CIRCULAR ON THE RELEVANT WORK OF ANNUAL JOINT EXAMINATION OF ENTERPRISES WITH FOREIGN INVESTMENT OF 2003

The Ministry of Foreign Trade and Economic Cooperation, the State Economic and Trade Commission, the Ministry of Finance, the General
Customs Administration, the State Administration of Taxation, the State Administration for Industry and Commerce, the State Administration
of Foreign Exchange

Circular on the Relevant Work of Annual Joint Examination of Enterprises with Foreign Investment of 2003

WaiJinMaoZiFa [2002] No.591

February 24, 2003

The commissions (departments, bureaus) of foreign trade and economic cooperation, economic and trade commissions (economic commissions),
departments (bureaus) of finance, state tax bureaus, local tax bureaus, administrations for industry and commerce, administrations
of foreign exchange of provinces, autonomous regions, municipalities directly under the Central Government and municipalities separately
listed on the State plan, Guangdong Sub-administration of Customs and the customs directly under the General Administration of Customs:

Through the efforts of recent years, the annual joint examination of enterprises with foreign investment has played an important role
in improving the soft environment for investment, alleviating the enterprises’ burden and strengthening the communication and coordination
between the government departments. For successful progress of the annual joint examination of enterprises with foreign investment
of the whole country in 2003, and to keep on implementing the spirits of the Circular on the Implementation Scheme on Annual Joint
Examination of Enterprises with Foreign Investment (WaiJinMaoZiFa [1998] No.938, hereinafter referred to as the Circular), the relevant
issues are hereby notified as follows:

The period from March 1 through May 31, 2003 is the work time of the annual joint examination of enterprises with foreign investment.
The localities shall organize the annual joint examination of enterprises with foreign investment strictly in accordance with the
requirements of the Circular, and the departments shall actively participate in the examination.

II.

The localities shall enhance the publicity of annual joint examination of enterprises with foreign investment, and strive to have
more enterprises participate in the examination. For those failing to declare for annual examination, failing to make faithful reports
in the annual examination or committing law-breaking or rule-breaking acts in production or business operations, the departments
of annual joint examination shall dealt with the punish the offenders pursuant to the laws and regulations.

III.

The localities shall promptly correct the acts not in line with the guidance of the Circular, prohibit those participating the examination
in other’s name, strengthen the direction for basic-level annual joint examination, inspect the progress of the examination work
and the implementation of the Circular, get to know and coordinate the settlement of the problems arising in the examination in a
timely manner, and guarantee the successful progress of the annual joint examination of their respective localities.

IV.

The departments of annual joint examination shall strengthen the communication and coordination between themselves. The departments
shall take the examination as an opportunity to change their administration methods, and shall stress the role of integrated coordination
and administration between the departments. The departments shall strengthen the coordination of the annual joint examination under
the leadership of the people’s governments at corresponding levels. The localities with necessary conditions shall have the departments
carry out the annual joint examination together, and the local finance shall give support. The departments shall exchange opinions
through joint work and conference, earnestly carry out the provisions of the Circular and improve the level of annual joint examination.

The localities shall strengthen the administration of intermediary agencies, regulate the acts of the intermediary agencies e.g. accounting
firms etc, formulate specific regulations on the services that need to be provided by intermediary agencies, and impose heavier punishment
on those intermediary agencies with rule-breaking operations. The problems of accounting firms and other intermediary agencies found
out during the annual examination shall be passed on to the departments in charge in a timely manner.

The Form of Foreign Exchange Payment in the Circular on Adjustment of the Form of Foreign Exchange Content in the Annual Examination
of Foreign Exchange of Enterprises with Foreign Investment (HuiFa [2002] No.124) jointly distributed by the State Administration
of Foreign Exchange and the Ministry of Finance shall still be filled in by registered public accountants.

VI.

The relevant departments of annual joint examination shall cooperate closely, sort out, nullify and revoke the enterprises that have
no capital, site and structure. The number of the enterprises that have been deprived of the approval certificate in the current
year and the accumulative number of such enterprises shall be counted, and the information about sorting out, nullification and revocation
shall be indicated in the summary of the annual joint examination.

VII.

According to the Circular, the departments of annual joint examination may not add new charges, except that the administrations for
industry and commerce may take the charges according to the original standards. The departments shall firmly sort out and stop those
that, in violation of the provisions, take charges from enterprises or do so in disguised forms by the chance of annual joint examination,
or conduct annual examinations over enterprises with foreign investment without approval of the State Council, thus increasing the
enterprises’ burden by taking arbitrary charges or imposing random examinations.

VIII.

In order to improve the efficiency of annual joint examination and alleviate the enterprises’ burden, pilot projects of on-line annual
joint examination of enterprises with foreign investment will be carried out in Anhui, Beijing, Shanghai and Shenzhen etc, and will
be spread to other regions of China with the necessary conditions.

IX.

The departments shall strengthen the training of the functionaries of annual joint examination, enhance their sense of service and
operation quality, to provide open, transparent and normative services to the enterprises. And annual joint examination consultation
and complaint agencies shall be set up to accept the inquiries and complaints filed by enterprises with foreign investment.

In order to guarantee the quality of the data gathered through the annual joint examination, the data of the localities shall go through
the preliminary joint review on a regional basis before being submitted, and the departments in charge of foreign trade and economic
cooperation of the localities shall make good preparations for the joint review.

XI.

The localities shall strengthen the statistics and analysis of the annual examination data, use the information and materials obtained
through the examination to analyze in depth the production and business operations and the general problems of enterprises with foreign
investment, and to carry out wide-range survey, study and communication.

This is hereby the notification.

The Ministry of Foreign Trade and Economic Cooperation, the State Economic and Trade Commission, the Ministry of Finance,
the General Customs Administration, the State Administration of Taxation, the State Administration for Industry and Commerce, the
State Administration of Foreign Exchange
2003-02-24

CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE ON SUBMITTING THE STATEMENTS UNDER THE MEASURES FOR ADMINISTRATION OF THE REPORTS ON TRANSACTIONS OF LARGE-SUM AND DOUBTFUL FOREIGN EXCHANGE CAPITAL OF FINANCIAL INSTITUTIONS

The State Administration of Foreign Exchange

Circular of the State Administration of Foreign Exchange on Submitting the Statements Under the Measures for Administration of the
Reports on Transactions of Large-Sum and Doubtful Foreign Exchange Capital of Financial Institutions

HuiFa [2003] No. 42

March 18, 2003

The branches of the State Administration of Foreign Exchange (“SAFE”) and departments of foreign exchange in all provinces, autonomous
regions, and municipalities directly under the Central Government, the branches in the cities of Shenzhen, Dalian, Qingdao, Xiamen,
and Ningbo of the SAFE, the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China, the Construction
Bank of China, the Bank of Communications of China, the State Development Bank, the Import and Export Bank of China, the Agricultural
Development Bank of China, the CITIC Industrial Bank, the Everbright Bank of China, Hua Xia Bank, Guangdong Development Bank, Shenzhen
Development Bank, the Merchants Bank, the Industrial Bank, Shanghai Pudong Development Bank, China Minsheng Bank:

With a view to ensuring the smooth implementation of Decree [2003] No. 3 of the People’s Bank of China, Measures for Administration
of the Reports on Transactions of Large-Sum and Doubtful Foreign Exchange Capital of Financial Institutions (hereinafter referred
to as the Administration Measures), the SAFE has according to the Principles for Submission of the Statements under the Administration
Measures (see Attachment 1) formulated four Statements required to be filled in by financial institutions for performing anti-money-laundry
functions (see Attachment 2) and provided for the indicators for the Statements, the codes of the reporting and identification standards
and the transmission of electronic Statements (see Attachment 3 through 5). Here is to notify you of the relevant requirements:

The financial institutions shall according to the provisions of the Administration Measures submit the transactions of large-sum and
doubtful foreign exchange capital by paper-based statements and electronic statements as of April 1.

II.

The SAFE shall according to the requirements of Attachment 1 through 4 to this Circular formulate the statements under the Administration
Measures into electronic template documents, and send them to its branches through the internal electronic information transmission
system. Upon receipt of the electronic template documents, the branches shall timely transfer this Circular (including its Attachment
) and the electronic template documents to Chinese and foreign-invested banks (including the head offices of Chinese-invested banks)
and urban commercial banks, urban credit cooperatives, rural credit cooperatives and rural commercial banks in their jurisdictions.

III.

The financial institutions shall in strict accordance with the provisions of the Administration Measures and this Circular fill in
the statements carefully, guarantee the quality of the data in the statements and timely and accurately submit the paper-based statements
and the electronic statements. In case of any business problems occurred in work, please do not hesitate to contact with the Administrative
and Examination Department of the SAFE; and in case of any technological problems, please do not hesitate to contact with the Information
Center of the SAFE. The contact telephones are:

Administrative and Examination Department Anti-Money-Laundry Control Office: Lu Zheng by 68402106

Information Center Network Engineering Office: Wei Kun by 68402022

Information Center Application Development Office: Zhu Yong by 68402026

Attachment:

1. Principles for Submission of the Statements under the Measures for Administration of the Reports on Transactions of Large-Sum and
Doubtful Foreign Exchange Capital of Financial Institutions

2. Statements under the Measures for Administration of the Reports on Transactions of Large-Sum and Doubtful Foreign Exchange Capital
of Financial Institutions (omitted)

3. Descriptions on the Indicators for the Statement under the Measures for Administration of the Reports on Transactions of Large-Sum
and Doubtful Foreign Exchange Capital of Financial Institutions.

4. Codes of the Reporting and Identification Standards under the Measures for Administration of the Reports on Transactions of Large-Sum
and Doubtful Foreign Exchange Capital of Financial Institutions

5. Descriptions on the transmission of electronic Statements

Attachment 1:Principles for Submission of the Statements under the Measures for Administration of the Reports on Transactions of Large-Sum and
Doubtful Foreign Exchange Capital of Financial Institutions

Submitting subjects:

The financial institutions and its branches and sub-branches, and the branches of the State Administration of Foreign Exchange (“SAFE”)
in all provinces, autonomous regions, and municipalities directly under the Central Government and its sub-branches in prefectures,
cities and counties where there are top-level corporate financial institutions are the submitting subjects.

The first-level branches and sub-branches in the capital cities of the provinces, autonomous regions, and municipalities directly
under the Central Government set up by the financial institutions are the principal submitting institutions, and in case no first-level
branches and sub-branches are set up in the capital cities of the provinces, autonomous regions, and municipalities directly under
the Central Government by the financial institutions, the headquarters of the financial institutions shall designate the principal
submitting institution.

The top-level corporate financial institutions set up in the prefectures, cities and counties shall perform their reporting functions
and obligations to the local branches, which shall be summarized by local branches before consolidated reporting to the branches
of the provinces, autonomous regions, and municipalities directly under the Central Government

II.

Submission procedures and time schedule:

The Administration Measures has provided for the principles territorial jurisdiction and double-way submission.

The branches and sub-branches of the financial institutions shall summarize the transactions of the large-sum and doubtful foreign
exchange capitals of the last month within the first five working days of each month, which should be submitted to the principal
submitting institutions by levels, and to the local branches and sub-branches of the SAFE at the same time.

Each principal submitting institutions shall summarize the transactions of the large-sum and doubtful foreign exchange capitals of
the last month in each province, autonomous region and municipalities directly under the Central Government within the first fifteen
working days of each month, which should be submitted to the branch of the corresponding province, autonomous region and municipalities
directly under the Central Government, and to the headquarters of each corresponding financial institutions.

The headquarters of each financial institution shall within the first five working days of each month submit the transactions of the
large-sum and doubtful foreign exchange capital incurred to itself of the last month to the local branches or sub-branches and shall
summarize all the transactions of the large-sum and doubtful foreign exchange capitals incurred in its whole jurisdiction of the
last month before submitting to the SAFE within the first working 20 days of each month.

The financial institutions shall verify and analyze the transactions of the large-sum and doubtful foreign exchange capital and in
case of finding any suspected crimes, reports thereof should be made to the local public security organ within three days and to
the local branches or sub-branches of the SAFE.

The branches of the SAFE in the provinces, autonomous regions, and municipalities directly under the Central Government shall within
the first 20 days of each month submit the summaries of the transactions of the large-sum and doubtful foreign exchange capital reported
by the financial institutions to the SAFE; and any transactions of foreign exchange capital involved in suspected crimes should be
transferred to the local public securities and submitted to the SAFE at the same time.

III.

Means of submission:

In case of the acts relating to the transactions of the large-sum and doubtful foreign exchange capital provided for in Article 8
through 10 in the Administration Measures, the financial institutions shall fill in and submit Statement 1, Statement 2 and Statement
3 each month respectively in the forms of paper-based documents and electronic files.

In case of any suspected money laundry found in verifying the transactions of foreign exchange capital as provided for by Articles
12 through 3 in the Administration Measures, the financial institutions shall timely fill in and submit the paper-based Statement
4 together with the relevant Attachment attached. Attachment 3:Descriptions on the Indicators for the Statement under the Measures for Administration of the Reports on Transactions of Large-Sum
and Doubtful Foreign Exchange Capital of Financial Institutions

“Summarizing and submitting unit”, “submitting unit” and “code of submitting unit”

“Summarizing and submitting unit” and “submitting unit” should be filled in with the full name (as per the specimen seal impression)
of the financial institutions and their branches and sub-branches undertaking the foreign exchange business (hereinafter referred
to as the financial institutions), and the summarizing and submitting units refer to the financial institutions that summarize the
data information of their branches and sub-branches and directly make reports to the SAFE. The code of the submitting unit shall
be filled in as per the identity code (12 digits) of the financial institutions in the submission of the international payments.
The financial institutions without identity codes shall submit the data to the superior branches for filling and submission. The
basic units of the financial institutions that summarize, fill in and submit the transactions of large-sum and doubtful foreign exchange
capital are the sub-branches in prefectures, cities and counties.

