PROVISIONS ON THE ESTABLISHMENT OF INVESTMENT COMPANIES BY FOREIGN INVESTORS

Ministry of Commerce

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

No.22

The Provisions on the Establishment of Investment Companies by Foreign Investors were amended and adopted at the 12th executive meeting
of the Ministry of Commerce of the People’s Republic of China on November 13, 2004. The amended Provisions on the Establishment of
Investment Companies by Foreign Investors are hereby promulgated and shall be implemented 30 days after the date of promulgation.

Bo Xilai, Minister of the Ministry of Commerce

November 17, 2004

Provisions on the Establishment of Investment Companies by Foreign Investors

Article 1

In order to promote foreign investors to invest in China, and introduce advanced technologies and management experiences from abroad,
foreign investors are permitted to, in accordance with the relevant laws and regulations of China on foreign investments as well
as the present Provisions, establish investment companies in China.

Article 2

The term “investment company” as mentioned in the present Provisions refers to a company established by a foreign investor in the
form of either wholly-owned enterprise or Chinese-foreign joint venture to engage in direct investments. Such a company shall be
in the form of a limited liability company.

Article 3

A foreign investor who intends to establish an investment company shall meet the following conditions:

(a)

1.It is in good credit status and has necessary economic strength to establish an investment company, with its total amount of assets
during the year before the application no less than 400 million USD, and it has established a foreign-funded enterprise inside the
territory of China, with the amount of registered capital it has actually contributed being 10 million USD or more, and 3 or more
project proposals thereof on planned investment projects which have been approved, or; 2. It is in good credit status and has necessary
economic strength to establish an investment company, and has established 10 or more foreign-funded enterprises inside the territory
of China, with the amount of registered capital it has actually contributed being 30 million USD or more;

(b)

If it establishes an investment company by means of joint venture, the Chinese investor shall be in good credit status and have necessary
economic strength to establish an investment company, with its total amount of assets during the year before the application being
no less than RMB 100 million Yuan;

(c)

The investment company’s registered capital shall be no less than 30 million USD.

The foreign investor that applies to establish an investment company shall be a foreign company, enterprise or economic organization.
If there are two or more foreign investors, there shall be at least one foreign investor holding major stock rights who conforms
to Item (a) of Paragraph 1 of the present Article.

Article 4

A foreign investor who meets the conditions prescribed in Item (a) of Paragraph 1 of Article 3 of the present Provisions may invest
to establish an investment company in the name of its wholly-owned subsidiary company.

Article 5

If a foreign investor that applies to establish an investment company meets the conditions prescribed in Item (a) of Paragraph 1 of
Article 3 of the present Provisions, it must issue a letter of warranty to the examination and approval organ, guaranteeing the
contribution by the established investment company of the registered capital when investing inside the territory of China and the
technology transfer of the said foreign investor or associated company.

If a foreign investor invests to establish an investment company in the name of its wholly-owned subsidiary company, the parent company
must issue a letter of warranty to the approval organ, guaranteeing the contribution by the subsidiary company of the registered
capital of the established investment company according to the conditions approved by the approval organ, and guaranteeing the contribution
by the investment company of the registered capital when investing inside the territory of China and the technology transfer of the
parent company and its subsidiaries.

Article 6

An investor shall, when applying to establish an investment company, submit the following documents to the commercial department of
the province, autonomous region, municipality directly under the Central Government, city directly under state planning where the
investment company under planned establishment is located for verification and consent, if being consented to, which shall be submitted
to the Ministry of Commerce for examination and approval.

(a)

In the case of establishing a joint venture, an application report on the establishment of a joint venture investment company, contracts
and articles of association signed by all parties to the investment;

In the case of establishing a wholly-owned investment company, the wholly foreign-owned enterprise’s application form, feasibility
study report and articles of association signed by the foreign investor,;

(b)

The certification documents of credit status, certification documents of registration (photocopies) and certification documents of
the legal representative (photocopies) of all parties to the investment;

(c)

The approval certificate (photocopy) and business license (photocopy) of the enterprise invested by the foreign investor and the capital
verification report (photocopy) issued by Chinese CPA;

(d)

The balance sheets of all parties to the investment in the latest three years which have been audited in pursuance of law;

(e)

The letter of warranty to be submitted as required by Article 5 of the present Provisions; and

(f)

Other documents required by the Ministry of Commerce.

All the above-mentioned documents shall be formal documents unless it is indicated to be a photocopy.

If the documents are not signed by a legal representative, a power of attorney by the legal representative shall be presented.

If a lawfully established intermediary institution is authorized to file the application, a power of attorney signed by the legal
representative of the investor shall be presented.

Article 7

A foreign investor must use a convertible currency or the Renminbi profits it obtains inside the territory of China or the lawful
Renminbi proceeds it obtains due to share transfer or liquidation, etc. as the registered capital it contributes to the investment
company. A Chinese investor may invest in Renminbi. If a foreign investor uses its lawful Renminbi proceeds as the registered capital
and contributes to the investment company, it shall submit the relevant evidential documents and the tax payment receipts. The investments
shall be fully contributed within two years from the day when the business license is issued.

Article 8

In the registered capital of an investment company, there shall be at least 30 million USD which shall be regarded as investments
to the newly established foreign-funded enterprise, or be regarded as the incompletely contributed amount of investments to the foreign-funded
enterprise invested and established by the parent company or associated company (with the formalities of stock right transfer having
been lawfully completed), or the increased part of investments, or be used for establishing research and development center or other
institutions, or be used for purchasing the stock rights of a shareholder of a domestic company inside the territory of China (excluding
the stock right formed by the capital contributions already paid by the parent company or the associated companies of the investment
company).

Article 9

If the registered capital of an investment company is no less than 30 million USD, the amount of loans shall be no more than 4 times
of the contributed amount of registered capital. If the registered capital of an investment company is no less than 100 million USD,
the amount of loans shall be no more than 6 times of the contributed amount of registered capital. If the amount of loans for the
investment company is planned to exceed the above limit due to the needs in operation, it shall report to the Ministry of Commerce
for approval.

Article 10

An investment company may, after being approved by the Ministry of Commerce to be established, run the following business on the basis
of its actual needs in undertaking the business activities in China:

(a)

Investing in accordance with the law in the areas where foreign investments are permitted by the state.

(b)

Being entrusted in writing by an enterprise it invests in (unanimously adopted by the board of directors) to provide the enterprise
with the following services:

(1)

Assisting or representing the said enterprise in purchasing machinery equipment, office equipment and raw materials, components and
parts needed in production for the enterprise’s own use from both home and abroad, as well as in selling products manufactured by
the said enterprise in both domestic and overseas markets, and providing after-sale service;

(2)

Balancing foreign exchanges between the enterprises it invests in upon the consent and under the supervision of the foreign exchange
department;

(3)

Providing the enterprise it invests in with such services as technical supports in the process of production, sale and market development,
trainings for employees, and intra-enterprise personnel management, etc.;

(4)

Assisting the enterprise it invests in to seek loans, and providing guaranty.

(c)

Establishing scientific research and development centers or offices inside the territory of China, engaging in research and development
of new products and hi-techs, transferring its research and development achievements, and providing corresponding technical services.

(d)

Providing its investors with consulting services, and providing its associated companies with such consulting services including market
information related to investment and investment policies, etc.

(e)

Undertaking services contracted out by its parent company or its associated companies.

Article 11

The investment company undertaking goods import & export, or technology import & export shall be in accordance with Measures for the
Record-keeping and Registration of Foreign Trade Operators;

The investment company undertaking commission agency, wholesale, retail and franchising shall be in accordance with Measures for the
Administration on Foreign Investment in Commercial Fields and modify its business scope in accordance with the law.

Article 12

The term “an enterprise invested by an investment company “as mentioned in the present Provisions refers to an enterprise meeting
the following conditions:

(a)

An enterprise invested by an investment company either directly or jointly with any other foreign investor and/or Chinese investor,
with the proportion of the converted sole investment of the foreign investor of the investment company or the converted joint investment
with other foreign investors to the registered capital of the invested enterprise at 25% or more;

(b)

The investment company purchases part or all of the stock rights of the enterprise invested and established inside the territory of
China by its investor or associated company and other foreign investors, thus causing the proportion of the converted sole investment
of the foreign investor of the investment company or the converted joint investment with other foreign investors to the registered
capital of the invested enterprise to reach 25% or more;

(c)

The investment company’s investment amount shall be no less than 10% of the registered capital of the enterprise it invests and establishes.

Article 13

An investment company may, upon approval by the People’s Bank of China, provide financial supports to the enterprise it invests in
and establishes.

Article 14

An investment company may act as an initiator to initiate the establishment of a foreign-funded share limited company or to hold the
unlisted corporate shares of the foreign-funded share limited company. The investment company may also hold the unlisted corporate
shares of other share limited company inside the territory in accordance with the relevant provisions of the state. The investment
company shall be regarded as an overseas initiator or shareholder of the share limited company.

Article 15

If an established investment company runs its business in accordance with the law and has no record of violation of law, and its registered
capital is contributed in time as prescribed in the articles of association, and the amount of the registered capital actually contributed
by the investor is no less than 30 million USD and has been used as investment of the enterprise it invests in, the investment company
shall, after obtaining the consent of the administrative department for commerce of a province, autonomous region, municipality directly
under the Central Government, city directly under state planning at its locality, file an application to the Ministry of Commerce,
and may, if being approved, run the following business on the basis of its actual needs in undertaking business activities in China:

(a)

Being entrusted in writing by an enterprise it invests in (unanimously adopted by the board of directors) to carry out the following
business:

Selling the products manufactured by the enterprise it invests in by means of distribution in both domestic and foreign markets;

Providing the enterprise it invests in with such comprehensive services such as transport, storage, etc.

(b)

Exporting domestic commodities involving by means of agency, distribution or by establishing an export purchasing institution (including
internal institution) in accordance with the relevant provisions of the state;

(c)

Purchasing the products manufactured by the enterprise it invests and then sell them both home and abroad after system integration;
if the products manufactured by the enterprise it invests in cannot completely satisfy the needs in system integration, it is permitted
to purchase the auxiliary products for system integration both home and abroad, provided that the value of the said products shall
not exceed 50% of the value of all the products needed in the system integration;

(d)

Providing relevant technical trainings for the domestic distributors and agents of the products by the enterprise it invests, and
for the domestic companies and enterprises that have concluded technology transfer agreements with the investment company or its
parent company;

(e)

It is permitted to, before the enterprise it invests in starts production or before the new products of the enterprise it invests
in are put into production, import from its parent company the products related to those to-be-manufactured by the enterprise it
invests in for domestic trial sale for the purpose of developing the products market;

(f)

Providing the enterprise it invests in with services of operative lease of machines and office equipment;

(g)

Providing after-sale service for the imports

(h)

Participating in overseas contract projects undertaken by Chinese enterprises having the right to run overseas contract projects

(i)

selling (excluding retail) at home the imports of investment company manufactured by its parent company.

