INTERPRETATION OF CHINA INSURANCE REGULATORY COMMISSION ON ISSUES CONCERNING COMMERCIAL BANKS’ APPLICATION FOR THE QUALIFICATION FOR CONCURRENT-BUSINESS INSURANCE AGENCY

Interpretation of China Insurance Regulatory Commission on Issues Concerning Commercial Banks’ Application for the Qualification for
Concurrent-Business Insurance Agency

July 27, 2006

Recently, China Insurance Regulatory Commission distributed the Notification on Regulating the Commission of Insurance Business by
Banks(Bao Jian Fa [2006] No.70). Paragraph 1 of Article 1 stipulates that “Where a commercial bank plans to act as an agent of insurance
business, its first-level branches shall acquire the qualifications to be concurrent-business insurance agencies.” Some insurance
regulatory bureaus, commercial banks and insurance companies called us to consult about the policy implication of this provision.
The following interpretations are hereby given as follows:

The first-level branches of some commercial banks or its sub-branches may act as an agent of insurance business without acquiring
the Concurrent-Business Insurance Agency License before the issuance of Bao Jian Fa [2006] No.70. While after the issuance of the
Document, where a commercial bank plans to act as an agent of insurance business, its first-level branches shall acquire the qualification
for concurrent-business insurance agency and the Concurrent-Business Insurance Agency License. The sub-branches shall follow the
existing policies on the supervision of concurrent-business insurance agencies before the promulgation of the newly revised Provisions
on the Administration of Concurrent-Business Insurance Agencies. The local insurance regulatory bureaus shall make decisions in accordance
with the actual situation of the local market and shall execute according to the revised Provisions on the Administration of Concurrent-Business
Insurance Agencies after its promulgation.

China Insurance Regulatory Commission
2006-06-27

PROVISIONS FOR THE ADMINISTRATION OF THE POST-HOLDING QUALIFICATIONS OF DIRECTORS AND SENIOR MANAGERS OF INSURANCE COMPANIES

Decree of China Insurance Regulatory Commission

No. 4

The Provisions for the Administration of the Post-holding Qualifications of Directors and Senior Managers of Insurance Companies,
which have been deliberated and adopted by the executive meeting of the chairmen of China Insurance Regulatory Commission on June
12, 2006, are hereby promulgated and shall come into force as of August 1, 2006.
Chairman Wu Dingfu

July 12, 2006

Provisions for the Administration of the Post-holding Qualifications of Directors and Senior Managers of Insurance Companies
Chapter I General Provisions

Article 1

In order to enhance and perfect the administration of the directors and senior managers of insurance companies, safeguard the stable
business operations of insurance companies and promote the sound development of the insurance industry, the present Provisions are
formulated under the Insurance Law of the People’s Republic of China (hereinafter referred to as the Insurance Law) and other relevant
laws and administrative regulations.

Article 2

The term Insurance companies as mentioned herein refer to the commercial insurance companies that are established upon approval of
the insurance regulatory institutions and legally registered.

The term “branch institutions of insurance companies” as mentioned herein refers to the branch companies, central sub-branch companies,
sub-branch companies and business departments lawfully established by insurance companies.

The term “insurance institutions” as mentioned herein refers to the headquarters and the branches of the insurance companies.

The term “business departments” as mentioned herein refers to the departments that are established by insurance companies and hold
a License for Insurance Operations.

Article 3

The term “senior managers” as mentioned herein refers to the following persons who have the policy-making power or have important
influence on the business administration of an insurance company:

(1)

General managers, deputy general managers and assistants to the general managers in the headquarters, branch companies and central
sub-branch companies;

(2)

Secretary of the board of directors, regulation-compliance person in charge, chief actuary, and chief finance officer;

(3)

Managers of the sub-branch companies and business departments; and

(4)

Persons in charge who have the same power as that of the aforesaid senior managers.

Article 4

The hierarchical examination and administration for the post-holding qualifications of directors and senior managers shall be performed
by The CIRC and its dispatched institution.

The CIRC shall be responsible for the examination and administration of the post-holding qualifications of the directors and senior
managers of the headquarters of insurance companies. The institutions dispatched by the CIRC shall be responsible for the examination
and administration of the post-holding qualifications of the branch institutions of the insurance companies within their respective
jurisdiction unless it is otherwise provided for by the CIRC.

Article 5

The examination of the post-holding qualifications of directors and senior managers shall be implemented by the CIRC and its dispatched
institution by means of examination and approval system and the reporting system.

The examination and approval system shall apply to the examination of the post-holding qualifications of the following persons:

(1)

General managers, deputy general managers and assistants to the general managers of the headquarters, branch companies and central
sub-branch companies; and

(2)

Secretary of the board of directors, regulation-compliance person in charge, chief actuary, and chief finance officer;

The reporting system shall apply to the examination of the post-holding qualifications of the managers of the sub-branch companies
and business departments.

Article 6

A director or senior manager subject to the examination and approval system shall submit an application in name of its appointing
institution to the CIRC or its dispatched institution for inspecting and approving his post-holding qualifications before he is appointed.

As to a senior manager that is subject to the reporting system, the appointing institution shall submit a report to the institution
dispatched by the CIRC after the appointment.

An institution dispatched by the CIRC may require the branch companies to uniformly report the appointment of the senior managers
that are subject to the reporting system in accordance with the specific circumstances within its jurisdiction.

Chapter II Requirements for the Post-holding Qualifications

Article 7

The directors and senior managers shall observe the laws, regulations, and insurance surveillance rules, and shall comply with the
articles of association of the insurance company.

Article 8

The directors and senior managers shall have good behavior of integrity and faithfulness, as well as the professional knowledge,
work experience and management capabilities necessarily for the performance of their duties.

Article 9

The legal representative of a Chinese-invested insurance company shall be a citizen of the People’s Republic of China.

Article 10

A person that occupies the chairman of the board of directors, general manager, deputy general manager or assistant to the general
manager of an insurance company shall satisfy the requirements as follows:

(1)

Having a bachelor’s degree or above;

(2)

Having a financial work experience of over 5 years, or an economic work experience of over 8 years; and

(3)

Having ever been a conductor or manager in an enterprise, public institution or state organ.

Article 11

A person that occupies an independent director of an insurance company shall have independence, and be able to make independent and
objective judgments on the business activities of the insurance company.

Article 12

To assume the post of other directors of an insurance company, the candidate shall have over 5 years work experience in finance,
law or accounting so as to satisfy the requirements in the duties they are to perform.

Article 13

Where a person occupies the secretary of the board of directors of an insurance company, the candidate shall be consistent with the
requirements as follows:

(1)

Having a bachelor’s degree or above; and

(2)

Having 5 years work experience so as to satisfy the requirements in the duties he is to perform.

Article 14

Where a candidate occupies general manager, deputy general manager, assistant to the general manager of branch company or central
sub-branch company of an insurance company, he shall meet the requirements as follows:

(1)

Having a bachelor’s degree or above; and

(2)

Having financial work experience for 3 years or above or economic work experience for 5 years or above.

Article 15

To occupy the manager of sub-branch company or business department of an insurance company, the candidate shall have economic work
experience for 3 years or above.

Article 16

As to a candidate of the director or senior manager that has a master’s degree of insurance, finance, economic management, investment,
law or accounting, the requirement for the term of his economic work experience may be properly relaxed.

If a candidate chairman of the board of directors or senior manager has insurance work experience for 8 years or above or has made
outstanding contributions in the insurance industry, the requirement for his education background may be relaxed from university
to college.

Article 17

A candidate shall not occupy the director or senior manager of an insurance company in case of any of the circumstances as follows:

(1)

He is under any of the circumstances as prescribed in Article 147 of the Company Law;

(2)

The prescribed time period has not elapsed since the day when his post-holding qualifications were cancelled or revoked or his access
to the market was banned by the financial regulatory department;

(3)

It is clear that 7 years have not elapsed since the day when he was ordered to be dismissed and replaced due to any of the circumstances
as prescribed in Subparagraph 15 of Article 41 ;

(4)

It is clear that 5 years have not elapsed since the day when he was ordered to be dismissed and replaced due to any of the circumstances
as prescribed in Subparagraphs 4 through 14 of Article 41 ;

(5)

It is clear that 3 years have not elapsed since the day when he was ordered to be dismissed and replaced due to any of the circumstances
as required in Subparagraph 1 through 3 of Article 41 ;

(6)

He is being examined by the judicial organ, disciplinary and surveillant departments, the CIRC or its dispatched institution because
of his suspicion of having violated any law or regulation, and no conclusion has not been made yet; or

(7)

Other circumstances under which he is deemed to be improper to occupy director or senior manager by the CIRC.

Article 18

Where a director or senior manager in an insurance company that has been rectified or taken over is directly responsible for the
rectification and takeover, he shall not occupy the director or senior manager of another insurance institution in the period of
rectification and takeover.

Chapter III Examination of Post-holding Qualifications

Article 19

Where an insurance institution appoints a director or senior manager that is subject to examination and approval system, it shall
submit the following written materials (in triplicate) to the CIRC or its dispatched institution before the appointment, and submit
the corresponding electronic files at the same time:

(1)

An application for the examination and approval of the post-holding qualifications of the candidate director or senior manager;

(2)

An application form for the post-holding qualifications of the candidate director or senior manager;

(3)

Copies of such certificates as the identity certificate, diploma, etc. of the director or senior manager candidate. If he has a passport,
a copy of this shall be submitted as well;

(4)

The comprehensive evaluation on the moral, professional knowledge, business capability and work performance of the candidate of the
director or senior manager;

(5)

A post-leaving audit report shall be submitted if it is required by the CIRC; and

(6)

Other materials as prescribed by the CIRC.