II.

Enterprise

Enterprises refer to enterprise and institutional units (including foreign-invested enterprises), state organs, social communities,
military units, and other domestic institutions in the territory of the PRC, foreign units assigned to China, as well as institutions
outside China with occurrence of conversion of foreign exchanges or payments of foreign exchanges with the offshore accounts in the
territory of the PRC or with occurrence of conversion of foreign exchanges or payments of foreign exchanges with the onshore accounts
in the territory of the PRC.

III.

Name of enterprise

To be filled in as per the full name registered by the enterprises with the administration of commerce and industry and other administrative
authorities in country where it is located, or as per the name indicated on the valid certificates that includes its accurate, complete
ad standard name or on the approval document and certification of the competent authorities. Institutions outside China shall fill
in the standard full name in Chinese and English at the same time in the format of “name in Chinese (and name in English)”.

IV.

Enterprise code

To be fill in as per the 9-digit organizational and institutional code (GB code) promulgated by the National Administrative Center
of Organizational and Institutional Codes of China State General Administration of Quality Supervision, Inspection and Quarantine
(AQSIQ), whereby the English letter should be in capital, and with the short line of “�” deleted, for instance, the original code
of “25186820�X” would be written as “25186820X”.

Date of occurrence of transactions

In the format of “yyyy/mm/dd”, among which “yyyy’ refer to year, “mm” refers to month, and “dd” refers to day, and in case the month
or the day is less than two digits, 0 would be added before the actual number of the month or the day. For instance, January 1, 2003
would filled in as “2003/01/01”.

VI.

Code of reporting or identification standards

There are 60 items corresponding to the reporting standards of the transactions of the large-sum foreign exchange capital and the
reporting and identification standards of the transactions of the doubtful foreign exchange capital under the Administration Measures,
which are provided for fixed 4-digit codes accordingly (see Attachment 4), and the financial institutions shall fill in the fixed
codes according to the content of the actual transactions.

VII.

Code of transactions

To be filled in as per the transaction codes of the monitoring system of international payments statistics.

VIII.

Payments of capital

Incomes of foreign exchange capital would be filled in as “1”, and payment thereof should be filled in as “0”.

IX.

Bank account

The A/C number opened at banks by the enterprises according to law, including the number of offshore accounts.

Transaction currencies and transaction volume

The transaction currencies should be filled in as the code of such currencies based on national standards (Abbreviation in English
as 3-digit capital letters) , and the transaction volume should be filled in the corresponding forms in the original currency and
conversion of USD. The conversion ratio shall adopt that of the month of filling and submission of the statement.

XI.

Transaction direction

Cross-border flow of the foreign exchange capital should be filled in with the national or regional code where the counterpart is
located (Abbreviation in English as 3-digit capital letters) based on national standards; and domestic transaction of capital requires
for filling in the code of the special economic zones, and the codes of special economic zones are as follows: general trade zone
(Z00), bonded zone (Z01), processing zone (Z020), and diamond exchanges (Z03).

XII.

Name and individual name

For residents, full name should be filled in as per the ID cards; and for non-residents, full name of the individual should be filled
in as per the passports.

XIII.

Nationality

According to the national standards, filled in with the national (regional) codes (Abbreviation in English as 3-digit capital letters).

XIV.

ID number

To be filled in with the ID card number of residents, number of the certificate of military officers, number of children on the household
register and the number of the passports of non-residents.

XV.

Number of bankcards or the number of saving account of foreign currency

When holding bank cards, to be filled in with the bank cards; when having the saving account of foreign currency, to be filled in
with the number of the saving account of foreign currency; when having both the bank cards, both numbers should be filled in with
the number of bank cards before and separated with “m the number of the saving accounts of foreign currency.

XVI.

Responsible person, undertakers and contact telephone

The responsible person should be filled in with the personnel in charge of the anti-money laundry department of the filling and submitting
units; the undertaker should be filled in with the person filling in and submitting the forms; and the contact telephone number refers
to that of the undertaker.

XVII.

Seal

For the “filling and submitting unit (seal)” in Statements 1 through 4, it refers to the seal of the anti-money laundry department
of the filling and submitting units). The “transferring unit (seal)” and the “receiving unit (seal)” in Statement 4 refer to the
seal of the anti-money laundry departments of the transferring unit and the receiving unit.

XVIII.

Legal representative and address

The legal representative refers to the full name of the legal representative registered with the administrative department of commerce
and industry and the address refers to that registered with the administrative department of commerce and industry.

XIX.

Contact person and contact telephone.

For the “contact person” in Statement 4, the full name of the relevant persons of the unit involved in the suspected circumstance
or the full name of the individual involved in the suspected circumstances may be filled in, and for the contact telephone, the telephone
of that person or that individual shall be filled in.

XX.

Transferring person. Receiving person and contact telephone

For the transferring person, the full name of the person of the administrative department of foreign exchange or the financial institution
who transfers the relevant materials to the public security department shall be filled in, for the receiving person, the full name
of the person of the public security department who receives the relevant materials to the administrative department of foreign exchange
or the financial institution shall be filled in, and for the contact person, the telephone of that transferring person or receiving
person shall be filled in.

XXI.

Total

Each statement shall summarize the sums of the “codes of the reporting standard or the identifying standards” and at the same time,
the amount of the “transaction volume (conversion into USD)” shall be summarized.

XXII.

Remarks

Other circumstance to be supplemented and described.

Attachment 4:Codes of the Reporting and Identification Standards under the Measures for Administration of the Reports on Transactions of Large-Sum
and Doubtful Foreign Exchange Capital of Financial Institutions

Item 1 of Article 8 0801, Item 2 of Article 8 (0802);

Item 1 of Article 9 0901, Item 2 of Article 9 0902;

Item 3 of Article 9 0903, Item 4 of Article 9 0904;

Item 5 of Article 9 0905, Item 6 of Article 9 0906;

Item 7 of Article 9 0907, Item 8 of Article 9 0908;

Item 9 of Article 9 0909, Item 10 of Article 9 0910;

Item 11 of Article 9 0911, Item 1 of Article 10 1001;

Item 2 of Article 10 1002, Item 3 of Article 10 1003;

Item 4 of Article 10 1004, Item 5 of Article 10 1005;

Item 6 of Article 10 1006, Item 7 of Article 10 1007;

Item 8 of Article 10 1008, Item 9 of Article 10 1009;

Item 10 of Article 10 1010, Item 11 of Article 10 1011;

Item 12 of Article 10 1012, Item 13 of Article 10 1013;

Item 14 of Article 10 1014, Item 15 of Article 10 1015;

Item 16 of Article 10 1016, Item 17 of Article 10 1017;

Item 18 of Article 10 1018, Item 19 of Article 10 1019;

Item 20 of Article 10 1020, Item 21 of Article 10 1021;

Item 2 of Article 12 1202, Item 3 of Article 12 1203;

Item 1 of Article 13 1301, Item 2 of Article 13 1302;

Item 3 of Article 13 1303, Item 4 of Article 13 1304;

Item 5 of Article 13 1305, Item 6 of Article 13 1306;

Item 7 of Article 13 1307, Item 8 of Article 13 1308;

Item 9 of Article 13 1309, Item 10 of Article 13 1310;

Item 11 of Article 13 1311, Item 12 of Article 13 1312;

Item 13 of Article 13 1313, Item 14 of Article 13 1314;

Item 15 of Article 13 1315, Item 16 of Article 13 1316;

Item 17 of Article 13 1317, Item 18 of Article 13 1318;

Item 19 of Article 13 1319, Item 20 of Article 13 1320;

Item 21 of Article 13 1321, Item 22 of Article 13 1322;

Item 23 of Article 13 1323, Item 24 of Article 13 1324.

Attachment 5:Descriptions on the Transmission of Electronic Statements

According to the requirements for submission of the electronic statements provided for by the Administration Measures, the submission
channels and file names and formats of the electronic statements have been standardized as follows:

Channels of transmission

From commercial banks to the SAFE

After the electronic statements of the branches and sub-branches of the commercial banks have been submitted to the principal submitting
institutions by level, the principal submitting institutions shall consolidate and submit then to the local branches of the SAFE,
and to the head offices of the corresponding commercial banks before the head offices of the commercial bank submit them to the SAFE.
The head offices of commercial banks located in Beijing Municipality shall submit the electronic statements to Beijing Foreign Exchange
Administrative Department of the SAFE, which shall then submit them to the SAFE; and the head offices of commercial bank that are
not located in Beijing Municipality shall submit the electronic statements to the local braches of the SAFE, and the relevant branches
shall then submit them to the SAFE.

It is suggested that the commercial banks adopt the TXPT V310 (Communication platform software version V310) for submitting the electronic
statements to the SAFE, and TXPT has designated the following configuration methods for this application:

The application type (apptype) of this application has been designated as “FQ10” , and the sub-application type (sub_apptype) has
been designated as “00”, and the mode for opening the files has adopted the binary system (1).

The commercial banks may copy a new file from the transmission configuration file of the monitoring system of the international payments
statistics, correspondingly adjust the application type and sub-application types of the new file and designate the “remote path”
as “/fxq/”, thus forming the transmission configuration file of this application, which may be adopted for transmitting the relevant
electronic statements.

The branches of the SAFE adopt the file server in the firewall DMZ zone for receiving the files, with the receiving directory designated
as /fxq, and the power limits of the directory is Sybase. Thus, the branches shall add the directory of the corresponding power limits
to the file serve and add a line (with the content of “FQ1000###Sybase”) in the file of “/txpt/config/svcfile.sys”. The business
personnel of the branches of the SAFE may by use of the TXPT receive the files transmitted to the file services by commercial bank
in the computer for further processing. The “application type”, “sub-application type” and mode for filing opening in the TXPT receiving
configuration of the PC should be adjusted the same way.

From branches of the SAFE to the SAFE

The internal electronic information exchanges of the SAFE shall adopt the internal electronic information transmission system of the
SAFE. The SAFE has designated as special email at fxq@inspect.safe for receipt of the electronic statements of such applications,
to which the branches may send the electronic statements.

II.

File names and formats

The file name of the application electronic statements consists of 24 digits, among which digits 1 through 6 refer to local codes,
digits 7 through 10 refer to bank codes, digits 11 through refer to bank sequence, digits 13 through 18 refer to codes of date in
the form of “yy (year)mm(month)dd(day)”, digits 19 through 20 refer to bill codes, and digits 21 through 24 refer to the bill sequence.

The local codes of digits 1 through 6 and the bank code of digits 7 through 10 adopt the codes allocated in the monitoring system
of international payments statistics.

The corresponding relations of bill codes are as follows:

01� � monthly statements of the transactions of large-sum foreign exchange capital of enterprises;

02� � monthly statements of the transactions of large-sum foreign exchange capital of individual residents and non-residents;

03�� monthly statements of the transactions of doubtful foreign exchange capital; and

Other codes should be determined by the branches and sub-branches of the SAFE at their own discretion.

The State Administration of Foreign Exchange
2003-03-18

ANNOUNCEMENT OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE

The State Administration of Foreign Exchange

Announcement of the State Administration of Foreign Exchange

[2003] No.1

April 15, 2003

According to the Decisions of the State Council on Canceling the First Batch of Administration Examination and Approval Projects (GuoFa
[2002] No.24) and the Decisions of the State Council on Canceling the Second Batch of Administration Examination and Approval Projects
and Altering the Administrative Methods for Some Administration Examination and Approval Projects (GuoFa [2003] No.5), the State
Administration of Foreign Exchange has cancelled 26 items to be administratively approved. The relative issues after these items
are cancelled for administrative approvals are hereby announced as follows:

The “examination and approval of opening, altering and canceling accounts for foreign exchange loans in China” is canceled

The administration on the specific domestic accounts for foreign exchange loans shall be in accordance with Article 4 of the Circular
of the State Administration of Foreign Exchange on Reforming the Methods of Administration of Foreign Exchange in Domestic Foreign
Exchange Loans (HuiFa [2002] No.125) promulgated by the State Administration of Foreign Exchange on December 6, 2002.

II.

The “examination and approval of opening, altering and canceling accounts for B-share guarantee funds (hereinafter referred to as
“B-share transaction settlement fund account”) that opened at foreign-invested banks in China by securities companies” is canceled

When securities companies open or alter B-share transaction settlement fund accounts, Article 3 of Circular of the State Administration
of Foreign Exchange on the Transitional Policy and Measures after Canceling Administrative Examination and Approval of Foreign Exchange
Administration of Some Capital Projects (HuiFa [2003] No.50) promulgated by the State Administration of Foreign Exchange on April
1, 2003 shall be implemented.

III.

Four items including “examination and approval of the conditions of Chinese organizations for long-and-medium-term loans in China”,
“examination and approval of the financial conditions of Chinese organizations for financing and leasing in China”, “examination
and approval of the time selection and financing conditions for issuing debts abroad” and “examination and approval of the financial
conditions for project financing ” are canceled

If Chinese organizations (including designated banks of foreign exchange) borrow long-and-medium-term loans, issue long-and-medium-term
foreign currency bonds or perform financial leasing and financing, the provisions in Article 1 of the Circular of the State Administration
of Foreign Exchange on the Transitional Policy and Measures after Canceling Administrative Examination and Approval of Foreign Exchange
Administration of Some Capital Projects (HuiFa [2003] No.50) promulgated by the State Administration of Foreign Exchange on April
1, 2003 shall be implemented.

IV.

The “examination and approval of large-amount financing for overseas branches of Sino-capital financial organizations” is canceled

When the overseas branches of Sino-capital financial organization in China raise large amount of funds, the provisions in Article
2 of the Circular of the State Administration of Foreign Exchange on the Transitional Policy and Measures after Canceling Administrative
Examination and Approval of Foreign Exchange Administration of Some Capital Projects (HuiFa [2003] No.50) promulgated by the State
Administration of Foreign Exchange on April 1, 2003 shall be implemented.