Article 16

An investment company shall, if importing the products under Paragraphs 3 and 5 of Article 15 go through the formalities in accordance
with the relevant provisions of the state. The above accumulative imported amount of each year shall not exceed the capital contributions
already paid by the company.

Article 17

An investment company shall, if applying for running the business prescribed in Article 15 of the present Provisions, submit the
following documents to the Ministry of Commerce:

(a)

An application letter signed by the legal representative of the investment company;

(b)

The resolution of the investment company’s board of directors;

(c)

The investment company’s amended articles of association;

(d)

The investment company’s approval certificate (photocopy), business license (photocopy) and its capital verification report issued
by Chinese CPA;

(e)

The capital verification report issued by Chinese CPA on the enterprise it invests in; and

(f)

Other documents as required by the Ministry of Commerce.

Article 18

The duration of an investment company shall be verified in light of the nature of the project under planned establishment by the investment
company as well as the relevant provisions of the state on foreign-funded enterprises’ duration of business operation.

Article 19

An investment company shall, if investing to establish an enterprise, separately report for approval according to the scope of approval
and procedures of examination and approval for foreign-funded enterprises.

Article 20

If an investment company invests to establish an enterprise, with the proportion of the converted sole investment by the foreign investor
of the investment company or the converted joint investment with other foreign investors to the registered capital of the enterprise
it invests and establishes at 25% or more, the invested and established enterprise may enjoy the treatments for foreign-funded enterprises,
and be issued the approval certificate of foreign-funded enterprise and the business license of foreign-funded enterprise. As for
the investment ratio below 25%, the enterprise shall, unless otherwise prescribed by laws or administrative regulations, be examined
and approved according to the present procedures for examination and registration on the establishment of foreign-funded investment
company.

Article 21

An investment company shall, if establishing a branch, report to the Ministry of Commerce for examination and approval. If the investment
company applies to establish a branch company, it must meet the following conditions:

(a)

Its registered capital has been contributed in good time as prescribed in the contract and the articles of association, and the contributed
amount of investments is no less than 30 million USD; or the investment company has invested and established or has owned 10 or more
foreign-funded enterprises;

(b)

The region where the branch company is planned to be established shall be a region with concentrative investments of the investment
company or a region with concentrative sale of the products.

Article 22

An investment company that meets the prescribed conditions may file an application for determining as the regional headquarter of
the transnational companies (hereinafter referred to as the regional headquarter), and shall go through the modification formalities
in accordance with the law.

(a)

When applying for determining as the regional headquarter, an investment company shall meet the following requirements:

(1)

The contributed investment in the registered capital is not less than 100 million USD; or the contributed investment in the registered
capital is not less than 50 million USD, the total amount of the assets of the enterprises it invests in is not less than RMB 300
million yuan during the year before the application, and the total amount of profits in not less than RMB 100 million yuan (which
shall be calculated according to the relevant provisions on consolidated statements);

(2)

Meeting the conditions as specified in Article 8 of the present Provisions;

(3)

It has established research and development institutions according to relevant regulations.

(b)

An investment company that has been determined as the regional headquarter may, in light of the actual needs of its business in China,
engage in the following business:

(1)

The business as prescribed in Articles 10 and 15;

(2)

Importing and selling transnational company and holding associated company’s products within China;

(3)

Importing the original auxiliary materials and parts necessary for providing maintenance services for products of the enterprises
invested by it or the transnational company;

(4)

Undertaking services contracted out by enterprises both at home and abroad;

(5)

It may engage in logistics and distribution services in accordance with relevant provisions;

(6)

Upon approval of the China Banking Supervision Commission, it may establish financial companies to provide relevant financial services
to investment companies and the enterprises invested by it;

(7)

Upon approval of the Ministry of Commerce, it may engage in contracting overseas projects and make investments abroad, establish financial
lease companies and provide relevant services; and

(8)

Entrust other domestic company with producing or processing its products or its parent company’s products and sell at home and abroad;

(9)

Other business upon approval.

(c)

Application procedures:

(1)

The investment company shall file an application to the local administrative department for commerce of the province, autonomous region,
municipality directly under the Central Government or city directly under state planning for preliminary examination, and then the
application shall be submitted to the Ministry of Commerce;

(2)

The Ministry of Commerce shall make a reply within 30 days from the day when it receives a complete set of application materials,
in the case of determining the applicant as the regional headquarter, it shall issue a new foreign-funded enterprise approval certificate
(with an indication of “Regional Headquarter”);

(3)

The investment company shall, within 30 days, file an application to the administrative department of industry and commerce for modifying
the registration upon the strength of the approval certificate;

(d)

Application documents:

(1)

The application signed by the legal representative of the investment company;

(2)

Resolution of the investment company or the board of directors of the transnational company;

(3)

The amended articles of association / contract of the investment company;

(4)

The approval certificate (photocopy) and business license (photocopy) of the investment enterprise and the capital verification report
(photocopy) issued by Chinese CPA;

(5)

The approval certificate (photography) and business license (photocopy) and the capital verification report (photocopy) issued by
Chinese CPA;

(6)

The invested enterprise’ capital verification report (photocopy) issued by a Chinese CPA

(7)

The main financial statements of the investment companies audited by Chinese CPA; and

(8)

Other documents required by the Ministry of Commerce.

The above-mentioned documents shall be formal ones except for those indicated as photography.

The “transnational company” as mentioned in the present Article refers to the parent company of the company group of the foreign investor
that establishes the investment company.

Article 23

The investment activities of an investment company inside the territory of China are not be limited by its registration place.

Article 24

The investment activities of an investment company inside the territory of China are not be limited by its registration place.

Article 25

An investment company shall earnestly implement its project investment plans, and shall, within 3 months before the next year, submit
the information on investment and operation of the first year to the Ministry of Commerce for archival purposes in compliance with
the prescribed contents and format. The above-mentioned material shall be regarded as one of the necessary materials for the investment
company to apply for joint annual examination.

Article 26

An investment company and the enterprise it invests and establishes are legal persons or entities independent from each other, and
their business relations shall be treated as those between independent enterprises

Article 27

An investment company and the enterprises established by it shall abide by the law, regulation and rules of China, shall not evade
administration and tax payment by any means.

Article 28

No investment company may directly engage in productive activities.

Article 29

The present Provisions shall be allowed to apply to the establishment of investment companies in the Mainland by investors from Taiwan,
Hong Kong and Macao.

Article 30

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

Article 31

The present Provisions shall be implemented 30 days after the date of promulgation.

Ministry of Commerce
2004-11-17

NOTIFICATION NO.13, 2006 OF FOREIGN ASSISTANCE PROJECT BID BOARD OF THE MINISTRY OF COMMERCE

Notification No.13, 2006 of Foreign Assistance Project Bid Board of the Ministry of Commerce

Tong Gao [2006] No.13

Foreign Assistance Project Bid Board of the Ministry of Commerce held the 13th regular meeting on June 8, 2006. Matters of concern
and resolutions are notified as follows:

The tender mode of Egypt Suez Economic Zone One-step Investment Service Building Construction assistance project was discussed. Because
of the emergency of the project, the Bid Board determined to have tender discussion with China State Construction Engineering Corporation
about the t project, which has advantages and good performance in Egypt. Specific matters of concern shall be notified later.

The bid-winning enterprise of Cuba Medical Treatment and Sanitation Materials assistance project was examined and approved. The
Bid Board opened sealed tenders on June 1, 2006. In all, 9 tender enterprises including China National Electronics Import and Export
Corporation, Tianjin Machinery Import & Export Corporation, Shanghai Automobile Import & Export Co., Ltd., Suzhou Hengrun
Import & Export Corp., Ltd., China National Pharmaceutical Foreign Trade Corporation , China Meheco Corporation, Henan Cereals,
Oil & Foodstuff Imp. & Exp. Group Corp., XY Group Co., Ltd. and Suntime International Techno-Economic Cooperation (Group)
Co., Ltd. submitted the tender documents on time. The Bid Board, according to the reviewing results with best price versus performance
ratio measures after quantifying the tender price, the quantity of the goods, supply and quality assurance, packing, transport and
the quantity of tender documents, determined to confer bid to Suzhou Hengrun Import & Export Corp. Ltd.

The tender mode of Federated States of Micronesia Second Passenger-cargo Vessel assistance project was re-studied. The Bid Board
opened sealed tenders on June 6, 2006. Henan Light Industrial Products Imp. & Exp. Group Co., Ltd., Tianjin Machinery Import
& Export Corporation has submitted tender documents on time. But the tender was void after review because of the significant
deficiency. Since the Wuhan Nanhua High-speed Ship Engineering Co., Ltd. chosed by Henan Light Industrial Products Import & Export
Group Co., Ltd. has carried the task of building First Passenger-cargo Vessel assistant to Federated States of Micronesia successfully,
which has the ability to carry the task before the end of the year, and the vessel should be delivered before the end of the year,
the Bid Board determined to have tender discussion with Henan Light Industrial Products Import & Export Group Co., Ltd. about
the project and appointed Wuhan Nanhua High-speed Ship Engineering Co., Ltd. to be the supplier. Specific matters of concern shall
be notified later.

The tender mode of Vanuatu Palm Planting Technology Cooperation Project was discussed. The Bid Board determined to have tender discussion
with China National Machinery & Equipment Import & Export Corporation about the project. Specific matters of concern shall
be notified later.

Foreign Assistance Project Bid Board of the Ministry of Commerce

June 8, 2006

Foreign Assistance Project Bid Board of the Ministry of Commerce
2006-06-08

MEASURES FOR THE ADMINISTRATION OF PILOT MARGIN TRADING OF SECURITIES COMPANIES

Circular of China Securities Regulatory Commission on Promulgating the Measures for the Administration of Pilot Margin Trading of
Securities Companies

Zheng Jian Fa [2006] No.69

All the securities companies:

For the purpose of regulating the pilot margin trading of securities companies, we have formulated the Measures for the Administration
of Pilot Margin trading of Securities Companies, which are hereby promulgated and shall enter into force as of August 1, 2006.

China Securities Regulatory Commission

June 30, 2006

Measures for the Administration of Pilot Margin Trading of Securities Companies
Chapter I General Provisions

Article 1

The present Measures are formulated in order to regulate the pilot margin trading of securities companies, prevent the risks of securities
companies, safeguard the legitimate rights and interests of securities investors and the social public interests, perfect the securities
dealing mechanisms and the stable and healthy development of the securities market.

Article 2

As regards developing the pilot margin trading, a securities company shall be in compliance with the provisions of the laws, administrative
regulations and the present Measures, enhance the internal control, strictly prevent and control the risks, and earnestly maintain
the safety of customer assets.