Article 20

The application for examination and approval of the post-holding qualifications shall be examined by the CIRC and its dispatched
institution by means of

(1)

examining the materials of post-holding applications;

(2)

arranging an interview of the post inspection with the director or senior manager candidate.

Article 21

An interview of the post inspection may include the aspects as follows:

(1)

To know the basic information about the director or senior manager candidate;

(2)

To inspect how well the candidate of the director or senior manager understands the important insurance laws, administrative regulations
and rules;

(3)

To give some suggestions to the candidate of the director or senior manager about the issues on which he should focus; and

(4)

Other aspects necessary to inspect or suggest as required by the CIRC or its dispatched institution.

Written records shall be made for the interview of the post inspection and shall be affixed with the signatures of the inspector and
the director or senior manager candidate.

Article 22

The CIRC and its dispatched institution shall make a decision of approval or disapproval within 20 days after the receipt of the
application for the examination and approval of the post-holding qualifications. In case of approval, a post-holding qualification
approval document shall be issued to the applicant. While for disapproval, a decision in written form shall be made with an explanation.

Article 23

An insurance institution that appoints a senior manager who is subject to the reporting system shall report to the institution dispatched
by the CIRC within 10 days after the appointment, and shall submit the written materials in duplicate as follows:

(1)

A report form about the appointment of the senior manager;

(2)

A decision concerning the appointment of the senior manager; and

(3)

The copies of relevant certificates as the identity card, diploma, etc of the senior manager. If the senior manager has a passport,
a photocopy of his passport shall be submitted as well.

Article 24

The following institutions may be issued some consultation letters by the CIRC or its dispatched institution for the purpose of knowing
the law-and-regulation compliance of the acts conducted by a director or senior manager in the former institution where he held a
post:

(1)

If the director or senior manager has ever assumed a post other sectors before he holds the post in the insurance sector, the CIRC
or its dispatched institution may inquire the former surveillance institution about the relevant information, or it may inquire the
former institution where he held a post, if there is no surveillance department; and

(2)

If the director or senior manager holds a post of the insurance sector in other localities, the dispatched institution of the place
where he is to hold the post shall inquire the dispatched institution of the place where he left his post.

Article 25

When a director or senior manager whose post-holding qualifications have already been examined and approved is transferred, or concurrently
holds the post of the senior manager of the same or inferior level, within the same insurance company and its branch institutions,
it is not necessary to inspect and approve his post-holding qualifications over again.

Article 26

If a director or senior manager commits any of the following circumstances, it shall be invalid of his post-holding qualifications
automatically. If he is to re-assume the post of a director or senior manager, a post-holding qualification examination shall be
performed:

(1)

Working for this insurance company and its branch institutions no more;

(2)

Being ordered to be dismissed and replaced or be given other administrative sanctions; or

(3)

Committing any of the circumstances as mentioned in Paragraph one of Article 147 of the Company Law.

Article 27

The materials of the post-holding qualification examination shall be written in Chinese. If the original materials are in a foreign
language, it shall be attached with Chinese translations that have been notarized by a Chinese notarization institution.

Article 28

The materials of post-holding qualification examination shall be submitted faithfully by insurance institutions.

The insurance institution and the director or senior manager that accepts the examination of the post-holding qualifications shall
be responsible for the authenticity of the substantial contents of the materials submitted.

Article 29

An insurance institution shall use the post-holding qualification application form and post-holding report form for directors and
senior managers with the uniform formats established by the CIRC.

Chapter IV Surveillance and Administration

Article 30

As to any director or senior manager that is subject to the examination and approval system, he shall not be appointed by an insurance
institution in any form without examination and approval.

In case of a special circumstance under which it is necessary for an insurance institution assign a temporary person in charge, the
temporary term may not be more than 3 months.

Article 31

An insurance institution shall work out a document on the appointment of the director or senior manager within 30 days after it receives
the documents of post-holding qualification examination and approval.

Article 32

The appointment of a director or senior manager by an insurance company is invalidated in case of any of the circumstances as follows:

(1)

Appointing a director or senior manager that is subject to the examination and approval system without examination and approval; or

(2)

Appointing a senior manager that is subject to the reporting system in violation of any of the post-holding requirements as prescribed
in the present Provisions.

Article 33

An insurance institution shall report to the CIRC or the local institution dispatched by the CIRC within 10 days after any of the
following decision has been made:

(1)

A decision on the appointment or adjustment of the functions of a director or senior manager that is subject to the examination and
approval system;

(2)

A decision concerning the dismissal or the approval of resignation of a director or senior manager;

(3)

A decision concerning the appointment or the dismissal of a temporary person in charge;

(4)

A decision concerning the deposal or sanction of removal of a senior manager; or

(5)

A decision concerning dismissing and replacing a director or senior manager by another person due to an administrative punishment
order.

As to the transfer of a senior manager to another locality, the insurance institution shall not only report his deposal to the institution
dispatched by the CIRC in the place where he leaves his post, but also report his destination of the new post to the dispatched institution
in the place where he is to hold a new post simultaneously.

Article 34

If any director or senior manager commits a crime, is given a industrial disciplinary sanction or a non-insurance administrative
punishment in his occupation, the insurance institution shall, within 15 days after it knows or should know the decision of judgment,
industrial disciplinary sanction or administrative punishment, report to the CIRC or its dispatched institution.

Article 35

In case of the post-holding qualifications applied by any insurance institution or director or senior manager by means of concealing
the relevant information or providing false materials, the CIRC or its dispatched institution shall reject or disapprove the application
for the examination and approval of the post-holding qualifications, and shall reject any new application for the post-holding qualifications
of the director or senior manager within one year.

If any insurance institution or director or senior manager obtains the post-holding qualifications by cheating, bribery or any other
illegal means, the qualifications shall be revoked by the CIRC or its dispatched institution, and any new application for the post-holding
qualifications shall be rejected within 3 years.

Article 36

In case of any of the circumstances as prescribed in Paragraph one of Article 147 of the Company Law occurring during the occupation
term of a director or senior manager, his post shall be removed by the insurance institution, and this insurance institution may
also be ordered by the CIRC or its dispatched institution to remove him from his post in accordance with relevant laws.

Article 37

The CIRC or its dispatched institution may show to the directly liable director or senior manager a major risk warning letter, arrange
a surveillance interview, and where necessary, the insurance institution shall be ordered to make a rectification within a time limit,
if it is under any of the circumstances as follows:

(1)

There is any serious hidden danger in the business operation, use of fund, corporate governance structure or inner control system
of the insurance institution;

(2)

Evidence indicates that any director or senior manager is in violation of the obligation regarding good faith and diligence as prescribed
in the Company Law, and leads to severe damage to the business operation of the insurance company; or

(3)

Any other circumstance under which a warning of serious risk deems necessary to be given by the CIRC or its dispatched institution.

The insurance institution shall submit the rectification information in written form to the CIRC and its dispatched institution in
a timely manner.

Article 38

A director or senior manager shall perform a post-leaving audit in accordance with relevant provisions of the CIRC before leaving
his post.

Article 39

The CIRC and its dispatched institution shall establish and perfect the filing of the directors and senior managers of insurance
institutions and the filing shall cover the contents as follows:

(1)

The records of administrative punishments, disciplinary sanctions of the insurance sector, or others bad ones;

(2)

The records of examination of post-holding qualifications, posts alteration, etc.;

(3)

A report of post-leaving audit; and

(4)

SUPPLEMENTARY PROVISIONS II ON THE MEASURES FOR THE ADMINISTRATION OF FOREIGN INVESTMENT IN COMMERCIAL FIELDS

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

No. 22

The Supplementary Provisions II on the Measures for the Administration of Foreign Investment in Commercial Fields, which were deliberated
and adopted at the 8th executive meeting of the Ministry of Commerce on August 21, 2006, are hereby promulgated and shall come into
force as of December 1, 2006.
Bo Xilai, Minister of the Ministry of Commerce

November 3, 2006

Supplementary Provisions II on the Measures for the Administration of Foreign Investment in Commercial Fields

For the purposes of promoting the establishment of a closer economic partnership between Hong Kong and Macao and encouraging Hong
Kong and Macao service providers to set up commercial enterprises in mainland China, pursuant to the Supplementary Agreement III
on Hong Kong/Mainland Closer Economic Partnership Arrangement and the Supplementary Agreement III on Macao/Mainland Closer Economic
Partnership Arrangement as approved by the State Council, the supplementary provisions on matters of Hong Kong and Macao service
providers’ investment in commercial fields in the Measures for the Administration of Foreign Investment in Commercial Fields (Decree
of the Ministry of Commerce [2004], No. 8 ) are hereby formulated as follows:

Where the same Hong Kong, or Macao service provider has set up over thirty (30) shops accumulatively in mainland China, if the commodities
operated include books, newspapers, magazines, pharmaceutical, pesticide, agricultural film, chemical fertilizer, grain, plant oil,
sugar, cotton, etc., and the above commodities are with different brands, from different suppliers, the Hong Kong or Macao service
provider is allowed to hold the shop, but with a capital contribution less than 65%.

The term “Hong Kong or Macao service provider” in the present Provisions shall be in line with the definition of “Service Provider”
and relevant provisions in Hong Kong/Mainland Closer Economic Partnership Arrangement and Macao/Mainland Closer Economic Partnership
Arrangement respectively.

Other matters in respect of Hong Kong or Macao service providers’ investment in commercial fields in mainland China shall still be
executed in accordance with the Measures for the Administration of Foreign Investment in Commercial Fields.

The present Provisions shall be implemented as of December 1, 2006.