The “audit of the foreign exchange risks in overseas investments by domestic organizations” is canceled

According to the provisions in Article 4 of the Circular of the State Administration of Foreign Exchange on the Transitional Policy
and Measures after Canceling Administrative Examination and Approval of Foreign Exchange Administration of Some Capital Projects
(HuiFa [2003] No.50) promulgated by the State Administration of Foreign Exchange on April 1, 2003, the overseas investment risks
of domestic organizations shall not be audited and approved by the administrations of foreign exchange, and the auditing procedures
on the fund resources of overseas investments will be further simplified. For specific procedures, refer to the Circular of the
State Administration of Foreign Exchange on Simplifying the Examination of Foreign Exchange Capital Source of Investment Abroad (HuiFa
[2003] No.43).

VI.

The “examination and approval of guarantee funds for transferring back the profits of overseas investments” is canceled

According to the provisions in the Circular of the State Administration of Foreign Exchange on Guarantee Funds for transferring back
the profits of overseas investments (HuiFa [2002] No.110) promulgated by the State Administration of Foreign Exchange on November
12, 2002, the State Administration of Foreign Exchange will not collect the guarantee funds for transferring back the profits of
overseas investments.

VII.

The “examination and approval of prepayment or incidental charges under boarder trades” is canceled

The prepayment or incidental charges under boarder trades shall be in accordance with the provisions in Article 1 of the Circular
of the State Administration of Foreign Exchange on Canceling Administrative Examination and Approval on the Foreign Exchange in Current
Accounts (HuiFa [2002] No.53) promulgated by the State Administration of Foreign Exchange on April 1, 2003.

VIII.

The “examination and approval of the current account foreign exchange brought or remitted into China by individuals, which one-time
payment of foreign currency or changing for Renminbi equivalent of no less than $50,000” is canceled

If individuals need to draw foreign currencies or change them for Renminbi, the provisions in Article 2 of the Circular of the State
Administration of Foreign Exchange on Canceling Administrative Examination and Approval on the Foreign Exchange in Current Accounts
(HuiFa [2002] No.53) promulgated by the State Administration of Foreign Exchange on April 1, 2003 shall be implemented.

IX.

The “examination and approval of foreign exchange used for tax-free commodities and selling the tax-free commodities bought by tax-free
stores in RMB due to damages or overstock” is canceled

If the headquarter of the stores selling tax-free commodities in foreign exchange, or sell the commodities in RMB due to damages or
overstock, which will be paid abroad, the provisions in Article 3 of the Circular of the State Administration of Foreign Exchange
on Canceling Administrative Examination and Approval on the Foreign Exchange in Current Accounts (HuiFa [2002] No.53) promulgated
by the State Administration of Foreign Exchange on April 1, 2003 shall be implemented.

The “verification of foreign exchange payments for the equipments under foreign-invested projects and foreign-funded equipments and
articles” is canceled

According to the Circular of the State Administration of Foreign Exchange and the General Administration of Customs Concerning Sales/Purchases
of Foreign Exchange and Verification by Presenting Custom Declaration Certificates for Imported Goods (HuiFa [2003] No.15), the designated
banks of foreign exchange or administrations of foreign exchange shall verify the declarations of the import which goods were imported
after May 1, 2002 as the “trades that may sell/purchase foreign exchange”. After the authentications of the declarations are verified
and put records in the Import Declaration Networking Verification System or are disposed for closing the cases, the sales/purchases
of foreign exchange and the verification can be performed according to the Administrative Provisions on Settlement, Sale and Purchase
of Foreign Exchange, the Interim Measures of Supervising the Verifications on Import Payments in Foreign Exchange and other related
provisions.

XI.

Three items including “verification and filing of letters of credit of over 90 days under import items”, “verification and filing
of collections of over 90 days under import items” and “verification and filing of arrivals of over 90 days under import items (excluding
prepayment over proportion or over amount) are canceled

If importers settle the payments in foreign exchange in a mode of “letter of credit of over 90 days, collection of over 90 days and
arrival of over 90 days (excluding prepayment over proportion or over amount), it may directly go to the designated banks of foreign
exchange for payments in foreign exchange according to the Circular of Further Regulating the Administrative Policies on Import and
Export Verification (HuiFa [2002] No.65) promulgated by the State Administration of Foreign Exchange on July 10, 2002, and the designated
banks of foreign exchange shall perform verifications according to the administrative provisions on sales/purchases in foreign exchange.

XII.

The “verification of opening, using and altering of foreign exchange accounts by insurance companies” is canceled

The insurance companies with approval for trading foreign exchange may, according to the Circular of the State Administration of Foreign
Exchange and China Insurance Supervision and Administration Committee on Promulgation and Implementation of the Interim Provisions
on Administration on Foreign Exchange for Insurance Operations (HuiFa [2002] No.95) promulgated by the State Administration of Foreign
Exchange and China Insurance Supervision and Administration Committee, open foreign exchange accounts, and shall report it to the
local administrations of foreign exchange for record within 10 working days after opening such accounts.

XIII.

The “audit of the counterfoils of verification forms provided by the exporters within 60 days after custom declaration” is canceled

Exporters shall, according to the Circular of Pilots for Networking Verification System for Export Proceeds Using Electronic Law Execution
at Ports (HuiFa [2001] No.7) promulgated by the State Administration of Foreign Exchange and General Administration of Customs on
January 22, 2001, submit the verification forms used for custom declaration to the local administrations of foreign exchange via
the “China Port Electronic System for Export Proceeds in Foreign Exchange”.

XIV.

The “verification of re-remittance (to the original remitter by individuals residing in China) of foreign exchange deposits remitted
from abroad” is canceled

If individuals re-remit the foreign exchange deposits to the remitters who remit the foreign exchange to the individuals, provisions
in Article 4 of the Circular of the State Administration of Foreign Exchange on Canceling Administrative Examination and Approval
on the Foreign Exchange in Current Accounts (HuiFa [2002] No.53) promulgated by the State Administration of Foreign Exchange on April
1, 2003 shall be implemented. And, the Official Reply Concerning Remittance Abroad of Foreign Exchange Deposits of Individuals residing
in China and Alteration of Account Names of Foreign Exchange Accounts (HuiFu [2000] No.291) shall be repealed at the same time.

XV.

The “verification of transfers of foreign exchange within China by insurance companies and their branches” is canceled

For the capital transactions between insurance companies and its branches and between their foreign exchange accounts within the same
insurance companies, according to the provisions in the Circular of the State Administration of Foreign Exchange and China Insurance
Supervision and Administration Committee on Promulgation and Implementation of the Interim Provisions on Administration on Foreign
Exchange for Insurance Operations (HuiFa [2002] No.95) promulgated by the State Administration of Foreign Exchange and China Insurance
Supervision and Administration Committee, such transfers may be made within the banks of deposits provided that such transfers shall
be in accordance with the payment/proceed scope of the accounts.

XVI.

The “verification on the debtors repaying domestic foreign exchange loans to local banks using their own foreign exchange” is canceled

If debtors repay domestic foreign exchange loans to local banks using their own foreign exchange, the provisions in Article 4 of
the Circular of the State Administration of Foreign Exchange on Reforming the Methods of Administration of Foreign Exchange in Domestic
Foreign Exchange Loans (HuiFa [2002] No.125) promulgated by the State Administration of Foreign Exchange on December 6, 2002 shall
be implemented.

XVII.

The “verification of capital settlements of enterprises with foreign investment” is canceled

The verifications on capital settlements of enterprises with foreign investment shall be in accordance with the Circular of Reforming
the Administrative Method of Capital Settlement under Foreign-Investment Items (HuiFa [2002] No.59) promulgated by the State Administration
of Foreign Exchange on June 17, 2002 and the Circular of the State Administration of Foreign Exchange on Improving the Administration
of Foreign Exchange in Foreign Direct Investments (HuiFa [2003] No.30).

XVIII.

The “registration and verification of the domestic debtors for foreign exchange loans” is canceled

The Sino-capital financial organizations shall, when granting foreign exchange loans within China, implement the provisions of the
Circular of the State Administration of Foreign Exchange on Reforming the Methods of Administration of Foreign Exchange in Domestic
Foreign Exchange Loans (HuiFa [2002] No.125) promulgated by the State Administration of Foreign Exchange on December 6, 2002.

XIX.

The “verification of annual audits on the foreign exchange proceeds/payments of ocean fishing operations of ocean fisheries” is canceled

According to the Circular of the State Administration of Foreign Exchange on Canceling Administrative Examination and Approval on
the Foreign Exchange in Current Accounts (HuiFa [2002] No.53) promulgated by the State Administration of Foreign Exchange on April
1, 2003, the following provisions in the Interim Provisions on the Foreign Exchange Proceeds/Payments of Ocean Fishing Operations
of Ocean Fisheries (HuiFa [2001] No. 49) promulgated by the State Administration of Foreign Exchange and the Ministry of Agriculture
shall be repealed, including: Article 16 – “The administration of foreign exchange shall implement a system of annual audits on
the foreign exchange proceeds/payments of ocean fishing operations of ocean fisheries; Article 17 – “All branches of the administrations
of foreign exchange shall report the annual audit results as well as the information on sales/purchases of all local ocean fisheries
to the State Administration of Foreign Exchange before May 30 each year and make copies for local fishery administrations”; Article
18 – “The State Administration of Foreign Exchange shall inform the Ministry of Agriculture of the national annual audit results
as well as the utilization of foreign exchange by the ocean fisheries after the annual audits, and the Ministry of Agriculture shall
publicize the annual audit results to all the ocean fishery enterprises to establish a inter-supervision and impeachment among the
enterprises”.

XX.

The “verification of the over costs paid in foreign exchange out from the accounts of travel agencies for entry tours ” is canceled

According to the Circular Concerning Further Regulating the Administrative Policy on the Foreign Exchange Accounts under Current Accounts
(HuiFa [2002] No. 87) promulgated by the State Administration of Foreign Exchange on September 9, 2002, the account of a travel agency
for entry tours and for abroad tours shall be merged into one current account foreign exchange account. The travel agency may expend
directly from the this current account foreign exchange account without need to apply to local administration of foreign exchange
for approval.

XXI.

The “verification and approval of the administration of foreign exchange on the purchase of foreign exchange and by domestic foreign
exchange debtor and repaying loans at other locations” is canceled

If the debtors repay foreign exchange loans within China, the provisions in Article 5 of the Circular of the State Administration
of Foreign Exchange on Reforming the Methods of Administration of Foreign Exchange in Domestic Foreign Exchange Loans (HuiFa [2002]
No.125) promulgated by the State Administration of Foreign Exchange on December 6, 2002 shall be implemented.

The specific procedures for the corresponding items after they are canceled for verification and approval have been specified in the
laws and regulations promulgated by the State Administration of Foreign Exchange, which can be referred via the governmental website
of the State Administration of Foreign Exchange or from the Announcements of the State Administration of Foreign Exchange.

The State Administration of Foreign Exchange
2003-04-15

MEASURES OF FINANCIAL LICENSE CONTROL

China Banking Regulatory Commission

Decree of China Banking Regulatory Commission

No. 2

The Measures of Financial License Control was approved by the first chairmen meeting of China Banking Regulatory Commission on May
26, 2003, promulgated herein and shall enter into force as of July 1, 2003.

Chairman of the China Banking Regulatory Commission Liu Mingkang

May 31, 2003

Measures of Financial License Control

Article 1

These measures are formulated in accordance with relevant provisions and laws such as the Commercial Bank Law of the People’s Republic
of China and the Regulations of the People’s Republic of China Governing Financial Institutions with Foreign Capital for the purpose
of strengthening the admittance management of the financial institutions and pushing forward financial institution’s legal operations.

Article 2

Financial License refers to the legal papers issued by China Banking Regulatory Commission (hereafter referred to as CBRC) to allow
financial institutions to deal with financial operations.

The issuing, changing, detaining, withdrawing shall be conducted by CBRC according to relevant laws and provisions, any other units
and individuals shall not exert any activities mentioned herein.

Article 3

Financial license only applies to those institutions whose financial operations have been approved and those under the supervision
of CBRC.

Financial institutions herein refers policy banks, commercial banks, finance capital management corporations, Credit Cooperatives,
Post services, trust funds investment companies, finance companies of corporation group, monetary leasing companies, financial institutions
of foreign investment and so on.

Article 4

When considering the financial license, CBRC adheres to such management principals as delegating the right at different level, moderately
separate the right for institution examination with right for issuing the license.

(I)

CBRC shall be responsible for the issuing and management of the financial license of those financial entity institutions under the
direct supervision of CBRC (policy banks, state solely ?C owned commercial banks, joint ?C stock commercial banks, financial capital
management corporation, trust fund investment companies, finance companies of corporation group, monetary leasing companies and so
on); CBRC shall be responsible for the issuing and management of the financial license of foreign capital financial institutions
as foreign banks and their branches, joint ?C venture banks and their branches, branches of foreign banks, foreign finance companies,
and joint ?C venture finance companies and so on.

(II)

CBRC bureaus at the provincial ( autonomous region, municipality directly under the Central Government) level and bureaus directly
under CBRC shall be responsible for the issuing and management of the financial license of the following financial institutions:
1, policy-related banks, state solely-owned commercial bank (including branches out side the territory) within the territory; 2,
branches of financial capital management companies (offices); 3, city commercial bank entity institutions and their branches; 4,
institutions below the level of foreign capital bank’s branches (branches exclusive); 5, other financial institutions and their branches
other than such financial institutions under direct supervision of CBRC as trust fund investment companies, finance companies of
corporation group, monetary leasing companies; 6, city credit cooperatives, rural credit cooperatives (provincial level and county
level), entity institutions for rural commercial banks ;7, outlets of the financial institutions in one area..