The term “Margin trading as mentioned herein refers to such business activity whereby the securities company lends customers capital
to purchase listed securities or lends them listed securities to sell, and collects the collaterals.

Article 3

As regards developing the pilot margin trading, a securities company must be approved by China Securities Regulatory Commission (hereinafter
referred to as CSRC). No securities company can lend the capital or listed securities to its customers or provide any convenience
or services for margin trading between its customers or between its customers and any other person without approval by the CSRC.

Article 4

Under the principle of prudential surveillance, the CSRC shall approve those securities companies that meet the conditions prescribed
in the present Measures to develop the pilot margin trading; and shall, in accordance with the pilot situation and the requirements
for developing the securities market, gradually approve other securities companies meeting the prescribed conditions to engage in
the margin trading.

Article 5

The CSRC and its representative offices shall implement surveillance and administration of the pilot margin trading of securities
companies subject to the laws, administrative regulations and the present Measures.

The Securities Association of China, stock exchanges, and securities depository and clearing institutions shall conduct the self-discipline
management of the pilot margin trading of securities companies pursuant to their own articles of association and rules.

Chapter II Approval of Business Operations

Article 6

Where a securities company applies for engaging in the pilot margin trading, it shall meet the following requirements:

(1)

It has engaged in the securities brokerage business for three years or more, and has been appraised by the Securities Association
of China as an innovative pilot securities company;

(2)

It has sound corporate governance, effective internal control, and can effectively identify, control and prevent business operation
risks and internal management risks;

(3)

Neither the company nor any of its directors, supervisors or senior managers has been subjected to administrative sanctions or criminal
penalties within recent two years for illegal or irregular business operations, and none of them has been under the investigation
of the CSRC or under the rectification because of being suspected of any illegal or irregular act;

(4)

It has sound financial status, has all of its risk control indicators meeting the provisions in recent two years, and has all net
capital for each recent six months above 1.2 billion yuan or more;

(5)

It has the assets of customer to be safe and intact, has had the verification for its scheme of third party depository of customer
transaction settlement funds by the CSRC, and has made clear arrangements for the implementation of the said scheme;

(6)

It has completed the centralized management of transactions, settlements, customer accounts and risk surveillance and control, and
has specified the signs for historical irregular accounts and put them under centralized control; and

(7)

It has established practical and feasible schemes for implementing the pilot margin trading as well as internal management rules,
and has necessary professionals, technical systems, capital and securities for performing the pilot margin trading.

Article 7

Where a securities company applies for the pilot margin trading, it shall submit the following materials to the CSRC, and send a
copy thereof to the CSRC representative office at the locality of its registration:

(1)

an application form for the pilot margin trading;

(2)

the decision of the shareholders’ meeting (the general assembly of shareholders) in respect of engaging in the margin trading;

(3)

the scheme for implementing the pilot margin trading, the text rules of internal management, and the criteria for choosing customers
as formulated under Article 12 of the present Measures;

(4)

the explanations on carrying out the scheme for the third party depository of customer transaction settlement funds;

(5)

the roster and qualification certificates of senior managers and professionals responsible for the margin trading; and

(6)

other documents required to be submitted by the CSRC.

The legal representative of a securities company and its main principals for business management shall sign their names on the application
form for the pilot margin trading, and promise the truthfulness, accuracy and completeness of the application materials, and bear
corresponding legal responsibilities for the false records, misleading statements or major omissions in application materials, if
any.

Article 8

The CSRC representative office shall issue the written opinions to the CSRC concerning whether or not to approve the applicant to
implement the pilot margin trading within 10 working days as of the receipt of the application materials as prescribed in the preceding
Article.

The CSRC shall, subject to the legal procedures and the conditions prescribed in the present Measures, examine the application materials,
organize specialists to evaluate the scheme for carrying out the pilot margin trading as submitted by the applicant, make a decision
on approval or disapproval, and notify the result to the applicant in written form.

Under same conditions, the securities companies with higher net capital will be approved preferentially for the pilot margin trading.

Article 9

A securities company that has obtained the approval shall apply to the company registration department for alteration registration
of the business scope, and apply to the CSRC for re-issuing a Permit for Business Operations of Securities Business in accordance
with relevant provisions.

A securities company can implement the pilot margin trading after obtaining a Permit for Business Operations of Securities Business
as reissued by the CSRC.

Chapter III Rules for Business Operations

Article 10

Where a securities company carries out the pilot margin trading, it shall, in its own name, separately open a special securities
lending account, a customer credit transaction guaranty securities account, a credit transaction securities delivery account and
a credit transaction capital delivery account at securities depository and clearing institutions.

The special securities lending account shall be used for recording down the securities that are held by the securities company, planned
to lend to customers, and returned by the customers, and the said account can not be used for securities dealings; the customer credit
transaction guaranty securities account shall be used for recording down the securities that the customer submits to the securities
company as the guarantee to the creditor’s rights incurred from the margin trading with the customer; the credit transaction securities
delivery account shall be used for securities settlement for the margin trading of the customer; and the credit transaction capital
delivery account shall be used for capital settlement for the margin trading of the customer.

Article 11

Where a securities company carries out the pilot margin trading, it shall, in its own name, separately open a special capital financing
account and a customer credit transaction guaranty capital account at a commercial bank.

The special capital financing account shall be used for depositing the capital that the securities company plans to lend to the customer
and that the customer plans to return; and the customer credit transaction capital securities account shall be used for depositing
the capital that the customer submits to the securities company as the guarantee to the creditors’ rights incurred from the margin
trading with the customer.

Article 12

A securities company shall, before performing the margin trading with any customer, conduct the credit investigation, and know the
status, property, incomes, securities investment experiences and risk preferences of the customer, and record down and keep them
in written form or by e-mail.

A securities company shall not conduct the margin trading with those customers that fail to provide the relevant information as required,
that engage in the securities dealings in the said securities company for less than half a year, or transaction settlement funds
of whose have not been incorporated into the third party depository, or the securities investment experiences of whose are insufficient,
or who lack risk affordability or have records of serious breach of contract, or who are the shareholders or related representatives
of the said securities company.

A securities company shall formulate specific standards for choosing customers as required by provisions in the preceding Paragraph.

Article 13

A securities company shall, before conducting the margin trading with any customer, sign a margin contract including the necessary
provisions as prescribed by the Securities Association of China, and clearly stipulate the following matters:

(1)

the means for calculating the quota, term, interest rate (charging rate), and interests (expenses) of the margin trading;

(2)

the guaranty bonds proportion, the guaranty maintenance proportion, types and the conversion rates of securities that can be used
as guaranty bonds, and the scope of secured creditors’ rights;

(3)

the notification mode and the term for supplementing guaranty bonds;

(4)

the means for the customer to compensate debts, and the right of the securities company on disposing of the collaterals;

(5)

the disposal of rights and interests attached to the securities bought and sold in the margin trading; and

(6)

other relevant matters.

A customer can only sign a margin contract with one securities company and borrow the capital or securities from the same securities
company.

Article 14

A margin contract shall stipulate that the securities in the customer credit transaction guaranty securities account and the capital
in the customer credit transaction guaranty capital account of the securities company are the trust property of the securities company
for guaranteeing the creditors’ rights of the customer incurred from the margin trading.

The term of margin trading stipulated between the securities company and a customer shall not be longer than the maximum term as prescribed
by the stock exchange, and shall not be renewed. The interest rate of capital financing shall not be lower than the base interest
rate of financial institutions for the same term as prescribed by the People’s Bank of China.

Article 15

A securities company shall, before signing a margin contract with any customer, assign a special person to explain to the customer
about the operational rules and the contents of the contract, and give a risk presentation letter concerning the margin trading to
the customer for signature and confirmation.

Article 16

A securities company shall, after signing a margin contract with a customer and on the basis of the application of the customer,
open a real-name credit securities account for him in accordance with the provisions of the securities depository and clearing institution.
The credit securities account for the customer to engage in the trading of listed securities at a stock exchange can only be a same
account. The name or post_title of the account opener of the customer credit securities account shall be consistent with that of the common
securities account of the customer.

A customer credit securities account is a second-tier account of the customer credit transaction guaranty securities account of the
securities company, and can be used for recording down the detailed data for the guaranty securities that the customer entrusts the
securities company to hold.

A securities company shall entrust the securities depository and clearing institution to modify the data in the customer credit securities
account pursuant to the settlement and delivery results, and etc.

Article 17

A securities company shall sign a customer credit capital depository agreement with its customer and the commercial bank with reference
to the mode of third party depository of customer transaction settlement funds. The securities company shall, after signing a margin
contract with a customer, notify the commercial bank to open a real-name credit capital account for the customer under the customer’s
application. Only one credit capital account can be opened to a customer.

A customer credit capital account is a second-tier account of the customer credit transaction guaranty capital account of the securities
company, and can be used for recording down the detailed data of the guaranty capital given by the customer for depository.

The commercial bank shall modify the data on the customer credit capital account pursuant to the settlement and delivery results,
and etc. as provided by the securities company.

Article 18

Where a securities company lends any capital to any customer, it can only use the capital in the special capital financing account;
and where a securities company lends any securities to any customer, it can only use the securities in the special securities lending
account.

The securities bought or sold by the customer in the margin trading shall not exceed the scope as prescribed by the stock exchange.

A customer shall, when signing a margin contract with a securities company, declare all the securities accounts of himself and his
related representatives to the securities company. During the term of securities lending, if the customer or any of his related representatives
purchases the same securities as those he has borrowed, the customer shall declare it to the securities company within 3 trading
days as of the date of the said purchase. The securities company shall monthly report the information as declared by the customer
to the relevant stock exchange.

A customer, planning to sell the same securities as those it holds and has borrowed during the period of securities lending, shall
observe the provisions as prescribed by the stock exchange, and shall not manipulate the market by selling the said securities against
the provisions.

Article 19

Where a securities company implements the margin trading and sends out orders of securities trading and transfer under the customer’s
authorization, it shall ensure the truthfulness and accuracy of the said orders. Where a mistake of the securities company brings
on the wrong orders so as to the losses customer, the customer may request compensation from the securities company according to
laws, however, it shall not affect the business operations of the stock exchange or the securities depository and clearing institution
that are being performed or have been performed.

Article 20

The proportion of the margin amount of all the customers, a single customer or a single securities to the net capital and other risk
control indicators of a securities company shall be in accordance with the provisions of the CSRC.

Article 21

A customer that buys securities by financing from a securities company shall repay it with the capital from selling of the securities
or by direct repayment.

A customer that sells the securities by securities lending from a securities company shall repay it with the securities to be bought
or by direct repayment.