Ministry of Commerce
2006-11-03

INTERIM MEASURES ON THE ADMINISTRATION OF DOMESTIC SECURITIES INVESTMENT BY QUALIFIED FOREIGN INSTITUTIONAL INVESTORS

2002110520021201The China Securities Regulatory Commission, the People’s Bank of ChinaDecree of the China Securities Regulatory Commission (CSRC) and the People’s Bank of China (PBC)No.12The Interim Measures on the Administration of Domestic Securities Investment by Qualified Foreign Institutional Investors is hereby
promulgated and will enter into force as of December 1, 2002.CSRC Chairman Zhou XiaochuanPBC Governor Dai XianglongNovember 5, 2002epdf/e02916.pdfI, Hforeign institution, investor, securities investment, qualification, custody, registration, clearance, settlement, capital, funde02916Interim Measures on the Administration of Domestic Securities Investment by Qualified Foreign Institutional InvestorsChapter I General ProvisionsArticle 1 Pursuant to relevant laws and administrative regulations, the Measures is enacted in order to regulate the investment activities of
qualified foreign institutional investors in the securities market within the PRC customs territory, and to promote the development
of China’s securities market.Article 2 Qualified foreign institutional investors (hereinafter referred to as QFIIs) stated in the Measures refer to fund management institutions,
insurance companies, securities companies and other assets management institutions outside the PRC customs territory which meet the
qualifications stipulated in the Measures, and have been approved by the China Securities Regulatory Commission (hereinafter referred
to as the CSRC) to invest in China’s securities market and granted investment quotas by the State Administration of Foreign Exchange
(hereinafter referred to as the SAFE).Article 3 QFIIs shall mandate domestic commercial banks as custodians to manage assets, and shall entrust domestic securities companies to handle
securities trading activities within the PRC customs territory.Article 4 QFIIs shall comply with laws, regulations and other relevant rules of the PRC.Article 5 The CSRC and the SAFE shall, in accordance with laws, supervise and govern the securities investment activities by the QFIIs within
the PRC customs territory.Chapter II Qualifications and Approval ProceduresArticle 6 In order to qualify as a QFII, an applicant shall meet the following requirements:1.The applicant is financially stable and of good credit, meet the asset size and other requirements set by the CSRC; and has a risk
control index that complies with the law of, and the requirements of the securities regulatory institutions in the country or region
of its domicile;2.Employees of the applicant shall meet relevant professional qualification requirements of the country or region of its domicile;3.The applicant has a solid corporate governance structure and well defined internal control system, conducts business in accordance
with relevant regulations, and has not been subject to any serious penalties by regulators in the country or region of its domicile
during the most recent three years;4.The country/region where the applicant domiciles shall have a sound legal and regulatory system, and the securities regulator of such
country or region has signed a Memorandum of Cooperation and Understanding and maintains an effective co-operative relationship in
supervision with the CSRC; and5.Any other requirements prescribed by the CSRC based on prudential regulatory principles.Article 7 The asset size requirements and other requirements in the preceding article are: Fund management institutions: minimum five years
experience in funds business and no less than US$10 billion assets under management in the most recent fiscal year; Insurance companies:
minimum 30 years experience in insurance business, no less than US$1 billion in paid-up capital, and no less than US$10 billion securities
assets under management in the most recent fiscal year; Securities companies: minimum 30 years experience in securities business,
no less than US$1 billion in paid-up capital, and no less than US$10 billion securities assets under management in the most recent
fiscal year; Commercial banks: ranking in the top 100 globally in terms of total assets, no less than US$10 billion securities assets
under management in the most recent fiscal year. The CSRC may adjust the aforementioned asset size and other requirements according
to the development of securities market.Article 8 In order to apply for qualification as a QFII and for approval of investment quota, the applicant shall , through its custodian, submit
the following documents to the CSRC and the SAFE respectively:1.A written application (including the applicant’s basic information, investment quota applied for and investment plan, etc.);2.Documents certifying compliance with the requirements prescribed in Article 6 of the Measures;3.A draft of custodianship agreement signed with the custodian;4.Audited financial statements for the most recent three years;5.A statement on the source of funds and a commitment letter of no repatriation of investment during the approval period;6.A letter of authorization from the applicant; and7.Other documents required by the CSRC and the SAFE. If the above documents are prepared in a foreign language, a Chinese translation
or a Chinese summary shall be attached.Article 9 The CSRC shall decide whether to approve or not to approve the application within fifteen working days after receipt of the complete
set of application documents. A securities investment license shall be granted to the applicant that is approved; a written notification
shall be sent to the applicant that is not approved.Article 10 Upon receipt of the securities investment license, the applicant shall apply through its custodian to the SAFE for the investment
quota. The SAFE shall decide whether to approve or not to approve the application within fifteen working days after receipt of the
complete set of application documents. If approved, the SAFE will send the applicant a written notice of the approved investment
quota and issue to the applicant a foreign exchange registration certificate; if not, the applicant will be sent a written notification.
The securities investment license shall automatically become invalid if the applicant fails to obtain the foreign exchange registration
certificate within one year after it has obtained the securities investment license.Article 11 To encourage long- and medium-term investment, priority shall be given to China’s closed-end funds that meet the requirements set
forth in Article 6 of the Measures, or pension funds, insurance funds, and mutual funds that have solid track records of investment
in other markets.Chapter III Custody, Registration and ClearanceArticle 12 A custodian shall meet the following requirements:1.Having a dedicated custody department;2.Having no less than RMB 8 billion in paid-up capital;3.Having sufficient professionals who are familiar with custodial business;4.Having facilities for safekeeping all fund assets;5.Having secure and efficient delivery and trading capabilities;6.Being qualified as a designated foreign exchange bank and for conducting RMB business;7.Having no record of severe violation of foreign exchange administrative rules in the most recent three years. Local branches of foreign-funded
commercial banks that have continuously operated for more than three years may apply for acting as a custodian, with its paid-in
capital calculated with reference to its offshore head office.Article 13 Qualification as a custodian must be examined and approved by the CSRC, the People’s Bank of China (hereinafter referred to as the
PBC) and the SAFE.Article 14 A domestic commercial bank shall submit the following documents to the CSRC, the PBC and the SAFE for custodian license approval:1.A letter of application;2.A copy of its financial business license;3.The management system for its custody business;4.Documents certifying that it has an efficient and high-speed information technology system; and5.Other documents required by the CSRC, the PBC and the SAFE. The CSRC, in consultation with the PBC and the SAFE, shall review the
application and decide whether to approve it or not.Article 15 A custodian shall perform the following responsibilities:1.Safekeeping all assets entrusted by a QFII;2.Handling foreign exchange sale, purchase, receipt and payment, and Renminbi clearance business for the QFII;3.Monitoring the investment activities of the QFII, and reporting in time to the CSRC and the SAFE in case its investment instructions
are found to have violated laws or regulations;4.Reporting to the SAFE the QFII’s inward/outward remittance of investment principal or proceeds and foreign exchange sale and purchase
within two working days after the remittance is made;5.Reporting to the CSRC and the SAFE on the receipt and payment to and from the QFII’s special Renminbi account within five working
days following the end of each month;6.Preparing an annual financial report on the domestic securities investment of the QFII for the previous year and submitting the same
to the CSRC and the SAFE within three months following the end of each fiscal year;7.Preserving materials related to the QFII’s inward/outward remittance, foreign exchange conversion, foreign exchange receipt and payment,
and fund movement records for no less than fifteen years;8.Other responsibilities stipulated by the CSRC, the PBC and the SAFE according to the principles of prudential supervision.Article 16 A custodian shall strictly segregate its self-owned assets from the assets that is entrusted to manage. A custodian shall keep separate
accounts for each QFII and manage those accounts separately. Each QFII shall entrust only one custodian.Article 17 A QFII shall entrust the custodian to apply on its behalf for the opening of a securities account at a securities registration and
settlement institution. The custodian shall submit the letter of authorization from the QFII and its securities investment business
license for account opening and shall file relevant information with the CSRC for record within five working days after the opening
of such securities account. The QFII shall entrust the custodian to open an RMB funds settlement account at the securities registration
and settlement institution to settle funds with this institution. The custodian shall be responsible for funds settlement of the
QFII’s domestic securities investment, and file relevant information with the CSRC and the SAFE for record within five working days
after the opening of such RMB account.Chapter IV Investment OperationArticle 18 A QFII may invest in the following RMB denominated financial instruments within its approved investment quota:1.Stocks listed and traded on stock exchanges, except for Domestically Listed Foreign Currency Shares (B shares);2.Government bonds listed and traded on stock exchanges;3.Convertible bonds and corporate bonds listed and traded on stock exchanges;4.Other financial instruments approved by the CSRC.Article 19 A QFII may entrust a domestically registered securities company to manage its domestic securities investment. Each QFII shall entrust
only one securities company.Article 20 A QFII shall comply with the following rules for its domestic securities investment :1.An individual QFII shall invest no more than 10 percent of the total amount of shares of a single listed company;2.The total shares held by all QFIIs in a single listed company shall be no more than 20 percent of the total amount of shares of the
company. The CSRC may adjust the above percentages according to the development of securities market.Article 21 A QFII’s domestic securities investment shall be in compliance with the Foreign Investment Industry Guideline.Article 22 The securities company shall keep such materials as the records of consummated transactions and transaction activities of a QFII for
no less than fifteen years.Chapter V Funds ManagementArticle 23 With the approval of the SAFE, a QFII shall open a special Renminbi account at the custodian’s place of business. The custodian shall
report relevant information to the CSRC and the SAFE for record within five business days after the opening of the special Renminbi
account.Article 24 The receipts of the special Renminbi account shall include: funds from sale of foreign exchange (foreign exchange coming from overseas
with the accumulative amount of such sale not exceeding the approved investment quota), proceeds from sale of securities, cash dividends,
interest on current deposits, and interest on bonds. Payments of the special Renminbi account shall include: funds to purchase securities
(including stamp duty, processing fees, etc.), domestic custodian and management fees, and funds to purchase foreign exchange (for
outward remittance of investment principal and returns). Funds in the special Renminbi account shall not be used as loans or as collateral.Article 25 A QFII shall make inward remittance of principal within three months after obtaining from the CSRC the securities investment license,
and the principal shall be directly deposited in the special Renminbi account after conversion. The remitted principal by a QFII
shall be in any freely convertible currency approved by the SAFE; and the amount of such principal shall be limited to the investment
quota approved by the SAFE. If a QFII fails to remit in the full amount of its investment quota approved by the SAFE within three
months after obtaining the foreign exchange registration certificate, the actually remitted amount shall be regarded as the approved
investment quota. The gap between the originally approved investment quota and the actually remitted amount shall not be filled by
any new remittance until approval has been obtained for a new investment quota.Article 26 If a QFII is a China’s closed-end fund management institution, such QFII may, three years after the inward remittance of principal,
entrust its custodian to apply to the SAFE with required documentation for purchase of foreign exchange to remit principal abroad
by installments. Each installment shall not exceed twenty percent of the total investment principal, and the interval between two
successive installments shall not be less than one month. Other QFIIs may, one year after the inward remittance of principal, entrust
their custodians to apply to the SAFE with the required documentation for the purchase of foreign exchange to remit principal abroad
by installments. Each installment shall not exceed twenty percent of the total investment principal, and the interval between two
successive installments shall not be less than three months. The said QFII shall be the overseas recipient of the above-mentioned
outward remittance.Article 27 A QFII that has remitted in principal for more than three months but less than one year may, after submitting a transfer application
and a transfer agreement to the CSRC and the SAFE and obtaining their approval, transfer its investment quota to other QFIIs or other
applicants that qualify under Article 6 of the Measures. After obtaining the approval of investment quota from the SAFE and the
securities investment business license, the transferee may remit in the amount of principal to fill the gap between the approved
quota and the actually transferred assets if the transferred assets are less than the investment quota approved by the SAFE.Article 28 If a QFII needs to remit in new principal after it has remitted abroad a part or ?all of the principal, it shall apply for a new investment
quota.Article 29 If a QFII needs to purchase foreign exchange to remit abroad the realized aftertax profits for the previous fiscal year that have
been audited by a Chinese certified public accountant, it shall entrust its custodian to file an application with the SAFE fifteen
days prior to the proposed purchase by submitting the following documents:1.A written application for outward remittance;2.Annual financial statement for the year when the profits have been realized;3.An audit report issued by a Chinese certified public accountant;4.Resolution or other valid legal document on profit distribution;5.Tax payment certificate; and6.Other documents required by the SAFE. The said QFII shall be the overseas recipient of the above-mentioned outward remittance.Article 30 The SAFE may adjust the period for remittance of principal and realized profits by a QFII to meet the need of the State to balance
the receipt and payment of foreign exchange.Chapter VI Supervision and ManagementArticle 31 The CSRC and the SAFE shall conduct annual review of the securities investment license and foreign exchange registration certificate
held by a QFII.Article 32 The CSRC, the PEC and the SAFE may request QFIIs, custodians, securities companies, stock exchanges, and securities registration and
settlement institutions to provide materials and information related to the investment activities of QFIIs in China; and conduct
on-site inspection, if necessary.Article 33 Stock exchanges and the securities registration and settlement institutions may as required by circumstances formulate new operational
rules or modify existing operational rules with respect to the securities investment of QFIIs in China. Such rules shall be implemented
after obtaining approval from the CSRC.Article 34 A QFII shall report to the CSRC, the PBC and the SAFE for record within five working days in any of the following circumstances:1.Change of custodians;2.Change of legal representatives;3.Change of controlling shareholders;4.Adjustment of registered capital;5.Involvement in litigation or other major events;6.Severe penalty being subjected to outside PRC customs territory; and7.Other circumstances defined by the CSRC and the SAFE.Article 35 A QFII shall apply for a new securities investment license in any of the following cases:1.Change of its institutional name;2.Acquisition by or merger with other institution(s);3.Other circumstances defined by the CSRC and the SAFE.Article 36 A QFII shall surrender its securities investment license and foreign exchange registration certificate to the CSRC and the SAFE respectively
in any of the following cases:1.All principal has been remitted out;2.Investment quota has been transferred;3.The legal entity is proposed to be dissolved, has entered into bankruptcy procedures, or its assets have been taken over by a trustee;4.Other circumstances defined by the CSRC and the SAFE. The securities investment business license and the foreign exchange registration
certificate shall become invalid automatically if they fail to pass the annual review conducted in accordance with Article 31 of
the Measures. The QFII shall return the securities investment business license and the foreign exchange registration certificate
respectively as is stipulated in the aforesaid paragraph.Article 37 In accordance with their respective jurisdiction, the CSRC, the PBC and the SAFE shall give warning to or impose fine on any QFII,
custodian, securities company that has violated the Measures. The same violation, however, shall not be subject to two or more administrative
punishments.Chapter VII Supplementary ProvisionsArticle 38 The Measures shall also apply to institutional investors established in the Hong Kong Special Administrative Region, the Macao Special
Administrative Region and the Taiwan Region that engage in securities investment on the mainland.Article 39 The Measures shall enter into force as of December 1, 2002.

