REGULATIONS OF THE PEOPLE’S REPUBLIC OF CHINA ON IMPORT AND EXPORT DUTIES

e00089,e01673

The State Council

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

No. 392

The Regulations of the People’s Republic of China on Import and Export Duties, which were adopted at the 26th executive meeting of
the State Council on October 29th, 2003, are hereby promulgated and shall come into force as of January 1st, 2004.

Wen Jiabao, Premier of the State Council

November 23rd, 2004

Regulations of the People’s Republic of China on Import and Export Duties

Chapter I General Provisions

Article 1

With a view to implementing the policy of opening to the outside world, promoting the development of foreign economic relations and
trade as well as the national economy, the present Regulations are formulated in accordance with the Customs Law of the People’s
Republic of China (hereinafter referred to as the Customs Law).

Article 2

All goods permitted to be imported into or exported out of and all articles allowed to enter into the People’s Republic of China shall,
unless otherwise provided for by the State Council, be subject to payment of customs duties on imports or exports according to the
present Regulations.

Article 3

The tariff items, tariff nomenclature heading numbers and tariff rates as prescribed in the Customs Import and Export Tariffs of the
People’s Republic of China (hereinafter referred to as the Tariffs) and the Import Tariff Rates of the People’s Republic of China
for Entry Articles (hereinafter referred to as the Import Tariff Rates for Entry Articles) which are formulated by the State Council
shall form an integral part of the present Regulations.

Article 4

The Customs Tariff Commission shall be established by the State Council. The Customs Tariff Commission shall be responsible for readjusting
and interpreting tariff items, tariff nomenclature heading numbers and tariff rates in the Tariffs and the Import Tariff Rates for
Entry Articles, which shall take effect upon the approval of the State Council; it makes decisions on the goods subject to temporary
tariff rates, the tariff rates and time limit; it makes decisions on the rate of tariff quota, the imposition of antidumping duties,
countervailing duties, duty under safeguard measures, retaliatory duties; makes decisions on the implementation of other measures
in relation to customs duties and the application of tariff rates under special circumstances, and exercises the other functions
as provided for by the State Council.

Article 5

The consignees of imported goods, the consignors of exported goods and the owners of entry articles are obligatory customs duty payers.

Article 6

The customs and the functionaries shall, according to the statutory powers and legal procedures, exercise their functions of collecting
the customs duties, safeguard the interests of the state, protect the legitimate rights and interests of the customs duty payers,
and accept supervision pursuant to law.

Article 7

Any customs duty payer shall have the right to request the customs office to keep its commercial secrets to itself, and the customs
shall do so pursuant to law.

Article 8

According to relevant regulation, the customs shall award the entities and individuals who disclose or help to find the acts in violation
of the present Regulations.

Chapter II Establishment and Application of Tariff Rates for Import and Export Goods

Article 9

Import tariffs cover the most-favored-nation tariff rate, conventional tariff rate, preferential tariff, general tariff rate and quota
tariff rate, etc. Temporary tariff rates may be applied to import goods within a certain time limit.

Export tariff rates are set up in export duties. Temporary tariff rates may be applicable to export goods within a certain time period.

Article 10

The most-favored-nation tariff rate shall be applied to the import goods whose place of origin is a member of the WTO, to whom the
clause of the most-favored-nation is commonly applied, and the import goods whose place of origin is a country or region that has
established with the People’s Republic of China a bilateral trade agreement that contains clauses reciprocal most-favored-nation
treatment, and the import goods whose place of origin is within the territory of the Peoples Republic of China.

The conventional tariff rate shall be applied to the import goods whose place of origin is a country or region that has concluded
with the People’s Republic of China a trade agreement that contains clauses of preferential duty.

The special tariff rate shall be applied to the import goods whose place of origin is a country or region that has concluded with
the People’s Republic of China a trade agreement that contains clauses of special preferential duty.

The general tariff rate shall be applied to the import goods except those as listed in Paragraphs 1 through 3 of this Article and
the import goods whose place of origin is unknown.