(III)

CBRC bureaus at county level shall be responsible for the issuing and management of other financial institutions rather than those
mentioned herein.

Article 5

Financial institutions shall, within 60 days from the date of receiving a certificate of approval form CBRC, come to CBRC and its
representative offices to obtain or change a financial license with the following documents:

(I)

a certificate of approval form CBRC or its representative offices;

(II)

financial institution’s recommendation letter;

(III)

legal and effective identity certificate of the person who obtains the license;

(IV)

other documents required by CBRC and or its representative offices.

Article 6

CBRC or its representative offices shall, within 5 working days from the date of receiving the effective documents, issue the license.

Article 7

The financial license shall state clearly the following issues:

(I)

code of the institution (see the attachment)

(II)

name of the institution (rural credit cooperatives shall indicate their entity institutions or branch institutions by bracket )

(III)

law and regulations in accordance with;

(IV)

date for approving the establishment of the institution;

(V)

location for operation;

(VI)

date for issuing the license;

(VII)

seal of the CBRC or its representative offices.

Article 8

In any of the following circumstances, financial institutions shall submit the CBRC or its representative offices application for
changing financial license:

(I)

change of the name of the institution;

(II)

change of the operation location (limited to change of the liquidation code);

(III)

dilapidation of the license;

(IV)

loss of the license;

(V)

circumstances where CBRC or its representative offices require the change of the license.

The applicant shall hand over the license in case of change of institution’s name or change of the operation location to CBRC or its
representative offices and apply for a new license with the documents as indicated in Article 5 of these measures.

In case of dilapidation, the applicant shall hand over the license when applying for a new license.

In case of loss, financial institutions shall declare the invalidation of the lost license in newspaper designated by CBRC or its
representative offices, and apply for new license.

Article 9

In principal, the license code for financial institutions shall be the same unless in such circumstances as change of the name of
the institution, change of the operation location (limited to liquidation code), or withdrawal of the license.

In the case of loss or dilapidation, the original code shall continue to be effective when applying for changing the license.

In the case of withdrawal, the code for the institution shall be invalidated as of the same date.

Article 10

In case of issuing and changing of the license, financial institutions shall declare the validation of the new license in newspaper
designated by CBRC or its representative offices, and apply for new license.

In case of withdrawal and cancellation, financial institutions shall declare the invalidation of the lost license in newspaper designated
by CBRC or its representative offices, and apply for new license.

Article 11

The declaration shall contain the following information: name of the institution, operation location, code of the financial institution,
postal code, and telephone number.

Article 12

The financial license shall be put in an obvious place of the financial institutions. Financial institutions shall introduce its operations
and persons in charge in an obvious place by appropriate means.

Article 13

Any units and individual shall not forge and change the financial license. Financial institutions shall not rent, lend or transfer
financial licenses.

Article 14

CBRC and its representative offices shall strengthen the information management of the financial license, establish institution management
document systems, and publicize information related to financial license according to relevant laws and regulations.

Article 15

CBRC shall charge the applicants examination and registration fees when applicants receive the license and change the license.

Article 16

In case of any of the following circumstances, CBRC shall serve a warning, and require correcting within time limit. In case of failure
to correct within the time limit, CBRC may fine an amount less than 30,000 RMB; but CBRC may also deprive the persons in charge where
serious offenses are committed:

(I)

fail to comply with the regulations of getting a license

(II)

mangle the financial license;

(III)

lose the financial license and fail to report to CBRC

(IV)

fail to show the license in the operation location;

(V)

forgery, change, leasing, lending, transferring of the license.

Article 17

Any renting, lending, transferring of financial license shall be penalized under the relevant provisions of the Commercial Bank Law
of the People’s Republic of China.

Article 18

Any forgery, changes to the financial license of the commercial banks will be punished according to the Commercial Bank Law of the
People’s Republic of China.

Article 19

The financial license shall be printed and managed by CBRC. CBRC shall print the financial license according to the financial license
coding system. The license will be in effect when with the seal of CBRC or its representative offices.

Financial license shall be specially kept as important warrant. The issuing, printing, keeping of the license as different functions
shall be separated from each other, and the three functions can counterbalance with each other. And registration systems for issuing,
printing, withdrawing and canceling of the license shall be established at the same time.

The used license during the issuing process shall be marked as “useless” and filed as important blank warrant to be destroyed regularly,

Article 20

The measures shall enter into force as of July 1, 2003. In case of discrepancy, the Measures of Financial License Control shall prevail.

Attachment:

Financial Institution License Coding System (omitted)

China Banking Regulatory Commission
2003-05-31

REGULATIONS OF THE PEOPLE’S REPUBLIC OF CHINA ON FISHING VESSEL INSPECTION

The State Council

Decree of the State Council of the People’s Republic of China

No.383

The Regulations of the People’s Republic of China on Fishing Vessel Inspection, which were adopted at the 11th executive meeting of
the State Council on June 11, 2003, are hereby promulgated and shall come into force on August 1, 2003.

Wen Jiabao, Premier of the State Council

June 27, 2003

Regulations of the People’s Republic of China on Fishing Vessel Inspection

Chapter I General Provisions

Article 1

In order to regulate the inspection of fishing vessels, to guarantee that the fishing vessels have the conditions for safe voyage
and operation, to safeguard the safety of the fishing vessels and the life and properties of the fishermen, and to prevent environmental
pollution, the Regulations are formulated in accordance with the Fishing Law of the People’s Republic of China.

Article 2

The Regulations shall apply to the inspection of the fishing vessels that are registered and are to be registered in the People’s
Republic of China (hereinafter referred to as fishing vessels). Accessory fishing vessels engaging in international shipping shall
be exempted.

Article 3

The administrative department of fishing under the State Council shall be in charge of the inspection of fishing vessels, as well
as the supervision and administration thereof, of the whole nation.

The Bureau of Fishing Vessel Inspection of the People’s Republic of China (hereinafter referred to as the state fishing vessel inspection
agency) shall exercise the function of fishing vessel inspection and of the supervision and administration thereof.

The local agencies of fishing vessel inspection shall, pursuant to the Provisions hereof, be responsible for the relevant fishing
vessel inspection work.

The departments of public security, frontier defense, quality supervision, and industry and commerce administration, etc. at various
levels shall, within the scope of their respective duties, assist in the work of fishing vessel inspection and of supervision and
administration.

Article 4

The state applies compulsory inspection to fishing vessels. Compulsory inspection is divided into preliminary inspection, operation
inspection, and temporary inspection.

Article 5

The principles of giving priority to safety, guaranteeing quality, and facilitating fishermen shall be abided by in the inspection
of fishing vessels.

Chapter II Preliminary Inspection

Article 6

Preliminary inspection of fishing vessel refers to the overall inspection carried out over a fishing vessel by the agency of fishing
vessel inspection before that vessel is put into operation.

Article 7

The owner or operator of any of the following fishing vessels shall apply for a preliminary inspection:

Manufactured fishing vessels;

Rebuilt fishing vessels (including the fishing vessels rebuilt from non-fishing vessels, and the ocean fishing vessels rebuilt from
fishing vessels sailing within China);

Imported fishing vessels.

Article 8

With respect to manufactured and rebuilt fishing vessels, the design drawings and technical documents thereof shall be subject to
the examination and approval by the agency of fishing vessel inspection, and the preliminary inspection shall be applied for prior
to the start of manufacturing or rebuilding. The agency of fishing vessel inspection shall, within 20 workdays upon receipt of the
design drawings and technical documents, make the examination decision and notify the party concerned in writing.

The entities that design, manufacture, and rebuild fishing vessels shall meet the conditions set forth by the state, and abide by
the technical rules for fishing vessels of the state.

Article 9

The preliminary inspection of a fishing vessel to be manufactured or rebuilt shall be carried out at the same time with the manufacturing
or rebuilding.

The important equipment, parts, and materials that are used to manufacture or rebuild a fishing vessel and that are related to the
voyage, operation, personal and property safety, and prevention of environmental pollution shall, before being used, go through the
inspection by the agency of fishing vessel inspection, and only those passing the inspection may be used.

The catalogue of the important equipments, parts and materials subject to inspection as specified in the preceding paragraph shall
be formulated by the administrative department of fishing under the State Council.

Article 10

With respect to imported fishing vessels, the design drawings and technical documents thereof shall be subject to the examination
and confirmation by the agency of fishing vessel inspection, and the preliminary inspection shall be applied for before the vessels
are put into operation. With respect to import of old fishing vessels, the technical assessment certificate for old fishing vessels
issued by the agency of fishing vessel inspection of the state shall be obtained before the import.

Article 11

With respect to the fishing vessels passing the inspection, the agency of fishing vessel inspection shall issue the certificate of
fishing vessel inspection within 5 workdays upon the completion of the inspection; and with respect to those failing the inspection,
the agency shall notify the parties concerned in writing, and explain the reasons thereto.

No entity or individual may change, without authorization, the tonnage, load line, main engine power, fixed personnel number, and
navigable areas of a fishing vessel that has passed the inspection; or remove without authorization any of its important equipment
or parts that are related to the voyage, operation, personal and property safety, and prevention of environmental pollution. Where
alteration or removal is necessary, ratification shall be obtained from the agency of fishing vessel inspection that made the inspection.

Article 12

The preliminary inspection of imported fishing vessels and ocean fishing vessels shall be organized by the state fishing vessel inspection
agency in a unified way. The preliminary inspection of any other fishing vessel shall be implemented by the agency of fishing vessel
inspection of the port of registry; where the place of manufacturing or place of rebuilding of a fishing vessel is inconsistent with
the port of registry of that vessel, the preliminary inspection shall be implemented by the agency of fishing vessel inspection of
the place of manufacturing or rebuilding; that agency of fishing vessel inspection shall, within 5 workdays upon completion of inspection,
handover the technical materials, such as the inspection report, and inspection records, etc., to the agency of fishing vessel inspection
of the port of registry.

Chapter III Operation Inspection

Article 13

Operation inspection of fishing vessel refers to the conventional inspection carried out over a fishing vessel in operation by the
agency of fishing vessel inspection.

Article 14

The owner or operator of a fishing vessel in operation shall apply for operation inspection pursuant to the time provided for by the
administrative department of fishing under the State Council.

An agency of fishing vessel inspection shall carry out inspection of the following items pursuant to the provisions of the administrative
department of fishing under the State Council and according to the operation term and safety requirements of the fishing vessels:

Structure and the mechanical and electrical equipment of the fishing vessel;

Equipments and parts related to the safety of the fishing vessel;

Equipments and parts related to the prevention of environmental pollution;

Other inspection items specified by the administrative department of fishing under the State Council.

Article 15

An agency of fishing vessel inspection shall carry out an operation inspection within 3 workdays from the day on which the fishing
vessel applying for inspection reaches the place of inspection. If the vessel passes the inspection, the agency shall affix opinions
on or issue the certificate of fishing vessel inspection within 5 workdays upon the completion of the inspection; in the event of
issuing inspection certificate for an ocean fishing vessel inspected overseas, the period may be extended for 15 workdays. If the
vessel fails the inspection, the agency shall notify the party concerned in writing and explain the reasons thereto.

Article 16

Where a fishing vessel needs to be repaired upon inspection, the owner or operator of that vessel shall select a repairer that meets
the conditions provided for by the state. The repair of fishing vessels shall be in compliance with the technical rules on fishing
vessels of the state.

The important equipment, parts, and materials that are used to repair a fishing vessel and that are related to the voyage, operations,
personal and property safety, and prevention of environmental pollution shall, before being used, go through the inspection by the
agency of fishing vessel inspection, and only those passing the inspection may be used.

Article 17

Where a fishing vessel in operation needs to change any of the important equipment, parts, and materials that are related to the voyage,
operation, personal and property safety, and prevention of environmental pollution, the owner or operator of that vessel shall abide
by Paragraph 2 of Article 16 hereof.

Article 18

The operation inspection of ocean fishing vessels shall be organized by the state fishing vessel inspection agency in a unified way.
The operation inspection of any other fishing vessel shall be implemented by the agency of fishing vessel inspection of the port
of registry; where a fishing vessel is unable to return to the port of registry for the operation inspection, the agency of fishing
vessel inspection of the port of registry shall entrust the correspondent agency of the place of operation or repair of that vessel
to make the inspection; the agency of fishing vessel inspection that makes the inspection shall, within 5 workdays upon the completion
of the inspection, handover the technical materials, such as the inspection report, and inspection records, etc., to the agency of
fishing vessel inspection of the port of registry.

Chapter IV Temporary Inspection

Article 19

Temporary inspection of fishing vessel refers to the unconventional inspection carried out by the agency of fishing vessel inspection
over a fishing vessel in operation that is involved in certain circumstances.

Article 20

With respect to any of the fishing vessels involved in any of the following circumstances, the owner or operator shall apply for the
temporary inspection:

Being unable to return to the port of registry in time as a result of invalidation of the inspection certificate;

Being ordered to be inspected for inconformity with the relevant requirements of the laws and regulations on water transportation
safety or environmental protection;

Being in any other specific circumstances provided for by the administrative department of fishing under the State Council.

Article 21

An agency of fishing vessel inspection shall carry out a temporary inspection within 2 workdays from the day on which the fishing
vessel applying for inspection reaches the place of inspection. If the vessel passes the inspection, the agency shall affix opinions
on or issue the certificate of fishing vessel inspection within 3 workdays upon the completion of the inspection; if the vessel fails
the inspection, the agency shall notify the party concerned in writing and explain the reasons thereto.

Article 22

The division of jurisdiction over temporary inspection of fishing vessels shall comply with the provisions of Article 18 hereof on
the division of jurisdiction over operation inspection.

