Exchange Agency of (name of the authorizing
bank)”. The authorizing bank shall be responsible for providing and administering the format of such a plate.

Article 13

The exchange agency shall conduct foreign exchange business according to the authorizing banks’ rules on foreign currency quotation,
and publish the quotation at an eye-catching position of its business venue.

Article 14

Separate accounting shall be adopted for foreign currency exchange business of exchange agencies.

Article 15

An exchange agency shall, when conducting foreign currency exchange business, use specified foreign currency exchange form and may
not use any other forms instead. Such a form shall be provided and administering by the authorizing bank.

The foreign currency exchange form shall contain, but not be limited to, the following information:

Name of the customer; nationality of the customer; type of the ID certificate and the ID number; date of the exchange; type of foreign
currency to be exchanged; value of the foreign currency and the RMB; and quotation of the foreign currency, etc.

The copy of foreign currency exchange form kept by the exchange agency shall be signed by the customer and stamped by the responsible
business processing staff to be validated. When filling in the currency exchange form, the exchange agency shall autotype at least
three copies. One copy shall be kept by the customer, while another one shall be kept by the authorizing bank and the last one shall
be kept by the exchange agency for accounting purposes. The authorizing bank and exchange agency shall keep these forms for 5 years
for the purpose of later check-up.

Where the exchange agency converts foreign currency into RMB for domestic resident individuals, it shall indicate on the currency
exchange form “exchange back into foreign currency not permitted”.

Article 16

An exchange agency shall abide by the authorizing bank’s rules for the storage, surrender and upper limit on the stock of foreign
currency.

The authorizing bank shall set an upper limit on the stock of foreign currency conducted by the exchange agency, and the limit may
in principle not exceed USD10, 000 or the equivalent value of foreign currencies at the conclusion of each business day.

Article 17

The authorizing bank is responsible for the training of staff in exchange agencies engaging in foreign currency exchange business.

Staff of exchange agencies engaging in foreign currency exchange business shall possess the following conditions:

(1)

Capability of verifying foreign currency banknotes and traveler’s checks.

(2)

Corresponding knowledge of the regulations on foreign exchange administration.

(3)

Other capabilities required by the internal control system of the authorizing bank.

Article 18

The authorizing bank shall fulfill its obligations of statistical reporting and report the foreign currency exchange business of all
its authorized exchange agencies on a consolidated basis, in accordance with the Measures for Reporting of International Balance
of Payments Statistics, other relevant provisions, and the reporting requirements for commercial banks when conducting the business
of settlement and sales of foreign exchange.

Article 19

The authorizing bank shall see to it that the exchange agencies are conducting foreign currency exchange business according to the
agreement signed between them. In the case of improper use of currency exchange forms and/or violation of rules on quotation of foreign
currency or other regulations of the SAFE, the authorizing bank shall take corrective measures and report such violations to the
local SAFE branch in good time.

Article 20

Any authorizing bank and its exchange agencies is involved in any the following act, they shall be punished by the local SAFE branch:

(1)

Where an exchange agency opens foreign currency exchange business without filing the required application materials with the local
SAFE branch, the authorizing bank and the foreign currency exchange agency shall be punished by the local SAFE branch according to
Article 41 of the “Regulations of the People’s Republic of China on Foreign Exchange Administration”.

(2)

Those setting quotation of foreign currency in violation of the relevant regulations on exchange rate shall be punished by the local
SAFE branch according to Article 43 of the Regulations of the People’s Republic of China of Foreign Exchange Administration.

(3)

Where an authorizing bank fails to make sure that the exchange agencies properly use the specified form to conduct foreign currency
exchange business according to the provisions, it shall be punished by the local SAFE branch according to Article 42 of the Regulations
of the People’s Republic of China on Foreign Exchange Administration and Article 40 of the Interim Measures for Settlement and Sales
of Foreign Exchange by Designated Foreign Exchange Banks.