Article 11

Where a temporary tariff rate is set up for the import goods, to which the most-favored-nation tariff rate applies, the temporary
tariff rate shall prevail. With regard to the import goods to which the conventional tariff rate or the preferential tariff rate
applies, the lower one shall prevail. As for the import goods to which the general tariff rate applies, the temporary tariff rate
shall not apply.

Where a temporary tariff rate is set up for the export goods, to which the export tariff rate applies, the temporary tariff rate shall
prevail.

Article 12

As for the import goods subject to tariff quota management according to the provisions of the state, for those within the tariff quota,
the quota tariff rate shall be applied; and for those beyond the tariff quota, the applicable tariff rates shall be carried out in
accordance with Articles 10 and 11 of the present Regulations.

Article 13

As for the import goods, against which antidumping, countervailing or safeguard measure are taken according to relevant laws and administrative
regulations, the applicable rates shall be carried out in accordance with the Antidumping Regulations of the People’s Republic of
China, the Countervailing Regulations of the People’s Republic of China and the Regulations on Safeguard Measures of the People’s
Republic of China.

Article 14

As for a country or region that prohibits, limits, imposes additional duties or takes any other measures that affect the normal trade
with the People’s Republic of China in violation of the trade agreement or relevant convention concluded with the People’s Republic
of China or both parties have joined, a retaliatory duty may imposed on the import goods whose place of origin is the country or
region, and the retaliatory duty rate shall be applied.

The goods, applicable countries or regions, duty rates, time limits and collection measures shall be determined and announced by the
Customs Tariff Commission.

Article 15

As for the import and export goods, the valid tariff rate of the day when the customs accepts the import declaration or export declaration
shall be applied.

Where an import declaration is filed before the import goods arrives upon the approval of the customs, the valid tariff rate of the
day when an entry declaration is filed for the means of transportation that carries the goods shall be applied.

The date of the application of the tariff rate for transit goods shall be separately provided by the Customs General Administration.

Article 16

When it is required to pay duties under any of the following circumstances, the tariff rate of the day when the customs accepts the
declaration and handles the formalities for the payment of duties shall be applied:

(1)

Where, upon approval, the bonded goods are not to be re-carried out of China;

(2)

Where the goods that enjoy exemption or reduction of duties are transferred to others or whose purpose of use is changed upon approval;

(3)

Where, upon approval, the goods that are allowed to enter into China temporarily are not to be re-carried out of China and where,
upon approval, the goods that are permitted to exit China temporarily are not to be re-carried into China;

(4)

Where the import goods are leased and the duties are paid by installments.

Article 17

The applicable tariff rates for the makeup or refund of import or export duties shall be determined according to Article 15 or Article
16 of the present Regulations.

Where an obligatory duty payer is required to pay a duty due to violation of the present Regulations, the tariff rate of the day when
the violation occurs shall be applied. If it is unable to determine the exact day when the violation arises, the tariff rate of the
day when the customs discovers the violation shall be applied.

Chapter III Determination of Dutiable Value for Import and Export Goods

Article 18

The dutiable value for import goods shall be examined and determined by the customs on the basis of the transaction value in accordance
with the requirements as prescribed in the Paragraph 3 of this Article, and the freight, the associated expenses and the insurance
premiums incurred prior to the arrival and unloading of the goods at the destination within the People’s Republic of China.

The term “transaction value of import goods” means the actual total amount of the price, covering the direct payments and indirect
payments, that the buyer within the territory of the People’s Republic of China shall pay the seller for the goods after readjustments
have been made according to Articles 19 and 20 of the present Regulations.

A transaction value of import goods shall meet the following conditions:

(1)

There is no limitation to the disposal and use of the buyer except for the limitations as prescribed in the laws and administrative
regulations, the geographic limitation on the resale of goods and those without material impact on the price of goods;

(2)

It isn’t unable to determine the transaction value of the goods because of tied sale or other factors;

(3)

The seller shall not directly or indirectly get any yields from the resale, disposal or use of the goods after import, or the seller
may have some yields, but adjustments may be made according to Article 19 or 20 of the present Regulations.

(4)

There is no special relationship between the buyer and seller, or although there is any, it does not affect the transaction value.