Chapter V Supervision and Administration

Article 23

An agency of fishing vessel inspection may not accept the applications for inspection with respect to the fishing vessels involved
in any of the following circumstances:

Those of which the design drawings and technical documents are not examined and approved or confirmed by the agency of fishing vessel
inspection;

Those manufactured or rebuilt in violation of Paragraph 2 of Article 8 and Paragraph 2 of Article 9 of the Regulations;

Those repaired in violation of Article 16 or 17 of the Regulations.

Article 24

Local agencies of fishing vessel inspection shall carry out the inspection within the scope ratified by the state fishing vessel inspection
agency.

Article 25

The personnel engaging in fishing vessel inspection shall pass the examination by the agency of fishing vessel inspection of the state
before taking the corresponding fishing vessel inspection work.

Article 26

Fishing vessel inspection agencies and the inspection personnel thereof shall strictly abide by the rules for fishing vessel inspection,
carry out the inspection on spot, and be responsible for the inspection conclusions.

The rules for fishing vessel inspection shall be formulated by the state fishing vessel inspection agency, and be promulgated for
implementation upon approval by the administrative department of fishing under the State Council.

Where the state has not formulated corresponding inspection rules for the fishing vessels or products for vessel use that are newly
created, the inspection rules acknowledged by the state fishing vessel inspection agency may be applied.

Article 27

A party having any objection to the inspection conclusion of a local agency of fishing vessel inspection may apply for re-inspection
pursuant to the provisions of the state fishing vessel inspection agency.

Article 28

The charges for inspection of fishing vessels shall comply with the charging standards stipulated by the administrative departments
of price and finance under the State Council.

Article 29

The formats of the inspection certificate, inspection records, and inspection report of fishing vessels, as well as the official inspection
stamp, shall be set forth by the state fishing vessel inspection agency in a unified way.

Article 30

The fishing vessel inspection personnel, when performing duties according to law, shall have the right to check the inspection certificates
and technical status of the fishing vessels, and the relevant entities and individuals shall cooperate.

The investigation and handling of major maritime casualties of fishing vessels shall have the participation of the agency of fishing
vessel inspection.

Article 31

With respect to a fishing vessel in any of the following circumstances, the owner or operator thereof shall, 7 workdays prior to the
day of disuse, registry alteration, or rebuilding of the fishing vessel or within 20 workdays upon loss of the fishing vessel, apply
for writing off the certificate of fishing vessel inspection with the agency of fishing vessel inspection; for failure to file the
application within the said time limit, the certificate of fishing vessel inspection shall be invalidated as of the day of completion
of the registry alteration or rebuilding of the fishing ship or the day of disuse or loss of the fishing vessel, and the agency of
fishing vessel inspection shall write off the certificate of fishing vessel inspection:

Being disused pursuant to the relevant provisions of the state;

Alteration of registry from China to any foreign country;

Being rebuilt from a fishing vessel to a non-fishing vessel;

Being lost as the result of sinking, etc.

Chapter VI Legal Liabilities

Article 32

If any fishing vessel, in violation of the Regulations, goes into operation in water without being inspected and obtaining the certificate
of fishing vessel inspection, that fishing vessel shall be confiscated.

If any fishing vessel that should be disused pursuant to the provisions continues to operate, the operation shall be ordered to be
stopped immediately, the invalidated certificate of fishing vessel inspection shall be withdrawn, the fishing vessel that shall be
disused shall be dismantled forcibly, and a fine ranging from 2,000 Yuan to 50,000 Yuan shall be imposed concurrently; and the criminal
liabilities shall be investigated for according to law if a crime is constituted.

Article 33

For failure to, in violation of the Regulations, apply for operation inspection or temporary inspection for any fishing vessel for
which the inspection shall be applied for, that vessel shall be ordered to be stopped from operation and the inspection shall be
applied for within a prescribed time limit; for failure to apply for the inspection within the said time limit, a fine ranging from
1,000 Yuan to 10,000 Yuan shall be imposed, and the certificate of fishing vessel inspection may be suspended.

Article 34

If any party, in violation of the Regulations, commits any of the following acts, that party shall be ordered to correct the act immediately,
and be imposed on a fine ranging from 2,000 Yuan to 20,000 Yuan; if the vessel is being operated, the operation shall be ordered
to be stopped immediately; if the party refuses to correct the act or refuses to stop the operation, the important equipment, parts
and materials illegally used shall be dismantled forcibly or the certificate of fishing vessel inspection shall be suspended; and
the criminal liabilities shall be investigated for according to law if a crime is constituted:

Using any important equipment, parts, and materials that are related to the voyage, operations, personal and property safety, and
prevention of environmental pollution and that have not passed the inspection to manufacture, rebuild, or repair a fishing vessel;

Dismantling without authorization any of the important equipment and parts that are related to the voyage, operations, personal and
property safety, and prevention of environmental pollution;

Changing without authorization the tonnage, load line, main engine power, fixed personnel number, or navigable areas of a fishing
vessel.

Article 35

If any working person of the agency of fishing vessel inspection takes up the work of fishing vessel inspection without passing the
examination, that person shall be ordered to stop the inspection work immediately, and be imposed on a fine ranging from 1,000 Yuan
to 5,000 Yuan.

Article 36

If any party, in violation of the Regulations, is involved in any of the following circumstances, that party shall be ordered to correct
the act immediately, and the directly liable personnel in charge and other directly liable personnel shall be given the sanctions
of demotion, removal from post, or cancellation of inspection qualification; the criminal liabilities shall be investigated for according
to law if a crime is constituted; and the certificate of fishing vessel inspection already issued shall be invalidated:

Failing to carry out the inspection pursuant to the relevant provisions of the administrative department of fishing under the State
Council;

Issuing the certificate of fishing vessel inspection issued or the inspection records or inspection report that are inconsistent with
the actual status of the fishing vessel;

Carrying out the fishing vessel inspection beyond the prescribed authority.

Article 37

Forged or altered certificates of fishing vessel inspection, inspection records or inspection reports, and privately engraved official
stamp of fishing vessel inspection shall be confiscated; and the criminal liabilities shall be investigated for according to law
if a crime is constituted.

Article 38

The administrative punishments provided for in the Regulations shall be decided by the administrative departments of fishing of the
people’s governments of county level and above or the administrative enforcement agencies of fishing affiliated thereto.

Where the organs making administrative punishments specified in the preceding paragraph, or the functionary thereof accept money or
properties, or other benefits from others by taking advantage of the post, or fail to perform the supervision duties, or fail to
investigate the illegal acts that have been found out, or has any other act of neglect of duties, abuse of powers, or seeking private
benefits through wrongful means, and constitutes a crime, the directly liable person in charge and other directly liable persons
shall be investigated for criminal liabilities according to law; and administrative sanctions shall be given if a crime has not been
constituted.

Chapter VII Supplementary Provisions

Article 39

Where the flag country of a foreign fishing vessel entrusts the People’s Republic of China to inspect that vessel, the provisions
of the Regulations shall be followed in the execution.

Article 40

The Regulations shall come into force on August 1, 2003.

The State Council
2003-06-27

AGREEMENT BETWEEN THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA AND THE GOVERNMENT OF THE REPUBLIC OF DJIBOUTI ON THE PROMOTION AND PROTECTION OF INVESTMENTS

AGREEMENT BETWEEN THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA AND THE GOVERNMENT OF THE REPUBLIC OF DJIBOUTI ON THE PROMOTION
AND PROTECTION OF INVESTMENTS

The Government of the People’s Republic of China and the Government of the Republic of Djibouti (hereinafter referred to as the Contracting
Parties),

Intending to create favorable conditions for investment by investors of one Contracting Party in the territory of the other Contracting
Party;

Recognizing that the reciprocal encouragement, promotion and protection of such investment will be conducive to stimulating business
initiative of the investors, flow of capital and technology, and will increase prosperity and economic development and that fair
and equitable treatment of investments is desirable in both States;

Desiring to intensify the cooperation of both States on the basis of equality and mutual benefits;

Have agreed as follows:

Article 1

DEFINITIONS

For the purpose of this Agreement,

The term “investment” means every kind of asset invested by investors of one Contracting Party in accordance with the laws and regulations
of the other Contracting Party in the territory of the latter, and in particular, though not exclusively, includes:

(a)

movable and immovable property and other property rights such as mortgages and pledges;

(b)

shares, debentures, stock and any other kind of participation in companies;

(c)

claims to money or to any other performance having an economic value associated with an investment;

(d)

intellectual property rights, in particular, copyrights, patents, trade-marks, trade-names, technical process, know-how and good-will;

(e)

business concessions conferred by law or under contract permitted by law, including concessions to search for, cultivate, extract
or exploit natural resources.

Any change in the form in which assets are invested does not affect their character as investments.

The term “investor” means,

(a)

natural persons who have nationality of either Contracting Party in accordance with the laws of that Contracting Party;

(b)

economic entities, including companies, corporations, associations, partnerships and other organizations, incorporated and constituted
under the laws and regulations of either Contracting Party and have their seats in that Contracting Party.

The term “return” means the amounts yielded from investments, including profits, dividends, interests, capital gains, royalties and
other legitimate income.

Article 2

PROMOTION AND PROTECTION OF INVESTMENT

Each Contracting Party shall encourage investors of the other Contracting Party to make investments in its territory and admit such
investments in accordance with its laws and regulations.

Investments of the investors of either Contracting Party shall be accorded fair and equitable treatment and shall enjoy the constant
protection and security in the territory of the other Contracting Party.

Without prejudice to its laws and regulations, neither Contracting Party shall take any unreasonable or discriminatory measures against
the management, maintenance, use enjoyment and disposal of the investments by the investors of the other Contracting Party.

Subject to its laws and regulations, one Contracting Party shall provide assistance in and facilities for obtaining visas and working
permit to nationals of the other Contracting Party engaging in activities associated with investments made in the territory of that
Contracting Party.

Article 3

TREATMENT OF INVESTMENT

Investments of investors of each Contracting Party shall all the time be accorded fair and equitable treatment in the territory of
the other Contracting Party.

Without prejudice to its laws and regulations, each Contracting Party shall accord to investments and activities associated with
such investments by the investors of the other Contracting Party treatment not less favorable than that accorded to the investments
and associated activities by its own investors.

neither Contracting Party shall subject investments and activities associated with such investments by the investors of the other
Contracting Party to treatment less favorable than that accorded to the investments and associated activities by the investors of
any third State.

The provisions of Paragraphs 1 to 3 of this Article shall not be construed so as to oblige one Contracting Party to extend to the
investors of the other Contracting Party the benefit of any treatment, preference or privilege by virtue of:

(a)

any customs union, free trade zone, economic union and any international agreement resulting in such customs union, free trade zone,
economic union;

(b)

any international agreement or arrangement relating wholly or mainly to taxation;

(c)

any international agreement or arrangement facilitating frontier trade.

Article 4

EXPROPRIATION

Neither Contracting Party shall expropriate, nationalize or take other similar measures (hereinafter referred to as “expropriation”)
against the investments of the investors of the other Contracting party in its territory, unless the following conditions are met:

(a)

for the public interests;

(b)

under domestic legal procedure;

(c)

without discrimination;

(d)

against compensation.

The compensation mentioned in Paragraph 1 of this Article shall be equivalent to the value of the expropriated investments immediately
before the expropriation is taken or the impending expropriation becomes public knowledge, which is earlier. The value shall be determined
in accordance with generally recognized principles of valuation. The compensation shall include interest from the date of expropriation
until the date of payment. The compensation shall also be made without delay, be effectively realizable and freely transferable.

Article 5

COMPENSATION FOR DAMAGES AND LOSSES

Investors of one Contracting Party whose investments in the territory of the other Contracting Party suffer losses owing to war, a
state of national emergency, insurrection, riot or other similar events in the territory of the latter Contracting Party, shall be
accorded by the latter Contracting Party, if it takes relevant measures, treatment, as regards restitution, indemnification, compensation
and other settlements no less favorable than that accorded to the investors of its own or any third State.

Article 6

REPATRIATION OF INVESTMENTS AND RETURNS

Each Contracting Party shall, subject to its laws and regulations, guarantee to the investors of the other Contracting Party the
transfer of their investments and returns held in its territory, including:

(a)

profits, dividends, interests and other legitimate income;

(b)

proceeds obtained from the total or partial sale or liquidation of investments;

(c)

payments pursuant to a loan agreement in connection with investments;

(d)

royalties in relation to the matters in Paragraph 1 (d) of Article 1 ;

(e)

payments of technical assistance or technical service fee, management fee;

(f)

payments in connection with contracting projects;

(g)

earnings of nationals of the other Contracting Party who work in connection with an investment in its territory.

Nothing in Paragraph 1 of this Article shall affect the free transfer of compensation paid under Article 4 of this Agreement.

The transfer mentioned above shall be made in a freely convertible currency and at the prevailing market rate of exchange applicable
within the Contracting Party accepting the investments and on the date of transfer.

Article 7

SUBROGATION

If one Contracting Party or its designated agency makes a payment to its investor under an indemnity given in respect of an investment
made in the territory of the other Contracting Party, the latter Contracting Party shall recognize the assignment of all the rights
and claims of the indemnified investor to the former Contracting Party or its designated agency, by law or by legal transactions,
and the right of the former Contracting Party or its designated agency to exercise by virtue of subrogation any such right to same
extent as the investor.

Article 8

SETTLEMENT OF DISPUTES BETWEEN CONTRACTING PARTIES

Any dispute between the Contracting Parties concerning the interpretation or application of this Agreement shall, as far as possible,
be settled with consultation through diplomatic channel.

If a dispute cannot thus be settled within six months, it shall, upon the request of either Contracting Party, be submitted to an
ad hoc arbitral tribunal.