(4)

Where an authorizing bank and its authorized exchange agencies are found in any other violation of foreign exchange administration,
they shall be punished by the local SAFE branch in accordance with the relevant rules.

Article 21

For a foreign currency exchange agency established before the present Measures come into force, its authorizing bank shall, according
to the provisions of the present Measures, do the remedial filing formalities with the local SAFE branch within 2 months after the
day they come into force.

Article 22

The present Measures shall be implemented as of November 1, 2003.

People’s Bank of China
2003-10-08

INTERIM PROVISIONS ON THE ACCESS OF OPERATIONAL QUALIFICATIONS FOR MOVIE PRODUCTION, DISTRIBUTION AND PROJECTION

20041110

State Administration of Radio, Film and Television

Order of the State Administration of Radio, Film and Television

No. 20

The “Interim Provisions on the Access of Operational Qualifications for Movie Production, Distribution and Projection”, which were
passed at the administration’s executive meeting on September 28, 2003, are hereby issued, and shall go into effect on December 1,
2003.

Xu Guangchun, Director General

October 29, 2003

Interim Provisions on the Access of Operational Qualifications for Movie Production, Distribution and Projection

Article 1

The present Provisions are formulated in order to stimulate the non-government sectors to facilitate the development of movie industry,
cultivate market subjects, govern market access, increase the overall strength and competitiveness of the movie industry, promote
the boom of socialist movie industry, and meet the people’s demands on their spiritual and cultural lives.

Article 2

The present provisions shall be applicable to the administration of qualification access for domestic state-owned and non-state-owned
enterprises to operate movie production, distribution and projection and for wholly foreign-owned companies to take part in the operation
of movie production and projection.

Article 3

The domestic state-owned and non-state-owned (not including wholly foreign-owned) entities are stimulated to establish movie production
companies through joint venture or cooperation with the existing state-owned movie production entities, or to independently establish
production companies. The overseas investors are permitted to establish movie production companies by means of joint venture or cooperation
by having share of the existing domestic state-owned movie production entities.

(1)

The application requirements for establishing a joint venture or cooperative (not including wholly foreign-owned) movie production
company are as follows:

1).

The registered capital shall be not less than 1 million Yuan; and

2).

Such documents as the application letter, the contract, the articles of association and the photocopy of the business license of each
party to the cooperation, which was issued by the administration for industry and commerce, must be submitted.

(2)

The application requirements for establishing a Chinese-foreign joint venture or cooperative movie production company are as follows:

1).

The registered capital shall be not less than 5 million Yuan;

2).

The share of overseas investment in the registered capital shall not exceed 49%; and

3).

(3)

The application requirements for a domestic state-owned or a non-state-owned (not including wholly foreign-owned) movie and television
culture entity that has not got the “Permit for Movie Production” to independently found a movie production company are as follows:

1).

For the first time it produces a film, it shall apply to obtain the “Permit for Movie Production (for one film only)”. And it must,
at the time of application, submit to the State Administration of Radio, Film and Television a photocopy of the business license
issued by the administration for industry and commerce, a proof on its capital, the main idea of the film to be produced and other
relevant documents. It shall carry out the relevant formalities in the local administration for industry and commerce after it has
obtained the “Permit for Movie Production (for one film only)”;

2).

It has, by way of the “Permit for Movie Production (for one film only)”, invested to produce two or more films;

3).

Its registered capital shall be no less than 1 million Yuan; and

4).

It must file such documents as the application letter, the photocopy of the business license issued by the administration for industry
and commerce, the “Permit for Movie Production (for one film only)” and the “Permit for Public Projection of Films” for the two films
it has invested to produce, and other relevant documents.

(4)

To any one that meets the requirements stated in Items (1), (2), and (3), the State Administration of Radio, Film and Television shall
issue the “Permit for Movie Production”.

The applicant shall carry the approval document and the “Permit for Movie Production” issued by the State Administration of Radio,
Film and Television to carry out the relevant formalities in the local administration for industry and commerce at its/his locality.