Article 19

The following expenses on import goods shall be included into the dutiable value:

(1)

The commission and brokerage other than the commission on the purchase of goods that shall be paid by the buyer;

(2)

The expenses that shall be paid by the buyer for the containers that are considered as an integrated part of the goods when the dutiable
value is examined and determined;

(3)

The expenses for packing materials and packing labor shall be paid by the buyer;

(4)

The value of the materials, tools, moulds, consumable materials and like goods that are related to the production of the goods and
the sale within the territory of the People’s Republic of China and that are provided by the buyer gratuitously or at a price lower
than the costs and may be apportioned in accordance with a reasonable rate, and the expenses of relevant expenses such as the development
and design outside China, etc.;

(5)

The franchise royalties in relation to the goods that shall be paid by the buyer as a precondition for the sale of goods within the
territory of the People’s Republic of China;

(6)

The yields directly or indirectly obtained by the seller from the resale, disposal or use of the goods after import.

Article 20

The following duties, taxes, and expenses specified in the price of the goods in the process of import shall not be included into
the dutiable value of the goods hereof:

(1)

The expenses of construction, installation, assembly, maintenance and technical services after importing such goods as workshops,
machines, and equipments, etc.;

(2)

The freight and related expenses and insurance premiums after the arrival and unloading of the import goods at the destination within
the People’s Republic of China;

(3)

Import duties and domestic taxes.

Article 21

Where the transaction value of the import goods doesn’t meet the requirements as prescribed in Paragraph 3 of Article 18 of the present
Regulations, or the transaction value is unable to be determined, the customs shall assess the dutiable value of the goods according
to the following values arranged in descending order of precedence after it has learnt of relevant information and negotiated with
the obligatory duty payer about the price:

(1)

The transaction price of the identical goods sold to a buyer within the territory of the People’s Republic of China at the same time
or nearly at the same time;

(2)

The transaction price of the like goods sold to a buyer within the territory of the People’s Republic of China at the same time or
nearly at the same time;

(3)

At the same time or nearly at the same time when the goods is imported, the unit price of the import goods, the identical or like
import goods in the maximal quantity sold to the buyer without special relationship in the first link of distribution, in which the
items as listed in Article 22 of the present Regulations shall be deducted;

(4)

The price calculated according to the summation of the items, including the costs of the materials in producing the goods, and the
processing expenses, the general profit and the general expenses in selling goods of the same grade or like goods to a buyer within
the territory of the People’s Republic of China, the freight, the associated expenses and the insurance premiums incurred prior to
the arrival and unloading of the goods at the destination within the territory of the People’s Republic of China;

(5)

The price assessed by any other reasonable method.

After the obligatory duty payer has submitted relevant materials to the customs, it may apply to the customs for reversing the applicable
order of precedence between Items 3 and 4 of the preceding paragraph.

Article 22

With regard to the dutiable value assessed in accordance with the Item 3 of Paragraph 1 of Article 21 of the present Regulations,
the items that shall be deducted refer to:

(1)

The general profit, expenses and commission of the first link of distribution of the goods of identical grade or like goods sold to
the buyers within the territory of the People’s Republic of China;

(2)

The freight, the associated expenses and the insurance premiums after the arrival and unloading of the import goods at the destination
within the territory of the People’s Republic of China;

(3)

Import duties and domestic taxes.

Article 23

As for the goods imported by means of lease, the rent of the goods as verified and determined by the customs shall be the dutiable
value.

The obligatory duty payer, who requests to pay the duty in a lump sum, may choose to have the dutiable value assessed according to
Article 21 of the present Regulations or to deem the total amount of rent as verified and determined by the customs as the dutiable
value.

Article 24

As for the goods carried abroad for processing, in case they are declared to the customs and re-carried into China within the time
limit as specified by the customs, the dutiable value shall be verified and determined on the basis of the overseas processing fees,
the costs of the spare parts and raw materials used, and the freight, the associated expenses and the insurance premiums for re-carrying
the goods into China.