Article 22

Where a transaction of the securities is suspended, which is bought or sold by the customer in the margin trading, and the resumption
day of the transaction is later than the expiry date of the debts incurred from the margin trading, the term for margin trading shall
be postponed, unless it is otherwise prescribed by the margin contract.

Article 23

If the transaction of the securities is to be terminated, which is bought or sold by the customer in the margin trading, and the
last transaction day is later than the expiry date of the debts incurred from the margin trading, the term for margin trading shall
expire at the transaction day before the last one, unless it is otherwise prescribed by the margin contract.

Chapter IV Guarantee to Creditor’s Rights

Article 24

Where a securities company lends the capital or securities to the customer, it shall collect a certain proportion of guaranty bonds
from the customer, which can be substituted by the securities.

Article 25

The said guaranty bonds, all of the securities bought by the customer by financing and all of the capital acquired from the selling
of the borrowed securities shall be separately deposited into the customer credit transaction guaranty securities account and the
customer credit transaction guaranty capital account by the securities company as the collaterals for the creditor’s rights incurred
from the margin trading of the aforesaid customer.

Article 26

The proportion of the value of collaterals submitted by the customer to his debts shall be calculated day by day by the securities
company, and when the aforesaid proportion is lower than the minimum guaranty maintenance proportion, the customer shall be notified
to make up the balance within a certain term.

The securities company shall deal with the collaterals as stipulated at once, unless the customer makes up the balance or pay debts
in time.

Article 27

The proportion of guaranty bonds, the types and conversion rates of securities that can be used as guaranty bonds as prescribed by
Article 24 of the present Measures, and the minimum guaranty maintenance proportion and the term for the customer to make up the
balance as prescribed in Article 26 shall be stipulated by the stock exchange.

A securities company can formulate specific provisions on the aforesaid matters on the basis of meeting the provisions of the stock
exchange.

Article 28

The securities in the customer credit transaction guaranty securities account of the securities company or the capital in the customer
credit transaction guaranty capital account may not be used by anyone but in case of the following circumstances:

(1)

the settlement of margin trading for the customer;

(2)

the collection of the capital or securities that shall be returned by the customer;

(3)

the collection of interests, fees or taxes that shall be paid by the customer;

(4)

the disposal of collaterals subject to the provisions in the present Measures or the stipulations with the customer;

(5)

the collection of default fines that shall be paid by the customer;

(6)

the withdrawal of remaining securities or capital after the principal and interests, taxes, expenses and default fines has been paid
by the customer; or

(7)

other circumstances as prescribed by the laws, regulations or the present Measures.

Article 29

Where the proportion of the collaterals value deposited by the customer to his debts exceeds the percentage as prescribed by the
stock exchange, the collaterals can be withdrawn by the customer subject to the provisions of the stock exchange and the stipulations
in the margin contract.

Article 30

Where the judicial department adopts the measures of property preservation or compulsory implementation to the rights and interests
in the customer credit securities account or the credit capital account, the securities company shall deal with the collaterals and
fulfill the creditor’s rights incurred from the margin trading with the customer, and assist the implementation of judicial department.

Chapter V Disposal of Rights and Interests

Article 31

In accordance with the records in the customer credit transaction guaranty securities account of a securities company, the securities
depository and clearing institution shall confirm the fact that the securities company is entrusted to hold the securities, and register
the securities company in the roster of securities holders as a nominal holder.

Article 32

As regards the securities recorded in the customer credit transaction guaranty securities account, a securities company shall, in
its own name, exercise the rights of securities issuers for the interests of customers. Where a securities company exercises the
rights of securities issuers, the opinions of customers shall be first solicited and be implemented accordingly.

The term “rights of securities issuers” as mentioned in the preceding Paragraph means the rights incurred due to the holding of securities,
such as requesting to convene a securities holders’ meeting, participating in the securities holders’ meeting, submitting proposals,
voting, subscribing the allotted shares, requesting to distribute investment proceeds, etc.

Article 33

A securities depository and clearing institution entrusted by a securities issuer to distribute investment proceeds shall register
the distributed securities in the customer credit transaction guaranty securities account of the securities company, and modify the
detailed data on the said customer credit securities account accordingly.

A securities depository and clearing institution entrusted by a securities issuer to distribute investment proceeds in cash shall
register the distributed capital in the customer credit transaction guaranty capital account of the securities company, and shall
notify the commercial bank to modify the detailed data in the said customer credit capital account after the capital is transferred
to the account.

Article 34

After the customer borrows the securities but before the customer returns the securities, where a securities issuer distributes investment
proceeds, allots or gratuitously distributes securities to securities holders or issues any of the securities to which the securities
holders have the preemptive right, the customer shall, when repaying the debts, give the securities or capital equal to the interests
that may be gotten from the borrowed securities to the securities company subject to the stipulations in the margin contract.

Article 35

A securities company may not merge the stocks holding through its customer credit transaction guaranty securities account into its
self-owned stocks, and it is not required to perform such corresponding obligations as information reporting, information revealment
or tender offer for the alteration of the amount of stocks in the aforesaid account.

Where the total amount of stocks of a listed company or the rights and interests held by a customer and its coordinated actors in
the common securities accounts and the credit securities accounts amounts to the prescribed proportion, the customer shall perform
such corresponding obligations as information reporting, information revealment or tender offer.

Chapter VI Surveillance and Administration

Article 36

A stock exchange can formulate restrictive provisions on the proportion of buying or selling amount of each single security to the
market turnover and on the selling price of the borrowed securities in the margin trading.

Article 37

In accordance with the business operational rules, a stock exchange shall take measures and conduct initial-stage check of the orders
for margin trading, and it shall refuse those trading orders in which the types of securities dealings or the selling price of the
borrowed securities fails to meet the provisions.

Where the proportion of buying or selling amount of a single security in the margin trading to the market turnover reaches the prescribed
maximum percentage, the stock exchange can suspend the acceptance of the orders for buying or selling the aforesaid type of securities
in the margin trading.

Article 38

When any abnormality occurs in the margin trading, which has already harmed or may harm the market stability and it is necessary
to suspend the trading, the stock exchange shall, in accordance with the business operational rules, suspend all or part of the margin
trading and publicize the information.

Article 39

In accordance with the business operational rules, a securities depository and clearing institution shall supervise over the securities
transfer in the margin trading and the capital transfer in the credit transaction capital delivery account of the securities company.
Those orders on securities or capital transfer that violate the provisions shall be refused; and if any abnormality has been found,
the securities company shall be required to make explanations, and then relevant information shall be submitted to the CSRC and the
CSRC representative office at the locality where the said securities company is registered.

Article 40

A commercial bank that is responsible for the customer credit capital depository shall refuse those capital transfer orders of the
securities company that violate the provisions in accordance with the stipulations in the contract on customer credit capital depository;
and if any abnormality has been found, the securities company shall be required to make an explanation, and relevant information
shall be submitted to the CSRC and the CSRC representative office at the locality where the said securities company is registered.

Article 41

A securities company shall deliver reconciliation statements to the customer by the methods as stipulated in the margin contract,
and provide the inquiry services concerning the data of the credit securities account and the credit capital account to them.

A securities depository and clearing institution shall provide the inquiry services concerning data of the credit securities account
to the customer. A commercial bank that is responsible for the customer credit capital depository shall provide inquiry services
concerning data of the credit capital account to the customer subject to the stipulations in the contract on customer credit capital
depository.

Article 42

In accordance with the provisions of the stock exchange, a securities company shall submit to the stock exchange about the information
on the margin trading of the current day after the market is closed every day. The stock exchange shall collect and make statistics
of the information submitted by securities companies, and publicize before the market opens on the next trading day.

Article 43

A securities company shall submit the following information in written form for the current month to the CSRC representative office
at the locality of its registration and the stock exchange within 10 days upon conclusion of each month:

(1)

the number of accounts opened by the customers for the margin trading;

(2)

the balance of margin trading for all the customers as well as the said balance for the top ten customers;

(3)

the types and amount of collaterals submitted by the customers;

(4)

the number of the customers for mandatory buy-in, and the trading amount for mandatory buy-in;

(5)

the value of relevant risk control indicator; and

(6)

the profit status of the margin trading.

Article 44

The CSRC and its representative offices, the Securities Association of China, stock exchanges and securities depository and clearing
institutions shall perform surveillance or self-discipline administrative duties in the margin trading of securities companies subject
to relevant provisions, and can request a securities company to provide the information and materials concerning the margin trading.

Article 45

A CSRC representative office shall implement off-site and on-site inspections over the customer selection, contracts conclusion,
determination of credit-granting quota, collection and management of collaterals, notice on the supplementation of collateral and
disposal of collateral, etc, involved in the margin trading of securities companies and their branches as required by the jurisdiction
monitoring accountability system.

Article 46

Where a securities company or any of its branches violates any of the provisions in pilot margin trading, it shall be deterred and
be ordered to make corrections within a time limit by the CSRC representative office, in case of failing to make corrections or serious
circumstances, the CSRC shall, pursuant to the specific circumstances, take such surveillant measures such as giving a warning, giving
a public warning, ordering penalty to relevant persons who are held to be responsible, ordering relevant branches to stop the margin
trading, or canceling the approval on the margin trading.

A securities company or any of its branches that engages in the margin trading without approval shall be applied sanctions subject
to Article 205 of the Securities Law.

Chapter VII Supplementary Provisions

Article 47

Stock exchanges, securities depository and clearing institutions and the Securities Association of China shall formulate business
operational rules and self-discipline rules for the margin trading in accordance with the present Measures, and implement the said
rules after submit to the CSRC for approval.

Article 48

The present Measures shall enter into force as of August 1, 2006.

China Securities Regulatory Commission
2006-06-30

INTERIM MEASURES FOR LISTED COMPANIES TO HANDLE THE TRANSFER BUSINESS OF TRADABLE SHARES BY AGREEMENT

Interim Measures for Listed Companies to Handle the Transfer Business of Tradable Shares by Agreement

Article 1

The present Measures are formulated according to the Company Law and the Securities Law in order to regulate the agreement-based
transfer of tradable shares by the listed companies that have completed the share-trading reform, meet the special share-transfer
demands of the relevant companies due to their normal operations (such as merger, acquisition or restructuring and etc.), maintain
the order of the securities market and protect the lawful rights and interests of investors.

Article 2

The agreement-based transfer of tradable shares by listed companies must be carried out in a stock exchange. Shanghai Stock Exchange,
Shenzhen Stock Exchange (hereinafter referred to as in general the Stock Exchange) and China Securities Depository & Clearing
Corporation Limited (hereinafter referred to as ” depository & clearing corporation”) shall uniformly handle such activities.

It is strictly prohibited to conduct illegal off-the-exchange stock trading and transfer activities.

