NOTICE OF THE MINISTRY OF CIVIL AFFAIRS ON THE ISSUES CONCERNING THE REGISTRATION OF SINO-FOREIGN COOPERATIVE EDUCATIONAL INSTITUTIONS

Ministry of Civil Affairs

Notice of the Ministry of Civil Affairs on the Issues concerning the Registration of Sino-foreign Cooperative Educational Institutions

Ministry of Civil Affairs

December 12, 2003

The departments (bureaus) of civil affairs of all provinces, autonomous regions and municipalities directly under the jurisdiction
of the Central Government, the bureaus of civil affairs of the cities directly under state planning and the Bureau of Civil Affairs
of Xinjiang Production and Construction Corps:

The Regulations of the People’s Republic of China on Chinese-foreign Cooperative Education promulgated by the State Council (hereinafter
referred to as the Regulations) have come into force on September 1 of this year. In order to regulate the administration on the
registration of Sino-foreign cooperative educational institutions, we inform you of the relevant issues as follows:

The Sino-foreign cooperative educational institutions that apply for being registered as private non-enterprise entities may, after
obtaining the licenses of Sino-foreign cooperative education, be registered as private non-enterprise entities in the light with
Article 20 of the Regulations and Article 12 of the Interim Regulations on the Administration of Registration of Private Non-enterprise
Entities.

II.

The application for being registered as a private non-enterprise entity submitted by a Sino-foreign cooperative institution shall
be handled by the department of civil affairs of the same level as the administrative department of education of the government and
the administrative department of labor of the government that have issued the license of Sino-foreign cooperative education. If the
license of Sino-foreign cooperative education is issued by the people’s government of a province, autonomous region or municipality
directly under the jurisdiction of the Central Government upon examination and approval, the application shall be handled by the
department of civil affairs of the people’s government of the province, autonomous region and municipality directly under the jurisdiction
of the Central Government.

III.

In the case that a Sino-foreign cooperative institution applies for being registered as a private non-enterprise entity, the fund,
the practicality, the intellectual property and other properties shall be regarded as non-state-owned assets. The share of non-state-owned
capital and assets in the registered capital contributions shall not be less than two thirds of the total capital and assets.

IV.

A Sino-foreign cooperative education institution that applies for being registered as a private enterprise entity shall use the Private
Non-enterprise Entity (juridical person) Registration Certificate. According to the Regulations, the Private Non-enterprise Entity
(Partnership) Registration Certificate may be used for establishing Sino-foreign cooperative institutions without juridical person
qualification.

In the case that any educational institutions in Hong Kong Special Administrative Region, Macao Special Administrative Region and
Taiwan cooperate with the educational institutions in the Mainland of China, the provisions mentioned above shall be referred to.

In view of the strict policy and difficulties of Sino-foreign cooperative education, the administration shall be strengthened practically
in handling the applications for being registered as private non-enterprise entities filed by Sino-foreign cooperative educational
institutions. Any new circumstance and problems occurring at the work shall be reported to the department of the administration of
non-governmental organizations of the Ministry of Civil Affairs so as to be solved in time.

Ministry of Civil Affairs
2003-12-12

PROVISIONS OF THE CUSTOMS OF THE PEOPLE’S REPUBLIC OF CHINA ON EXECUTING THE RULES OF ORIGIN FOR TRADE IN GOODS UNDER THE MAINLAND/MACAO CLOSER ECONOMIC PARTNERSHIP ARRANGEMENT

Customs General Administration

Order of the Customs General Administration of the People’s Republic of China

No.107

The Provisions of the Customs of the People’s Republic of China on Executing the Rules of Origin for Trade in Goods under the Mainland
and Macao Closer Economic Partnership Arrangement, which were deliberated and adopted at the executive meeting of this Administration
on December 24th, 2003, are hereby promulgated and shall be implemented as of January 1st, 2004.

Mou Xinsheng, Director of the Customs General

December 30th, 2003

Provisions of the Customs of the People’s Republic of China on Executing the Rules of Origin for Trade in Goods under the Mainland/Macao
Closer Economic Partnership Arrangement

Article 1

In order to promote the economic and trade activities between the mainland and Macao, and to correctly determine the origin of the
imported goods under the Mainland and Macao Closer Economic Partnership Arrangement (hereinafter referred to as CEPA), the present
Provisions are formulated in accordance with the Customs Law and the CEPA.

Article 2

The present Provisions shall be applied to the goods imported from Macao under the CEPA (see the Customs Import and Export Tariff
of the People’s Republic of China for details of the list of goods), however, the goods imported by the way of processing trade shall
be excluded.

Article 3

With respect to any goods directly imported from Macao under the CEPA, the origin thereof shall be determined in light of the following
principles:

With regard to any goods fully obtained in Macao, the origin thereof shall be Macao; and

With regard to any goods not fully obtained in Macao, the origin thereof may be determined as Macao only if such goods have gone through
substantial processing in Macao.

Article 4

“Goods fully obtained in Macao” used in Item 1) of Article 3 in the present Provisions refers to:

Mineral products exploited or extracted in Macao;

Plants or their products harvested or collected in Macao;

Live animals borne and bred in Macao;

Products obtained in Macao from the animals mentioned in Item 3) of this Article;

Products obtained from hunting or fishing in Macao;

The aquatic and other marine products obtained from the high sea by ships with the license of Macao and hanging the regional flag
of the Macao Special Administrative Region;

Products obtained from processing of the products mention in Item 6) of this Article on the ships with the license of Macao and hanging
the regional flag of the Macao Special Administrative Region;

Discarded and waste materials collected in Macao that are generated in the course of consumption in Macao and that are fit only for
recycling of raw materials;

Waste and piecemeal materials that are generated in the course of processing and manufacturing in Macao and that are fit only for
the recycling of raw materials; and

10)

Products obtained from processing of the products mentioned in Items 1) through 9) of this Article.

Article 5

The following processing or disposal, no matter whether they are finished separately or conjunctly, shall all be deemed as minor processing
and disposal, and shall be disregarded in determining whether the goods are fully obtained:

Processing or disposal conducted for the transport or storage of goods;

Processing or disposal conducted for the convenience of the carriage of goods; and

Processing or disposal, such as packing or display, etc., conducted for the sale of goods.

Article 6

“Substantial processing” as used in Item 2) of Article 3 in the present Provisions shall be determined by using the criterion of
“manufacturing or processing operation”, criterion of “change of tax code”, criterion of “ad valorem percentage”, “other criteria”
or “combined criteria”, and the determination shall be carried out according to the Table of the Criteria of Origin for the Goods
of Macao Enpost_titled to Preferential Treatment for Trade in Goods. That table shall be part of the present Provisions and be separately
promulgated by the Customs General Administration.

“Manufacturing or processing operation” refers to the major operation that endows the goods obtained after the processing with the
basic characteristics. Where such an operation is finished in Macao, it shall be deemed that substantial processing has been conducted.

“Change of tax code” refers to that where any material of which the origin is not Macao are processed within Macao, the four-figure
tax category of the processed products in the Customs Import and Export Tariff of the People’s Republic of China has changed, and
such products are not to go through any production, processing or manufacturing that will change their four-figure tax category in
any country or region other than Macao.

“Ad valorem percentage” refers to the percentage that the total value of the raw materials, components, and labor obtained in Macao
and the product development cost account for in the FOB price of the export products. In case such a percentage is 30% or more, and
the final manufacturing or processing operation of the products is finished within Macao, substantial processing shall be deemed
as being conducted. See the formula below:

(Value of raw materials + value of components + value of labor + cost for product development) / FOB price of the export product 0%

“Product development” refers to the product development carried out within Macao for producing or processing the relevant export products.
The cost for product development must be related to those export products, including the cost for development by the producer or
processor himself/itself, the sum paid for development by the entrusted natural person or legal person within Macao, and the sum
paid for purchase of the design, patent, know-how, trademark right or copyright owned by any natural person or legal person within
Macao. Such cost shall be able to be clearly determined in light of the generally accepted accounting standards and relevant international
practice.

Calculation of the “ad valorem percentage” shall be according to the generally accepted accounting standards and relevant international
practice.

“Other criteria” refers to the methods other than the aforesaid criteria of “manufacturing and processing operation”, “change of tax
code” and “ad valorem percentage” for determining the origin that are agreed upon by both authorities of the mainland and Macao.

“Combined criteria” refers to two or more aforesaid criteria that are used at the same time in determining the origin.

Article 7

Simple dilution, mixing, packing, bottling, drying, assembling, classification or decoration shall not be deemed as substantial processing.

Any processing or pricing measure aiming to avoid the present Provisions shall not be deemed as substantial processing.

Article 8

The producing areas of the energy, plants, equipment, machines, and tools used in the manufacturing of the goods, as well as the producing
areas of the components that are not part of the goods and those of the materials of such components, shall be disregarded in determining
the origin of goods.

Article 9

The packages, package materials, and containers, as well as the attachments, spare parts, tools, and introductory materials, that
are declared for import along with the goods and that are included in the Customs Import and Export Tariff of the People’s Republic
of China shall be disregarded in determining the origin of the goods.

Article 10

The goods imported under the CEPA shall be transported from Macao directly to the ports of the mainland.

Where any import goods is transported from Macao to mainland via Hong Kong and where the following conditions are met at the same
time, they shall be deemed as being transported directly from Macao:

Simply due to geographic reasons or transport needs;

Not being traded or consumed in Hong Kong; and

Not going through any processing in Hong Kong other than such processing needed for loading and unloading and for keeping the goods
in good conditions.