Article 4

In the light of the “Regulation on the Administration of Movies”, a movie production company that has obtained the “Permit for Movie
Production” in accordance with Article 3 of the present provisions may have the same rights and obligations as those enjoyed by
the existing state-owned movie production entities.

Article 5

The state-owned and non-state-owned (not including wholly foreign-owned) entities are encouraged to control the shares or to independently
found film technology companies, improve the basic facilities and technical equipment for movie production and projection. While
the wholly foreign-owned company are permitted to operate such business by having share, or to operate such business in the approved
provinces and cities by controlling the shares. The application requirements are as follows:

(1)

The registered capital shall be no less than 5 million Yuan;

(2)

Such documents as the application letter, the contract, the articles of association, and the photocopy of the business license of
each party to the cooperation issued by the administration for industry and commerce, must be submitted.

(3)

If the applicant meets the requirements mentioned above, it shall, after approval by the State Administration of Radio, Film and Television,
carry the approval documents issued by the State Administration of Radio, Film and Television to the relevant department of the state
to carry out the relevant approval formalities.

Article 6

Whichever entity engaged in the foreign-involved business as prescribed in Articles 3 and 5 shall carry out the relevant formalities
in the light of the relevant laws and regulations of the state.

Article 7

The state-owned and non-state-owned movie and television culture entities are encouraged to found companies that exclusively operate
the distribution of domestically produced films. The application requirements and procedures are as follows:

(1)

The registered capital shall be no less than 500,000 Yuan;

(2)

The applicant has been entrusted by a movie production entity to represent represented the distribution of two movies before or has
been entrusted by a TV play production entity to distribute two TV plays;

(3)

The applicant must offer such documents as the application letter, the photocopy of the business license issued by the administration
for industry and commerce, the proof on having been entrusted to represent the distribution of movies and TVs, and other relevant
documents; and

(4)

If the applicant meets the requirements mentioned above and applies to the State Administration of Radio, Film and Television to establish
a company exclusively running the distribution of domestically produced films, the “Operating Permit for Movie Distribution” shall
be issued to him by the State Administration of Radio, Film and Television, which allows the applicant to distribute domestically
produced films throughout the country. If the applicant applies to the local administrative department of movie at the provincial
level to found a company exclusively operating the distribution of domestically produced films, the “Operating Permit for Movie Distribution”
of the province shall be issued by the said local administrative department of movie, which allows the exclusive operation of domestically
produced films. The applicant shall carry the “Operating Permit for Movie Distribution” of domestically produced films to the local
administration for industry and commerce at its locality to carry out the relevant formalities.

Article 8

In the light of the “Regulation on the Administration of Movies”, a company that has obtained, in accordance with Article 7 of the
present provisions, the “Operating Permit for Movie Distribution” for exclusively running domestically produced films may have the
equal rights and obligations to those enjoyed by an existing movie distribution company at the provincial level.

Article 9

In the light of the “Measures for the Annual Assessment of the Distribution and Projection of Domestically Produced Films”, the State
Administration of Radio, Film and Television shall, make the annual evaluation on the companies that have got the “Operating Permit
for Movie Distribution”.

Article 10

The movie circuit companies may be permitted to integrate either in an intense type or a loose type. They are encouraged to take the
trans-provincial circuits as the basis for the reunification pursuant to the principle of separate management, but merge of the circuits
on the basis of administrative regions are forbidden. The integration of circuits shall be submitted to the State Administration
of Radio, Film and Television for approval.

(1)

The domestic state-owned and non-state-owned movie and television culture (excluding wholly foreign-owned) entities are encouraged
to, by having or controlling share, invest in the existing circuit companies or independently established circuit companies.

1).

When an entity invests in an existing circuit company by having share (in a proportion below 49%), its investment must be no less
than 30 million Yuan within three years, which shall be used to the construction and reform of the movie theaters in this circuit.
If an entity invests in an existing circuit company by controlling share, the shareholding entity must invest no less than 40 million
Yuan within three years, which shall be used to the construction and reform of the movie theaters in this circuit.