Article 3

Where the transfer of tradable shares by a listed company is under any of the following circumstances, the listed company may go
through the formalities for agreement-based transfer of tradable shares via the stock exchange or CSDCCL:

(1)

Where the share transfer is related to the listed company’s acquisition or shareholder’s equity change;

(2)

Where there exists a relationship of actual control between the transferor and the transferee, or both parties are controlled by
the same controller;

(3)

Where the share transfer is involved in a foreign investor’s strategic investment in a listed company; and

(4)

Other circumstances as ascertained by the China Securities Regulatory Commission (hereafter referred to as the CSRC).

In the case of callback of the prepaid shares in the share-trading reform, or the administrative allotment of shares to a listed company,
etc., the relevant issues shall be handled by analogy to the present Measures.

Article 4

The stock exchange shall be responsible for confirming the regularity of the application filed by both of the parties to a share
transfer. The CSDCCL shall be responsible for handling the inquiries of shares related to the transfer and the registration of assignment.

Article 5

The stock exchange and CSDCCL shall make formal examination on the application materials submitted by both the transferor and the
transferee. And both the transferor and the transferee shall be responsible for the authenticity, accuracy, integrality and legality
of the submitted application materials.

Article 6

A shareholder that intends to transfer his tradable shares shall file an application to CSDCCL for inquiring the holding condition
of the shares to be transferred, and submit the following documents:

(1)

an application for inquiring the holding condition of shares;

(2)

the original copy and a photocopy of the securities account card of the shareholder;

(3)

the valid identity certificate of the shareholder and a photocopy thereof (in the case of a domestic legal person, the business license
and a photocopy thereof, the certificate of the legal representative, a photocopy of the legal representative’s identity card, a
power of attorney of the legal representative, the valid identity certificate of the handler and a photocopy thereof; in the case
of an oversea legal person, a notarized certificate on effective commercial registration, a photocopy of the valid identity certificate
of the authorizer, the valid identity certificate of the handler and a photocopy thereof; in the case of a natural person, the identity
card, and if he entrusts someone else to be his agent, a notarized power of attorney, the handler’s identity card and a photocopy
thereof, the same hereafter);

(4)

other documents that shall be submitted as required by the CSDCCL.

The CSDCCL shall make formal examination on the application materials for inquiry of the foregone shares. If the application is qualified,
the CSDCCL shall permit the inquiry, and issue a proof document on the holding.

Article 7

After the agreement on share transfer is reached, both parties to the share transfer shall apply to the stock exchange for confirming
the regularity of the share transfer, and submit the following documents:

(1)

an application for confirming the share transfer;

(2)

an original copy of the share transfer agreement;

(3)

the valid identity certificates of both parties to the share transfer and photocopies thereof;

(4)

the securities account cards of both parties to the share transfer;

(5)

the proof document on the holding, which is issued by CSDCCL regarding the shares to be transferred; and

(6)

other documents as required by the stock exchange to be submitted.

Article 8

The stock exchange shall make formal examination on the application materials for transfer, and shall, within 3 trading days as of
the acceptance of the application for confirming the share transfer, make a decision on whether or not to confirm it. If the party
concerned is required to supplement any document, the time for supplementing the document may not be counted into the time limit
for examination.

Article 9

After obtaining the document on confirming the share transfer by the stock exchange, both parties to the share transfer shall apply
to CSDCCL for making registration of the share transfer, and submit the following documents:

(1)

an application for the registration of the share transfer;

(2)

an original copy of the share transfer agreement;

(3)

a letter of confirmation of the share transfer as issued by the stock exchange;

(4)

valid identity certificates of both parties to the share transfer and photocopies thereof;

(5)

original copies of securities account cards of both parties to the share transfer and photocopies thereof; and

(6)

other documents as required by CSDCCL to be submitted.

Article 10

CSDCCL shall make formal examination on the application materials for registration of the transfer, and shall, if the application
has passed the examination, make registration of the transfer within 3 trading days.

Article 11

Where a shareholder is under any of the following circumstances when transferring the tradable shares he holds, he shall, when transacting
the confirmation of the share transfer and making registration of the transfer, submit the following documents to the stock exchange
or CSDCCL:

(1)

If the transfer involves information disclosure, an announcement on the present share transfer shall be provided;

(2)

If the shares to be transferred are held by any director, supervisor or senior manager of a listed company, or any director, supervisor
or senior manager of a listed company intends to transfer the shares after leaving his job, the relevant proof document by the board
of directors of the listed company shall be provided;

(3)

If there exists a relationship of actual control between both the transferor and the transferee, or both parties are controlled by
a same controller, a legal document which is issued by the authority concerned and may prove the existence of the above-mentioned
relationship shall be provided;

(4)

In the case of acquisition by a listed company, the announced acquisition report needs to be provided; if it results in the obligation
of tender offer, it shall additionally provide the document of CSRC on exemption of the tender offer or the announcement on the result
of the tender offer;

(5)

If the shares held by a state-owned subject are involved, the approval document by the state-owned assets supervision and administration
authority needs to be provided;

(6)

If a foreign investor’s strategic investment in a listed company is involved, the approval document by the Ministry of Commerce shall
be provided;

(7)

If the shareholder equity change of a listed company in the banking industry reaches or exceeds 5% of the total stock capital, the
approval document by China Banking Regulatory Commission shall be provided;

(8)

If the shareholder equity change of a listed company in the securities industry reaches or exceeds 5% of the total stock capital,
the approval document by China Securities Regulatory Commission shall be provided;

(9)

If the shareholder equity change of a listed company in the insurance industry reaches or exceeds 10% of the total stock capital,
the approval document by China Insurance Regulatory Commission shall be provided; and

(10)

For any other share transfer that must be carried out upon administrative approval, the approval document by the relevant competent
authority shall be provided.

Article 12

Both parties to the transfer by agreement may temporarily entrust CSDCCL to keep the stocks under transfer by agreement, and deposit
the funds in a designated bank. The specific operation measures shall be made according to the relevant provisions of CSDCCL.

Article 13

In the case of any change with the shares due to judicial compulsory enforcement, inheritance or bequest of a natural person, or
the disqualification of a legal person, the applicant shall provide a valid proof document on the belongingness of the stock rights,
and shall go through the relevant formalities according to the relevant provisions of CSDCCL.

Article 14

A relevant party who is required by law to be obligated for disclosing information shall disclose the items on the share transfer
in time.

Article 15

Within 3 months after accomplishing the share transfer registration, the same share transferee shall not file a second application
to the stock exchange or CSDCCL for transfer by agreement regarding the shares transferred to it, unless it is otherwise prescribed
by any law or regulation.

Article 16

The share transferor may not transfer shares for the purpose of evading the relevant provisions on restriction of sale. With respect
to an application for share transfer which is filed not according to the present Measures, the stock exchange shall have the right
to refuse to confirm the share transfer, and CSDCCL shall have the right to refuse to make registration of the transfer.

Article 17

Both parties to a share transfer shall, according to the provisions of the stock exchange and CSDCCL on fee charges concerning stock
trade, pay commission charges for share transfer and registration of transfer, and shall pay the stamp duty in accordance with the
relevant provisions of the state.

Article 18

The power to interpret the present Measures shall jointly be remained with the stock exchange and CSDCCL.

Article 19

The present Measures shall become effective upon the approval of CSRC, and so shall be for the revision thereof.

Article 20

The present Rules shall come into force as of the date of the promulgation.

Shanghai Stock Exchange

Shenzhen Stock Exchange

China Securities Depository & Clearing Corporation Limited

August 14, 2006

Shanghai Stock Exchange, Shenzhen Stock Exchange, China Securities Depository & Clearing Corporation Limited
2006-08-14

CIRCULAR OF THE MINISTRY OF COMMERCE ON ENTRUSTING GUANGZHOU ECONOMIC-TECHNOLOGICAL AREA TO EXAMINE, APPROVE AND ADMINISTER THE RELEVANT WORK ON FOREIGN-INVESTED ENTERPRISES IN SOME SERVICE TRADE SECTORS

Circular of the Ministry of Commerce on Entrusting Guangzhou Economic-Technological Area to Examine, Approve and Administer the Relevant
Work on Foreign-invested Enterprises in Some Service Trade Sectors

Shang Zi Han [2007] No. 11

Guangzhou Municipal People’s Government and Guangzhou Economic-Technological Area,

Pursuant to Some Opinions on Further Promoting the Development Level of National Economic and Technical Development Zones (Guo Ban
Fa [2005] No. 15) as forwarded by the General Office of the State Council to the Ministry of Commerce, the Ministry of Land and Resources
and the Ministry of Construction as well as the provisions of the Ministry of Commerce on the authorized examination, approval and
administration of foreign-funded enterprises, the Ministry of Commerce has finished the archival filing, examination and approval
of the management systems of all the national economic and technological development zones and the connected network for examination
and approval of foreign capital. The related matters are hereby notified as follows:

Upon research, we hereby authorize the Management Committee of Guangzhou Economic-Technological Area to be responsible for examining,
approving and administrating the foreign-funded enterprises in related service trade sectors set up inside its zone for the purpose
of encouraging and supporting the national economic and technological development zones to vigorously develop the high value-added
service industries.

The Management Committee of Guangzhou Economic-Technological Area shall, in strict accordance with the laws and regulations on foreign
investments as well as the related provisions on foreign-funded enterprises of non-vessel shipping, construction, printing, construction
engineering design, road transport, commerce and international freight forwarding (see appendix), carefully examine and approve the
related foreign-funded enterprises set up within its zone, and report the related problems found in the work to the Ministry of Commerce
in a timely manner. The Ministry of Commerce shall implement the inspection of the aforesaid examination, approval and administration,
and cancel the authorization to a national economic and technological development zone which commits illegal examination and approval
during the course of authorization.

The Management Committee of Guangzhou Economic-Technological Area shall conduct a good job in examination and approval, archival filing
and statistical work in strict accordance with the requirements of the Ministry of Commerce for networking and online joint annual
inspection and by taking advantage of the networking certification system for foreign-funded enterprises. The related statistical
data shall be in line with the requirements so that the Ministry of Commerce can keep informed of the situation and strengthen supervision.

Guangzhou Economic-Technological Area, the management system of which needs to be improved, has not set up an independent finance
department yet. Guangzhou Economic-Technological Area shall keep a close eye on and further resolve the problems in the management
system, keep a concise and efficient management system, and improve the level for examining, approving and administrating the foreign-funded
enterprises. Where any management system problem that may affect the work on examining, approving and administrating the foreign-funded
enterprises is found, this Ministry will withdraw the authorized power of examination, approval and administration immediately.

This circular shall enter into force as of the promulgation date.