Article 11

In customs declaration of the goods imported under the CEPA, the consignee shall voluntarily declare to the customs office that zero
tariff shall be applied to those goods, and shall submit a valid certificate of origin that are in line with the Procedures for Issuing
and Checking of the Certificate of Origin under the CEPA.

With regard to the import goods that are transported to a port of mainland via Hong Kong, the consignee shall, apart from meeting
the provisions of the preceding paragraph, supplement the following documents to the customs office of the place where the goods
are declared:

The through bill of lading issued in Macao;

The invoice of the goods issued by the original producer; and

Relevant certificates conforming to the second paragraph of Article 10 of the present Provisions.

Article 12

Where the certificate of origin is valid upon network check, the customs office shall go through the import formalities of those goods
at zero tariff. Where certificate is invalid upon the check, zero tariff shall not be applicable.

Where the customs office of the place where the goods are declared can not make the network check due to certain reasons, and the
consignee require clearance of the goods, the customs office may release those goods after collecting a security of the value equal
to the amount of taxes payable at the rate applied to those goods if they are not under the CEPA, go through the import formalities
and make the customs statistics. The customs office of the place where the goods are declared shall, within 90 days as of the day
of clearance of those goods, verify the validity of its certificate of origin, and refund the security or change the security to
tariff in light of the result of the verification, and shall modify the customs statistics data correspondingly.

Article 13

Where the customs office of the place where the goods are declared has doubted over the validity of the contents of the certificate
of origin, it may put forward a request through Customs General Administration or a customs office authorized thereof to the Macao
Customs or Macao Economic Services for assistance in the verification. During the period when the Macao Customs or Macao Economic
Services makes the verification for confirmation of the relevant certificate of origin, the customs office of the place where the
goods are declared may release those goods after collecting a security of the value equal to the amount of taxes payable at the rate
applied to those goods if they are not under the CEPA, go through the import formalities and make the customs statistics. After the
Macao Customs or Macao Economic Services finishes the verification, the customs office of the place where the goods are declared
shall, in light of the result of the verification, immediately refund the security or change the security to import tariff, and modify
the customs statistics data correspondingly.

Article 14

The customs offices have the obligation to keep confidential of the materials provided by the consignee of the import goods for verifying
the certificate of origin. Without the consent of the consignee, the customs offices may not disclose those materials or use them
for any other purpose, but apart from the otherwise provisions prescribed in the laws, administrative regulations and relevant judicial
interpretations.

Article 15

The customs offices shall deal with any act in violation of the present Provisions in accordance with the Customs Law of the People’s
Republic of China and the Implementing Rules of the Customs of the People’s Republic of China for Administrative Punishment. If any
crime has been constituted, the criminal liabilities shall be prosecuted for in jure.

Article 16

The responsibility to interpret the present Provisions shall remain with the Customs General Administration.

Article 17

The present Provisions shall be implemented on January 1st, 2004.

Customs General Administration
2003-12-30

PROCEDURES FOR INSPECTION OF INTENATIONAL NAVIGATION SHIPS ENTERING AND EXITING PORTS

Procedures for Inspection of Intenational Navigation Ships Entering and Exiting Ports of the People’s Republic of China

Article 1 This set of procedures are formulated for the purpose of strengthening the administration of the international navigation
ships entering and exiting the ports of the People’s Republic of China to facilitate their entry and exit and improve the uses of
the ports.

Article 2 Upon the entry in or exit from ports of the People’s Republic of China international navigation ships (hereinafter referred as the
ships)as well as their crew and the passengers, cargoes and other goods they carry shall be inspected by organs stipulated in Article
3 of this set of procedures according to this set of procedures except stipulated by law of the State Council for other ways of inspection.

Article 3 The inspection shall be carried out by harbour superintendent department of China (HSD), China’s General Administration of Customs
(GAC), border checking departments (BCD) of health quarantine departments (HQD) of China and China’s quarantine departments of animal
and plant (QAP), which are referred to hereinafter as the inspection organs.

Article 4 The inspection organs carry out their inspection according to relevant laws and regulations and deal with the acts of violating laws
and administrative regulations.

HSD is responsible for calling other inspection organs to participate in associated meetings for the study of related problems arising
from the inspection of the ships upon their entry in and exit from China’s ports.

Article 5 When a ship enters and exits China’s ports, its owner or agent should go through formalities in line with relevant stipulations the
procedures. The personnel of inspection organs shall not go on board of the ship for inspections except in the cases stipulated in
the second clause of Article 10 and Article 11 of the procedures or in other special cases.

In going through all the formalities concerning the entry in or exit from China’s ports, owner or agent of the ship concerned should
accurately fill in the forms and provide related certificates and data in line with the stipulations of the inspection organs.

Article 6 The owner or the agent of a ship should fill in an “Application Form for International Navigation Ships Entering and Exiting Chinese
Ports” 7 days before the arrival of the ship to the port (before exiting the previous port if the voyage takes less than 7 days),
and report to the HSD of the arriving port for approval.

The owner or the agent of a ship which is to enter the Yangtze River should fill in an “Application Form for International Navigation
Ships Entering and Exiting Chinese Ports” 7 days before the ship is expected to arrive at the Shanghai port (before exiting the previous
port if the voyage takes less than 7 days), and report to the HSD for approval.

Article 7 The owner or the agent of a ship should report the time of arrival, the site of anchorage, and the plan for anchoring and moving
as well as related information about the crew and passengers to the inspection organs concerned 24 hours before its arrival at the
port (before exiting the previous port if the voyage takes less than 24 hours).

Article 8 The owner or the agent who has not gone through the formalities of entering the port before the arrival of the ship should go through
the formalities at the inspection organs within 24 hours after its arrival.

If the anchoring time is less than 24 hours, the owner or the agent may, with the agreement of the inspection organ, go through the
formalities of exiting the port while going through the formalities of entering the port.

Article 9 If the formalities of entering the port have been gone through by the owner or the agent of a ship the people concerned can move
and cargoes can be loaded on or out of the ship as soon as the arrival of the ship to the port.

If formalities of entering the port have not been gone through by the owner or the agent of a ship upon its arrival of a port all
people must not move and cargoes and other goods must not be loaded on and out of the ship after its arrival except inspection personnel
and navigators; if the previous entering and exiting port of the ship is a Chinese port, people may leave and go on board the ship
and cargoes and other goods may be loaded and unloaded after its arrival, but the owner or the agent should immediately go through
the formalities of entering the port.

Article 10 The HQDs carry out telecommunications quarantine. The owner or the agent of a ship with a sanitation certificate may apply to the
HQDs for telecommunications quarantine.

HQDs should carry out quarantine at the site of the anchorage if the ships come from epidemic areas and ships carrying people who
have or are suspected to have contracted infectious diseases or bodies of those who have died of non-accidental causes or of unclear
causes, or ships without sanitation certificate or with an expired sanitation certificate only or the sanitation conditions not up
to the required standards.

Article 11 QDAPs may carry out the quarantine at the site of the anchorage if the ships or animals and plants, animal and plant products or
other goods carried by the ship come from animal and plant epidemic areas that need quarantine

Article 12 The ship owner or the agent of a ship should go through the necessary formalities of exiting at the inspection organs within 4 hours
before the ship exits the port (or at the time of entering the port if the anchoring time is less than 4 hours). The relevant inspection
organs should notify this by signing the “Ship Exiting Formalities Certificate”; and the owner or the agent should go to the HQD
to apply for an exiting license with the certificate and other certificates and data as required by the HQD.

Article 13 If any changes happen or the ship does not exit the port after getting the license, the owner or the agent should report to the HQD,
which will discuss with other inspection organs to decide whether it is necessary for the owner or the agent to go through the exiting
formalities again.

Article 14 For the ships that have a regular shipping route and fixed crew and come and go one or more than one voyage, the owner or the agent
may apply in a written form to the HQD to go through the formalities of regular entering and exiting China’s ports. The HQD concerned
which handles the application will discuss with other inspection organs to decide whether to approve it or not, and after their approval,
the HQD will issue a regular exiting license valid for 7 days.

Article 15 The inspection organs and their personnel must implement the procedures impartially, scrupulously abide by their duties, and carry
out the inspections and handle the applications for entering and exiting Chinese ports in time.

Article 16 The following related terms of the procedures can be defined as:

(1) International navigation ships are referred to the ships of foreign origin which enter and exit China’s ports and the ships of
Chinese origin which sail international navigation routes;

(2) Ports are referred to the Chinese ports which have been approved by the Chinese government for international navigation ships
to enter and exit; and

(3) The ship owner is referred to the owner or the operator of the ship.

CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION ON THE RELEVANT ISSUES CONCERNING THE TAX PAYMENT BY ENTERPRISES WITH FOREIGN INVESTMENT AND FOREIGN ENTERPRISES ENGAGING IN THE BUSINESS OF FINANCIAL ASSET DISPOSITION

The State Administration of Taxation

Circular of the State Administration of Taxation on the Relevant Issues Concerning the Tax Payment by Enterprises with Foreign Investment
and Foreign Enterprises Engaging in the Business of Financial Asset Disposition

GuoShuiFa [2003] No.3

January 7, 2003

The state taxation bureaus and local taxation bureaus of all provinces, autonomous regions, municipalities directly under the Central
Government and municipalities separately listed on the State plan:

We hereby give our notice on the relevant issues concerning the tax payment by enterprises with foreign investment and foreign enterprises
engaging in the business of financial asset disposition as follows in accordance with the Income Tax Law of the People’s Republic
of China for Enterprises with Foreign Investment and Foreign Enterprises and the detailed rules for its implementation, as well as
the Interim Regulation of the People’s Republic of China on Business Tax and the detailed rules for its implementation:

Enterprises with foreign investment and foreign enterprises (hereinafter referred to as enterprises) shall, regarding their income
obtained in China from the business of financial asset disposition, file tax returns and pay value-added tax, business tax and enterprise
income tax in accordance with the tax laws and the present circular.