The China Securities Regulatory Commission, the People’s Bank of China
2002-11-05

AMENDMENTS TO THE CONSTITUTION OF THE PEOPLE’S REPUBLIC OF CHINA 2004

Amendments to the Constitution of the People’s Republic of China



	(Adopted at the Second Session of the Tenth National People’s Congress and promulgated for implementation by the Announcement of the National People’s Congress on March 14, 2004) Article 18 In the seventh paragraph of the Preamble to the Constitution, “under the leadership of the Communist Party of China and the guidance of Marxism-Leninism, Mao Zedong Thought and Deng Xiaoping Theory” is revised to read, “under the leadership of the Communist Party of China and the guidance of Marxism-Leninism, Mao Zedong Thought, Deng Xiaoping Theory and the important thought of Three Represents”; “along the road of building socialism with Chinese characteristics” is revised to read, “along the road of Chinese-style socialism”; and after “to modernize the country’s industry, agriculture, national defence and science and technology step by step” is added “and promote the coordinated development of the material, political and spiritual civilizations”. The whole paragraph is revised accordingly, which reads, “The victory in China’s New-Democratic Revolution and the successes in its socialist cause have been achieved by the Chinese people of all nationalities, under the leadership of the Communist Party of China and the guidance of Marxism-Leninism and Mao Zedong Thought, by upholding truth, correcting errors and surmounting numerous difficulties and hardships. China will be in the primary stage of socialism for a long time to come. The basic task of the nation is to concentrate its effort on socialist modernization along the road of Chinese-style socialism. Under the leadership of the Communist Party of China and the guidance of Marxism-Leninism, Mao Zedong Thought, Deng Xiaoping Theory and the important thought of Three Represents, the Chinese people of all nationalities will continue to adhere to the people’s democratic dictatorship and the socialist road, persevere in reform and opening to the outside world, steadily improve socialist institutions, develop the socialist market economy, develop socialist democracy, improve the socialist legal system and work hard and self-reliantly to modernize the country’s industry, agriculture, national defence and science and technology step by step and promote the coordinated development of the material, political and spiritual civilizations, to turn China into a socialist country that is prosperous, powerful, democratic and culturally advanced.” Article 19 The second sentence of the tenth paragraph of the Preamble to the Constitution, which reads, “In the long years of revolution and construction, there has been formed under the leadership of the Communist Party of China a broad patriotic united front which is composed of the democratic parties and people’s organizations and which embraces all socialist working people, all patriots who support socialism, and all patriots who stand for the reunification of the motherland. This united front will continue to be consolidated and developed”, is revised to read, “In the long years of revolution and construction, there has been formed under the leadership of the Communist Party of China a broad patriotic united front which is composed of the democratic parties and people’s organizations and which embraces all socialist working people, all builders of socialism, all patriots who support socialism, and all patriots who stand for the reunification of the motherland. This united front will continue to be consolidated and developed.” Article 20 The third paragraph of Article 10 of the Constitution, which reads, “The State may, in the public interest, requisition land for its use in accordance with the law”, is revised to read, “The State may, in the public interest and in accordance with law, expropriate or requisition land for its use and make compensation for the land expropriated or requisitioned.” Article 21 The second paragraph of Article 11 of the Constitution, which reads, “The State protects the lawful rights and interests of the non-public sectors of the economy such as the individual and private sectors of the economy, and exercises guidance, supervision and control over the individual and the private sectors of the economy”, is revised to read, “The State protects the lawful rights and interests of the non-public sectors of the economy such as the individual and private sectors of the economy. The State encourages, supports and guides the development of the non-public sectors of the economy and, in accordance with law, exercises supervision and control over the non-public sectors of the economy.” Article 22 Article 13 of the Constitution, which reads, “The State protects the right of citizens to own lawfully earned income, savings, houses and other lawful property.” “The State protects according to law the right of citizens to inherit private property”, is revised to read, “Citizens’ lawful private property is inviolable.” “The State, in accordance with law, protects the rights of citizens to private property and to its inheritance.” “The State may, in the public interest and in accordance with law, expropriate or requisition private property for its use and make compensation for the private property expropriated or requisitioned.” Article 23 One paragraph is added to Article 14 of the Constitution as the fourth paragraph, which reads, “The State establishes a social security system compatible with the level of economic development.” Article 24 One paragraph is added to Article 33 of the Constitution as the third paragraph, which reads, “The State respects and preserves human rights.” The original third paragraph is changed to be the fourth. Article 25 The first paragraph of Article 59 of the Constitution, which reads, “The National People’s Congress is composed of deputies elected from the provinces, autonomous regions and municipalities directly under the Central Government and of deputies elected from the armed forces. All the minority nationalities are enpost_titled to appropriate representation”, is revised to read, “The National People’s Congress is composed of deputies elected from the provinces, autonomous regions, municipalities directly under the Central Government, and special administrative regions, and of deputies elected from the armed forces. All the minority nationalities are enpost_titled to appropriate representation.” Article 26 The 20th subparagraph of Article 67 of the Constitution on the functions and powers of the Standing Committee of the National People’s Congress, which reads, “(20) to decide on the imposition of martial law throughout the country or in particular provinces, autonomous regions, or municipalities directly under the Central Government” is revised to read, “(20) to decide on entering into the state of emergency throughout the country or in particular provinces, autonomous regions, or municipalities directly under the Central Government.” Article 27 Article 80 of the Constitution, which reads, “The President of the People’s Republic of China, in pursuance of the decisions of the National People’s Congress and its Standing Committee, promulgates statutes, appoints or removes the Premier, Vice-Premiers, State Councillors, Ministers in charge of ministries or commissions, the Auditor-General and the Secretary-General of the State Council; confers State medals and post_titles of honour; issues orders of special pardons; proclaims martial law; proclaims a state of war; and issues mobilization orders”, is revised to read, “The President of the People’s Republic of China, in pursuance of the decisions of the National People’s Congress and its Standing Committee, promulgates statutes, appoints or removes the Premier, Vice-Premiers, State Councillors, Ministers in charge of ministries or commissions, the Auditor-General and the Secretary-General of the State Council; confers State medals and post_titles of honour; issues orders of special pardons; proclaims entering of the state of emergency; proclaims a state of war; and issues mobilization orders.” Article 28 Article 81 of the Constitution, which reads, “The President of the People’s Republic of China receives foreign diplomatic representatives on behalf of the People’s Republic of China and, in pursuance of the decisions of the Standing Committee of the National People’s Congress, appoints or recalls plenipotentiary representatives abroad, and ratifies or abrogates treaties and important agreements concluded with foreign states”, is revised to read, “The President of the People’s Republic of China, on behalf of the People’s Republic of China, engages in activities involving State affairs and receives foreign diplomatic representatives and, in pursuance of the decisions of the Standing Committee of the National People’s Congress, appoints or recalls plenipotentiary representatives abroad, and ratifies or abrogates treaties and important agreements concluded with foreign states.” Article 29 The 16th subparagraph of Article 89 of the Constitution on the functions and powers of the State Council, which reads, “(16) to decide on the imposition of martial law in parts of provinces, autonomous regions, and municipalities directly under the Central Government” is revised to read, “(16) in accordance with the provisions of law, to decide on entering into the state of emergency in parts of provinces, autonomous regions, and municipalities directly under the Central Government.” Article 30 Article 98 of the Constitution, which reads, “The term of office of the people’s congresses of provinces, municipalities directly under the Central Government, counties, cities and municipal districts is five years. The term of office of the people’s congresses of townships, nationality townships and towns is three years” is revised to read, “The term of office of the local people’s congresses at various levels is five years.” Article 31 The post_title of the fourth chapter of the Constitution, which reads “The National Flag, the National Emblem and the Capital”, is revised to read “The National Flag, the National Anthem, the National Emblem and the Capital”. And one paragraph is added to Article 136 of the Constitution as the second paragraph, which reads, “The national anthem of the People’s Republic of China is the March of the Volunteers.”