Ministry of Commerce

February 12, 2007
Appendix:
Related documents on entrusting the competent provincial departments of commerce to examine, approve and Administer foreign-funded
service trade Enterprises

Circular of the Ministry of Commerce on Entrusting the Competent Provincial Departments of Commerce to Examine and Manage Foreign-funded
Non-vessel Shipping Enterprises (Shang Zi Han [2005] No. 89)

Circular of the Ministry of Commerce on Entrusting the Provincial Administrative Departments of Commerce to Examine, Approve and Administer
the foreign-funded Construction Enterprises (Shang Zi Han [2005] No. 90)

Circular of the Ministry of Commerce on Entrusting the Administrative Departments of Commerce at the Provincial Level to Examine and
Administer the Foreign-funded Printing Enterprises (Shang Zi Han [2005] No. 91)

Circular of the Ministry of Commerce on Entrusting the Administrative Departments of Commerce at the Provincial Level to Examine and
Administer the Foreign-funded Designing Enterprises for Engineering Projects (Shang Zi Han [2005] No. 92)

Circular of the Ministry of Commerce on Entrusting the Competent Provincial Departments of Commerce to Examine and Manage Some Foreign-funded
Road Transport Enterprises (Shang Zi Han [2005] No. 93)

Circular of the Ministry of Commerce on Entrusting Local Departments to Check Foreign-funded Commercial Enterprises (Shang Zi Han
[2005] No. 94)

Circular of the Ministry of Commerce about the related Issues on Entrusting National Economic and Technical Development Zones to Examine
and Approve foreign-funded Commercial Enterprises and International Freight Forwarding Enterprises (Shang Zi Han [2005] No. 102)

Measures for the Administration of Foreign-funded International Freight Forwarding Enterprises (Decree No. 19, 2005 of the Ministry
of Commerce)

Ministry of Commerce
2007-02-12

REPLY OF THE SUPREME PEOPLE’S COURT ON WHETHER OR NOT SHALL THE PEOPLE’S COURT ACCEPT THE DISPUTES CONCERNING THE AGREEMENT ON THE TRANSFER OF POLICY FINANCIAL ASSETS BETWEEN FINANCIAL ASSET MANAGEMENT COMPANIES AND STATE-OWNED COMMERCIAL BANKS

Reply of the Supreme People’s Court on Whether or Not Shall the People’s Court Accept the Disputes Concerning the Agreement on the
Transfer of Policy Financial Assets between Financial Asset Management Companies and State-owned Commercial Banks

Min Er Ta Zi [2004] No. 25
February 4, 2004

The higher People’s Court of Hubei Province,

We have received your Request for Instructions on the Law Application to the Appeal of Disputes Concerning the Credit Transfer Contract
between Hankou Sub-branch Wuhan City of the Agricultural Bank of China and Wuhan Office of China Great Wall Asset Management Company
(E Gao Fa [2004] No. 378). Upon deliberation, we hereby render our reply as follows:

The takeover of non-performing assets of state-owned commercial banks by the financial asset management company is done according
to the related state policies, and is of the nature of the appropriation of sate-owned assets in light of the instructions of the
government. The people’s court may not accept the cases concerning the dispute between financial asset management companies and state-owned
commercial banks over the alienation of policy financial assets. We agree to the second opinion of the judicial committee of your
court.

The Supreme People’s Court
2004-02-04

NOTICE OF THE STATE COUNCIL ON ADJUSTING THE PROPORTIONS OF REGISTERED CAPITAL IN FIXED ASSET INVESTMENT PROJECTS OF SOME INDUSTRIES

the State Council on Adjusting

Notice of the State Council on Adjusting the Proportions of Registered Capital in Fixed Asset Investment Projects of Some Industries

No. 13[2004] of the State Council

April 26, 2004

Since this year, the national economy has been maintaining a favorable momentum, the reform and opening has been further carried forward
steadily and the social undertakings have been developed in an all-around way. At the same time, those outstanding conflicts existing
in the economic operation have become increasingly apparent, which are embodied in such aspects as the over-increase in investment,
too many newly started projects, the under-construction scale being too large, and the irrational investment structure. There exists
blind investment in industries of steel, electrolytic aluminum and cement, there is serious phenomenon of low-quality repeated construction,
the increase rate of development and investment of real estate is too high and the development capital is excessively dependent on
bank loans. In order to strengthen the macro regulation, adjust and optimize the economic structure and promote a sound development
of the aforesaid industries, the State Council has decided to adjust the proportions of capital money of construction projects in
industries of steel, electrolytic aluminum, cement and real estate development as prescribed in the Notice of the State Council on
Piloting the System of Registered Capital on Fixed Asset Investment Projects (No. 35 [1996] of the State Council): (1) The proportion
of capital money of steel projects shall be raised from 25% or more to 40% or more; (2) The proportion of registered capital of projects
of cement, electrolytic aluminum and real estate development (excluding projects of affordable houses) shall be raised from 20% or
more to 35% or more.

The relevant provisions of this Notice shall go into effect as of the date of promulgation.

the State Council on Adjusting
2004-04-26

MEASURES FOR THE ADMINISTRATION OF SHORT-TERM FINANCING BILLS OF SECURITIES COMPANIES

the People’s Bank of China

Announcement of the People’s Bank of China

No. 12

For the purpose of promoting further development of money market and expanding the financing channels of securities companies, the
Measures for the Administration of Short-term Financing Bills of Securities Companies, which were formulated by the People’s Bank
of China in consultation with the China Securities Regulatory Commission and the China Banking Regulatory Commission, are hereby
promulgated and shall come into force as of November 1st, 2004.

the People’s Bank of China

October 18, 2004

Measures for the Administration of Short-term Financing Bills of Securities Companies

Chapter I General Provisions

Article 1

The present Measures are formulated according to the Law of the People’s Republic of China on the People’s Bank of China in order
to further promote development of the money market, expand financing channels of securities companies, regulate the issuance and
trading of short-term financing bills of securities companies and protect the legitimate rights and interests of the investors of
short-term financing bills.

Article 2

The “short-term financing bills of securities companies”(hereinafter referred to as “short-term financing bills”) as referred to in
the present Measures shall mean the financial bond issued by securities companies in the inter-bank bond market for the purpose of
short-term financing and for which both parties agree to repay both the principal and the corresponding interests within a time limit.

Article 3

The issuance and trading of short-term financing bills of securities companies shall be subject to the supervision and administration
of the People’s Bank of China.

Article 4

The People’s Bank of China shall authorize the National Inter-bank Funding Center (hereinafter referred to as the Inter-bank Funding
Center) to, through the electronic information system of the Inter-bank Financing Center, publicize the supervisory opinions of China
Securities Regulatory Commission (hereinafter referred to as the CSRC) on whether or not an issuer of short-term financing bills
meets the basic conditions for issuing short-term financing bills.

Article 5

The short-term financing bills of securities companies shall be issued and traded only in the inter-bank bond market.

Article 6

The issuance and trading of short-term financing bills of securities companies shall follow the principles of fairness, good faith
and self-discipline.

Every investor of short-term financing bills shall meet the requirements of prudent supervision of its own supervisory department
and be of the capability of identifying, judging and assuming risks. The risks of short-term financing bills shall be assumed by
the investor itself.

Article 7

The securities company issuing short-term financing bills shall repay the principal and interests on schedule.

Article 8

The securities company issuing short-term financing bills shall truly, exactly, completely and timely disclose the information according
to provisions of the present Measures.

Chapter II Issuance

Article 9

The securities company applying for issuing short-term financing bills shall meet the following fundamental conditions and obtain
approval from the CSRC:

(1)

Having acquired the membership of the National Inter-bank Funding Center for more than one year;

(2)

The issuer has, according to unified requirements of the norms, disclosed its detailed accounting information in the National Inter-bank
Funding Center for more than one year, and has no record of violation of information disclosure in the recent year;

(3)

The storage and management of transaction settlement funds of customers shall accord with the provisions of the CSRC, and the transaction
settlement funds of customers have not been embezzled during the recent year;

(4)

It should have a sound system of internal control and strictly separating administration of the entrusted businesses and the self-management
businesses thereof; there is a middle office to supervise and control the operational risks over front and back offices, and there
is no significant violation of laws and regulations during the last two years;

(5)

The method of market value shall be applied to evaluate the assets and debts, and a reasonable method shall be used to evaluate the
risks of stocks; and

(6)

Other conditions as provided for by the People’s Bank of China or the CSRC.

Article 10

The securities company with the competency to issue short-term financing bills approved by the CSRC shall submit the following materials
to the People’s Bank of China for archival filing if it plans to issue short-term financing bills in an inter-bank bond market:

(1)

A photocopy of the approval documents to become a membership of the National Inter-bank Funding Market;

(2)

A photocopy of the announcement of relevant information disclosure published by the Inter-bank Funding Center;

(3)

A photocopy of confirmation documents by the CSRC of the competency to issue short-term financing bills; and

(4)

Other documents required to be submitted by the People’s Bank of China.

The People’s Bank of China shall, within 10 working days from accepting the required materials for archival filing, confirm the receipt
of such materials in the form of a written archival filing notice and set the upper limit of short-term financing bills issued by
the securities company.

Article 11

A securities company that is to issue short-term financing bills shall designate a capital and credit rating institution to make credit
rating on it.

Article 12

A securities company that issues short-term financing bills shall, according to the related provisions, formulate relevant operation
rules, and establish and improve the systems of risk management and internal control.

Article 13

A securities company shall adopt the balance management system on the issuance of short-term financing bills, and the balance of short-term
financing bills to be repaid shall not exceed 60 per cent of its net capital. Within such limit, the securities company shall freely
confirm its issuance scale of short-term financing bills.

The People’s Bank of China shall regulate the upper limit of an issuer’s balance of short-term financing bills once every 6 months
pursuant to the information concerning the securities company’s net capital as provided by the CSRC, and announce the upper limit
of the balance in the national inter-bank bond market.

The People’s Bank of China shall be enpost_titled to regulating the upper limit of the ratio between the securities company’s balance of
short-term financing bills and its net capital in light of the market performance and the issuer’s situation.

Article 14

The maximum time limit of a short-term financing bill shall be 91 days. The securities companies that issue short-term financing bills
may freely determine the terms of their short-term financing bills within the said maximum time limit.

The People’s Bank of China shall be enpost_titled to regulating the upper limit of the time limit of short-term financing bills pursuant
to the market performance.

Article 15

The issuing period of short-term financing bills shall not exceed 3 working days, which starts from the bidding day of short-term
financing bills to the day when the relationship of debtor-creditor is established.

Article 16

The issuance of short-term financing bills shall be in the form of auction, and the interest rate or price of issuance shall be freely
determined by the two parties.