II.

The business of financial asset disposition shall mean that an enterprise obtains by means of purchase or holding shares through absorption,
etc. from a financial asset management corporation inside the territory of China the share rights, creditor’s rights and physical
assets of other enterprises inside the territory of China or the entire assets composed of the above said assets (hereinafter referred
to as replacement assets), and then dispose the above said replacement assets by means of transfer, retractation, exchange and sale,
etc., and obtain the corresponding returns.An enterprise may dispose of the financial assets by the following means:

(a)

retracting or transferring the creditor’s rights;

(b)

converting the creditor’s rights it holds into share rights;

(c)

disposing of the physical assets it has right to control;

(d)

selling or transferring the share rights it holds;

(e)

returning its replacement assets;

(f)

disposing of the replacement assets by other means.

III.

An enterprise shall, when obtaining replacement assets, regard the price when the assets were actually purchased or when it held the
shares through absorption as the original price. The classification of replacement assets shall be based on the pricing object when
the said assets are obtained, which may be one share right of an enterprise of sole pricing, or the single item of asset in the form
of creditor’s right or physical asset, or the combined assets uniformly priced with several items of assets being bound.For the re-classification
and re-combination of all or part of the replacement assets obtained by an enterprise, the original price of the single item of or
the combined replacement assets may be determined after the re-classification and re-combination, provided that the original price
of the replacement assets after the re-classification and re-combination shall not exceed the original price at the time when the
enterprise obtained the replacement assets.

IV.

An enterprise shall, when disposing of the replacement assets, be exempted from the business tax and value-added tax in accordance
with the following provisions:

(a)

no business tax shall be levied on an enterprise that disposes of replacement assets of creditor’s right;

(b)

no business tax shall be levied on an enterprise for the income which it obtains from disposition of replacement assets of share right
(including disposition by means of debt to equity);

(c)

business tax shall be levied on an enterprise for the income which it obtains from disposition of its own physical replacement assets
if such assets are real estates; while if such assets are goods, value-added tax shall be levied in accordance with the regulations
on value-added tax and the relevant provisions.

With respect to the income obtained by an enterprise from its disposition of replacement assets, enterprise income tax shall be calculated
and paid on the basis of the net proceeds after the original price, expenses and losses of the relevant assets are deducted.Where
an enterprise disposes of its replacement assets by stages or by installments, the part exceeding the original price shall, when
the income from its disposition of assets exceeds the original price of replacement assets in the form of single item of or combined
assets, be calculated into the present taxable income of the enterprise, and then enterprise income tax shall be calculated and levied.The
losses occurred due to an enterprise’s disposition of a single item of or combined replacement assets, may be deducted from the present
taxable income of the enterprise. For the combined assets, the losses shall be calculated after the disposition of combined assets
has been totally finalized.

VI.

A foreign enterprise that has not set up an office or a site inside the territory of China shall, either by itself or by authorizing
its agent inside the territory of China, file tax returns and pay its payable tax amount. Its payable enterprise income tax may be
paid at the locality of the enterprise to which one item of the replacement assets belongs; while the place for the payment of its
payable business tax or value-added tax shall be determined in accordance with the relevant provisions.

The State Administration of Taxation
2003-01-07

CIRCULAR OF THE MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION ON SEVERAL ISSUES CONCERNING THE TAX POLICIES FOR THE CHAIN ENTERPRISES

The Ministry of Finance, the State Administration of Taxation

Circular of the Ministry of Finance and the State Administration of Taxation on Several Issues Concerning the Tax Policies for the
Chain Enterprises

CaiShui [2003] No.1

February 27, 2003

The finance departments (bureaus), state tax bureaus and local tax bureaus of all provinces, autonomous regions, municipalities directly
under the Central Government and municipalities separately listed on the State plan:

In order to implement the Circular of the General Office of the State Council on Transmitting Several Opinions of the Office for Economic
Restructure of the State Council and the State Economy and Trade Commission Concerning Promoting the Development of Chain Operations
(GuoBanFa [2002] No.49) and support the development of chain operations, several issues concerning value-added tax and income tax
that shall be paid by the chain enterprises in a consolidated way are hereby specified as below:

As for the chain enterprises under unified calculation that are operating in the provinces, autonomous regions, municipalities directly
under the Central Government, municipalities separately listed on the State plan, where it is necessary for the head offices to file
returns of and pay for the value-added tax in a consolidated way at the local tax authorities, it shall be in accordance with the
Circular of the Ministry of Finance and the State Administration of Taxation on Several Issues Concerning Value-added Tax Payment
Place of the Chain Enterprises (CaiShuiZi [1997] No.97).

II.

In accordance with the Interim Regulations on Enterprise Income Tax of the People’s Republic of China and Rules for the Implementation
of the Interim Regulations on Enterprise Income Tax of the People’s Republic of China, the head office shall pay the enterprise income
tax in a consolidated way to the local tax authorities if the direct operating stores established by a domestically funded enterprise
in different regions within a province meet the conditions ?C they are operating in a consolidated way under a head office; they
are connected by computer to the head office; their head office makes unified purchase and distribution, calculation and standardization
management; and they don’t open balance account of bank and don’t make financial statement and account book. In accordance with the
Income Tax Law of the People’s Republic of China for Enterprises with Foreign Investment and Foreign Enterprises and the Rules for
the Implementation of the Income Tax Law of the People’s Republic of China for Enterprises with Foreign Investment and Foreign Enterprises,
the head office of an enterprise with foreign investment engaged in cross-regional chain operations shall pay the enterprise income
tax in a consolidated way to the local tax authorities.

III.

After the above-mentioned cross-regional chain enterprises have paid the value-added tax and income tax in a consolidated way, in
order to ensure that the financial interests of the regions where the chain stores are located will not be affected for the change
of the tax payment places and to be advantageous for the development of the chain operations, the finance departments of all levels
shall carefully implement the spirits of No. 49 [2002], formulate timely measures for adjusting the finance interests among the relevant
regions, properly allocate the interests among the departments of all levels.

The Ministry of Finance, the State Administration of Taxation
2003-02-27

MEASURES OF THE CUSTOMS OF THE PEOPLE’S REPUBLIC OF CHINA CONCERNING SUPERVISION AND ADMINISTRATION ON PROCESSING TRADE ENTERPRISES THROUGH COMPUTER INTERCONNECTION

The General Administration of Customs

Decree of the General Administration of Customs of the People’s Republic of China

No.100

Adopted at the official meeting of the General Administration of Customs on September 26, 2001, Measures of Customs of the People’s
Republic of China Concerning Supervision and Administration on Processing Trade Enterprises through Computer Interconnection is now
promulgated and effective as of the date of April 1, 2003.

Director of the Administration Mou Xinsheng

March 19, 2003

Measures of the Customs of the People’s Republic of China Concerning Supervision and Administration on Processing Trade Enterprises
through Computer Interconnection

Chapter I General Provisions

Article 1

These Measures are formulated in accordance with the Customs Law of the People’s Republic of China and other laws and administrative
regulations, for the purpose of regulating Customs’ administration on processing trades and implementing relevant provisions of the
Circular of the General Administration of Customs and the Ministry of Foreign Trade and Economic Cooperation on Some Issues Concerning
Supporting the Development of High-and-New Technology Industries.

Article 2

The Customs’ supervision and administration on processing trade enterprises through computer interconnection refers to a method adopted
by Customs to supervise and administrate the bonded goods, by means of collecting financial logistics, production and operation data
necessary for supervision and administration with the help of computer networks connecting the processing trade enterprises which
whole processes are managed by computers with the computer management system of the Customs. The Customs shall verify the data of
production and logistics of the processing trades through computer network and perform on-site checks on the bonded goods according
to circumstances. The processing trades shall go through relevant formalities, such as records, alteration, verification and product
import/export with the Customs through the computer networks.

Article 3

A processing trade enterprise that is supervised and administrated through the computer networks (hereinafter referred to as a networked
enterprise) shall be exempted from the system of machine account on bank guarantee funds.

Article 4

The networked enterprise shall provide the Customs faithfully with the data of enterprise record, import, inventory, export, single
loss and finance which are requested for Customs Supervision.

Article 5

The Customs shall, according to the requests from the enterprise, keep the business secrets confidential.

Article 6

The enterprise applying for networking supervision and administration shall:

(1)

be a manufacturing enterprise that is export-oriented, with independent legal entity qualification within the jurisdiction of Chinese
Customs, qualified for processing and a manufacturing and registered with the Customs;

(2)

operate lawfully and creditably, with normative internal management and computer management throughout the whole process of purchasing,
manufacturing, inventorying and marketing, etc.;

(3)

is able to provide actual, accurate, complete and verifiable data according to the requirement of the supervision and administration
of the Customs;

(4)

enjoys Class A administration by the Customs; and

(5)

possesses efficient assets or capital as an overall guaranty for its financial responsibilities supposed for networking supervision
and administration.