2).

In the case that an entity independently establishes an intra-provincial or national movie circuit company, the investment must be
no less than 50 million Yuan within three years, which shall be used to the construction and reform of the movie theaters in this
circuit.

3).

The relevant formalities shall be carried out for the establishment of a circuit company in the light of the provisions of the State
Administration of Radio, Film and Television on establishment of movie circuits. The establishment of an intra-provincial circuit
company shall be examined and approved by the administrative department of movie of the people’s government of the province, autonomous
region or municipality directly under the jurisdiction of the Central Government where the establisher is located, and be reported
to the State Administration of Radio, Film and Television for record. The establishment of a trans-provincial circuit company shall
be examined and approved by the State Administration of Radio, Film and Television.

(2)

In the light of the “Regulation on the Administration of Movies”, the state-owned and non-state-owned entities and individuals are
encouraged to, operate movie distribution and projection in the countryside throughout the country by various means, and also operate
movie projection in schools and communities in cities by various means.

(3)

The state-owned and non-state-owned entities and individuals are encouraged to invest to build and reform movie theaters. The running
of the movie projection business is requested to submit to the local administrative department of movie at the county level or above
for approval, and the relevant formalities shall be carried out in the local administration for industry and commerce.

Article 11

The import of films shall be exclusively operated by the film import enterprises which have got approvals from by the State Administration
of Radio, Film and Television. The distribution of imported films shall be undertaken by the distribution companies approved by the
State Administration of Radio, Film and Television, which enjoy the right to distribute imported films nationwide.

Article 12

The film-producing entities are encouraged to, through various channels, export domestically-produced films which have obtained the
“Permit for Public Projection of Films”. The movie production entities are encouraged to participate in foreign film festivals (exhibitions).
And the films in exhibition must be those that have obtained the “Permit for Public Projection of Films”, and shall be reported to
the State Administration of Radio, Film and Television for record in advance.

The report with the plan to hold a Chinese-foreign film exhibition or an international movie festival (exhibition) within the territory
of China must be submitted to the State Administration of Radio, Film and Television for approval.

Article 13

There is an every-two-year inspection system that shall be applicable to the “Permit for Movie Production” and the “Operating Permit
for Movie Distribution” awarded by the State Administration of Radio, Film and Television. The local administrative department of
movie shall, within the scope of its administrative authority, apply an annual inspection system to the “Operating Permit for Movie
Distribution” and the “Operating Permit for Movie Projection” it has issued.

Article 14

Any matter not specified in the present provisions shall be dealt with in the light of the “Regulation on the Administration of Movies”
and the relevant provisions.

Article 15

The present provisions shall go into effect on December 1, 2003.

State Administration of Radio, Film and Television
2003-10-29

THE MEASURES FOR THE MANAGEMENT OF ASSOCIATIONS FORMED BY LAW FIRMS OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION OR THE MACAO SPECIAL ADMINISTRATIVE REGION AND MAINLAND LAW FIRMS

Ministry of Justice

Order of the Ministry of Justice of the People’ s Republic of China

No. 83

The Measures for the Management of Associations Formed by Law Firms of the Hong Kong Special Administrative Region or the Macao Special
Administrative Region and Mainland Law Firms were deliberated and adopted at the ministerial executive meeting on November 27th,
2003. They are hereby promulgated and shall come into force as of January 1st, 2004.

Zhang Fusen, Minister of the Ministry of Justice

November 30th, 2003

The Measures for the Management of Associations Formed by Law Firms of the Hong Kong Special Administrative Region or the Macao Special
Administrative Region and Mainland Law Firms

Chapter I. General Provisions

Article 1

The present Measures are formulated with a view to carrying out the Mainland and HK Closer Economic Partnership Arrangement and the
Mainland and Macao Closer Economic Partnership Arrangement and to regulating the associations formed by law firms of Hong Kong or
Macao and the Mainland law firms.