Article 17

The People’s Bank of China shall authorize the China Government Securities Depository Trust & Clearing Co., Ltd. (hereinafter referred
to as the CGSDTC) to be responsible for setting the issuing period of short-term financing bills. Prior to each issuance, the securities
company shall apply for setting the issuing period to the CGSDTC, which shall arrange for the issuance according to the sequence
of applications of securities companies. The application materials for issuing period shall include, but not be limited to the following
items:

(1)

a written notice of archival filing of the People’s Bank of China;

(2)

the scale of the planned issuance of short-term financing bills;

(3)

the time limit of the planned issuance of short-term financing bills;

(4)

the method to determine the interest rate of the planned issuance of short-term financing bills;

(5)

the balance of short-term financing bills to be repaid and its detailed information; and

(6)

other items as required by the People’s Bank of China.

The CGSDTC shall, within 2 working days from acceptance of the application documents according with the provisions of this Article,
determine the date of issuance and notify the issuer of it.

Article 18

The issuer shall publish a collecting prospectus for the current issuance of short-term financing bills through the China bond website
(www.chinabond.com.cn/) within 3 working days as of the date of issuance as determined by the CGSDTC. Written legal opinions shall
be issued by a law office for the prospectus, which shall have specific and clear contents, and shall explicitly stipulate the rights
and obligations of the parties of the short-term financing bills. The prospectus shall include, but not be limited to the following
items:

(1)

the basic information of the issuer;

(2)

the scale and time limit of short-term financing bills to be issued and the method adopted to determine the interest rate;

(3)

the guarantee situation of short-term financing bills to be issued;

(4)

the issuing period;

(5)

the time and form of repayment of the principal and interests;

(6)

liabilities of the issuer for breach of the contract;

(7)

objects of issuance;

(8)

points of attention regarding investment risks; and

(9)

other items as required to be published by the People’s Bank of China.

Article 19

After finishing the issuance of short-term financing bills, the issuer shall announce to the market such information as the actual
scale, actual interest rate and the time limit of issuance through China bond website (www.chinabond.com.cn/) within the first working
day following the day of registering the credits and debts. The CGSDTC shall summarize the issuance announcements regularly and report
the circumstances of issuance of short-term financing bills to the People’s Bank of China.

Article 20

No securities company may use the funds raised through issuing short-term financing bills for the following purposes:

(1)

making fixed asset investment and establishing network stations for business;

(2)

making investment in the secondary stock market;

(3)

providing financing for the securities trading of any client;

(4)

making long-term equity investment; or

(5)

any other uses as prohibited by the People’s Bank of China.

Chapter III Trading, Trusteeship, Settlement and Redemption

Article 21

The short-term financing bills may be traded in the national inter-bank bond market according to the Measures for Administration of
Bond Trading in the National Inter-bank Bond Market. The short-term financing bills may circulate and be transferred from the next
working day following the day of registering the credits and debts. The trading of short-term financing bills shall be carried out
through the electronic trading system of the Inter-bank Funding Center.

Article 22

The short-term financing bills shall be registered, entrusted and settled in the form of bookkeeping at the CGSDTC.

Article 23

The issuer shall cash the principal and interests of short-term financing bills on schedule in light of the stipulations of announcement
of issuance and shall not alter the date of redemption without permission.

Article 24

The deadline for transferring the ownership of short-term financing bills shall be 3 working days prior to their maturity. The issuer
shall transfer the full amount of principal and interests of short-term financing bills to be redeemed to an account specified by
the CGSDTC on the day when the short-term financing bills expire (extended if falling on holidays), and the CGSDTC shall pay the
principal and interests to the investors of short-term financing bills.

Article 25

In case the issuer fails to transfer the full amount of principal and interests of short-term financing bills to the account specified
by the CGSDTC on schedule, the CGSDTC shall announce such failure to investors through the China money website (www.chinamoney.com.cn)
and the China bond website (www.chinabond.com.cn/) at the end of the day when the short-term financing bills expire.

Chapter IV Information Disclosure

Article 26

The securities company, which issues short-term financing bills, shall be obliged to disclose information to the inter-bank bond market.

Article 27

The board of directors or the major principal of a securities company that issues short-term financing bills shall ensure the authenticity,
accuracy and integrity of disclosed information and assume corresponding legal liability.

Article 28

The securities company that issues short-term financing bills shall regularly disclose the following information through the electronic
information system of the Inter-bank Funding Center:

(1)

the balance sheets and net assets statements, the profit statements and profit distribution statements of previous year prior to January
20 of each year;

(2)

the balance sheets and net assets statements, the profit statements and profit distribution statements of the first six months of
current year prior to July 20 of each year; and

(3)

the annual financial statements and auditing reports audited by a qualified accounting company engaged in such relevant businesses
as securities and futures, including the full context of the auditing opinions, audited balance sheets, net assets statements, profit
statements, profit distribution statements and appendix of the financial statements prior to April 30 of each year.

Article 29

The issuer shall make an announcement timely under any of the following circumstances:

(1)

being expected to have difficulty in repaying interests or principal on schedule;

(2)

deduction of capital, merger, split-up, dissolution and application for bankruptcy;

(3)

alteration of stock rights; or

(4)

other circumstances that shall be announced as prescribed by the People’s Bank of China.

Article 30

The listed securities companies may be immune from regularly disclosure of the information stipulated in items (1) and (2) of Article
27 of the present Measures.

Chapter V Supervision and Administration

Article 31

The People’s Bank of China shall be enpost_titled to conducting dynamic inspection at any time on the issuance and trading of short-term
financing bills of a securities company and the use of raised funds.

Article 32

The People’s Bank of China may reset the upper limit of an issuer’s balance of short-term financing bills to be repaid at less than
50 percent of the original upper limit of the issuer’s balance of short-term financing bills to be repaid in case the issuer has
any of the following acts:

(1)

failing to redeem the full amount of principal and interests of short-term financing bills on schedule; or

(2)

failing to disclose information as required twice within 3 years.

Article 33

The People’s Bank of China may suspend the issuance of short-term financing bills of an issuer at the national inter-bank bond market
for six months if:

(1)

its balance of short-term financing bills to be repaid exceeds the upper limit set by the People’s Bank of China;

(2)

its raised funds of short-term financing bills are put into prohibitive uses;

(3)

it has failed twice in six months to repay the full amount of principal and interests of short-term financing bills on schedule; or

(4)

it has failed to disclose information as required three times in 3 years.

Article 34

The People’s Bank of China may prohibit an issuer from issuing short-term financing bills in the national inter-bank bond market if:

(1)

its membership in the Inter-bank Funding Center is cancelled;

(2)

it has disclosed false information;

(3)

the CSRC finds that the company falls short of any of the items (3), (4), (5) and (6) of Article 9 of the present Measures;

(4)

it is subject to a fine or more severe penalty imposed by the CSRC or other competent departments for businesses violating laws and
regulations;

(5)

two or more main financial indexes of it do not meet the supervisory requirements of the CSRC;

(6)

it has failed to repay the full amount of principal and interests of short-term financing bills three times within 1 year; or

(7)

it has failed to disclose information as required more than three times (not included) within 3 years.

Article 35

The CGSDTC shall, on each trading day, disclose the amount of held short-term financing bills, the list of investors who hold more
than 20 percent of the total entrusted amount of short-term financing bills and their respective holding ratios, at the end of the
previous trading day.

Article 36

The Inter-bank Funding Center shall be responsible for the routine monitoring of the trading of short-term financing bills, while
the CGSDTC shall be responsible for the routine monitoring of the settlement of short-term financing bills. The Inter-bank Funding
Center and the CGSDTC shall timely report any abnormal transaction and settlement to the People’s Bank of China.

Article 37

The Inter-bank Funding Center and the CGSDTC shall establish corresponding rules on trading, settlement and information disclosure
of short-term financing bills according to the present Measures.

Article 38

Any act, which occurs in the trading of short-term financing bills and is contrary to the present Measures, shall be subject to relevant
penalties as specified in the Measures for Administration of Bond Trading in the National Inter-bank Bond Market.

Article 39

Any director, senior manager and any other person directly in charge, who are responsible for disclosing false information, shall
be subject to the penalty as specified in Article 46 of the Law of the People’s Republic of China on the People’s Bank of China.

Chapter VI Supplementary Provisions

Article 40

The power to interpret the present Measures shall remain with the People’s Bank of China.

Article 41

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

the People’s Bank of China
2004-10-18

CIRCULAR OF THE MINISTRY OF FINANCE AND THE NATIONAL DEVELOPMENT AND REFORM COMMISSION ON PROMULGATING THE CANCELLATION OF 103 CHARGING ITEMS SUBJECT TO ADMINISTRATIVE EXAMINATION AND APPROVAL

the National Development and Reform Commission,the Ministry of Finance of the People’s Republic of China

Circular of the Ministry of Finance and the National Development and Reform Commission on Promulgating the Cancellation of 103 Charging
Items Subject to Administrative Examination and Approval.

No.87 [2004] of the Ministry of Finance

The relevant departments of the Central Committee of the Communist Party of China, all the ministries and commissions of the State
Council, the institutions directly under the State Council, and the finance offices or bureaus, development and reform commissions
and price bureaus of all the provinces, autonomous regions and municipalities directly under the Central Government:

For the purpose of carrying out the Administrative License Law and promoting law-based administration, we have made an overall clean-up
on the charging items subject to the national administrative examination and approval and etc. (including administrative license,
the same hereinafter) of the departments and entities under the Central Government according to the relevant provisions of the Notice
of the State Council on Printing and Distributing the Implementation Programs for Overall Pushing Forward the Law-based Administration
(No.10 [2004] of the State Council), the Implementation Opinions of the Office of the State Council on Carrying out the Implementation
Programs for Overall Pushing Forward the Law-based Administration (No.24[2004] of the Office of the State Council), the Decision
of the State Council on Canceling and Adjusting the Items Subject to Administrative Examination and Approval (III) (No.16 [2004]
of the State Council) and the Notice of the National Development and Reform Commission and the Ministry of Finance on Cleaning up
the Relevant Charges of Administrative Departments and Institutions (No.1196 [2004] of the National Development and Reform Commission),
and decide to promulgate the cancellation of 103 charging items subject to administrative examination and approval and etc. We hereby
notify the matters concerned as follows:

The following 84 charging items, which have been approved by the Ministry of Finance and the National Development and Reform Commission
(including the former State Planning Commission and the former State Price Bureau)but do not conform to the charges for administrative
examination and approval as prescribed by laws and administrative regulations, shall be promulgated for cancellation.