DECISION OF THE STATE COUNCIL ON REFORMING THE INVESTMENT SYSTEM

State Council

Decision of the State Council on Reforming the Investment System

No.20 [2004] of the State Council

July 16th,2004

Since the reform and opening up to the outside world, the State has made a series of reforms on the original investment system, which
have broken the highly centralized mode of investment administration under the traditional planned economic system, and have formed
into a new structure of multi-investors, multi-channels of capital resources, and diversification of ways of investment, as well
as market-oriented project construction. However, some deep-level inconsistencies and problems of the existing investment system
have not been radically solved. In particular, the investment decision-making right of enterprises has not been fully put to effect;
the fundamental role of the market in allocating resource has not been brought into full play; the scientific level and democratization
level of government investment decisions need to be further improved; and the efficiency of investment macro-control and supervision
needs to be enhanced. Therefore, the State Council decides to further deepen the reform of investment system.

Guidelines and Target for Deepening the Reform of the Investment System

The guidelines for deepening the reform of investment system are: in accordance with the requirements for improving the socialist
market economic mechanism, the fundamental role of the market in allocating resources shall be brought into full play under the macro-control
of the State, the enterprises’ status as the major subject of investment shall be established, and the government’s investment acts
shall be regulated, the legal rights and interests of the investors shall be protected, so as to create a market environment conducive
to the fair and orderly competition of all investors, promote the rational flow and effective allocation of elements of production,
optimize the investment structure, and raise investment returns, as well as push forward the coordinated development of economy and
overall progress of society.

The target for deepening the reform of investment system are: we should reform the system of government oversight of corporate investment
and put into effect the right of enterprises to make their own investment decisions in line with the principle that “the investor
makes their own investment decisions, reaps the profits and bears the risks”; the government’s investment functions shall be rationally
defined, more scientific investment decisions shall be made in a more democratic way, and an accountability mechanism shall be established
to hold decision makers responsible for their improper decisions; financing channels shall be further expanded to have enterprises
fund their projects through diversified means; standardized investment intermediary service organizations shall be nurtured with
the reinforcement of industry self-discipline so as to promote fair competition; a perfect investment macro-control system shall
be established, the macro-control mode shall be improved, and macro-control means shall be perfected; legislation progress in the
investment field shall be speeded up; investment supervision shall be reinforced to protect standardized investment and build the
market order. A new type of investment system shall be finally established through deepening reform and expanding the opening up,
in which investments are guided by the market, the enterprises shall make their own investment decisions, the banks shall make examination
and approval on loans independently, and diversified ways of financing, standardized intermediary services, and effective macro-control
are available.

II.

Transforming the Administrative Functions of the Government and Establishing the Status of Enterprises as the Main Subject of Investment

The system of examination and approval for projects shall be reformed to put into effect the right of the enterprises to make their
own investment decisions. The existing measures for the administration of enterprise investments, which are subject to the examination
and approval of the governments at various levels and the relevant departments respectively without exception according to the scale
of investment without differentiating the subjects of investment, resources of capital, and nature of projects, shall be reformed
out and out. From now on, nongovernmental-funded corporate projects shall no longer stick to the examination and approval system,
and shall adopt an approval and registration and recording system through differentiating different circumstances. The government
will only conduct ratification on the major projects and projects of restricted kinds from the standpoint of maintaining public interests,
and other projects will follow the registration and recording system whatever the scale is. The enterprises shall make decisions
by themselves according to the market prospects, economic benefits, capital resources and product technical plans of their projects,
shoulder the risk of losses, and go through such formalities as the environmental protection, land use, resource utilization, work
safety, and city planning, as well as the formalities for confirmation of deduction and exemption of taxes according to law. The
government may only make examination on and approval for capital application report of enterprises on projects invested and constructed
by using the government subsidies, allocated loan proceeds, and discount interests. All the regions and departments shall improve
the measures for the administration accordingly, regulate administrative acts, and no one may keep the rights for making decision
on investment of enterprises in any name.

Standardizing the ratification system of the government. The scope of ratification system shall be strictly restricted, and shall
be adjusted on time according to the circumstances. The Catalogue of Investment Projects Approved by the Government (hereinafter
referred to as the Catalogue) shall be brought forward by the competent investment department of the State Council together with
the relevant department after making research, and shall be implemented after being reported to and approved by the State Council.
No region or department may add or reduce without authorization the scope as prescribed by the Catalogue without the approval of
the State Council.

An enterprise may only submit project application reports to the government for its investment and construction of any project, which
is subject to ratification system, and such procedures as the approval of project proposals, feasibility study report and report
for starting construction shall not be stuck to any longer. The government shall make examination on the project application reports
submitted by enterprises mainly from such aspects as maintaining economic security, rationally exploiting and utilizing resources,
preserving bio-environment, optimizing major arrangement, protecting public interests and preventing monopolies. For foreign investment
projects, the government shall also make approval from such aspects as the market access and capital project management. The relevant
departments of the government shall formulate strict and standardized ratification system, clarify the scope and contents of ratification
and the application procedures thereof, as well as the handling time limit, and publicize them to the general public, so as to improve
the efficiency for handling affairs and boost up the transparency.

Perfecting the registration and recording system. The registration and recording system shall be followed for the corporate investment
projects outside the Catalogue. Unless specified differently by the State, an enterprise shall put such projects on archives with
the competent investment department of the local government in light of the principle of territory. The detailed implementation measures
for registration and recording system shall be formulated by the people’s governments at the provincial level. The competent investment
department of the State Council shall strengthen guidance to and supervision over the recording work to prevent the disguised examination
and approval in the name of registration and recording.

Enlarging large enterprise groups’ right of making decision on investment. Where a super enterprise group which follows a basic modern
enterprise system invests in any of the projects within the Catalogue, it may file an application for ratification on the per project
basis, or compile medium and long-term development and construction programs and, after the construction program has been approved
by the State Council or the competent investment department of the State Council, no application shall be filed for approval for
the projects in the program falling within the Catalogue any more, and only archival filing formalities are handled. The enterprise
group shall report to the relevant departments of the State Council in time the conditions for the implementation of the program
and the construction of the project.