Article 2

The term “association” as mentioned in the present Measures means that a law firm of Hong Kong or Macao with a representative office
in the Mainland cooperates with a Mainland law firm where the representative office is located, by means of which both parties may,
in accordance with the contractual rights and obligations, operate in the Mainland, respectively providing Hong Kong, Macao or Mainland
legal services to the clients.

Article 3

The association formed by a Hong Kong or Macao law firm with a Mainland law firm shall not be in the form of partnership or legal
person.

During the period of association between a Hong Kong or Macao law firm and a Mainland law firm, the legal status, name and financial
affairs of one party shall be separate from those of the other party. Each party shall bear separate civil liabilities.

Article 4

An association formed by a Hong Kong or Macao law firm and a Mainland law firm form shall abide by the laws, regulations and rules
of the state, shall scrupulously comply with the attorney ethics and disciplines, and shall not impair the security of the state
or the public good.

Chapter II. Application for Association

Article 5

Any law firm in Hong Kong or Macao may file an application for association if it meets the following conditions:

(1)

It has been registered and established according to relevant law and regulation of Hong Kong or Macao;

(2)

It has been engaged in substantial commercial business for 3 full years by using its own business place or by renting a business place
in Hong Kong or Macao;

(3)

The sole proprietor or all partners shall be certified practicing attorneys of Hong Kong or Macao;

(4)

Its main business scope shall be limited to providing legal services in Hong Kong or Macao;

(5)

The law firm and the sole proprietor or all its partners shall pay Hong Kong profit tax, or Macao income supplement tax or occupation
tax;

(6)

It has been allowed to establish a representative office in the Mainland;

(7)

Before an application for association is filed, it has no record of punishment by any regulatory institutions of Hong Kong or Macao
within 2 years.

Article 6

If a Mainland law firm meets the following conditions, it may file an application for association:

(1)

It has been for at least 3 years since its establishment;

(2)

There are not less than 20 full-time attorneys;

(3)

Before an application for association is filed, it hasn’t been given any administrative punishment or guild sanction within 2 years.

No branch of a Mainland law firm may file an application for association as one party to the association.

Article 7

Where a Hong Kong or Macao Law Firm and a Mainland law firm file an application for association, they shall jointly submit the following
application materials to the provincial administrative organ where the Mainland law firm is located:

(1)

The application for association signed by both parties;

(2)

The draft agreement on association concluded by both parties;

(3)

A photocopy of the valid registration certificate, which indicates the establishment of a law firm of Hong Kong or Macao upon approval,
the name of the sole proprietor or persons-in-charge, the name list of all the partners, a photocopy of the license of the representative
office based in the Mainland and the name list of the representatives;

(4)

A certification issued by the relevant department of Hong Kong Special Administrative Region or Macao Special Administrative Region,
which indicates that the law firm of Hong Kong or Macao meets the requirements for the legal service providers;

(5)

A photocopy of the license of Mainland law firm, the name of the persons-in-charge, all of the partners or cooperators,

(6)

Other materials as required by the judicial administrative organ on the provincial level.

The photocopies of the valid registration certificates as listed in Item (3) of the preceding paragraph shall be subject to the notarization
of a Mainland acknowledged notary.

The application materials shall be in Chinese and in triplicate. Where any material among them is in a foreign language, it shall
be accompanied by a Chinese translation.

Article 8

The judicial administrative organ on the provincial level shall, within 20 days from receiving the application materials for association,
make an decision to approve or disapprove of the association. In case it is unable to do so within 20 days, the time limit may be
extended by 10 days upon the approval of the responsible person of this organ, and the applicant shall be notified of the reason
for the extension of the time limit.

Any applicant who meets the requirements as provided for in the present Measures shall be allowed to form an association, and shall
be issued a license of association; any applicant who doesn’t meet the requirements as provided for in the present Measures shall
be disapproved, and to whom a written notice shall be given.