Article 7

The an enterprise meeting with above conditions shall, prior to performing networking administration, apply to the competent Customs
office directly under the General Administration of Customs and the competent department of the Ministry of Foreign Trade and Economic
Cooperation, for performing networking supervision and administration and for the mode of approval. When the application is approved,
a Warranty for Liabilities of Networking Supervision and Administration shall be entered between the competent Customs office directly
under the General Administration of Customs and the enterprise, which shall be reported to the General Administration of Customs
for approval.

Chapter II Administration via Electronic Account Book

Article 8

The Customs shall, on the basis of the business scope approved by relevant competent department of the government, annual capacity
and other conditions of the processing trade, establish an electronic account book as a substitute for Registration Handbook for
processing trades and implement electronic account book administration to the networked enterprise.

Article 9

According to practical requirement of manufacturing, a networked enterprise may apply to the Customs for going through the formalities
for filing for the imported materials/parts, exported finish-products and loss of finished products.

Article 10

When alternation to the content of the electronic account book is necessary, a networked enterprise shall go through corresponding
formalities of examination and approval as well as alternation according to relevant provisions.

Chapter III Administration on Import and Export

Article 11

A networked enterprise shall be verified on its authentication and shall go through formalities of clearance and reporting for verification
for import and export through computer network.

Article 12

The imported materials and exported finish-products of a networked enterprise shall be within the scope verified for electronic account
book when going through formalities of clearance.

The Customs shall accept the declaration of a networked enterprise based on the electronic ledger, electronic authentication card
and other relevant documents.

Article 13

For a case of applying to the customs for the products at other locations, the competent customs shall transmit relevant data in electronic
account book to the Customs at the port.

Article 14

Any transfer of deep-processing transaction carried forward between networked enterprises or between a networked enterprise and a
non-networked enterprise, the networked enterprise shall, by presenting authentication card, electronic account book or Registration
Handbook, go through carry-forward formalities and customs entry according to relevant provisions.

Chapter IV Audit and Verification

Article 15

A networked enterprise shall report for verification periodically and implement a system of stage-by-stage verification by Customs.

Article 16

A networked enterprise shall report for verification in accordance with the time period and the requirement regulated by the Customs.

Article 17

The customs shall verify the data reported by the networked enterprise and may call and read relevant management data, account books
and other materials about a enterprise, go to the enterprise to have a on-site investigation, and even carry out external auditing
according to the needs of supervision and administration.

Article 18

A networked enterprise shall be pursuant to the relevant provisions in force it needs to sell its products to domestic market due
to some reasons.

The commence date of collecting the interests of stayed tax shall be calculated on the basis of defined verification cycle.

Article 19

When going through formalities of verification, the customs will compare the remaining materials recorded in the electronic account
book with the actual stocks of a networked enterprise. The deficiency/excess of the materials shall be disposed in accordance with
relevant provisions after verification.

Article 20

The Customs shall make a confirmation on the result of the verification and feedback the verification conclusion to networked enterprise.

Chapter V Legal Liability

Article 21

The competent Customs shall, according to the situation, levy on a networked enterprise a guarantee fund equivalent to one half of
the tax on bonded materials/parts of approved production turnover or request for a letter of guarantee issued by a bank, if the networked
enterprise:

(1)

has been degraded to Class B or Class C administration;

(2)

has failed to pass annual inspection;

(3)

is under investigation, suspected of being involved in smuggling;

(4)

has failed to deliver actual, accurate and complete data to the competent Customs in accordance with the provisions; or

(5)

has committed other activities, interfering the Customs to supervise and administration effectively.

Article 22

The Customs has the right to cancel the electronic account of a networked enterprise if this enterprise:

(1)

has been revoked the operation qualification by competent department of the government;

(2)

has stopped engaging in the processing trades; or

(3)

has been degraded to Class D administration.

Article 23

The Customs may suspend or cancel the applicable convenient clearance procedures for a networked enterprise that has committed any
of the activities prescribed in Article 21 and 22 in these Measures. The suspension and cancellation of the applicable convenient
clearance procedures shall be in accordance with the provisions of the Provisions of Examination and Approval on Convenient Clearance
Procedures Applicable to Large-sized Enterprises of High and New Technology (Decree No. 86 of the General Administration of Customs).

Article 24

An enterprise that has committed smuggling and violation of laws shall be disposed by the Customs according to the provisions of the
Customs Law of the People’s Republic of China and Rules for the Implementation of Administrative Penalty of the Customs Law of the
People’s Republic of China.

Chapter VI Supplementary Provisions

Article 25

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

Article 26

These Measures shall enter into force as of April 1, 2003.

The General Administration of Customs
2003-03-19

MEASURES FOR THE IMPLEMENTATION OF MADRID INTERNATIONAL REGISTRATION OF TRADEMARKS

The State Administration for Industry and Commerce

Order of the State Administration for Industry and Commerce of the People’s Republic of China

No. 7

Measures for the Implementation of Madrid International Registration of Trademarks deliberated and adopted by the bureau service conference
of the State Administration for Industry and Commerce of the People’s Republic of China, are hereby promulgated and shall be come
into force as of the day of June 1, 2003.

Director of the State Administration for Industry and Commerce, Wang Zhongfu

April 17, 2003

Measures for the Implementation of Madrid International Registration of Trademarks

Article 1

The Measures are formulated in accordance with Article 12 of the Regulation for the Implementation of the Trademark Law of the People’s
Republic of China (hereinafter referred to as the Regulation).

International registration of trademarks prescribed in Article 12 of the Regulation shall mean the international registration of
trademarks made in accordance with the Madrid Agreement Concerning the International Registration of Trademarks (hereinafter referred
to as the Madrid Agreement), the Protocol Relating to the Madrid Agreement Concerning International Registration of Trademarks (hereinafter
referred to as the Madrid Protocol) or the Common Regulations on Implementing the Madrid Agreement Concerning the International Registration
of Trademarks and the Protocol Relating to that Agreement (hereinafter referred to as the Common Regulations).

Article 2

The Measures shall apply to the applications for international registration of trademarks with China as the country of origin, applications
designating China for territorial extension, and other related applications.

The overseas registration of trademarks not through the Madrid system shall not fall within the governing scope of the Measures. The
applicant may entrust a trademark agency organization, or a foreign representative or law firm, or its branch company abroad to make
the registration.

Article 3

Whoever applies for international registration of a trademark with China as the country of origin shall have a genuine and effective
industrial and commercial business place in China, or have its domicile in China, or have the nationality of China.

Article 4

For an applicant with the qualifications prescribed in Article 3 of the present measures for international registration of trademarks,
if his/its trademark has been registered in the Trademark Bureau of the administrative department for industry and commerce under
the State Council (hereinafter referred to as the Trademark Bureau), he/it may apply for international registration of the trademark
in accordance with the Madrid Agreement.

For an applicant with the qualifications prescribed in Article 3 of the present measures for international registration of trademarks,
if his/her trademark has been registered in the Trademark Bureau, or an application for registration of the trademark has been filed
to the Trademark Bureau, he/it may apply for international registration of the trademark in accordance with the Madrid Protocol.

Article 5

Whoever applies for the international registration of a trademark shall handle the application through the Trademark Bureau.

The applicant or the trademark agency organization which he/it entrusts may either directly submit an application to the Trademark
Bureau, or post the application to the Trademark Bureau.

Article 6

Whoever applies for the later-stage designation, waiver, cancellation, etc. concerning the international registration of marks related
to the Madrid Agreement shall handle the said matters through the Trademark Bureau. Whoever applies for the transfer, abridgement,
modification of the registrant’s name or address, modification of the agent’s name or address, renewal, etc. concerning the international
registration of marks related to the Madrid Agreement may handle the said matters either through the Trademark Bureau, or directly
in the International Bureau of the World Intellectual Property Organization (hereinafter referred to as the International Bureau).

Whoever applies for the later-stage designation, transfer, abridgement, waiver, cancellation, modification of the agent’s name or
address, modification of the agent’s name or address, renewal, etc. concerning the international registration of marks related to
the Madrid Protocol may handle the said matters either through the Trademark Bureau, or directly in the International Bureau.

The applicant or the trademark agency organization entrusted may, when filing an application through the Trademark Bureau, either
directly submit or post the application to the Trademark Bureau.

The applicant or the trademark agency organization entrusted may, when filing an application directly to the International Bureau,
either submit or post the application to the International Bureau.

Article 7

Whoever applies for international registration of a trademark or handles other related matters through the Trademark Bureau may fill
in the involved forms either in the English or French style provided by the International Bureau, or in the Chinese style made by
the Trademark Bureau, provided that it shall pay the translation fee to the Trademark Bureau.

Whoever applies for international registration of a trademark or handles other related matters shall in addition to paying the fees
prescribed in the Common Regulations pay the service fee to the Trademark Bureau.

Article 8

Where the applicant for international registration of a trademark is a natural person, he shall clearly write down his Chinese name.
Where the applicant is a legal person or other organization, it shall clearly write down its full name in Chinese.

Where a natural person, legal person or other organization has a corresponding translated name in a foreign language, he/it may indicate
the translated name in the foreign language. Where there is no such a translated name in the foreign language, he/it shall indicate
the corresponding Chinese phonetic alphabet.

Article 9

The applicant shall indicate his/its detailed address (including the communication address and the zip code), telephone number, fax
number, etc. in the application for international registration of a trademark.

Article 10

One application for international registration of a trademark may either designate one class of commodities or services, or designate
two or more classes of commodities or services.