Encouraging social investments. The government shall broaden the investment fields of social capital, and allow the social capital
enter into the fields of utilities and infrastructure projects and other industries and fields not prohibited by any law or regulation.
The price of public products shall be regulated step by step, and such measures as the injection of capital money, discount interests
of loans and tax preferences shall be taken to encourage and guide the social capital to participate in the construction of for-profit
public welfare and infrastructure projects by ways of individual proprietorship, joint ventures, cooperation, joint management, project
financing, etc.. As for those projects involving the development and utilization of state monopoly resources and requiring unified
planning and arrangement, the government may make public invitation to the society to select the realtors of the projects after the
construction program has been determined. Enterprises of various ownerships whose conditions are mature shall be encouraged and supported
to make investment overseas.

Further broadening the financing channel of corporate investment projects. Enterprises of various kinds shall be permitted to raise
investment capital by way of stock right financing to establish multi-level capital market with the mutual supplementary of various
ways of collection. Experiments shall be conducted on some infrastructure projects with stable returns, which are selected upon the
approval of the competent investment departments and securities regulatory organs of the State Council, to raise construction funds
by ways of public issuance of stocks and transferable bonds. The bond issuance management system of enterprises shall be reformed
under the prerequisite of strict prevention of risks to enlarge the scale of issuance of enterprise bonds and increase the types
of enterprise bonds. The system of examination and approval for loans on fixed assets and the corresponding risk management system
shall be ameliorated and perfected in accordance with the market principle to support the project construction by using loans of
banking groups, financial leasing, project financing and financial counselor, and other various business ways. Enterprises of various
ownerships shall be permitted to apply for foreign loans in accordance with the relevant provisions. The relevant laws and regulations
shall be formulated, and the system of financing of small and medium sized enterprises and credit guarantee shall be established
to encourage banks and various qualified guarantee institutions to make research and innovation on ways of guaranty for project financing,
and various forms shall be adopted to enhance the capital strength of guarantee organs and promote the establishment of investment
companies for small and medium sized enterprises, and establish and perfect a business-starting investment mechanism. Investment
funds of various kinds shall be regulated for their development. Insurance capital shall be encouraged and promoted to invest in
the infrastructures and major construction projects indirectly.

Regulating the corporate investment acts. Enterprises of various kinds shall strictly abide by the laws and regulations on state land
and resources, environmental protection, work safety, and city planning, etc., strictly implement the industrial policies and vocational
access standards, and shall not invest to construct the projects restricted from development by the state; they shall also keep good
faith and abide by law, maintain the public interests, ensure the quality of projects and improve the investment benefits. The state-owned
enterprises and state-owned share holding enterprises shall, in accordance with the requirements for reform of state-owned assets
management system and modern enterprise systems, establish and perfect the system of contributors of state-owned assets, investment
risk restriction mechanism, scientific and democratic investment decision-making system and major investment accountability system.
They shall also strictly implement the legal person accountability system for investment projects, capital money system, bid invitation
and tendering system, project supervision system and contract management system.

III.

Improving the government investment mechanism and regulating the government investment acts

Properly defining the scope of government investment. The government investment is mainly used in fields concerning national security
and the economic and social fields where the resources cannot be allocated effectively through market, including strengthening the
construction of public welfare and public infrastructure, protecting and improving the environment, promoting the economic and social
development of underdeveloped regions, and pushing forward scientific and technological progress and industrialization of high and
new technology. Items that can be constructed through social investment shall be constructed through utilizing social capital as
is possible. The rights of the central government and the local governments in the investment affairs shall be divided properly.
The investment of the central government shall, in addition to arranging the building of regime of itself, mainly arrange for the
trans-regional and trans-basin projects and projects that have major influence on the overall arrangement of economic and social
development.

Perfecting decision-making mechanism for government investment projects. Scientific decision-making rules and procedures shall be
further improved and adhered to have the decision of government on investment projects made scientifically and democratically; government
investment projects shall be subject to the evaluation and reasoning of intermediary consulting institutions meeting the qualification
requirements in general, and competition mechanism shall be brought into the consulting and evaluation, and reasonable competition
rules shall be formulated; for projects of special importance, the system of expert appraisal shall be implemented; public notice
system of government investment projects shall be implemented step by step, and opinions and suggestions of all parties concerned
shall be widely solicited.

Regulating the management on government investment funds. Medium and long-term program and annual plan for government investment shall
be worked out, and various government investment funds shall be arranged as a whole and used properly, including investment within
the budgets, various special construction funds, foreign loans borrowed uniformly, etc.. The government investment fund may take
such ways as the direct investment, injection of capital money, investment subsidy, re-loan, discount interests for loans, etc, according
to the project arrangements, and upon the need of capital resources, project nature and adjustments. In case the government investment
fund is invested by way of injection of capital money, the representatives of contributors shall be determined. Management measures
shall be determined accordingly in light of the different type of capital and ways for the use of the capital to realize the decision-making
procedures for government investment and capital management regulated scientifically, systematically and conforming to the standard.

Simplifying and regulating the procedures for the examination and approval of government investment projects, and properly dividing
the power of examination and approval. The power of examination and approval of projects between the central government and local
government, between the competent investment department of the State Council and the relevant departments shall be distributed properly
according to the nature of the projects, capital resources and division of rights to handle affairs. For government investment projects,
if the ways of direct investment and capital injection have been adopted, only the project proposal and feasibility study report
may be subject to the examination and approval from the point of view of investment decision-making, and the report for starting
the construction shall no longer be examined and approved except in special circumstances; meanwhile, the work for the examination
and approval of preliminary design and budgetary estimate on government investment projects shall be strictly conducted; where such
ways as investment subsidy, re-loan and discount interests for loans are adopted, only the capital application report shall be subject
to examination and approval. The concrete division of power and procedures for examination and approval shall be formulated by the
competent investment department of the State Council together with the relevant parties concerned after research, and shall be promulgated
and implemented after being reported to and approved by the State Council.

Strengthening management on government investment projects and improving the ways for the implementation of construction. The construction
standards for government investment projects shall be standardized and revised and improved in pace with the change of reality. Investment
capital plans shall be made known according to the progress of project construction. Administration on intermediary services for
government investment projects shall be strengthened to implement qualification management on such intermediary institutions of consultation
and evaluation, tendering agency, etc. to improve the quality of intermediary services. As for non-operating government investment
projects, the implementation of contractor system for construction shall be accelerated, e.g., a professional project management
entity shall be selected by way of bid invitation to take charge of the carrying out of construction, strictly control the project
investment, quality and time limit of the project, and to be responsible for transferring the project to the entity using the project
after completion and checking and acceptance. The consciousness of investment risk shall be boosted up, and risk control mechanism
for government investment projects shall be established and perfected.

Introducing the market mechanism, and bringing into full play the benefits of government investment. The governments at various levels
shall create conditions, and make use of franchising, investment subsidies, and various ways to attract social capital to participate
in the construction of projects of public welfares and public infrastructures, which have reasonable returns and certain investment
proceeds. Projects that are of monopoly or franchising nature shall be tried. Fair competition shall be carried out to protect public
interests through the realtor bid invitation system. The established government investment projects which has competent conditions
may be transferred with the property right or business property right according to law upon approval, the capital returned shall
be invested in the public welfares and construction of various infrastructures continuously.

IV.

Strengthening and improving macro-control on investment

Improving the system of macro-control on investment. The National Development and Reform Commission shall, under the guidance of the
State Council and together with other relevant departments, control the investment activities of the whole society according to the
division of functions, with close cooperation, mutual collaboration, effective operation and supervision according to law, keep rational
investment scale, optimize investment structure, improve investment benefit, and promote the sustained, coordinated and healthy development
of national economy and overall progress of society.

Improving the ways of macro-control on investment. Economic, legal and necessary administrative measures shall be combined comprehensively
to ensure effective control on the investment of the whole society with the indirect control as the main way of control. The relevant
departments of the State Council shall, on the basis of medium and long term program for national economic and social development,
compile development and construction programs in such major fields as education, science and technology, health, communications,
energy sources, agriculture, forestry, water conservancy, zoology construction, environmental protection, and development of strategic
resources, etc., including necessary special development and construction program, clarify the guidelines, strategic target of development,
and overall arrangements and major construction projects, etc.. The development and construction program approved according to the
prescribed procedures shall be an important basis for investment decision-making. The governments at all levels and the relevant
departments shall make efforts to improve government investment benefits and guide social investment, formulate and adjust in time
the Catalogue for Guiding Fixed Assets Investment and the Catalogue of Industries for Guiding Foreign Investment, and clarify the
investment projects encouraged, restricted and prohibited by the state. They shall also establish a system of release of investment
information, releasing in time such information as the control target of the government to the investment, major control policies,
investment status of major industries, and development trend, etc., to guide the investment activities of the whole society. A scientific
system of industry access shall be established to regulate the standards of environmental protection, safety standards, energy cost
and water cost standards, and product technology, quality standard of major industries, so as to prevent repeated low level construction.

Coordinating means of macro-control on investment. The government investment scale shall be determined properly according to the requirements
of national economic and social development and the need of macro-control to have the state positively guide and effectively control
the investment of the whole society. Social investment shall be guided through flexible application of investment subsidy, discount
interest, price, interests rate, and taxation, etc. to optimize the industrial structure and regional structure of investment. Credit
policies shall be formulated and adjusted according to the circumstances to guide the total amount and direction of the medium and
long term loans. Land use system shall be rigorously enforced and regulated to bring into full play the role of land supply to the
control and guidance of private investment.

Strengthening and improving investment information statistics work. The work of investment statistics shall be strengthened to reform
and improve the system of investment statistics, and further accurately and completely reflect the stock of fixed assets of the whole
society and the situation of investment operation in time, and establish various information sharing mechanisms to provide scientific
basic information for macro-control on investment. System of early warning and prevention of investment risk shall be established
to strengthen monitoring and analysis on macro economic and investment operation.