Public Security Departments

(1)

Cost of the pass for border administration areas

(2)

Cost of the pass for entry and exit of residents in border areas

(3)

Cost of the identity confirmation forms for settlement of foreigners

(4)

Cost of the employees’ cards on ship

(5)

Cost of travel certificates of Taiwan compatriots

(6)

Fees for annual examination of driving licenses

(7)

Fees for handling grave and serious traffic accidents

(8)

Cost of certificates for holding guns used for the discharge of official duties

(9)

Cost of certificates for holding guns for civilian use

(10)

Cost of licenses for storage of explosives

(11)

Cost of licenses for the use of explosives

(12)

Cost of licenses for the purchase of explosives

(13)

Cost of license for the transportation of explosives

(14)

Cost of licenses for working of a blaster

Departments of Development and Reform (Coal)

(15)

Cost of qualification certificates for operation of coals

Food and Drug Supervision Departments

(16)

Fees for the examination and approval of new biological products (merged into the fees for the examination and approval of new pharmaceuticals)

(17)

Fees for the registration of licenses for the export of special chemicals

(18)

Fees for the appraisal of licenses for enterprises undertaking the production of materials and containers for the use of drug packaging

Agriculture Departments

(19)

Fees for examination and approval for the export of pesticides

(20)

Fees for examination and approval of application for the test of pesticides

(21)

Fees for testing soil and fertilizer

(22)

Fees for registration of fertilizer and soil opsonins and opsonins for the growth of plants (including fees for registration certificates)

(23)

Fees for regional test of crop varieties

Departments of Industry and Commerce

(24)

Fees for checking the Trademark Registration Certificates

Departments of Information Industry

(25)

Wireless registration fees (including fees collected by other departments)

(26)

Cost of the licenses for operation of basic telecommunications service

(27)

Cost of the licenses for operation of trans-regional value-added telecommunication services

(28)

Cost of the licenses for operation of value-added telecommunications services

Departments of Science and Technology

(29)

Fees for the registration of technology contracts

(30)

Fees for the appraisal of technology awards (including fees collected by other departments)

Departments of State Land and Resources

(31)

Fees for the examination and approval of geological survey reports

(32)

Cost of approval documents for land used for construction

Mapping Departments

(33)

Cost of mapping employee’s cards

(34)

Cost of qualification certificates of mapping

10.

Departments of Tobacco Monopoly

(35)

Charges for the licenses of tobacco monopoly (including production, wholesale, retail and temporary charges)

11.

Administrations of Departments Directly under the CCCPC

(36)

Fees for appraisal of entities undertaking scientific research and production of code products for commercial use

(37)

Annual fees for franchising sale of code products for commercial use

12.

Talent Exchange Centers under the Departments of Personnel and Other Departments.

(38)

Fees for political examination on going abroad

13.

Commission of Science, Technology and Industry for National Defense

(39)

Fees for the licenses of nuclear materials

14.

People’s Banks of China

(40)

Charges for loan cards

15.

Competent Departments of Work Safety (Coal)

(41)

Cost of the licenses for operation of hazardous chemicals

(42)

Cost of the operation certificates (IC cards)of special operators

(43)

Fees for conformity certificates of safety production conditions of village and town coal mines

16.

Departments of Justice

(44)

Cost of practicing certificate of lawyers

(45)

Cost of practicing certificate of grass-root legal service practitioners

(46)

Cost of practicing certificate of notaries

(47)

Cost of practicing licenses of law firms

17.

Departments of Press and Publication

(48)

Cost of the licenses for publication of newspapers and periodicals

(49)

Cost of press cards

18.

Cultural Departments

(50)

Fees for performance licenses

19.

Forestry Departments

(51)

Cost of certificates of timber transportation

(52)

Cost of licenses for timber felling

(53)

Cost of licenses for domestication and breeding

(54)

Cost of special hunting and catching certificate

(55)

Cost of hunting certificate

20.

Departments of Population and Family Planning

(56)

Cost of the Certificates of Marriage and Bearing of Migrant Populations

21.

Administrative Departments of Civil Aviation

(57)

Cost of licenses for operation

(58)

Cost of licenses for safety inspection of civil aviation

(59)

Cost of conformity certificates for the use of safety inspection appliances

22.

Railway Departments

(60)

Fees for the licenses of transportation of liquefied petroleum gas railway tank trucks

23.

Construction Departments

(61)

Fees for the certificates of registered architects

(62)

Fees for the certificates of registered structural engineers

(63)

Fees for the certificates of registered urban planners

(64)

Fees for the certificates of real estate appraisers

(65)

Cost of the registration certificates of real estate brokers

(66)

Fees for the certificates of cost engineers

(67)

Fees for the certificates of supervision engineers

(68)

Charges for examination and license issuance of qualifications of survey and design of projects

(69)

Fees for the certificates of examination on qualification of construction enterprises

(70)

Fees for the construction supervision certificates (including certificates of supervision engineers and certificates of supervision
entities)

(71)

Fees for the qualification certificates of urban planning compilation

24.

Departments of Labor and Social Security

(72)

Cost of wages and funds management handbooks

25.

Education Departments

(73)

Cost of the determination letters for the qualification of intermediary service institutions for studying abroad at one’s own expenses

26.

Communication Departments

(74)

Cost of licenses for operation above and under water

27.

China Securities Regulatory Commissions

(75)

Fees for the examination of issuance

28.

General Administrations of Customs

(76)

Handling charges for the customs supervision over tax-free commodities

(77)

Handling charges for the customs supervision over goods in the export supervision warehouses

(78)

Handling charges for tax refund of imported goods

(79)

Fees for occupying inspection places by vehicles overtime

(80)

Fees for inspection of vehicles

29.

Health Departments

(81)

Fees for administration of medical institutions run by the local people

30.

Port Administration Departments (Local Governments)

(82)

Port administration (construction)fees

31.

Departments of Quality Inspection and Quarantine

(83)

Cost of the registration certificates of cotton quality inspectors

32.

Departments of Intellectual Property Rights

(84)

Expenditures for running schools by intellectual property training centers

II.

The following 7 charging items subject to administrative examination and approval, which have been approved by the Ministry of Finance
and the National Development and Reform Commission (including the former State Planning Commission and the former State Price Bureau),
shall be cancelled with the cancellation of the items subject to administrative examination and approval of the State Council (III)accordingly.

Public Security (Work Safety)Departments

(1)

Cost of the licenses for work safety of explosives (including fireworks and firecrackers)

(2)

Cost of the licenses for the sale of explosives (including fireworks and firecrackers)

Finance Departments

(3)

Fees for signing up and examination of registered accountants for their implementation of securities and futures and other relevant
businesses

Agriculture Departments

(4)

Cost of the licenses for veterinary drug preparations

Commerce Departments

(5)

Cost of the certificates for the export of special mechanical and electrical products

(6)

Cost of the certificates of export quotas of mechanical and electrical products

General Administrations of Customs

(7)

Handling charges for the registration and recording of customs declaration entities

III.

The following 12 charging items subject to examination and approval, which fall within the items charged by the relevant departments
by exceeding their powers of examination and approval, shall be promulgated for cancellation.

People’s Banks of China

(1)

Cost of the registration forms for import of mechanical and electrical products

Communications Departments

(2)

Cost of the Licenses for Waterage

(3)

Cost of the conformity certificates of construction and fire control

(4)

Cost of the licenses for fire control construction

(5)

Fees for examination on the fire control construction

(6)

Cost of the certificates for the administration of explosives

Tourism Departments

(7)

Cost of reports on the star-rated tourism hotels

(8)

Cost of the licenses for operation of travel agencies

(9)

Cost of the reports on the declaration of technology of travel agencies

(10)

Cost of the name lists of traveling groups going abroad

(11)

Cost of the certificates of team leader of outbound travel

(12)

Cost of the certificates of grade qualification of tour guides

IV.

The aforesaid charging items shall be cancelled with the cancellation of the items subject to the administrative examination and approval
of the State Council (III).The charging items examined and approved by the relevant departments by exceeding their powers shall be
corrected at once, and other charges shall be canceled as of January 1st, 2005 without exceptions.The relevant implementation departments
and entities that carry out the charging shall, pursuant to regulations, go through formalities for writing off the Charging License
at the competent price department which has issued the Charging License originally, and go through formalities for cancellation of
the documentations at the finance department which has issued the charging bills originally.And the balance of the relevant charging
funds shall be turned in to the state treasury or to a special finance account at the exact amount strictly in light of the channels
as prescribed formerly by the finance department.In case any provision of the relevant documents in the past is inconsistent with
this Notice, this Notice shall prevail without exceptions.

After the aforesaid charging items are cancelled, the relevant departments and entities shall perform the duties of administrative
examination and approval or issue expenses as needed for issuance of licenses and certificates according to laws, administrative
regulations and the provisions of the State Council.The finance department at the corresponding level shall give guaranty through
departmental budget or the channels of outlay approved by the finance department.The finance departments at all levels shall guarantee
the expenditures as needed by the relevant departments and entities to perform administrative examination and approval matters according
to law.

VI.

All the localities and the relevant departments shall strictly carry out the provisions of this Notice and Document No.1196 [2004]
of the National Development and Reform Commission, and earnestly implement the charging items promulgated for cancellation, and report
the situations of their own districts and departments on the implementation of the cancellation of charging items and the amount
of money involved to the Ministry of Finance and the National Development and Reform Commission for archival filing.

the Ministry of Finance of the People’s Republic of China

the National Development and Reform Commission

November 24, 2004

the National Development and Reform Commission,the Ministry of Finance of the People’s Republic of China
2004-11-24

CIRCULAR OF THE CUSTOMS TARIFF COMMISSION OF THE STATE COUNCIL CONCERNING OFFERING ZERO TARIFF TREATMENT TO PART OF THE COMMODITIES OF SENEGAL AND AFGHANISTAN

Circular of the Customs Tariff Commission of the State Council concerning Offering Zero Tariff Treatment to Part of the Commodities
of Senegal and Afghanistan

Shui Wei Hui [2006] No.15

The General Administration of Customs:

Recently, the Government of China has separately signed the exchange of letters with the Government of the Islamic Republic of Afghanistan
and the Government of the Republic of Senegal concerning offering zero tariff treatment to part of the commodities exported thereby
to China. In accordance with the decision of the State Council, the preferential tax rate of zero tariffs shall be offered to the
following least developed countries as of July 1, 2006:

The zero tariffs shall be offered to part of the commodities native to the Republic of Senegal. The scope of specific commodities
is the same as that of commodities to which China has offered zero tariff treatment to the Republic of Benin and other 26 African
countries. Please see the Table of Preferential Tax Rates of Import Tariffs, the attached table of the Rules of the People’s Republic
of China for the Import and Export Tariffs (2006).

II.

The zero tariffs shall be offered to part of the commodities native to the Islamic Republic of Afghanistan. The scope of specific
commodities is the same as that of commodities to which China has offered the zero tariff treatment to Yemen and other three Asia-Pacific
countries. Please see the Table of Import Preferential Tariff Items and Rates (for Yemen and Other Three Countries), the attached
table 5 f to the Circular of the Customs Tariff Commission of the State Council concerning Regulating the Tariff Rates for Autos
and Other Commodities and Implementing the Related Agreement Rates and Preferential Rates.

The Customs Tariff Commission of the State Council

June 26, 2006

the Customs Tariff Commission of the State Council
2006-06-26

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