Article 25

As for the machines, tools, means of transportation or any other goods carried abroad for maintenance, in case they are declared to
the customs and re-carried into China within the time limit as specified by the customs, the dutiable value shall be verified and
determined on the basis of the overseas maintenance fees and the costs of the spare parts and raw materials used.

Article 26

The dutiable value of export goods shall be examined and determined by the customs on the basis of the transaction value of the goods,
and the freight, the associated fees and insurance premiums incurred prior to the arrival and unloading of the goods at the destination
within the territory of the People’s Republic of China.

The transaction value of export goods refers to the total amount of the price that shall be directly or indirectly paid by the buyer
to the seller for the export goods.

Export duties shall not be included into the dutiable value.

Article 27

Where the transaction value of the export goods is unable to be determined, the customs shall assess the dutiable value of the goods
according to the following prices arranged in descending of precedence after it has learnt of relevant information and negotiated
with the obligatory duty payer about the price:

(1)

The transaction price of the identical goods exported to the same country or region at the same time or nearly at the same time;

(2)

The transaction price of the like goods exported to the same country or region at the same time or nearly at the same time;

(3)

The price calculated in accordance with the summation of the items, including the domestic costs of the materials in producing the
identical or like goods and the processing expenses, the general profit and the general expenses, and the freight, associated expenses
and insurance premiums incurred within China;

(4)

The price assessed by any other reasonable method.

Article 28

The costs, expenses, duties and taxes that are included into or excluded from the dutiable value according to the present Regulations
shall be based on objective and quantifiable data.

Chapter IV The Collection of Import and Export Duties

Article 29

An obligatory duty payer of import goods shall, within 14 days as of the day when the means of carriage declares for entry, submit
a declaration to the customs office of the place of entry. An obligatory duty payer of export goods shall, unless approved otherwise
by the customs office, submit a declaration to the customs office of the place of exit after the goods arrive at the administrative
area of the customs but 24 hours prior to the loading of goods. With regard to the transit import and export goods, the regulations
of the Customs General Administration shall be implemented.

Prior to the arrival of the import goods, the obligatory duty payer may submit a declaration in advance upon approval of the customs.
The specific measures shall be separately formulated by the Customs General Administration.

Article 30

An obligatory duty payer shall, according to the law, faithfully file a declaration to the customs and provide the materials required
for determining the dutiable value, classifying the commodities, determining the place of origin and taking antidumping, countervailing
or safeguard measures. If necessary, the customs may demand the obligatory duty payer to make supplementary declarations.

Article 31

An obligatory duty payer shall, according to the table of contents, stipulations, the general principle of classification, category
notes, chapter notes, subheading notes and any other classification notes, classify the import or export goods that it declares,
and put them under the corresponding tariff nomenclature heading numbers. The customs shall examine and determine the commodity classification
of the goods pursuant to law.

Article 32

The customs may demand an obligatory duty payer to offer relevant materials required for determining the classification of the commodities.
If necessary, the customs may organize laboratory tests and inspections, and take the results of test and inspection as the basis
of determining the classification of the commodities.

Article 33

For the purpose of examining the authenticity and exactness of the declared value, the customs may inquire into and copy the contracts,
invoices, account books, evidences of settlement and payment vouchers, instruments, business letters and telephones, audio-visual
products and other materials reflecting the relationship between the buyer and seller and the transactions involved.

Where the customs is doubtful about the declared value of an obligatory duty payer and if the amount of the duty involved is quite
large, the customs may, upon the approval of the director of the customs directly under the Customs General Administration or of
the authorized director of its subordinate customs, inquire into the fund flow reflected in the accounts opened by the obligatory
duty payer in the banks or any other financial institutions on the strength of the assistance inquiry account notice in a uniform
format of the Customs General Administration and the employees’ cards of the relevant functionaries, and shall inform the banking
regulatory institutions of the relevant information.

Article 34

The customs office, that is doubtful about the price declared by an obligatory duty payer, shall notify the obligatory duty payer
the reasons in writing, and demand it to make written explanations or provide relevant materials within a prescribed time limit.