Strengthening and improving supervision over investment

Establishing and improving the supervision system on government investment. The accountability system of government investment shall
be established to ensure that the departments and entities of project consultation, investment project decision-making, design, construction,
and supervision bear corresponding responsibilities. In case any department or entity which fails to abide by the laws and regulations
and causes damages to the state, the relevant responsible person shall be subject to administrative and legal liabilities according
to law. The government investment balance mechanism shall be improved, the competent investment department, finance department and
other relevant departments concerned shall make mutual supervision over the administration of government investment according to
their own division of work. The auditing department shall perform duties entirely according to law, and further strengthen auditing
and supervision over the projects with the government investment, so as to improve the level of government investment administration
and investment benefits. The system of audit on major projects shall be improved, and the system of afterward appraisal on government
investment projects shall be established to make supervision over government investment projects all through the process. A social
supervision mechanism shall be established for the government investment projects to encourage the general public and news media
to conduct supervision over the government investment projects.

Establishing and improving an enterprise investment supervision system with coordination and cooperation. The departments of state
land and resources, environmental protection, urban planning, quality supervision, bank regulation, securities regulation, foreign
exchange administration, industry and commerce administration, and work safety supervision, etc. shall strengthen supervision over
the investment activities of enterprises, and shall not handle relevant license formalities for those not in conformity with the
laws and regulations and the provisions of state policy. In case anyone does not abide by the relevant laws and regulations during
the process of construction, the relevant departments concerned shall order it to correct in time and severely punish it according
to law. The competent investment department of the government at various levels shall strengthen supervision over and inspection
on the enterprise investment projects during the course and after the construction, for those projects not complying with the industrial
policy and standards for industrial access and the projects being constructed without authorization and without going through corresponding
approval or permission formalities, the relevant departments shall order it to stop construction, and affix liabilities to the relevant
enterprises and personnel. The auditing departments shall make audit supervision over the investment of state-owned enterprises according
to law to promote the inflation-proof and increment of the state-owned assets. The system of good faith on enterprise investment
shall be established to punish and expose to the open air the provision of false information and in violation of laws and regulations
in the declaration and construction of any project, and restrict the investment construction activities within a certain period of
time.

Strengthening supervision over the investment intermediary service institutions. The various investment intermediary service institutions
shall be severed from the departments of government and follow the principle of good faith, strengthen self-discipline, so as to
provide intermediary services with high quality and diversity. The various investment intermediary institutions shall be encouraged
to take the form of partnership, stock-limited enterprises and other various forms to make reorganization and restructuring. Trade
associations of investment intermediary institutions shall be improved and perfected to set up an industry management system with
legal regulation, government supervision and industry self-discipline. Regional blocks and industrial monopoly shall be broken to
establish an open, fair and just investment intermediary service market, and intensify the legal liabilities of intermediary service
institutions.

Improving laws and regulations and making supervision and administration according to law. The relevant laws and regulations relating
to investment shall be formulated and perfected to protect the legal rights and interests of investors, and maintain such a market
environment in which investment subjects compete against each other in a fair and orderly way, investment elements flow rationally
and the market plays a fundamental role in allocating resources, and regulate the investment acts of various investment subjects
and investment management activities of the government. The relevant laws and regulations shall be earnestly implemented, and the
finance and economic disciplines shall be enforced strictly to block up the loopholes in management, reduce construction costs, and
improve investment benefits. Inspections on law enforcement shall be strengthened to cultivate and maintain a standardized construction
market order.

Annex: Catalogue of Investment Projects Approved by the Government (Text 2004)

Annex:Catalogue of Investment Projects Approved by the Government (Text 2004)

Brief Introduction:

The projects listed in this Catalogue shall refer to the major and restricted fixed assets investment projects invested and constructed
by enterprises without using government capital.

Except for investment projects that are prohibited by the state laws and regulations and the special provisions of the State Council,
if any enterprise invests to construct the projects outside this Catalogue without using the government capital, it shall be subject
to recording.

The relevant provisions shall be applied by analogy to the examination and approval of projects as specified by the state laws and
regulations and the State Council.

The Catalogue has made prescription on the power of approval of the government, of which:

(1)

The projects “approved by the competent investment department of the State Council” as specified in the Catalogue shall be subject
to approval by the competent investment department of the State Council together with the competent trade department, of which the
major projects shall be subject to the approval of the State Council.

(2)

The projects “approved by the competent investment department of local government” as prescribed by the Catalogue shall be subject
to approval by the competent investment department of local government together with the competent trade departments at the corresponding
level. The provincial government may divide the power of approval of the competent investment department of local governments at
various level according to the circumstances of the locality and nature of projects, but the power of approval shall not be transferred
to the lower level competent department in case the Catalogue unambiguously provides that the projects shall be subject to approval
by the competent investment department of provincial government.

(3)

Special authorization shall be made to t

MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION SUPPLEMENTARY NOTICE ON TRIAL IMPLEMENTATION OF TAX REFUND (EXEMPTION) FOR EXPORT OF GOODS UNDER SMALL-SCALE BORDER TRADE SETTLED IN RENMINBI

Ministry of Finance, State Administration of Taxation

Ministry of Finance and the State Administration of Taxation Supplementary Notice on Trial Implementation of Tax Refund (Exemption)
for Export of Goods under Small-scale Border Trade Settled in Renminbi

Cai Shui [2004] No. 178

The Department of Finance and the Bureau of State Taxation of Yunnan Province:

With a view to further handling well the pilot work in the trial implementation in Yunnan of tax refund for export of goods under
small-scale border trade settled in Renminbi, upon the approval of the State Council to, as of October 1, 2004, the rate of refundable
amount of taxes has been adjusted from the present 70% to 100% if the export of goods under small-scale border trade in Yunnan is
settled in Renminbi by means of banking transfer; and the present rate of refundable amount of taxes maintains at 40% if the export
of goods under small-scale border trade in Yunnan is settled in cash. The specific time for implementation shall accord with the
date of export indicated on the “Customs Declaration Form for Export of Goods (the Sheet for Tax Refund for Exports)” issued by the
Customs.

Other matters relating to tax refund (exemption) for export of goods under small-scale border trade settled in Renminbi shall still
be implemented in light of the provisions set by Ministry of Finance and the State Administration of Taxation Notice on Trial Implementation
of Tax Refund (Exemption) for Export of Goods under Small-scale Border Trade Settled in Renminbi (Cai Shui [2003] No. 245).

Hereby notify.

Ministry of Finance

State Administration of Taxation

October 29, 2004

Ministry of Finance, State Administration of Taxation
2004-10-29

CIRCULAR OF THE MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION ON THE STANDARDS FOR DETERMINING THE NEWLY-ESTABLISHED ENTERPRISES THAT MAY ENJOY THE PREFERENTIAL POLICIES FOR THE ENTERPRISE INCOME TAX

Ministry of Finance, State Administration of Taxation

Circular of the Ministry of Finance and the State Administration of Taxation on the Standards for Determining the Newly-established
Enterprises that May Enjoy the Preferential Policies for the Enterprise Income Tax

Cai Shui [2006] No. 1

The fiscal departments (bureaus), state taxation bureaus and local taxation bureaus of all provinces, autonomous regions, municipalities
directly under the Central Government and cities under separate state planning, the Financial Bureau of the Xinjiang Production and
Construction Corps, the financial supervision commissioners’ offices dispatched by the Ministry of Finance in all provinces, autonomous
regions, municipalities directly under the Central Government and cities under separate state planning:

With the unswerving development of society and economy as well as further deepening of the reform of enterprises, a new problem that
is not clear enough occurred on the standards for determining the newly-established enterprises that may enjoy the preferential
policies for the enterprise income tax. Upon deliberation, we hereby clarify again the standards for determining the newly-established
enterprises that may enjoy the deduction or exemption of the enterprise income tax on a periodic base as follows:

Standards for Determining the Newly-established Enterprises that may enjoy the deduction or exemption of the enterprise income tax
on a periodical base

Where an new establishing enterprise has transacted the formalities of book in and registration in the administrative department
for industry and commerce according to the relevant laws, regulations and provisions of the state;

Where the accumulated contributed amount of non-monetary assets as fixed assets and intangible assets as actually contributed by
equity contributors (shareholders or any other equity investors) of a newly-established enterprise shall not be permitted to exceed
25% of its registered capital.

In particular, the registered capital of a newly-established enterprise shall be the real paid-in capital or equity that has been
registered by the administrative department for industry and commerce. The non-monetary assets include such fixed assets as buildings,
machines and equipments as well as such intangible assets as patent rights, trademark rights and non-patented technologies. Where
the non-monetary assets contributed by the equity contributor of a newly-established enterprise that have been assessed by a qualified
accountant (auditing or taxation) firm shall be the amount of capital contributions upon the value of assessment In the case of
no assessment, the same kind of assets or the market price of identical assets in the current day or in the latest month as provided
by taxpayers shall be subject to the verification of the competent tax authority.

II.

During the period when a newly-established enterprise enjoys the preferential policies of deduction or exemption of the enterprise
income tax on a periodical base, where the non-monetary assets as accumulatively purchased by the equity investors as well as the
associated parties thereof exceeded 25% of its registered capital, the enterprise may no longer enjoy any relevant preferential policies
of deduction and exemption of the enterprise income tax.

III.