Article 11

An applicant shall, when applying for international registration of a trademark, submit the following annexes:

(1)

1 photocopy of domestic trademark registration certificate, or 1 photocopy of the notification on acceptance of the application for
registration of trademark that is issued by the Trademark Bureau;

(2)

1 proof on the right of priority if claimed;

(3)

1 proof on the applicant’s qualifications, such as a photocopy of the business license, a photocopy of the residence proof, or a photocopy
of the identity certificate, etc.;

(4)

1 power of attorney if the application is in the form of an entrusted agency;

(5)

2 patterns of the trademark, the size of which shall be no more than 80mm*80mm, and no less than 20mm*20mm.

Article 12

The date when the Trademark Bureau receives the application for international registration of a trademark shall be the application
date.

Where the application for international registration of the trademark is not filled in as prescribed, the Trademark Bureau shall return
the application, and the application date shall not be reserved.

Where the particulars of the application are basically complete but still need to be supplemented, the Trademark Bureau shall notify
the applicant or his agent to supplement them within 15 days as of the receipt of the notice. The date when the Trademark Bureau
serves the supplementary notice to the party concerned by post shall be the post stamp date of receipt by the party concerned of
the said notice. If the post stamp date is not clear or there is no post stamp, or the application is not returned by the post office,
it shall be deemed as having been served to the party concerned 15 days after the notice is sent out. If the said particulars are
not supplemented, the application shall be deemed as having been waived, and the Trademark Bureau shall notify the applicant in writing.

With respect to an application for international registration of a trademark or other application filed through the Trademark Bureau,
the applicant shall pay the relevant fees to the Trademark Bureau if so required by the provisions within 15 days as of the receipt
of the Trademark Bureau’s notice on payment of such fees. The date when the Trademark Bureau serves the notice on payment of fees
to the party concerned by post shall be the post stamp date of receipt by the party concerned of the said notice. If the post stamp
date is not clear or there is no post stamp, or the application is not returned by the post office, it shall be deemed as having
been served to the party concerned 15 days after the notice on payment of fees is sent out. If the fees remain unpaid after the expiry
of the time limit, the application shall be deemed as having been waived, and the Trademark Bureau shall notify the applicant in
writing.

Article 13

Where the Trademark Bureau notifies the International Bureau to reject according to the power an application designating China for
territorial extension, it does no longer have to confirm the rejection with the International Bureau.

Article 14

Within 3 months as of the first day of the next month after the World Intellectual Property Organization’s “Gazette of International
Trademarks” is published; anyone may propose dissents to the Trademark Bureau regarding the application designating China for territorial
extension, which is published on the Gazette.

One dissent application may involve one class of commodities or services, or involve two or more classes of commodities or services.

Where the dissenter withdraws his application for dissent, the Trademark Bureau shall terminate the dissent procedure, and notify
the party concerned in writing.

Article 15

The applicant for territorial extension of a collective trademark or certification trademark designating China shall, within 3 months
as of the date when the trademark is registered in the international registration book of the International Bureau of the World Intellectual
Property Organization, submit through a trademark agency organization the proof of subject qualification, the administrative rules
on the use of trademarks and other documents of proof to the Trademark Bureau in accordance with the relevant provisions.

Where the applicant fails to submit the proof of subject qualification, the administrative rules on the use of trademarks and other
documents of proof within the above said 3 months, the Trademark Bureau shall reject the application for territorial extension of
the collective trademark or certification trademark.

Article 16

Where a transferor fails to apply for transferring his/its trademark in all classes in accordance with the law, the Trademark Bureau
shall notify the registrant for international trademark to make a correction within 30 days as of the receipt of the notice; if the
transferor fails to make the correction before the expiry of the time limit, the Trademark Bureau shall make a decision that the
transfer is invalid in China, and shall declare that to the International Bureau. If the party concerned refuses to accept the Trademark
Bureau’s declaration, he/it may, within 30 days as of the receipt of the Trademark Bureau’s declaration, bring a lawsuit to the people’s
court. If the party concerned fails to bring a lawsuit before the expiry of the time limit, the Trademark Bureau’s decision shall
become effective. The effective date shall be the date when the Trademark Bureau makes the decision.

Where the abridgement of contents does not conform to the requirements of China on classification of commodities and services, the
Trademark Bureau shall make a decision that the abridgement is ineffective in China, and shall declare that to the International
Bureau. If the party concerned refuses to accept the Trademark Bureau’s declaration, he/it may, within 30 days as of the receipt
of the Trademark Bureau’s declaration, bring a lawsuit to the people’s court. If the party concerned fails to bring a lawsuit before
the expiry of the time limit, the Trademark Bureau’s decision shall become effective. The effective date shall be the date when the
Trademark Bureau makes the decision.

Article 17

Whoever intends to permit others to use his/its internationally registered trademark inside the territory of China shall grant the
permission in accordance with the Trademark Law and the Regulation.

Article 18

Where an applicant for territorial extension designating China replaces the registration of trademarks in China by the international
registration of trademarks, the international registration shall not impact the already obtained right to registration of trademarks
in China.

Whoever demands to replace the registration in a prior country by the international registration in the trademark registration book
of the Trademark Bureau shall handle the replacement through a trademark agency organization, and shall pay fees as prescribed.

Article 19

Where an internationally registered trademark that has been protected in China is under any of the circumstances prescribed in Article
41 of the Trademark Law, the trademark owner or interested person or other person may, in light of different situations, apply to
the Trademark Review and Adjudication Board for ruling the dispute or ruling to revoke the trademark which has been protected in
China. The application for ruling shall be filed after the expiry of the time limit for rejection of the trademark in China.

Article 20

Whoever designates China to protect international registration of trademarks may, as of the date when the time limit for rejection
of his/its trademark has expired, entrust a trademark agency organization to apply to the Trademark Bureau for issuing the certificate
proving that his/its trademark has been protected in China.

Article 21

The Measures shall enter into force as of June 1, 2003. The Measures for the Implementation of Madrid International Registration of
Trademarks promulgated by the State Administration for Industry and Commerce on May 24, 1996 shall be repealed simultaneously.

The State Administration for Industry and Commerce
2003-04-17

CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION CONCERNING THE ENTERPRISE INCOME TAX PAID BY FOREIGN-INVESTED BUSINESS STARTING INVESTMENT COMPANIES

The State Administration of Taxation

Circular of the State Administration of Taxation Concerning the Enterprise Income Tax paid by Foreign-Invested Business Starting Investment
Companies

GuoShuiFa [2003] No. 61

June 4, 2003

State taxation bureaus and local taxation bureaus of provinces, autonomous regions, municipalities directly under the Central Government
and municipalities separately listed on the State plan:

In order to encourage foreign companies, enterprises, other economic organizations or individuals (hereinafter referred to as foreign
investors) to take up business starting investment in China, the Ministry of Foreign Trade and Economic Cooperation, the Ministry
of Science and Technology, the State Administration for Industry and Commerce, the State Administration of Taxation and the State
Administration of Foreign Exchange jointly promulgated the Provisions on Administration of Foreign-Invested Business Starting Investment
Enterprises (2003 No. 2 Decree, hereinafter referred to as Administration Provisions) in January of 2003. Concerning the issues related
to enterprise income tax of foreign-invested business starting investment enterprises (hereinafter referred to as FIBSIE), it is
hereby clarified as follows in compliance with the Income Tax Law of the People’s Republic of China for Enterprises with Foreign
Investment and Foreign Enterprises (hereinafter referred to as Tax Law) and its rules for the implementation.

According to the relevant provisions, the FIBSIE engaged in stock equity investment and transfer and providing business starting investment
management service and consultative service to enterprises do not belong to productive enterprises stipulated by Article 72 of Tax
Law and cannot enjoy the preferential tax treatment stipulated by Tax Law to productive enterprises with foreign investment.

II.

The FIBSIE organized as a legal entity should declare and pay enterprise income tax with FIBSIE as one taxpayer according to Tax Law.

III.

The FIBSIE not organized as a legal entity may declare and pay enterprise income tax by different investors respectively according
to Article 7 of detailed rules of Tax Law; or it may declare and pay enterprise income tax as a whole according to Tax Law after
its application is approved by local tax organs.

If the FIBSIEs, which are not organized as a legal entity, declare and pay enterprise income tax by investors respectively, foreign
investors should calculate and pay enterprise income tax as foreign companies establishing agencies or offices in China. But for
those FIBSIEs without a legal entity, which do not establish business starting investment management agencies and do not take up
business starting investment management and consultation directly, but authorize one business starting investment management enterprise
or another FIBSIE to manage and operate, foreign investors could declare and pay enterprise income tax as foreign enterprises not
establishing agencies and offices in China.

IV.

The FIBSIE, this circular mentioned, refers to enterprises with foreign investment that are approved by legal procedure and engaged
in business starting investment according to the requirement and conditions of Administration Regulations. The names of the enterprises
should include the characters of business starting investment.

This circular shall enter into force as of March 1, 2003.

The State Administration of Taxation
2003-06-04

CIRCULAR OF STATE ADMINISTRATION OF FOREIGN EXCHANGES ON ISSUES RELATING TO ADMINISTRATION OF VERIFICATION AND SALES OF COLLECTION OF FOREIGN EXCHANGES UNDER EXPORT FACTORING SERVICES

The State Administration of Foreign Exchanges

Circular of State Administration of Foreign Exchanges on Issues Relating to Administration of Verification and Sales of Collection
of Foreign exchanges Under Export Factoring Services

HuiFa [2003] No.79

July 1, 2003

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

In order to standardize the verification and sales of foreign exchanges under export factoring, support the development of foreign
trade, and encourage banking innovation, here is to notify you of the matters relating to the verification and sales of foreign exchanges
under export factoring as follows:

The export factoring services herein (export factoring) refer to comprehensive settlement and financing services of minimum two items
of receivable management and credit risk control, collection services, bad account guarantee and trade financing provided by designated
banks of foreign exchanges (merchants of export factoring) for the short-term credit sales of export units (exporters).