With regard to any applicant who is allowed to form an association, the judicial administrative organ on the provincial level shall,
report the approval documents and the materials in relation to association to the Ministry of Justice for archival purposes within
30 days as of the issuance of the association license.

Chapter III. Provisions on Associations

Article 9

Where a law firm in Hong Kong or Macao forms an association with a Mainland law firm, an written association agreement shall be reached
by both parties. An association agreement shall cover the following:

(1)

Each party’s name, address, the name of the sole proprietor, the name of the partners or cooperators;

(2)

The name and logo of the association;

(3)

Duration of the association;

(4)

The business scope of the association;

(5)

The arrangement of the office and equipment in common use;

(6)

The arrangement of the administrative staff, secretaries and other supporting staff;

(7)

The arrangements on sharing the income from association and the apportionment of operational expenses;

(8)

The arrangements on the insurance and the way of bearing responsibilities;

(9)

Termination and liquidation of association;

(10)

Liabilities for breach of contract;

(11)

Solutions to disputes; and

(12)

Other matters.

An agreement on association shall be in conformity with the relevant laws of the Mainland.

An agreement on association shall come into effect upon approval of the judicial administrative organ.

Article 10

The duration of association as stipulated by a Hong Kong or Macao law firm and a Mainland law firm in their association agreement
shall be at least 1 year. At the expiration of the duration of association as stipulated in their association agreement, it may be
extended upon negotiation of both parties. An application for the extension of the duration for association shall be handled according
to the procedures as provided for in Articles 7 and 8 of the present Measures.

Article 11

Where a Hong Kong or Macao law firm and a Mainland law firm form an association, they may use the name and logo for association upon
the negotiation of both parties and the approval of relevant organs.

The name and logo for the association shall comprise the names of the Hong Kong or Macao law firm and the Mainland law firm plus the
word “association”.

Article 12

Where a Hong Kong or Macao law firm and a Mainland law firm form an association, they may, in the name of association, accept the
entrustment of any party concerned or other law firms, and they may handle the legal affairs as approved in Hong Kong, or Macao,
or the Mainland, or any country other than China by way of cooperation.

Any lawyer of Hong Kong or Macao who participates in association may not handle Mainland legal affairs.

Article 13

Both parties under association shall avoid the conflict of interest between their respective clients, when they handle legal affairs
upon entrustment.

Article 14

Where a Hong Kong or Macao law firm and a Mainland law firm handle legal affairs in the name of association, they may charge clients
fees uniformly and distribute the income in light of their association agreement; or charge clients fees separately according to
the legal affairs handled by each as well, but the clients shall be informed in advance.

Article 15

Where a Hong Kong or Macao law firm and a Mainland law firm form an association, they may jointly carry out business promotion activities,
but shall disclose the following facts:

(1)

The association between both parties differs from the form of partnership or that of legal person;

(2)

The Hong Kong or Macao law firm under association and its lawyers shall not engage in Mainland legal services;

(3)

The name of lawyer who carries out the activities of business promotion shall give a clear demonstration of the name of the law firm
where he holds a position.

Article 16

Both parties of association and the lawyers who participate in the association shall, according to the relevant regulations of Hong
Kong, Macao and the Mainland, buy lawyers’ practice insurance in their respective name.

Article 17

During the period of association, if any losses are caused to a client because of offences or faults of either party, the compensations
shall, in light of their association agreement, be made by the faulty party solely or by both parties jointly.

Article 18

Where a Hong Kong or Macao law firm and a Mainland law operate in the form of association, they may share the same office and equipment
and the apportionment of relevant expenses shall be stipulated in their association agreement.

Article 19

Where a Hong Kong or Macao law firm and a Mainland law firm form an association, they may share administrative personnel and secretaries
and other supporting personnel. The apportionment of relevant expenses shall be stipulated in their association agreement.