Such tribunal comprises of three arbitrators. Within two months of the receipt of the written notice requesting arbitration, each
Contracting Party shall appoint one arbitrator. Those two arbitrators shall, within further two months, together select a national
of a third State having diplomatic relations with both Contracting Parties as Chairman of the arbitral tribunal.

If the arbitral tribunal has not been constituted within four months from the receipt of the written notice requesting arbitration,
either Contracting Party may, in the absence of any other agreement, invite the President of the International Court of Justice to
make any necessary appointments. If the President is a national of either Contracting Party or is otherwise prevented from discharging
the said functions, the Member of the International Court of Justice next in seniority who is not a national of either Contracting
Party or is not otherwise prevented from discharging the said functions shall be invited to make such necessary appointments.

The arbitral tribunal shall determine its own procedure. The arbitral tribunal shall reach its award in accordance the provisions
of this Agreement and the principles of international law recognized by both Contracting Parties.

The arbitral tribunal shall reach its award by a majority of votes. Such award shall be final and binding upon both Contracting Parties.
The arbitral tribunal shall, upon the request of either Contracting Party, explain the reasons of its award.

Each Contracting Party shall bear the costs of its appointed arbitrator and of its representation in arbitral proceedings. The relevant
costs of the Chairman and tribunal shall be borne in equal parts by the Contracting Parties.

Article 9

SETTLEMENT OF DISPUTES BETWEEN INVESTORS AND ONE CONTRACTING PARTY

Any legal dispute between an investor of one Contracting Party and the other Contracting Party in connection with an investment in
the territory of the other Contracting Party shall, as far as possible, be settled amicably through negotiations between the parties
to the dispute.

If the dispute cannot be settled through negotiations within six months, the investor of one Contracting Party may submit the dispute
to the competent court of the other Contracting Party.

Any dispute, if unable to be settled within six months after resort to negotiations as specified in Paragraph 1 of this Article,
shall be submitted at the request of either party to

(a)

International center for Settlement of Investment Disputes (ICSID) under the Convention on the Settlement of Disputes between States
and Nationals of Other States, done at Washington on March 18,1965; or

(b)

an ad hoc arbitral tribunal

provided that the Contracting Party involved in the dispute may require the investor concerned to exhaust the domestic administrative
review procedure specified by the laws and regulations of that Contracting Party before submission of the dispute the aforementioned
arbitration procedure.

However, if the investor concerned has resorted to the procedure specified in Paragraph 2 of this Article, the provisions of this
Paragraph shall not apply.

Without prejudice to Paragraph 3 of this Article, the ad hoc arbitral tribunal referred to in Paragraph 3 (b) shall be constituted
for each individual case in the following way: each party to the dispute shall appoint one arbitrator, and these two shall select
a national of a third State which has diplomatic relations with both Contracting Parties as the Chairman. The first two arbitrators
shall be appointed within two months of the written notice requesting for arbitration by either party to the dispute to the other
and the Chairman shall be selected within four months. If, within the period specified above, the tribunal has not been constituted,
either party to the dispute may invite the Secretary General of the International Center for Settlement of Investment Disputes to
make the necessary appointments.

The ad hoc arbitral tribunal shall determine its own procedure. However, the tribunal may, in the course of determination of procedure,
take as guidance the arbitration Rules of the International Center for Settlement of Investment disputes.

The tribunal referred to in Paragraph 3 (a) and (b) of this Article shall reach an award by a majority of votes. Such award shall
be final and binding upon both parties to the dispute. Both Contracting Parties shall commit themselves to the enforcement of the
award.

The tribunal referred to in Paragraph 3 (a) and (b) of this Article shall adjudicate in accordance with the law of the Contracting
Party to the dispute accepting the investment including its rules on the conflict of laws, the provisions of this Agreement as well
as the applicable principles of international law.

Each party to the dispute shall bear the costs of its appointed arbitrator and of its representation in arbitral proceedings. The
relevant costs of the Chairman and tribunal shall be borne in equal parts by the parties to the dispute. The tribunal may in its
award direct that a higher proportion of the costs be borne by one of the parties to the dispute.

Article 10

OTHER OBLIGATIONS

If the legislation of either Contracting Party or international obligations existing at present or established hereafter between
the Contracting Parties result in a position entitling investments by investors of the other Contracting party to a treatment more
favorable than is provided for by the Agreement, the position shall not be affected by this Agreement.

Each Contracting Party shall observe any commitments it may have entered into with the investors of the other Contracting Party as
regards to their investments.

Article 11

APPLICATION

This Agreement shall apply to investment, which are made after its entry into force by investors of either Contracting Party in accordance
with the laws and regulations of the other Contracting Party in the territory of the latter.

Article 12

CONSULTATIONS

The representatives of the Contracting Parties shall hold meetings from time me for the purpose of:

(a)

reviewing the implementation of this Agreement;

(b)

exchanging legal information and investment opportunities;

(c)

resolving disputes arising out of investments;

(d)

forwarding proposals on promotion of investment;

(e)

studying other issues in connection with investment.

Where either Contracting Party requests consultation on any matter of Paragraph 1 of this Article, the other Contracting Party shall
give prompt response and the consultation be held alternatively in Beijing and Djibouti.

Article 13

ENTRY INTO FORCE, DURATION AND TERMINATION

This Agreement shall enter into force on the first day of the following month after the date on which both Contracting Parties have
notified each other in writing that their respective internal legal procedures necessary therefor have been fulfilled and remain
in force for a period of ten years.

This Agreement shall continue on force if either Contracting Party fails to give a written notice to the other Contracting Party
to terminate this Agreement one year before the expiration of the period specified in Paragraph 1 of this Article.

After the expiration of initial ten years period, either Contracting Party may at any time thereafter terminate this Agreement by
giving at least one year’s written notice to the other Contracting Party.

With respect to investments made prior to the date of termination of this Agreement, the provisions of Article 1 to 12 shall continue
to be effective for a further period of ten years from such date of termination.

IN WITNESS WHEREOF the undersigned, duly authorized thereto by respective Governments, have signed this Agreement.

Done in duplicate in Beijing, on August 18,2003, in the Chinese and English languages, both texts being equally authentic.

For the Government ofFor the Government of

The People’s Republic of China The Republic of Djibouti

The Government of the People’s Republic of China
2003-08-18

INTERIM MEASURES FOR THE ADMINISTRATION OF IMPORT TARIFF QUOTAS OF AGRICULTURAL PRODUCTS

e01054

Ministry of Commerce, State Development and Reform Commission

Order of the Ministry of Commerce and the State Development and Reform Commission

No. 4

The Interim Measures for the Administration of Import Tariff Quotas of Agricultural Products, which have been formulated in accordance
with the Foreign Trade Law of the People’s Republic of China, the Customs Law of the People’s Republic of China, the Regulations
of the People’s Republic of China on the Administration of Import and Export of Goods and the Regulations of the People’s Republic
of China on Import and Export Duties and in consultation with the Customs General Administration, are hereby promulgated.

The list of agencies authorized by the Ministry of Commerce and the State Development and Reform Commission for the administration
of import tariff quotas of agricultural products will be promulgated separately.

Lv Fuyuan, Minister of the Ministry of Commerce

Ma Kai, Chairman of the State Development and Reform Commission

September 27th, 2003

Interim Measures for the Administration of Import Tariff Quotas of Agricultural Products

Chapter I General Provisions

Article 1

With a view to effectively implementing the administration of import tariff quotas of agricultural products and to establishing the
system for administering the import tariff quotas of agricultural products that is uniform, fair, just, transparent, predicable and
nondiscriminatory, the present Measures have been formulated in accordance with the Foreign Trade Law of the People’s Republic of
China, the Customs Law of the People’s Republic of China, the Regulations of the People’s Republic of China on the Administration
of Import and Export of Goods and the Regulations of the People’s Republic of China on Import and Export Duties.

Article 2

Within the year of the Gregorian calendar, the State will, pursuant to the quota quantities as promised in China’s schedule of concession
and commitments for the trade of goods after entry into the WTO, determine the annual quantities of the agricultural products subject
to the administration of import tariff quotas permitted to enter the market.

The import of agricultural products within the quota quantities will apply the in-quota tax rate, and the import of agricultural products
outside the quota quantities will be implemented under the relevant provisions of the Regulations of the People’s Republic of China
on Import and Export Duties.

The excess part of bulk cargos shall be implemented pursuant to Paragraph 2 of Article 19 in the present Measures.

Article 3

The categories of agricultural goods subject to the administration of import tariff quotas are: wheat (including powder and grains
thereof; hereinafter referred to as wheat), corn (including powder and grains thereof; hereinafter referred to as corn), rice (including
powder and grains thereof; hereinafter referred to as rice), bean oil, colza oil, palm oil, sugar, cotton, wool and wool tops.

The corresponding import tax items, tariff serial numbers and applicable tax rates for agricultural goods subject to the administration
of import tariff quotas shall be promulgated separately.

Article 4

Wheat, corn, rice, bean oil, colza oil, palm oil, sugar and cotton shall be subject to state-run trade quotas or non-state-run trade
quotas. Those subject to state-run trade quotas shall be imported by state-run trade enterprises; those subject to non-state-run
trade quotas may be imported by enterprises with the right of trade, and may also be imported directly by the final users with the
right of trade.

Wool and wool tops shall be subject to the management of designated import enterprises, which shall be carried out in accordance with
the Measures for the Administration of Designated Management of Goods Import (No. 21 of the Ministry of Foreign Trade and Economic
Cooperation) promulgated by the former Ministry of Foreign Trade and Economic Cooperation.

Article 5

Import tariff quotas of agricultural products shall be global quotas.

Article 6

Import of agricultural goods in all trade forms that conform to Article 3 shall be included in the range of tariff quota administration.

Article 7

The import tariff quotas of bean oil, colza oil, palm oil, sugar, wool and wool tops shall be subject to the distribution of the Ministry
of Commerce.

The import tariff quotas of wheat, corn, rice and cotton shall be subject to the distribution of the State Development and Reform
Commission (SDRC) in conjunction with the Ministry of Commerce (MOFCOM).

Article 8

The MOFCOM and the SDRC will entrust their respectively authorized agencies to handle the following matters:

Accepting the applications and transferring them to the MOFCOM and the SDRC;

Accepting the consultations and transferring them to the MOFCOM and the SDRC;

Notifying the applicants of any insufficiency in their applications, and offering chances for the applicants to eliminate such insufficiency;

Issuing the Certificates of Import Tariff Quotas of Agricultural Products to the applicants approved.

Article 9

The Certificates of Import Tariff Quotas of Agricultural Products are applicable to the imports in the trade forms of general trade,
processing trade, barter trade, small-scale border trade, assistance, donation and other forms.

The products entering the bonded warehouses, bonded zones and export processing zones are exempted for the Certificates of Import
Tariff Quotas of Agricultural Products.

Chapter II Application

Article 10

The period for applying for the import tariff quotas of agricultural goods shall be between Oct. 15th and Oct. 30th of each year (with
the exception of the distribution form of drawing the quotas by coming order on the basis of contract). The MOFCOM and the SDRC will
promulgate the next year’s total quantity of import tariff quotas of each agricultural goods and the specific conditions for the
application therefore as well as the tariff serial numbers and applicable tax rates determined by the Customs Tariff Committee of
the State Council on the International Business Daily, the China Economic Herald, the MOFCOM website (https://www.mofcom.gov.cn) and
the SDRC website (https://www.sdpc.gov.cn) one month before the application period.

Bean oil, colza oil, palm oil, sugar, wool and wool tops shall be subject to the promulgation of MOFCOM; and wheat, corn, rice and
cotton shall be subject to the promulgation of SDRC.

Article 11

The agencies authorized by MOFCOM are in charge of the applications for the import tariff quotas of bean oil, colza oil, palm oil,
sugar, wool and wool tops within their respective areas.

The agencies authorized by SDRC are in charge of the applications for the import tariff quotas of wheat, corn, rice and cotton within
their respective areas.

Article 12

The agencies authorized by MOFCOM shall, in light of the specific conditions promulgated, accept the applications on bean oil, colza
oil, palm oil, sugar, wool, wool tops and the relevant documents submitted, and transfer the qualified applications to the MOFCOM
before Nov.30th (with the exception of the distribution form of drawing the quotas by coming order on the basis of contract), with
the copies thereof sent simultaneously to the SDRC.

The agencies authorized by SDRC shall, in light of the specific conditions promulgated, accept the applications on wheat, corn, rice,
cotton and the relevant documents submitted, and transfer the qualified applications to the SDRC before Nov.30th, with the copies
thereof sent simultaneously to the MOFCOM.

Chapter III Distribution

Article 13

Import tariff quotas shall be distributed on the basis of the quantity applied for by the applicants, their previous import performance,
production capacity and other relevant commercial standards or on the basis of the form of drawing by coming order. The minimum quantity
of distribution shall be determined on the basis of the commercially feasible shipping quantity of each category of agricultural
products.

Article 14

The MOFCOM and the SDRC will, before Jan. 1st of each year, issue to the final users the Certificates of Import Tariff Quotas of Agricultural
Products via their respectively authorized agencies, to which the “Special Seal of the MOFCOM for Certificate of Import Tariff Quotas
of Agricultural Products” and the “Special Seal of the SDRC for Certificate of Import Tariff Quotas of Agricultural Products” shall
be affixed.

The quotas for state-run trade shall be indicated on the Certificate of Import Tariff Quotas of Agricultural Products.

Chapter IV Valid Term

Article 15

The annual import tariff quotas of agricultural goods shall be implemented from Jan. 1st of each year, and shall be valid within the
year of the Gregorian calendar. The Certificates of Import Tariff Quotas for Agricultural Products shall be valid from Jan. 1st to
Dec. 31st of its current year.