Under export factoring, if the merchant of export factoring has not provided the exporters with financing services or provided financing
services with recourse, the merchant of export factoring shall handle with the formalities for settlement or entry of foreign exchanges
and issue to the exporters the duplicate for verification and sales of foreign exchanges from export according to the relevant provisions
upon collection of the commodity prices from outside China.

Under export factoring, if the merchant of export factoring has provided the exporters with financing services without recourse, the
merchant of export factoring may provide the exporters with the financed fund and shall issue to the exporters the duplicate for
verification and sales of foreign exchanges from export based on the financed amount according to the relevant provisions upon handling
with the formalities for settlement and entry of the financed amount, thus formulating the special code for verification and sales
of foreign exchanges on the special duplicate (for detailed formulating code, please refer to the Circular of the State Administration
of Foreign Exchanges on the Issues Relating to the Management of the Special Duplicate for Verification and Sales of Foreign Exchanges
from Export (HuiFa [2003] No. 11). At the same time, the Special Duplicate for Verification and Sales of Foreign Exchanges from Export
shall be indicated as “export factoring financing services”.

Upon the collection of the commodity prices by the merchant of export factoring from outside China on behalf of the exporter, the
merchant of export factoring will deduct the financed fund and the interests and issue the special duplicate for verification and
sales of foreign exchanges of export for the balance. Meanwhile, the Special Duplicate for Verification and Sales of Foreign Exchanges
from Export shall be indicated as “balance from export factoring”, the relevant expenses under the item of factoring, the financing
interests, the code of submission of foreign-related incomes, and the original special code for verification and sale of foreign
exchanges of exports.

Upon the collection of the commodity prices by the merchant of export factoring from outside China on behalf of the exporter, the
merchant of export factoring and the exporter shall handle with the submission for statistics of international payment according
to Article 28 and the relevant provisions of the Procedures for business Operation of Submission for Statistics of International
Payment Through Financial Institutions.

Under the export factoring, the exporter shall handle with the formalities for verification and sales of foreign exchanges of export
with the branches and sub-branches of the state administration of foreign exchanges (hereinafter referred to as the administration
of foreign exchanges) against the export factoring contract and the specified vouchers of verification and sales within the time
specified according to the Measures for the Management of Verification and Sales of Foreign Exchanges of Export and the Implementation
Rules and the relevant provisions.

When handling with the formalities for the verification and sales of foreign exchanges of export under export factoring for an exporter,
if the difference between the collection of foreign exchanges and the total transaction price indicated on the Customs declaration
bill for export commodities exceeds USD500 (inclusive), the administration of foreign exchanges may handle with the verification
and sales of the difference based on the factoring fees indicated on the factoring contract and the special duplicate for verification
and sales of foreign exchanges o0f export, and issue the exporter the special duplicate for tax refund of the bill of verification
and sales of foreign exchanges of export.

In case the merchant of export factoring fails to collect the foreign exchanges from outside china due to the disputes over the trade
parties to the trade when the merchant of export factoring provides the exporter with the financing services without recourse, the
merchant of export factoring shall notify the exporter when deducing the amount, and within ten business days upon receipt of such
notice, the exporter shall provide the merchant of export factoring with the Certificate on Set-off of Verification and Sales of
Foreign Exchanges of Export issued by the administration of foreign exchanges. In case the exporter fails to provide such certificate,
the merchant of export factoring shall send a written report to the administration of foreign exchanges, and shall not issue for
such enterprise any special duplicate for verification and sales of foreign exchanges under export factoring in the future.

Under export factoring, when providing the exporter with financing services or in case of losses from the operation of export factoring
services, the merchant of export factoring shall make use of its own fund of foreign exchanges or against its operation capital,
and shall not buy foreign exchanges at its own discretion or set off any amount with the capital settled by the clients.

In case of insufficient capital of foreign exchange or operation capital of foreign exchanges, the merchant of export factoring may
make up for them by applying for purchase of foreign exchanges with the administration of foreign exchanges according to the relevant
provisions.

The merchant of export factoring shall set up the ledger for registration of each item of export factoring services undertaken for
check and review by the administration of foreign exchanges.

The Circular will come into force as of the date of its promulgation.

Upon receipt of the Circular, the branches shall distribute them to their subordinate sub-branches and banks designated to foreign
exchange services (inclusive of foreign-invested banks) as soon as possible, and Chinese-invested banks designated to foreign exchange
services shall distribute them to their subordinate branches and sub-branches. In case of any problems in execution, please immediately
feedback to the Management Department of Current Accounts of the State Administration of Foreign Exchanges.

The State Administration of Foreign Exchanges
2003-07-01

ADMINISTRATIVE LICENSE LAW OF THE PEOPLE’S REPUBLIC OF CHINA

The Standing Committee of the National People’s Congress

Order of the President of the People’s Republic of China

No. 7

The Administrative License Law of the People’s Republic of China has been adopted at the 4th session of the Standing Committee of
the 10th National People’s Congress of the People’s Republic of China on August 27, 2003. It is hereby promulgated and shall come
into force as of July 1, 2004.

Hu Jingtao, President of the People’s Republic of China

August 27, 2003

Administrative License Law of the People’s Republic of China ContentsChapter I General Provisions

Chapter II Establishment of an Administrative License

Chapter III Executive Organ for Administrative License

Chapter IV Procedures for Administrative License

Section 1 Application and Acceptance

Section 2 Examination and Decision

Section 3 Time Limit

Section 4 Hearing

Section 5 Modification and Extension

Section 6 Special Provisions

Chapter V Expenses of Administrative License

Chapter VI Supervision and Check

Chapter VII Legal Liabilities

Chapter VIII Supplementary Provisions

Chapter I General Provisions

Article 1

In order to regulate the establishment and implementation of administrative licenses, to protect the legitimate rights and interests
of citizens, legal persons and other organizations, to safeguard public interests and social order, to ensure and supervise the effective
implementation of administrative management, the Law is formulated in accordance with the Constitution.

Article 2

The term “administrative licenses” as mentioned in the Law refers to the acts that the administrative organs permit, upon examination
according to law, the citizens, legal persons or other organization to engage in special activities according to their applications.

Article 3

The Law shall be applicable to the establishment and implementation of administrative licenses.

The Law shall not be applicable to the examination and approval of such matters as personnel, finance and foreign affairs of relevant
administrative organs to other organs or public institutions directly under their administration.

Article 4

The establishment and implementation of an administrative license shall tally with legal authority, scope, conditions and procedures.

Article 5

The principle of publicity, fairness and impartiality shall be abided by in the establishment and implementation of an administrative
license.

The relevant regulations on an administrative license shall be announced to the public; those undisclosed shall not be the basis for
the implementation of the administrative license. The implementation of the administrative license and the results thereof, except
for those that concern the state secrets, commercial secrets or individual privacy, shall be disclosed.

The applicants who meet the legal conditions and standards are enpost_titled to obtain the equal right under an administrative license,
the administrative organs shall not discriminate against any of them.

Article 6

In the implementation of administrative license, the principle of facilitating people shall be abided by so as to enhance the efficiency
and to render quality services.

Article 7

With regard to an administrative organ’s implementation of an administrative license, the citizens, legal person or other institutions
shall be enpost_titled to make statements, to defend themselves, to apply for administrative reconsideration or to file an administrative
lawsuit in accordance with the law. Where any of their legal rights and interests is impaired because of the administrative organs’
unlawful implementation of the administrative license, it shall be enpost_titled to demand compensation in accordance with the law.

Article 8

The administrative license obtained by a citizen, a legal person or any of other organizations in accordance with the law shall be
protected by law. The administrative organs shall not change an effective administrative license without permission.

Where any of the laws, regulations and rules that the administrative license is based on is amended or abolished, or the objective
circumstances that the administrative license rests on change greatly, in order to meet the demand of public interests, the administrative
organ may modify or withdraw the effective administrative license. The damages caused to the properties of citizens, legal person
or other institutions accordingly shall be compensated for by the administrative organ in accordance with the law.

Article 9

An administrative license obtained in accordance with the law shall not be transferred except for those that may be transferred in
light of the legal conditions and procedures of the laws and regulations.

Article 10

The people’s governments above the county level shall establish and perfect the supervisory system for the administrative licenses
implemented by administrative organs, shall strengthen the supervision and examination over the administrative licenses implemented
by administrative organs.

The administrative organs shall effectively supervise the activities of the citizens, legal persons or other institutions concerning
the matters under administrative license.

Chapter II The Establishment of an Administrative License

Article 11

The establishment of an administrative license shall be in line with the rule of economic and social development, shall be propitious
to the full play of the enthusiasm and initiative of the citizens, legal persons or other institutions, safeguard the public interests
and social order, promote the harmonious development of the economy, society and ecological environment.

Article 12

An administrative license may be established for any of the following matters:

(1)

The special activities that directly bear on the state security, public security, macro-economic control, ecological environment protection,
and those directly relate to the human health, safety of life and property, which shall be approved according to the legal requirements;

(2)

The development and utilization of the limited natural resources, allocation of public resources and the market entry of the special
trades that directly concern public interests, which shall be enpost_titled with special rights;

(3)

The vocations and trades that provide public services and directly relate to the public interests, which need qualification of special
credit, conditions or skills;

(4)

The important equipment, facilities, products, articles that directly concern public security, human health, the safety of life and
property, which shall be examined and approved by means of inspection, testing, and quarantine according to the technical standards
or criterions;

(5)

The establishment of the enterprises or other institutions, which need to determine the subject qualification;

(6)

Other matters, for which administrative licenses may be established in accordance with the laws and regulations.