In case the obligatory duty payer fails to make any explanation or provide relevant materials within the specified time limit, or
it is still reasonable for the customs to be doubtful about the authenticity and exactness of the declared value, the customs may
refuse to accept the value as declared by the obligatory duty payer, and may assess the dutiable value according to Chapter III of
the present Regulations.

Article 35

After the customs has examined and determined the dutiable value of the import or export goods, the obligatory duty payer may request
the customs, in writing, to make written explanations about how to determine the dutiable value of the import or export goods. The
customs shall make explanations in writing to the obligatory duty payer.

Article 36

The import and export duties may be collected by ad valorem or by quantity or by any other means as provided by the state.

If collected by ad valorem, the formula is: Payable Duties = Dutiable Value Tariff Rate

If collected by quantity, the formula is: Payable Duties = Quantity of Goods Unit Duty Value

Article 37

An obligatory duty payer shall pay the duties in the designated bank within 15 days as of the day when the customs fills in and issues
a duty payment form. In case it fails to pay the duties within the time limit, it shall pay a late fee of 0.05% of the amount of
the defaulted duties per day as of the day when the duties are in default.

The customs may make an announcement about the information of the obligatory duty payers who default the duties.

The customs shall issue receipts when collecting customs duties and late fees. The formats of the receipts shall be formulated by
the Customs General Administration.

Article 38

The customs duties and late fees shall be calculated and collected in terms of RMB.

Where the transaction value of import or export goods and the associated expenses are calculated in terms of a foreign currency, the
dutiable value shall be calculated by converting the transaction value and the associated expenses into RMB in accordance with the
basic exchange rate announced by the People’s Bank of China. Where the transaction value of import or export goods and the associated
expenses are calculated in terms of a foreign currency beyond the scope of foreign currencies of basic exchange rate, the dutiable
value shall be calculated by converting them into RMB according to relevant regulation of the state. The date of the applicable exchange
rate shall be provided by the Customs General Administration.

Article 39

Where an obligatory duty payer fails to pay the duties because of force majeure or the change of duty policies of the state, it may,
upon approval of the Customs General Administration, extend the time limit for the payment of the duties, but the extended period
shall not exceed 6 months.

Article 40

Where any clear evidence shows that an obligatory duty payer of import or export goods transfers or conceals the dutiable goods or
other properties during the time period for paying duties, the customs may order the obligatory duty payer to provide a guaranty.
Where the obligatory duty payer fails to provide a guaranty, the customs may take duty preservation measures according to Article
61 of the Customs Law of the People’s Republic of China.

In case the obligatory duty payer or the guarantor still fails to pay the duties 3 months after the expiration of time limit for paying
the duties, the customs may take mandatory measures according to Article 60 of the Customs Law.

Article 41

As for the materials imported for processing trade, if they are imported under the provisions of the state on bonded imports, and
in case the finished products or the import materials fail to be exported within the specified time limit, the customs shall collect
import duties according to relevant provisions.

Where import duties are paid for the materials imported for processing trade when they enter into the territory of China according
to the provisions of the state, and the finished products or the import materials are exported within the specified time limit, the
customs shall refund the duties collected on entry.

Article 42

Any of the following goods permitted to enter or exit China temporarily by the customs, in case the obligatory duty payer shall pay
the customs office a sum of caution money equivalent to the value of the duties payable or provides other guaranty, it may be allowed
not to pay the duties for the time being, but shall re-carry the goods into or out of China within 6 months as of the day of entry
or exit. Upon the application of the obligatory duty payer, the customs may extend the time limit for re-carrying the goods out of
or into China according to the provisions of the Customs General Administration.

(1)

The goods exhibited or used in exhibitions, trade fairs, meetings and other similar activities;

(2)

The articles used in performances or competitions in cultural or sports exchange activities;

(3)

The instruments, equipment and articles used in making news reports or in producing films or TV programs;

(4)

The instruments, equipment and articles used in scientific research, teaching or medical activities;

(5)

The means of transport and special vehicles used in the activities as listed in Paragraphs 1 – 4 of this Article;

(6)

The samples of goods;

(7)

The instruments and tools used in installing, trial running and testing equipment;

(8)

The containers of the goods; and

(9)

Other goods used for non-commercial purposes.