The valid term of the Certificates of Import Tariff Quotas for Agricultural Products subject to the distribution form of drawing by
coming order on the basis of contract shall be carried out in accordance with the detailed implementation rules promulgated.

Article 16

For the agricultural products subject to import tariff quotas that are shipped out from the departing port before Dec. 31st of the
year and shall arrive at the destination in the next year, the final user shall, by presenting the Certificate of Import Tariff Quotas
of Agricultural Products and the relevant certifications, apply for term extension to the original agency that has issued the certificate.
The said agency may extend the term after having examined the case, but the term may not be extended to a time later than the end
of February of the next year.

Chapter V Implementation

Article 17

The final users shall, pursuant to the relevant provisions of the State on import of the commodities concerned, sign the import contracts
by themselves or entrust others to sign the contracts.

Article 18

For the import of agricultural products for processing trade that is subject to the administration of tariff quotas, the customs shall
handle the record-keeping procedures for the processing trade contracts by the Certificate of Approval for Processing Trade submitted
by the enterprises, and handle the customs clearance procedures by the Certificate of Import Tariff Quotas of Agricultural Products
submitted where “processing trade” has been indicated under the column of “trade modes”.

Where an enterprise of processing trade fails to re-export the processed products within the prescribed term, it shall go through
the writing-off procedures for processing trade contracts within 30 days after the expiration of term. The customs will implement
the procedures thereabout according to the relevant provisions on processing trade.

Article 19

The Certificate of Import Tariff Quotas of Agricultural Products will apply the system of one certificate for several batches, that
is, a final user in need of importing the products in several batches may go through the customs clearance procedures for several
times by the Certificate of Import Tariff Quotas of Agricultural Products. A final user shall faithfully fill out the “Column for
Final User’s Import” under the Certificate of Import Tariff Quotas of Agricultural Products and take the Certificate to the original
Certificate issuing agency in exchange for the certificate for the part of quotas that have not gone through the customs clearance
procedures.

The excess part of bulk cargos in a batch imported shall be no more than 5% of the batch.

Article 20

The agricultural products entering the bonded warehouses, bonded zones, export processing zones from outside China and to which import
tariff quotas are applied shall be subject to the examination before release and to the supervision and control conducted by the
customs in accordance with the relevant provisions.

For the agricultural products exiting or imported from outside the bonded warehouses, bonded zones, export processing zones and to
which import tariff quotas are applied, the customs will handle the import procedures by the Certificate of Import Tariff Quotas
of Agricultural Goods in accordance with the relevant provisions on the administration of import of goods.

Article 21

A final user shall, within 20 office days after finishing the customs clearance procedures for the final batch of products whose quotas
are indicated in the Certificate of Import Tariff Quotas of Agricultural Products, hand in the original of the first pages (customs
procedure pages for the consignee) of the said Certificate signed and sealed by the customs to the original Certificate issuing agency.

A final user shall, before the end of January of the next year, return the original of the unused first pages (customs procedure pages
for the consignee) of the Certificate of the current year to the original Certificate issuing agency.

Chapter VI Adjustment

Article 22

Where no contract is concluded before Aug. 15th of the current year for the state-run trade quotas of agricultural products distributed
to a final user, the final user may entrust a trade enterprise of any kind with the right of trade to import the products upon the
approval of the MOFCOM or the SDRC in accordance with the division of administration as provided in Article 7 of the present Measures.
A final user with the right of trade may also import the products directly.

Article 23

Where a final user holding the Certificate of Import Tariff Quotas of Agricultural Products fails to conclude an import contract for
all the quotas already drawn in the current year or fail to fulfill the contract already concluded, it shall return the unfinished
quotas to the original Certificate issuing organ before Sep. 15th.

Article 24

The term for applying for the tariff quotas to be redistributed for the import of agricultural products shall be from Sep. 1st to
Sep. 15th of each year (with the exception of the distribution form of drawing by coming order on the basis of contracts). The MOFCOM
and the SDRC will respectively promulgate the specific conditions for applying for the tariff quotas to be redistributed on the International
Business Daily, the China Economic Herald, the MOFCOM website (https://www.mofcom.gov.cn) and the SDRC website (https://www.sdpc.gov.cn)
one month before the application period. The applications shall be submitted to the MOFCOM or the SDRC via their respectively authorized
agencies.

Bean oil, colza oil, palm oil, sugar, wool and wool tops shall be subject to the promulgation of MOFCOM, and wheat, corn, rice and
cotton shall be subject to the promulgation of SDRC.

Article 25

A final user that has finished the import tariff quotas distributed of agricultural products before the end of October and has returned
the originals of the first pages (customs procedure pages for the consignee) of the Certificate of Import Tariff Quotas of Agricultural
Products may apply for the tariff quotas to be redistributed.

Article 26

Before September, 30 of each year, the MOFCOM shall distribute the tariff quotas to be redistributed of bean oil, colza oil, palm
oil, sugar, wool and wool tops to the final users (with the exception of the distribution form of drawing by coming order on the
basis of contracts), and the SDRC shall distribute the tariff quotas to be redistributed of wheat corn, rice and cotton to the final
users.

The tariff quotas to be redistributed shall, in light of the applying conditions promulgated, be distributed according to the form
of drawing by coming order. The minimum quantity of distribution shall be determined on the basis of the commercially feasible shipping
quantity of each category of agricultural products.

A final user who has obtained the redistributed quotas may entrust a trade enterprise of any kind with the right of trade to import
the products. A final user with the right of trade may also import the products directly.

Chapter VII Rules of Punishment

Article 27

Where any enterprise of processing trade sells the bonded import materials or the finished products thereof on domestic market without
approval, the customs shall deal with it in accordance with the Customs Law of the People’s Republic of China and the Detailed Rules
for the Implementation of Administrative Punishment under the Customs Law of the People’s Republic of China.

Article 28

Where anyone forges, alters or trades the Certificates of Import Tariff Quotas of Agricultural Products, he shall be investigated
for criminal responsibilities pursuant to the provisions of the criminal law on the crime of illegal operations or the crime of forging,
altering or trading documents, certificates or seals of state organs. If any final user holding the quotas commits the preceding
acts, the MOFCOM and the SDRC shall refuse to accept its application for import tariff quotas for the following two years.

Article 29

Where any enterprise forges the relevant documents to deceitfully obtain the Certificate of Import Tariff Quotas of Agricultural Products,
its Certificate shall be cancelled according to the law. And the SDRC shall refuse to accept its application for import tariff quotas
for the following two years.

Article 30

Where any final user, violating Article 23 of the present Measures, fails to fulfill the import for all the tariff quotas distributed
to it within the current year and fails to return the tariff quotas for which the import hasn’t been fulfilled in the current year
to the original Certificate issuing agency before Sep. 15th, the tariff quotas distributed to it in the next year shall be reduced
pursuant to the unfulfilled proportion correspondingly.

Article 31

Where any final user holding the import quotas fails to fulfill all the tariff quotas distributed to it in two successive years and
fails to return the unfulfilled tariff quotas of the current year to the original Certificate issuing agency before Sep. 15th in
each of the two years respectively, the tariff quotas distributed to it in the next year shall be reduced according to the unfulfilled
proportion of the last year correspondingly.

Article 32

Where any final user, violating the provisions of Article 21 of the present Measures, fails to hand in the originals of the first
pages (customs procedure pages for the consignee) of the said Certificate signed and sealed by the customs to the original Certificate
issuing agency, it shall be regarded as not fulfilling the import and the tariff quotas distributed to it shall be reduced correspondingly.

Article 33

Where anyone smuggles the agricultural products subject to import tariff quotas, the sum of tax evasion and dodging shall be calculated
at the out-quota tax rate applicable, and the smuggler shall be punished in accordance with the relevant laws and administrative
regulations.

Chapter VIII Supplementary Provisions

Article 34

The consultation on the distribution and redistribution of tariff quotas shall be filed with the MOFCOM, the SDRC or their respectively
authorized agencies in written form. The MOFCOM, the SDRC or the authorized agencies shall give the reply within 10 working days.

Article 35

The manufacture of the Certificates of Import Tariff Quotas of Agricultural Products and the “Special Seal of Certificate of Import
Tariff Quotas of Agricultural Products” shall be subject to the uniform supervision of the MOFCOM and the SDRC.

Article 36

Such columns in the Certificate of Import Tariff Quotas of Agricultural Product as the place of registration of the final user, serial
number of tariff quotas, valid term of the Certificate, trade modes, commodity name, arranged quantity, quantity of state-run trade,
issuing date of the Certificate and the port of clearance shall be printed by computers. A final user that needs to change the port
of clearance in the Certificate may go to the original Certificate issuing agency for the change.

Article 37

The purchase of foreign exchange for the import of agricultural products subject to tariff quotas shall be carried out in accordance
with the relevant provisions of the State.

Article 38

The state-run trade enterprises as mentioned in the present Measures refer to the enterprises to which the government has granted
the special right of import management of some products.

The list of the state-run trade enterprises shall be approved and promulgated by the MOFCOM.

Article 39

The final users as mentioned in the present Measures refer to the production enterprises, traders, wholesale dealers and distributors,
etc. that directly draw the import tariff quotas of agricultural products.

Article 40

The present Measures shall enter into force as of the date of the promulgation. The import tariff quotas of agricultural products
in the year 2003 shall be implemented in accordance with the former Interim Measures for the Administration of Import Tariff Quotas
of Agricultural Products (No. 19 of the State Development Planning Commission).

Attachment: Certificate of Import Tariff Quotas of Agricultural Products (Sample) (Omitted)

Ministry of Commerce, State Development and Reform Commission
2003-09-27

PROVISIONS ON THE COUNTERVAILING INVESTIGATION OF INDUSTRY INJURY

Ministry of Commerce

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

No.5

Provisions on the Antidumping Investigation of Industry Injury, Provisions on the Countervailing Investigation of Industry Injury,
Provisions on the Investigation of Industry Injury under Safeguard Measures which have been reviewed and passed by the 5th executive
meeting of the Ministry of Commerce on September 29, 2003, are hereby issued and shall be put into effect after 30 days as of promulgation.

Lv Fuyuan, the Minister of Commerce

October 17, 2003

Provisions on the Countervailing Investigation of Industry Injury

Chapter I. General Provisions

Article 1

The present Provisions are formulated in accordance with the Countervailing Regulation of the People’s Republic of China (hereinafter
referred to as Countervailing Regulation) in order to regulate the countervailing investigation of industry injury.

Article 2

The present Provisions shall apply to to the activities related to the countervailing investigation of industry injury in the light
of the Countervailing Regulation.

Article 3

The Ministry of Commerce of the People’s Republic of China (MOFCOM) shall take charge of the countervailing investigations of industry
injury. As for the countervailing investigations of industry injury involving agricultural products, the responsibility shall be
taken jointly by the MOFCOM and the Ministry of Agriculture.

Chapter II. Determination of Injury

Article 4

The term “industry injury” refers to an actual injury or a risk of actual injury to an existing domestic industry, or the actual encumbrance
of the foundation of a domestic industry resulted from subsidies.

The term “actual injury” as stated in the present Provisions refers to the non-negligible injury that has already been caused by subsidies
to an existing domestic industry.

The term “risk of actual injury” means that the subsidies hasn’t resulted in actual injury to the domestic industry, but there are
evidences showing that actual injury to a domestic industry is clearly foreseeable and imminent unless measures are taken against
it. The term “actual encumbrance” means the retardation of the establishing process and the development of a to-be-established domestic
industry, which results in the failure of the foundation of the domestic industry.

Article 5

In the determination of injury to a domestic industry resulted from subsidies, the following matters shall be investigated:

(1)

The volume of the subsidized imports and the consequential influence of subsidized imports on the price of the domestic like products;

(2)

The consequential influence of subsidized imports on the domestic industry.

The investigation of the subsidized imports shall involve whether there has been a great increase in the subsidized imports either
in absolute terms or in relation to production or consumption of the domestic like product.

The investigation of the consequential influence of the subsidized imports on the price of the domestic like products shall involve
whether there has been a significant price reduction on the subsidized imports or whether the subsidized imports have induced a significant
depression in prices of the domestic like product or prevented price increase of the domestic like product that would have happened.

Article 6

The investigation of the influence of subsidized imports on a domestic industry shall involve an assessment of all relevant economic
factors and indicators which have an impact on the situation of industry. These factors and indicators include the actual and potential
decline in sales, profits, output, market share, productivity, the return on investment, or equipment utilization; the factors that
affect domestic prices; the amplitude of the subsidized imports; the actual or potential adverse effects on the inventories, employment,
wages, growth, ability to raise capital or to make investment etc. In the case that agricultural products are involved, whether a
heavier burden is placed on the government’s support plans should be taken into account.

Article 7

In the determination of the actual injury to a domestic industry by subsidies, the feature of the subsidies and the consequential
influence on trade shall be examined as well.

Article 8

The determination of a risk of an actual injury shall be based on clearly foreseeable and imminent situation, in which if no measure
is taken, actual material injury would have occurred. The determination of a risk of an actual injury shall be based on the facts,
rather than simply on complaints, conjectures or the least possibility.

Moreover, in the determination of a risk of an actual injury, examination shall be made but not limited to the factors as follows:

(1)

The feature of the subsidies and the possible consequential impact on trade;

(2)

A significant increase rate of subsidized imports showing a likely actual increase of imports;

(3)

An increase of the productivity of the producers of the subsidized imports showing a likely real increase of imports. If this indicator
is adopted, one should consider the factor whether there are any other export markets that may take in any additional exports;

(4)

Whether the imported products are being imported at prices that greatly depressing or suppressing the prices of domestic like product,
and it is likely to induce an increase of the demands of imports;

(5)

The inventories of the products product under investigation.