Article 13

For the matters listed in Article 12 of the Law, which may be regulated through the following methods, the administrative licenses
aren’t required to be established:

(1)

Those can be decided by the citizens, legal person or other institutions themselves;

(2)

Those can be effectively regulated by the market competition mechanism;

(3)

Those may be subject to the self-discipline management of the trade organizations or intermediary institutions;

(4)

The matters that can be solved by the administrative organs by means of supervision afterwards or through other administrative methods.

Article 14

As to the matters listed in Article 12 of the Law, administrative licenses may be established by means of law. Where there is no
governing law, administrative licenses may be established by means of administrative regulations.

Where necessary, the State Council may adopt the form of releasing decisions to establish administrative licenses. After implementation,
except for the matters under temporary administrative licenses, the State Council shall timely propose to the National People’s Congress
and its Standing Committee to formulate laws, or formulate administrative regulations by itself.

Article 15

If there is no governing law or administrative regulation yet, an administrative license may be established by means of local regulations
for any of the matters listed in Article 12 of the Law; if there is no governing law, administrative regulation and local regulation
yet, but it is really necessary to establish an administrative license to conduct administrative management immediately, an temporary
administrative license may be established by means of a regulation of the people’s government of a province, autonomous region or
municipality directly under the Central Government. If it is necessary to keep on implementing the administrative license after a
year, the people’s congress and its standing committee of the same level shall be proposed to formulate a local regulation.

No local regulation or government rule of the provinces, autonomous regions and municipalities directly under the Central Government
may establish any administrative license for the qualifications of the citizens, legal persons or other institutions that shall be
determined by the state; no administrative license and pre-administrative license may be established for the establishment and registration
of enterprises or other institutions. The administrative licenses established thereby shall not hinder the individuals or enterprises
of other regions from dealing in production and business and providing services in one region, shall not restrict the commodities
of other regions from entering into the market of the local region.

Article 16

An administrative regulation may have specific requirements for the implementation of an administrative license within the scope of
the matters prescribed by a statutory administrative license.

A local regulation may, within the scope of the matters of administrative license established by the laws and administrative regulations,
make specific requirements for the implementation of the administrative license.

The regulation may make specific requirements for the implementation of the administrative license within the scope of the matters
established by the upper law.

The regulations and rules shall not make specific requirements for the implementation of the administrative license set down by the
upper law, shall not increase administrative license; for the specific conditions of administrative license, they shall not establish
any other condition in violation of the upper law.

Article 17

Except for Articles 14 and 15 of the Law, no administrative license shall be set in any other regulatory document.

Article 18

In the establishment of an administrative license, the implementing organ, conditions, procedures and time limit shall be specified.

Article 19

Where an administrative license is to be established by means of drafting a law, a regulation or a regulation of the people’s government
of a province, autonomous region or municipality directly under the Central Government, the drafting entity shall consult the opinions
through hearing and argumentation, etc., and shall give explanations to the law (regulation) making organ about the necessity to
establish the administrative license, the potential effects on the economy and society and the opinions heard and adopted.

Article 20

The establishment organ of the administrative license shall periodically evaluate the administrative license it set. If it considers
that an already established administrative license can be solved through any of the methods listed in Article 13 of the Law, it
shall modify the requirements for the establishment of the administrative license or abolish it in time.

The executive organ of an administrative license shall evaluate the information of the implementation of the administrative license
and necessity of its existence, and shall report the relevant opinions to the establishing organ of the administrative license.

The citizens, legal person or other institutions may put forward opinions and suggestions to the establishment organ and executive
organ about the establishment and implementation of the administrative license.

Article 21

Where any of the people’s governments of the people’s governments of the provinces, autonomous regions and municipalities directly
under the Central Government considers an administrative license on economic affairs, which is established by means of administrative
regulation, can be solved through any of the methods listed in Article 13 of the Law according to the economic and social development
of this administrative area, it may stop implementing the administrative license within the administrative area upon reporting to
and obtaining the approval of the State Council.

Chapter III Executive Organ for Administrative License

Article 22

An administrative license shall be implemented by the empowered administrative organ within its statutory functions.

Article 23

The organization with a function of managing public affairs under the authorization of a law or regulation shall, within the authorized
scope, implement the administrative license in its own name. The provisions concerning the administrative organ in the Law shall
be applicable to the empowered organizations.

Article 24

An administrative organ may, within its statutory functions, authorize other administrative organs to implement the administrative
license in light of the laws, regulations and rules. The authorizing organ shall announce to the public the authorized administrative
organs and the authorized particulars of the administrative license.

The authorizing administrative organ shall be responsible for supervising the implementation of the administrative license by the
authorized administrative organs, and shall bear the legal liabilities for the consequences of implementation.

An authorized administrative organ shall, within the authorized scope, implement the administrative license in the name of the authorizing
administrative organ; it shall not authorize any other organization or individual to implement the administrative license.

Article 25

Upon approval of the State Council, the people’s governments of the provinces, autonomous regions and municipalities may decide one
administrative organ to exercise the power of administrative license of the relevant administrative organs according to the principle
of simplification, unification and efficiency.

Article 26

Where it is necessary to handle the administrative license through several interior institutions of the administrative organ, this
administrative organ shall determine one institution to accept all the applications for the administrative license and serve all
the decisions about the administrative license.

Where the administrative license is implemented separately by at least two departments of the local people’s government in accordance
with the law, the people’s government of the same level shall determine one department to accept the applications for administrative
license and inform the relevant departments of them, and handle these applications after the relevant departments have put forward
their own opinions, organize the relevant departments to handle the applications jointly and intensively.

Article 27

When implementing the administrative license, the administrative organ may not require any applicant to buy the designated commodities
and to accept paid services or have other unreasonable requests.

In handling an administrative license, the functionaries of the administrative organ may not exert any property from or accept any
property of the applicants, neither may they seek for any other interests.

Article 28

The inspection, testing, and quarantine of the important equipment, facilities, products, articles that directly concern public security,
human health, the safety of life and property shall be gradually organized and implemented by the professional technical organizations
that meet the statutory requirements. The professional technical organizations and the functionaries shall bear the legal liabilities
for the conclusions they reach.

Chapter IV Procedures for the Administrative License

Section 1 Application and Acceptance

Article 29

Where a citizen, legal person or any of other institutions has to obtain an administrative license prior to dealing in a special activity,
it shall file an application with the administrative organ. Where a standard application is required, the administrative organ shall
provide the applicants with standard administrative license application. The application shall not contain any content that has no
direct relationship with the licensing matters applied for.

An applicant may entrust an agent to file the application for administrative license, however, with the exception that the applicant
shall file the application for administrative license in the office of the administrative organ.

An application for administrative license may be filed by means of letter, telegraph, telex, fax, electronic data interchange and
email.

Article 30

An administrative organ shall display the licensing matters, basis, conditions, quantity, procedures and time limit as provided for
in the laws, regulations and rules, the catalogue of the complete set of materials that shall be submitted and the exemplary application
in its office place.

Where an applicant asks the administrative organ to account for or to give explanations about the displayed contents, the administrative
organ shall do so to provide exact and liable information for it.

Article 31

When applying for administrative license, an applicant shall faithfully submit relevant materials to the administrative organ, report
the actual information, and shall be liable for the authenticity of the substantial contents of the application materials. The administrative
organ may not ask the applicant to submit technical materials and other materials that have nothing to do with the matters under
the administrative license

Article 32

The administrative organ shall handle the applications for administrative license differently according to the following circumstances:

(1)

For the matter applied for that are not subject to administrative license in accordance with the law, it shall inform the applicant
of the rejection immediately;

(2)

If the matter applied for isn’t within the functions of the administrative organ, it shall make a decision of rejection immediately
and shall inform the applicant to file an application for it with the relevant administrative organ;

(3)

Where the errors in the application materials can be corrected on the spot, the applicant shall be permitted to correct them on the
spot;

(4)

Where the application materials are incomplete or inconsistent with the statutory form, it shall inform the applicant on the spot
or inform it of all the items that need to be supplemented or corrected within 5 days; if it fails to do so within the time limit,
the day when the application materials are accepted shall be considered as the acceptance day;

(5)

Where the matter applied for falls within the functions of the administrative organ and application materials are complete and in
consistency with the statutory form, or the applicant has supplemented and corrected all the items as required, the application for
administrative license shall be accepted.

When accepting or rejecting an application for administrative license, the administrative organ shall issue a written proof with the
special seal of the administrative organ and the clear indication of date.

Article 33

An administrative organ shall establish and perfect the relevant systems, shall promote electronic administration by government, shall
announce matters under administrative license on the website of the administrative organ, facilitate the applicants to file for administrative
license by means of data messages. It shall share the information concerning the administrative license with other administrative
organs so as to increase efficiency.

Section 2 Examination and Decision

Article 34

Administrative organs shall examine the application materials submitted by the applicants.

Where the application materials are complete and tally with the statutory form, the administrative shall make a written decision about
the administrative license on the spot if it is able to do so.

Where it is necessary to further verify the substantial contents of the applications in accordance with the statutory conditions and
procedures, the administrative organ shall designate at least 2 personnel to conduct verifications.