Article 20

Where a Hong Kong or Macao law firm and a Mainland law firm operate in the form of association, each party shall keep separate accounting
system and accounting books.

Article 21

With regard to a Hong Kong or Macao law firm and a Mainland law firm that operate in the form of association, they shall terminate
the association if they are under any of the following circumstances:

(1)

At the expiration of the association period, both parties fail to file an application for an extension;

(2)

Both parties discontinue the association pursuant to the contractual stipulations;

(3)

Either party doesn’t exist any longer or is bankrupt; or

(4)

Other circumstances in which the association shall be terminated in jure.

The termination of association shall be subject to the cancellation formalities in the judicial administrative organ of the provincial
level.

Chapter IV. Supervision and Administration

Article 22

Where a Hong Kong or Macao law firm and a Mainland law firm operate in the form of association, before the date of March 31 of each
year, they shall jointly submit the report about the association of the previous year to the judicial administrative organ on the
provincial level where the Mainland law firm is located and accept examination. The failure to submit a report without justifiable
reason shall be regarded as automatic termination of association.

Article 23

With regard to a Hong Kong or Macao law firm and a Mainland law firm that operate in the form of association, if they are in violation
of any of the laws, regulations or rules of the Mainland or the provisions of the present Measures, they shall be given a warning
by the judicial administrative organ on the provincial level and shall be ordered to correct within a time limit; if they fail to
correct within a time limit, they shall be imposed on a fine of not more than 10, 000 Yuan; if there are illegal income, they shall
be imposed on a fine of not less than the same amount up to 3 times the amount of the illegal income, but which shall not exceed
30, 000 Yuan.

Article 24

Any of the functionaries of the judicial administrative organ in violation of any of the laws, regulations or rules in the administrative
activities shall be given an administrative punishment in accordance with the law. If any crime is constituted, the offenders shall
be subject to the criminal liabilities.

Chapter V. Supplementary Provisions

Article 25

The responsibility to interpret the present Measures shall remain with the Ministry of Justice.

Article 26

The present Measures shall come into force as of January 1st, 2004.

Ministry of Justice
2003-11-30

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Constitution

The basic law

Concluding and Transitional Provisions

IMPLEMENTING RULES OF THE REGULATIONS OF THE PEOPLE’S REPUBLIC OF CHINA ON INTERNATIONAL MARITIME TRANSPORTATION

CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE ON DOMESTIC INSTITUTIONS USING RENMINBI AS PRICING CURRENCY IN FOREIGN TRADES

SUPPLEMENTARY CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION CONCERNING THE PREFERENTIAL POLICY OF ENTERPRISE INCOME TAX FOR ENTERPRISES WITH FOREIGN INVESTMENT WITH ADDITIONAL INVESTMENT

REGULATIONS ON THE MANAGEMENT OF FOREIGN-FUNDED URBAN PLANNING SERVICE ENTERPRISES

INTERIM PROVISION ON THE ESTABLISHMENT OF FOREIGN HOLDING AND WHOLLY FOREIGN-OWNED TRAVEL AGENCIES

CIRCULAR ON THE RELEVANT ISSUES CONCERNING THE REFUND OF THE SECURITY DEPOSIT FOR REMITTED-BACK OVERSEAS INVESTMENT PROFITS

REGULATIONS ON CHINESE-FOREIGN COOPERATION IN RUNNING SCHOOLS

INTERIM MEASURES FOR THE ADMINISTRATION OF FOREIGN CURRENCY EXCHANGE AGENCIES

INTERIM PROVISIONS ON THE ACCESS OF OPERATIONAL QUALIFICATIONS FOR MOVIE PRODUCTION, DISTRIBUTION AND PROJECTION

THE MEASURES FOR THE MANAGEMENT OF ASSOCIATIONS FORMED BY LAW FIRMS OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION OR THE MACAO SPECIAL ADMINISTRATIVE REGION AND MAINLAND LAW FIRMS

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