The present Circular shall come into force as of the day of issuance. The specific taxation collection and administration scope of
newly-established enterprises implemented by the state taxation bureaus and local taxation bureaus shall be based on the standards
for determining the newly-established enterprises as prescribed in the present Circular. The taxation collection and administration
scope shall not be adjusted to those enterprises that have been collected and administrated by the state taxation bureaus and local
taxation bureaus before the present Circular issuance. e. For any newly-established enterprise that has obtained the approval for
enjoying the preferential policies for the enterprise income tax, the preferential treatment may continue to the expiration according
to the relevant provisions.

IV.

The term “VI. Definition of newly-established enterprises” and the conditions for determination as prescribed in the Circular of the
State Administration of Taxation on Several Specific Issues concerning the Enterprise Income Tax (No. 229 [1994] of the State Administration
of Taxation) shall be simultaneously abolished.

Ministry of Finance

State Administration of Taxation

January 9, 2006

Ministry of Finance, State Administration of Taxation
2006-01-09

REPLY OF THE STATE ENVIRONMENTAL PROTECTION ADMINISTRATION ON THE RELATED ISSUES CONCERNING IMPOSING EFFLUENT FEES OF WASTEWATER

Reply of the State Environmental Protection Administration on the Related Issues concerning Imposing Effluent Fees of WasteWater

Huan Han [2006] No.256

The Environmental Protection Bureau of Hubei Province:

Your Request for Instructions on the Relevant Issues concerning Imposing Effluent Fees of Wastewater (E Huan Bao Wen [2006] No.69)
has been received. Upon study, it is replied as follows:

Paragraph 3 of Article 19 of the Law concerning the Prevention and Treatment of Water Pollution prescribes that: “Facilities for
centralized treatment of urban waste water shall, in accordance with the provisions of the State, provide paid services of wastewater
treatment to the pollutant-discharging entities and impose the fees for wastewater treatment to ensure the normal operation of the
aforesaid facilities.”

The Circular of the former State Development Planning Commission, the Ministry of Construction and the State Environmental Protection
Administration on Printing and Distributing the Opinions concerning Propelling the Industrialization Development of Urban Wastewater
and Garbage Treatment (Ji Tou Zi [2002] No.1591) clearly prescribes that: “The fees imposed for the treatment of urban wastewater
and garbage shall be specially used for the operation, maintenance and project construction of the facilities for the centralized
treatment of urban wastewater and garbage. The fees for treatment of urban wastewater and garbage imposed by a city that has not
set up the facilities for centralized treatment of urban wastewater and garbage yet can be used for the investment in the initial
work of the project for treatment of urban wastewater and garbage and the relevant supporting projects, however, the facilities for
the centralized treatment of urban wastewater and garbage shall be set up within three years and be placed in operation.”

Article 2 of the Regulation on the Administration of Collection and Use of Effluent Fees (Order No.369 of the State Council) provides
that: “The units and individual industrial and commercial households directly discharging pollutants to the environment shall pay
effluent fees in accordance with the present Regulation”. The Reply of on the Request for Instructions about the Relevant Issues
concerning Imposing Fees for Excessive Discharge of Pollutants (No.141[2005] of the Legal Affairs Office of the State Council) clearly
prescribes that: “If a pollutant-discharging entity discharges wastewater to the urban drainpipe network and if the wastewater enters
into the urban wastewater treatment plant, it shall pay fees for wastewater treatment; if the wastewater does not enter into the
urban wastewater treatment plant, it shall pay fees for discharge of pollutant or excessive discharge of pollutant.”

In accordance with the aforesaid provisions, if a city that has started imposing effluent fees fails to build up a wastewater treatment
plant within 3 years and does not provide paid any services of wastewater treatment for the pollutant-discharging entities that have
paid effluent fees for wastewater treatment, the local environmental protection department shall impose effluent fees for discharge
of wastewater or for excessive discharge of wastewater fee in accordance with the standards prescribed by the State from the entities
that directly discharge wastewater to the environment.

State Environmental Protection Administration

June 27, 2006

State Environmental Protection Administration
2006-06-27

CIRCULAR OF THE GENERAL ADMINISTRATION OF QUALITY SUPERVISION, INSPECTION AND QUARANTINE OF THE PEOPLE’S REPUBLIC OF CHINA, ON PRINTING AND ISSUING THE WORKING CRITERIONS FOR ADMINISTRATION OF ASCENT INVESTIGATION ON RETURNED COMMODITIES OF EXPORTED INDUSTRIAL PRODUCTS

Circular of the General Administration of Quality Supervision, Inspection and Quarantine of the People’s Republic of China, on Printing
and Issuing the Working Criterions for Administration of Ascent Investigation on Returned Commodities of Exported Industrial Products

Guo Zhi Jian Jian Han [2006] No. 603

All bureaus of quality supervision, inspection and quarantine directly under administration of General Administration of Quality Supervision,
Inspection and Quarantine:

With the rapid development of foreign trade, the international community pays more attention to quality of Chinese exported commodities.
Return of exported commodities because of all kind of causes occurs occasionally, which causes bad effects on reputation of Chinese
exported commodity and immense economic loses to enterprises.

For purposes of strengthening administration of ascent investigation on returned commodities of exported industrial products, promoting
quality of commodities of exported industrial products, and safeguarding international reputation of Chinese commodity, General Administration
of Quality Supervision, Inspection and Quarantine formulated Working Criterions for Administration of Ascent Investigation on Returned
Commodities of Exported Industrial Products (referred to as “Working Criterions of Returned Commodities Investigation”), which is
now printed and issued to you all.

All bureaus shall enhance leadership, formulate specific operating procedures in accordance with Working Criterions of Returned Commodities
Investigation, and report status of implementation to General Administration of Quality Supervision, Inspection and Quarantine.

All bureaus shall enhance communication during the returned commodities investigation, the port bureaus shall particularly inform
bureau of origin of information of returned exported commodities in time. With receipt of information from port bureau, bureau of
origin shall carry out investigation in time and keep in touch with port bureaus to provide necessary assistance.

All bureaus shall summarize and analyze the investigation of returned exported commodities every quarter and report investigation
result and measures to General Administration of Quality Supervision, Inspection and Quarantine in 10 days. Great event of return
shall be reported immediately.

If encounter any problem or have any suggestion in implementation of Working Criterions of Returned Commodities Investigation, please
report to General Administration of Quality Supervision, Inspection and Quarantine in time.

Appendix: Working Criterions for Administration of Ascent Investigation on Returned Commodities of Exported Industrial Products

General Administration of Quality Supervision, Inspection and Quarantine

August 2, 2006

General Administration of Quality Supervision, Inspection and Quarantine
2006-08-02

1...121314 Page 13 of 14

Uncategorized

TEMPORARY PROVISIONS ON PROMOTING INDUSTRIAL STRUCTURE ADJUSTMENT

ANNOUNCEMENT NO. 60 IN 2005 OF THE STATE ENVIRONMENTAL PROTECTION ADMINISTRATION ON ANNOUNCEMENT ON THE PROHIBITION OF PRODUCTION AND...

INTERPRETATION OF CHINA INSURANCE REGULATORY COMMISSION ON ISSUES CONCERNING COMMERCIAL BANKS’ APPLICATION FOR THE QUALIFICATION FOR CONCURRENT-BUSINESS INSURANCE AGENCY

PROVISIONS FOR THE ADMINISTRATION OF THE POST-HOLDING QUALIFICATIONS OF DIRECTORS AND SENIOR MANAGERS OF INSURANCE COMPANIES

SUPPLEMENTARY PROVISIONS II ON THE MEASURES FOR THE ADMINISTRATION OF FOREIGN INVESTMENT IN COMMERCIAL FIELDS

INTERIM MEASURES ON THE ADMINISTRATION OF DOMESTIC SECURITIES INVESTMENT BY QUALIFIED FOREIGN INSTITUTIONAL INVESTORS

AMENDMENTS TO THE CONSTITUTION OF THE PEOPLE’S REPUBLIC OF CHINA 2004

DECISION OF THE STATE COUNCIL ON REFORMING THE INVESTMENT SYSTEM

MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION SUPPLEMENTARY NOTICE ON TRIAL IMPLEMENTATION OF TAX REFUND (EXEMPTION) FOR EXPORT OF GOODS UNDER SMALL-SCALE BORDER TRADE SETTLED IN RENMINBI

CIRCULAR OF THE MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION ON THE STANDARDS FOR DETERMINING THE NEWLY-ESTABLISHED ENTERPRISES THAT MAY ENJOY THE PREFERENTIAL POLICIES FOR THE ENTERPRISE INCOME TAX

REPLY OF THE STATE ENVIRONMENTAL PROTECTION ADMINISTRATION ON THE RELATED ISSUES CONCERNING IMPOSING EFFLUENT FEES OF WASTEWATER

CIRCULAR OF THE GENERAL ADMINISTRATION OF QUALITY SUPERVISION, INSPECTION AND QUARANTINE OF THE PEOPLE’S REPUBLIC OF CHINA, ON PRINTING AND ISSUING THE WORKING CRITERIONS FOR ADMINISTRATION OF ASCENT INVESTIGATION ON RETURNED COMMODITIES OF EXPORTED INDUSTRIAL PRODUCTS

CONSTITUTION ACT, 1982 – page 22

CONSTITUTION ACT, 1982 – page 21

CONSTITUTION ACT, 1982 – page 20

CONSTITUTION ACT, 1982 – page 19

CONSTITUTION ACT, 1982 – page 18

CONSTITUTION ACT, 1982 – page 17

CONSTITUTION ACT, 1982 – page 16

CONSTITUTION ACT, 1982 – page 12

CONSTITUTION ACT, 1982 – page 11

CONSTITUTION ACT, 1982 – page 10

CONSTITUTION ACT, 1982 – page 9

CONSTITUTION ACT, 1982 – page 8

CONSTITUTION ACT, 1982 – page 7