Article 35

In accordance with law, where an administrative license is subject to the examination of the lower administrative organ before it
is reported and submitted to the upper administrative organ for decision, the lower administrative organ shall directly submit the
preliminary examination opinions and the complete set of application materials to the upper administrative organ within the statutory
time limit. The upper administrative organ shall not require the applicant to provide the application materials again.

Article 36

When examining the applications for administrative license, if the administrative organ finds that any party has important direct
interests to the matters under the administrative license, it shall inform the interested party. The applicant and the interested
party shall be enpost_titled to make a statement and defense. The administrative organ shall listen to the opinions of the applicant and
the interested party.

Article 37

After the administrative organ has examined the application for administrative license, it shall make a decision about the administrative
license in light of the prescribed procedures within the statutory time limit, unless the decision on the administrative license
shall be made on the spot.

Article 38

Where an applicant meets the statutory requirements and standards, the administrative organ shall make a written decision about the
approval of the administrative license.

Where the administrative organ makes a decision about the disapproval of the administrative license in accordance with the law, it
shall give explanations to and inform the applicant that it is enpost_titled to apply for administrative reconsideration or to file an
administrative lawsuit.

Article 39

For an administrative organ that makes a decision about the approval of the administrative license, it shall issue one of the following
certificates for administrative license with the seal of this administrative organ:

(1)

Permit, license or other kinds of licensing certificates;

(2)

Qualification certificate or other qualification certificates;

(3)

Documents of approval of the administrative organ or evidential documents;

(4)

Other certificates for administrative license as provided for in the laws and regulations.

Where an administrative organ conducts inspection, testing, or quarantine, it may stamp a label on or affix a seal of inspection,
testing or quarantine to the qualified equipment, facilities, products and articles.

Article 40

Administrative organs shall give publicity to the decisions about the approval of the administrative license, which the general public
are enpost_titled to consult.

Article 41

For an administrative license set down by laws and regulations, if there is no regional limit on its application scope, the administrative
license obtained by an applicant shall be of nationwide validity.

Section 3 Time Limit

Article 42

An administrative organ shall make a decision on the administrative license within 20 days from the day when it accepts such an application
unless it can make a decision on the spot. If it can’t make a decision within 20 days, it may extend for 10 days upon the approval
of the person in charge of this administrative organ, and shall give explanations about the extension to the applicant. However,
if it is otherwise provided for in any law and regulation, the latter shall prevail.

In accordance with Article 26 of the Law, where an administrative license is handled uniformly or jointly or collectively, the period
shall not exceed 45 days; if it cannot be completed within 45 days, it may, upon the approval of the people’s government of the same
level, be extended for 15 days, and the applicant shall be notified of the reason for extension.

Article 43

For an administrative license that is subject to the examination of a lower administrative organ before it is reported and submitted
to an upper administrative organ, the lower administrative organ shall complete the examination within 20 days from the day when
the application for administrative license is accepted. But, if it is otherwise provided for in the laws and regulations, the latter
shall prevail.

Article 44

If an administrative organ makes a decision of administrative license, it shall issue and serve the applicant the certificate of administrative
license, or stamp a label, affix a seal of inspection, testing or quarantine, within 10 days from the day when such a decision is
made.

Article 45

In accordance with the law, where an administrative organ needs hearing, bid invitation, auction, inspection, testing, quarantine
or expert evaluation, the required time shall not be included in the time limit specified in this Section.

Section 4 Hearing

Article 46

For a hearing as provided for the implementation of administrative license in any law, regulation or rule, or for any other licensing
matters of great importance to the public interests that the administrative organ considers it necessary to hold a hearing, the administrative
organ shall announce it to the public and hold a hearing.

Article 47

Where an administrative license is of direct significance to the interests of the applicant or others, before the administrative organ
makes a decision about the administrative license, it shall inform the applicant or the interested party of the right to request
for a hearing. Where the applicant or interested party applies for a hearing within 5 days from the day when it is informed of such
right, the administrative organ shall organize a hearing within 20 days.

The applicant and interested party shall not pay for the expenses arising from the administrative organ’s organization of the hearing.

Article 48

The hearing shall proceed according to the following procedures:

(1)

The administrative organ shall notify the applicant and interested party of the time and place of the hearing 7 days before it is
held, and shall announce it to the public where necessary;

(2)

The hearing shall be held openly;

(3)

The administrative organ shall designate a person to host the hearing, the person shall not be from the persons who are responsible
for the examination of the application for administrative license, where the applicant or interested party considers that the host
or hostess of the hearing is of direct interest to the matters under administrative license, it shall be enpost_titled to apply for withdrawal;

(4)

While holding a hearing, the persons who are responsible for the examination of an application for administrative license shall provide
proofs, reasons for the examination opinions, the applicant and the interested party may produce evidence, defend and conduct cross-examinations;

(5)

Transcripts shall be made for a hearing. The attendees of the hearing shall sign their names on or affix their seals to the transcripts
after they have confirmed them as inerrant.

The administrative organ shall make a decision on the administrative license according to the transcripts of the hearing.

Section 5 Modification and Extension

Article 49

Where a licensee requests for modifying the matters under administrative license, it shall file an application to the administrative
organ that made the decision about the administrative license. If it meets the statutory conditions and standards, the administrative
organ shall handle the modification procedures in accordance with the law.

Article 50

Where a licensee needs to extend the valid period of an administrative license it obtained in accordance with the law, it shall file
an application with the administrative organ that made the decision about the administrative license 30 days prior to the expiry
of the valid period of this administrative license. But, if it is otherwise provided for in the laws, regulations and rules, the
latter shall prevail.

An administrative organ shall decide whether to approve the extension prior to the expiry of the valid period of this administrative
license; if it fails to make a decision within the time limit, it shall be deemed that the extension has been approved.

Section 6 Special Provisions

Article 51

The implementing procedures for the administrative license shall be governed by the pertinent provisions in this Section, if there
are any; if it isn’t provided for in this section, they shall be governed by other relevant provisions in this Chapter.

Article 52

The procedures for the State Council to implement an administrative license shall be governed by the relevant laws and administrative
regulations.

Article 53

When implementing the licensing matters listed in Article 12 (2) of the Law, the administrative organ shall make a decision by adopting
fair competitive methods, such as bid invitation and auction, etc, but if it is otherwise provided for in the laws, administrative
regulations, the latter shall prevail.

The specific procedures for the administrative organ to decide an administrative license by means of bid invitation and auction shall
be in line with the relevant laws and administrative regulations.

After the administrative organ has determined the bid winner or buyer according to the bid or auction procedures, in accordance with
the law, it shall issue a certificate for the administrative license to the bid winner or buyer.

Where an administrative organ fails to adopt the forms of bid invitation and auction in violation of the Law, or violates the procedures
for bid invitation or auction, impairing the legitimate rights and interests of the applicant, the applicant may apply for administrative
reconsideration or file an administrative lawsuit according to law.

Article 54

When implementing the licensing matters listed in Article 12 (3) of the Law, namely, holding a national examinations for the purpose
of granting the citizens any special qualification in accordance with the law, the administrative organ shall make decisions about
the administrative license according to applicants’ examination marks and other statutory requirements; when granting a special qualification
to the legal persons or other organizations, the administrative organ shall make decisions about the administrative license according
to the evaluation results in the aspects of the structure of professionals of the applicants, technical conditions, business performance
and management level. But, if it is otherwise provided for in the laws and regulations, t

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Russia Laws

The basic law

Concluding and Transitional Provisions

NOTICE OF THE MINISTRY OF CIVIL AFFAIRS ON THE ISSUES CONCERNING THE REGISTRATION OF SINO-FOREIGN COOPERATIVE EDUCATIONAL INSTITUTIONS

PROVISIONS OF THE CUSTOMS OF THE PEOPLE’S REPUBLIC OF CHINA ON EXECUTING THE RULES OF ORIGIN FOR TRADE IN GOODS UNDER THE MAINLAND/MACAO CLOSER ECONOMIC PARTNERSHIP ARRANGEMENT

PROCEDURES FOR INSPECTION OF INTENATIONAL NAVIGATION SHIPS ENTERING AND EXITING PORTS

CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION ON THE RELEVANT ISSUES CONCERNING THE TAX PAYMENT BY ENTERPRISES WITH FOREIGN INVESTMENT AND FOREIGN ENTERPRISES ENGAGING IN THE BUSINESS OF FINANCIAL ASSET DISPOSITION

CIRCULAR OF THE MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION ON SEVERAL ISSUES CONCERNING THE TAX POLICIES FOR THE CHAIN ENTERPRISES

MEASURES OF THE CUSTOMS OF THE PEOPLE’S REPUBLIC OF CHINA CONCERNING SUPERVISION AND ADMINISTRATION ON PROCESSING TRADE ENTERPRISES THROUGH COMPUTER INTERCONNECTION

MEASURES FOR THE IMPLEMENTATION OF MADRID INTERNATIONAL REGISTRATION OF TRADEMARKS

CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION CONCERNING THE ENTERPRISE INCOME TAX PAID BY FOREIGN-INVESTED BUSINESS STARTING INVESTMENT COMPANIES

CIRCULAR OF STATE ADMINISTRATION OF FOREIGN EXCHANGES ON ISSUES RELATING TO ADMINISTRATION OF VERIFICATION AND SALES OF COLLECTION OF FOREIGN EXCHANGES UNDER EXPORT FACTORING SERVICES

ADMINISTRATIVE LICENSE LAW OF THE PEOPLE’S REPUBLIC OF CHINA

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