Where the goods permitted to enter China temporarily as listed in Paragraph 1 aren’t re-carried out of China within the specified
time limit, or the goods permitted to exit China temporarily aren’t re-carried into China within the specified time limit, the customs
shall collect duties pursuant to law.

As for other goods permitted to enter China temporarily which are beyond the scope of good exempted from customs duties for the time
being as listed in Paragraph 1, the duties on the goods shall be calculated and collected in accordance with the dutiable value and
the ratio between the time when the goods stay in China and the depreciation time. The specific measures shall be formulated by the
Customs General Administration.

Article 43

Where, because of quality or specifications reasons, any of the export goods is re-carried into China in its original form within
1 year as of the day when they were exported, it is not subject to import duties.

Where, because of quality or specifications reasons, any of the export goods is re-carried out of China in its original form within
1 year as of the day when they were imported, it is not subject to export duties.

Article 44

As for the goods compensated without further charge or the identical goods gratuitously replaced by the consigner of the import or
export goods, the carrier or the insurance company because of damage, shortage, poor quality or incompatible specifications, no duty
shall be collected when they are imported or exported. With regard to the gratuitously replaced original import goods that are not
to be re-carried outside China or the original export goods that are not to be re-carried into China, the customs shall impose duties
on the original import or export goods in accordance with the relevant provisions.

Article 45

The following import and export goods are duty-free:

(1)

Where the customs duty of goods under a single invoice is not more than RMB 50;

(2)

The articles that are for advertising purposes or to be used as samples and therefore of no commercial value;

(3)

The materials gratuitously donated by foreign governments or international organizations;

(4)

The goods damaged prior to the customs clearance;

(5)

The fuel, materials, food and drinks necessary for the journey and carried by the means of transport that enter into or exit China;

As for the goods damaged prior to the customs clearance, the duties may be reduced on the basis of the seriousness of the damages
as determined by the customs.

As for other goods exempt from duties or at reduced duties as provided for in law, the customs shall exempt them from duties or reduce
the duties according to relevant provisions.

Article 46

As for the reduction or exemption of duties and the temporary reduction or temporary exemption of duties on the import goods or export
goods of special areas, special enterprises or specified purposes, the relevant provisions of the State Council shall be implemented.

Article 47

As for the reduction or the exemption of import link taxes levied by the customs on the import goods, the provisions of relevant laws
and administrative regulations shall be implemented.

Article 48

As for the import or export goods exempt from duties or at reduced duties, the obligatory duty payer shall, unless otherwise provided
for, handle the duty exemption or reduction formalities for examination and approval at the customs on the strength of relevant documents
according to the provisions before the goods are imported or exported.

Article 49

As for the duty-exempted or duty-reduced import goods whose use is subject to the supervision of the customs, if they are transferred
or if their purposes of use are changed within the term of supervision and thus it is necessary to make up the duties, the customs
shall depreciate and assess the duties in accordance with the import time, and make up the import tariffs.

The term of supervision for the special duty-exempted or duty-reduced import goods shall be provided by the Customs General Administration.

Article 50

Under any of the following circumstances, an obligatory duty payer may apply for the refund of

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

1...202122 Page 21 of 22

Russia Laws

The basic law

Concluding and Transitional Provisions

REGULATIONS OF THE PEOPLE’S REPUBLIC OF CHINA ON IMPORT AND EXPORT DUTIES

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

CONSTITUTION ACT, 1982 – page 22

CONSTITUTION ACT, 1982 – page 21

CONSTITUTION ACT, 1982 – page 20

CONSTITUTION ACT, 1982 – page 19

CONSTITUTION ACT, 1982 – page 18

CONSTITUTION ACT, 1982 – page 17

CONSTITUTION ACT, 1982 – page 16

CONSTITUTION ACT, 1982 – page 12

CONSTITUTION ACT, 1982 – page 11

CONSTITUTION ACT, 1982 – page 10

CONSTITUTION ACT, 1982 – page 9

CONSTITUTION ACT, 1982 – page 8

CONSTITUTION ACT, 1982 – page 7