Article 9

In the determination of an actual encumbrance of the foundation of a domestic industry, examination shall be made but not limited
to the factors as follows:

(1)

The foundation and the related preparatory work of the domestic industry;

(2)

The increase of domestic demands and the consequential impact;

(3)

The impact of the subsidized imports on the situation of domestic market;

(4)

The follow-up productivity of the subsidized imported product and the future tendency in the domestic market.

Article 10

Like product refers to a product that is identical to, or in the absence of such a product, one that has characteristics closely similar
to those of the subsidized product under investigation.

Article 11

In the determination of like products, there are a lot of factor that may be taken into account, including the physical characteristics
of the products, chemical features, manufacturing equipment and techniques, purposes of use, substitutability, appraisal of consumers
and producers, distribution channels, and price, etc.

Article 12

The impact of subsidized imports on the domestic industry shall be evaluated on the basis of a separate definition of the production
of the domestic like product. If, on the basis of the techniques of production and the sales and profits of the producers, one cannot
distinguish the production of domestic like product from the production of other products, the impact of subsidized imports shall
be determined by reference to the production of the narrowest product group or scope which include the domestic like product insofar
as the product group or scope can provide sufficient information.

Article 13

In the determination of a domestic industry, one should consider all of the producers of the domestic like product in China, or the
producers whose total output forms the major part of the total output of domestic like product; however, if a domestic producer have
relations with an export business operator or import business operator, or he himself is an import business operator of the subsidized
imports, he may not be considered as the domestic industry.

The term “have relations with” mentioned in the preceding item means that one party controls or influences another party in a direct
or an indirect way, or both parties are controlled or influenced by a third party, or both parties jointly control or affect a third
party in a direct or an indirect way.

Article 14

In the determination of a regional industry, the following factors shall be considered:

(1)

The producers have sold all or nearly all of the like product manufactured by them in the regional market;

(2)

The demands of the regional market aren’t satisfied or aren’t mainly satisfied by the like-product producers in other domestic regions;
and

(3)

Other factors.

Article 15

An accumulative evaluation of the impact of subsidized imports on domestic industry may be made if the subsidized imports come from
more than two countries (regions) and meet concurrently the following requirements:

(1)

The amount of the subsidy for an imported product from a country (region) isn’t minim and the volume of the imports isn’t negligible;

(2)

According to the competition conditions among the subsidized imports and those between the subsidized imports and domestic like product,
it is reasonable to make an accumulative evaluation.

The term “minim subsidy ” mentioned in the preceding item refers to a subsidy whose amount is below 1% of the value of the product;
but for the subsidized product imported from a developing country (region), minim subsidy refers to one whose amount is below 2%
of the value of the product.

Article 16

In the process of the accumulative evaluation, the following factors may be considered:

(1)

The continuity and possibility of the influence of subsidized imports from different countries (regions) on the domestic industry;

(2)

The substitutability between the subsidized imports from different countries and the domestic like product, including such factors
as the demands of special clients, the product quality and other related factors;

(3)

The sales prices, sellers’ quotations and actual transaction prices of the subsidized imports from different countries (regions) and
the domestic like product in the same market of area;

(4)

Whether there are identical or similar distribution channels for a subsidized product imported from different countries (regions)
and the domestic like product, and whether they appear in the market simultaneously;

(5)

Other competition conditions that exist among the subsidized imports and between the subsidized import product and the domestic like
product; and

(6)

Other factors.

Article 17

In the countervailing investigation of industry injury, the MOFCOM shall give users or consumers of the subsidized imports an opportunity
to present their views and evidences.

Article 18

The period subject to countervailing investigation of industry injury shall generally be 3-5 years before the investigation commences.

Chapter III. Industry Injury Investigation

Article 19

When any interested party intends to answer the countervailing investigation of industry injury, it shall submit an application to
the MOFCOM within 20 days from the day when an announcement on the initiation of countervailing investigation of industry injury
is made, and shall carry out relevant registration formalities. At the same time, the applicant shall offer the documents about its
productivity, output, inventories, construction and expansion plans, the volume and amount of the product exported to China, the
volume and amount of the product imported by the import business operators.

Article 20

The interested parties may be:

(1)

Overseas producers export business operators, and domestic import business operators of the products under investigation, or guilds
or other organizations of the producers, export business operators and import business operators of the products under investigation;

(2)

The government of the country (region) of origin and the export country (region) of the products under investigation as well as the
representatives thereof;

(3)

The producers and business operators of domestic like product, or guilds or other organizations of the producers and business operators
of the products; or

(4)

Others .

Article 21

In the case that an interested party takes part in the investigation, he shall present his identification certificate. If the interested
party is an enterprise or any other organization, it shall present its business license and other registration certificates, and
the identification certificate of the legal representative thereof.

In the case that an interested party entrusts an agent to participate in the investigation, it shall present identification certificate
of the agent and a power of attorney. If an interested party entrusts a lawyer as his agent, the lawyer shall come from a law firm
in China and shall practice law in China, and a power of attorney, the business license of the law firm and the law-practice certification
of the lawyer shall be presented.

Article 22

The objects of the MOFCOM’s countervailing investigation of industry injury include domestic producers, domestic import business operators,
domestic purchasers, domestic end consumers, overseas export business operators and overseas producers, etc.

Article 23

The MOFCOM may, whenever necessary, hire experts in the fields of the relevant industry, accounting, economic and trade and law to
provide advisory services. The experts involved shall keep the secrets to themselves.

Article 24

The MOFCOM shall take a lot means to conduct an industry injury investigation, including questionnaires, sampling, hearings, technical
authentications, on-the-spot investigation and other forms.

Article 25

The questionnaires issued by the MOFCOM to the interested parties include domestic producer questionnaires, domestic importer questionnaires,
domestic consumer questionnaires, overseas producer and overseas exporter questionnaires, and other types of questionnaires

Article 26

An interested party shall offer answers to the questionnaires according to the method and time limit as specified in the questionnaires.
If it is necessary to extend the time limit, it shall, 7 days prior to the time limit for the submission of answers, submit a written
application to the MOFCOM and give an explanation. It is for the MOFCOM to decide whether to extend the time limit or not.

Article 27

The MOFCOM may make on-the-spot investigation to the interested parties. Prior to the on-the-spot investigation, it shall notify the
relevant interested parties of the main purposes and content of the investigation beforehand.

Article 28

On the request of the interested parties or in the need of the investigation, the MOFCOM may, upon the approval of the relevant country
(region), send persons to the said country (region) to make investigations on the productivity, investments in expanding production,
inventories, place of origin or entrepot, the affiliation among the enterprises and other information related to the product.

Article 29

The MOFCOM may request the interested parties to offer or supplement written materials in the light of the relevant requirements,
and the interested party may, on his own initiative submit written materials to the MOFCOM as well.

Article 30

On the request of the interested parties or whenever the MOFCOM considers it necessary, a hearing of industry injury may be held.

Article 31

In the case that an interested party who takes part in the industry injury investigation considers it necessary to keep the materials
and the relevant evidence secret, it shall, when submitting the materials to the MOFCOM, provide simultaneously a non-confidential
summary of the materials, or submit the confidential text and an open text of the materials.

The non-confidential summary and open text shall contain reasonable substantial content of the confidential information. The MOFCOM
may, in the absence of substantial content, order the interested party to supplement relevant content and evidential materials.

Article 32

In the case that any interested party who participates in the industry injury investigation fails to provide non-confidential summary
or open texts of the materials submitted by it, or fails to provide good reasons, the MOFCOM may reject to take the materials into
account. If the MOFCOM does not consider it necessary to keep the materials submitted by an interested party secret, it may request
the interested party to withdraw its secrecy application.

Article 33

During the process of industry injury investigation, any interested party subject to the industry injury investigation shall faithfully
present the information and offer relevant materials. If any interested party fails to do so, or fails to provide necessary information
within a reasonable time limit, or seriously intervene the investigation by any other means, the MOFCOM may judge on the basis of
the facts it has already obtained and the best information available.

Chapter IV. Supplementary Provisions

Article 34

When an interested party, who takes part in the industry injury investigation, submits any document or evidential material to the
MOFCOM, it shall submit the original Chinese text in quintuplicate accompanied by the corresponding electronic text (computer floppy
disks or CDs) in triplicate.

Article 35

Chinese language prescribed by the administrative department of languages of the state as the formal language shall be taken as the
prevailing language by the MOFCOM in the industry injury investigation Any document, materials or information offered by any interested
party shall be written in standard Chinese. As for any materials in any other language, a Chinese version and the original text shall
be submitted, and the Chinese version shall prevail. Any materials in the non-prevailing languages without attaching a Chinese version
shall not be regarded as valid and lawful evidential material

Article 36

The authority to interpret the present Provisions shall remain with the Ministry of Commerce.

Article 37

The present Provisions shall go into effect 30 days after the date of promulgation. At the same time when the present Provisions are
implemented, the Provisions on the Countervailing Investigation of Industry Injury and Award (Order No. 46 (2002) of the former State
Economic and Trade Commission shall be abolished.

Ministry of Commerce
2003-10-17

NOTICE OF THE CHINA SECURITIES REGULATORY COMMISSION ON ABOLISHING SOME OF THE SECURITIES AND FUTURES RULES (IV)

China Securities Regulatory Commission

Notice of the China Securities Regulatory Commission on Abolishing Some of the Securities and Futures Rules (IV)

ZhengJianFaLvZi [2003] No. 15

November 20th, 2003

All the securities regulatory offices, agencies, special offices, all the securities or futures exchanges, China Securities Registration
and Settlement Company, and all the departments under the China Securities Regulatory Commission:

In accordance with the provisions of the Regulations on Procedures for Formulation of Rules, this Commission has made cleanup once
more on departmental rules on securities and futures promulgated from the establishment of this Commission up to June 30th, 2003,
on the basis of abolishing the first three batches of rules and normative documents (hereinafter referred to in general as “rules”),
of which there are 30 securities rules that shall be repealed, have been repealed through public proclamation, or are automatically
invalidated, and 16 futures rules. We hereby have the lists of the two parts of 46 rules publicized in order to terminate the implementation
thereof.

Attachment: List of Departmental Rules Abolished by the China Securities Regulatory Commission (IV)

Attachment:List of Departmental Rules Abolished by the China Securities Regulatory Commission (IV)htm/e03303.htmNO

NO.	Regulations	File NO.	Issued by	Date of Issue
1	Notice concerning Approval of the Experimental Futures Exchanges	ZHENGJIANFA [1994] NO.150	China Securities Regulatory Commission	October 10^th, 1994
2	Provisions on State-owned Enterprises and Institutions Participating in Futures Exchange	ZHENGJIANFAZI [1994] NO.179	China Securities Regulatory Commission, the State Economic and Trade Commission, the Ministry of Domestic Trade	December 5^th, 1994
3	Urgent Circular concerning Enhancing Risk Control on Treasury Bonds and Futures Transaction	ZHENGJIANFAZI [1995] NO.23	China Securities Regulatory Commission	February 26^th, 1995
4	Urgent Circular concerning the Implementation of Provisions on Bail for Treasury Bonds and Futures Dealings	ZHENGJIANFAZI [1995] NO.47	China Securities Regulatory Commission	March 30^th, 1995
5	Interim Measures for the Administration of the Qualifications of Securities Practitioners	ZHENGWEIFAZI [1995] NO.6	The Securities Commission of the State Council	April 18^th, 1995
6	Notice concerning Requiring All the Treasury Bonds and Futures Exchanges to Further Enhance Risk Control	ZHENGJIANFAZI [1995] NO.60	China Securities Regulatory Commission	May 15^th, 1995
7	Notice concerning the Cleaning Up B-Share Accounts	ZHENGJIANFAZI [1996] NO.76	China Securities Regulatory Commission	June 28^th, 1996
8	Notice concerning Issues on the Strict Administration of the Opening of B-Share Accounts	ZHENGJIANJIAOZI [1996] NO.2	China Securities Regulatory Commission	September 20^th, 1996
9	Notice concerning Several Issues on Regulating the Acceptance of Capital Contribution by Futures Brokering Corporations	ZHENGJIANQIZI [1996] NO.16	China Securities Regulatory Commission	December 23^rd, 1996
10	Notice concerning Stoutly Forbidding Illegal Fund-raising in the Name of Futures Transaction	ZHENGJIANQIZI [1997] NO.41	China Securities Regulatory Commission	November 12^th, 1997
China Banking Regulatory Commission 2003-12-08

1...141516...22 Page 15 of 22

Russia Laws

The basic law

Concluding and Transitional Provisions

CIRCULAR ON THE RELEVANT WORK OF ANNUAL JOINT EXAMINATION OF ENTERPRISES WITH FOREIGN INVESTMENT OF 2003

CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE ON SUBMITTING THE STATEMENTS UNDER THE MEASURES FOR ADMINISTRATION OF THE REPORTS ON TRANSACTIONS OF LARGE-SUM AND DOUBTFUL FOREIGN EXCHANGE CAPITAL OF FINANCIAL INSTITUTIONS

ANNOUNCEMENT OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE

MEASURES OF FINANCIAL LICENSE CONTROL

REGULATIONS OF THE PEOPLE’S REPUBLIC OF CHINA ON FISHING VESSEL INSPECTION

AGREEMENT BETWEEN THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA AND THE GOVERNMENT OF THE REPUBLIC OF DJIBOUTI ON THE PROMOTION AND PROTECTION OF INVESTMENTS

INTERIM MEASURES FOR THE ADMINISTRATION OF IMPORT TARIFF QUOTAS OF AGRICULTURAL PRODUCTS

PROVISIONS ON THE COUNTERVAILING INVESTIGATION OF INDUSTRY INJURY

NOTICE OF THE CHINA SECURITIES REGULATORY COMMISSION ON ABOLISHING SOME OF THE SECURITIES AND FUTURES RULES (IV)

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