SYSTEM OF REPORTING COUNTRY INVESTMENT AND OPERATION OBSTACLES

Ministry of Commerce

Ministry of Commerce Circular on Printing and Distributing the System of Reporting Country Investment and Operation Obstacles

The competent commercial departments of all provinces, autonomous regions or municipalities directly under the Central Government
and all specifically designated cities in the state plan, all central enterprises and all economic and commercial agencies in foreign
countries;

For the purpose of having a good grasp of the overall situation of and problems encountered in the overseas investment and operations
by Chinese enterprises, handling well the work of follow-up administration of overseas investment, strengthening the macro coordination
and guidance, protecting the lawful rights and interests of investors and promoting the development of overseas investment, we hereby
print and distribute the System of Reporting Country Investment and Operation Obstacles to you, please implement it accordingly.

Ministry of Commerce

November 11, 2004

System of Reporting Country Investment and Operation Obstacles

Chapter I Goal of Establishment of the System

Article 1

For the purpose of accelerating the implementation of the “going abroad” strategy, handling well the work of follow-up administration
of and service for overseas investment and operations, protecting the lawful rights and interests of investors, building a good environment
and promoting the development of overseas investment, this System is formulated in accordance with the Foreign Trade Law, the Interim
Rules for Foreign Trade Barriers Investigation and other relevant provisions.

Article 2

The system of reporting country investment and operation obstacles means that the Chinese economic and commercial agencies, chambers
of commerce and enterprises in foreign countries shall, on an annual basis or irregular basis, report various obstacles, barriers
and related problems encountered by the Chinese-capital enterprises in their investment and operations in the host countries (regions),
and these reports shall serve as one of the bases for the annual Foreign Market Access Reports as issued by the Ministry of Commerce
and are for the domestic administrative departments’ and other relevant departments’ reference; the domestic departments concerned
shall, on the basis of the overall follow-up and understanding of the various problems encountered by the Chinese enterprises in
their overseas investment and operations, safeguard the lawful rights and interests of Chinese enterprises through multilateral or
bilateral mechanisms.

Chapter II Reporting Subjects

Article 3

The reporting subjects shall be all economic and commercial agencies in foreign countries, chambers of commerce and associations of
overseas Chinese-capital enterprises, overseas Chinese-capital enterprises and their branches (hereinafter referred to as “Chinese-capital
enterprises”) and their domestic investors, who shall submit reports to the Ministry of Commerce as required.

Article 4

Each economic and commercial agency in foreign countries and each chamber of commerce or association of overseas Chinese-capital enterprises
shall regularly organize the Chinese-capital enterprises to make exchanges and discussions with regard to the particulars required
to be reported, solicit opinions from the Chinese-capital enterprises in full swing, and seriously implement the reporting system
by submitting to the Ministry of Commerce reports as required on the problems encountered by the Chinese enterprises in their overseas
investment and operations in the current year prior to December 31 of each year. In the case of any serious circumstance, the report
thereon shall be submitted immediately (for the format of such report, have reference to Attachment 1).

Article 5

The overseas Chinese-capital enterprises and their domestic investors may, in combination with the problems encountered in their overseas
investment and operations, submit reports with regard to any or some items as required to be reported at any time or irregularly
(for the format of such report, have reference to Attachment 2).

Article 6

The reports shall be prepared and issued with signatures.

Chapter III Main Particulars to Be Reported

Article 7

The reports shall exactly reflect the actual situation of and problems encountered in the investment and operations and trade in service
(including project contracting, service cooperation and designing consultancy) by the Chinese enterprises in the host countries (regions).

(1)

Overall situation of the investment and operations of Chinese-capital enterprises

(a)

overall information about the number, investment scale, sectoral distribution, operation results and other overall situations of and
problems generally encountered by Chinese-capital enterprises; and

(b)

brief account of major investment projects of Chinese-capital enterprises, including the names of the enterprises and of the domestic
investors of such enterprises (in the case of reinvestment via a third country or region, a note shall be stated), investment scale
and type, principal business and products, operation performance and major difficulties and problems.

(2)

Investment environment obstacles and risks

(a)

any law or regulation of the host country unfavorable to Chinese investment;

(b)

non-operational obstacles and risks in the host country, which cause cost burden to the operation of the enterprises, such as problems
in the public security and safety, enterprises’ credit, trade union, strike, government honesty, the public attitude toward foreign-capital
enterprises, and public holidays; and

(c)

any shortcoming or deficiency of the host country in supply or pricing of transport, water, electricity, gas or communications that
may adversely affect the investment and operations of the enterprises.

(3)

Barriers to investment and trade in service

The following measures that the host country implements or permits to be implemented in violation of any of the relevant multilateral
or bilateral agreements and that will or are likely to be inequitable obstacles or damage to or restriction of the investment and
operations or trade in service by Chinese enterprises:

(a)

barriers to access, such as any inequitable restriction of the inflow of Chinese investment, failure of any WTO member to fulfill
its commitment to open certain sectors to Chinese investment; or in the case of bidding for an engineering project, the government’s
requiring that a Chinese company must make a joint bid with a local enterprise or commit to have a local company as its subcontractor;

(b)

barriers to operations, such as any inequitable restriction on the operating activities of the Chinese-capital enterprises in terms
of production, supply, sale, human resources, finance and materials etc, reluctance to give employment visa and non-transparency
or overelaborate formalities in the government’s working procedure; and

(c)

barriers to withdrawal, such as restrictions on withdrawal of Chinese investment or remittance-out of profits of the Chinese-capital
enterprises.

(4)

Proposals on corresponding measures

Proposals of the reporting subjects on measures for dealing with the above-mentioned problems, obstacles and investment barriers.

Chapter IV Submission and Publication of the Reports

Article 8

The reports shall be submitted to the Ministry of Commerce (the Cooperation Department, departments of the relevant regions and the
Bureau of Fair Trade) in written form or through the Internet.

The institutions with necessary conditions shall submit their reports by making use of administrative affairs information communication
processing system of the Ministry of Commerce, or directly fill out and send the forms of Reports on Country Investment and Operation
Obstacles on the sub-website of cooperation guidance of the website of the Ministry of Commerce (www.mofcom.gov.cn), or submit their
reports by e-mailing (Processing Division of the Cooperation Department: hzjg@mofcom.gov.cn; Barriers Investigation Division of the
Bureau of Fair Trade: boft_tbi@mofcom.gov.cn).

Article 9

On the premise that the interests and trade secrets of the relevant enterprises shall be protected, the Ministry of Commerce shall
regularly publish the relevant particulars of the reports in the form of Country Trade Investment Environment Reports or in other
forms, pay close attention to the investment environment of the host countries and call the potential investing enterprises’ attention
to the avoidance of risks.

Chapter V Problem-resolving Mechanism

Article 10

Ministry of Commerce shall, after receipt of the reports, based on the reports and in conjunction with the relevant departments, exchange
information and make consultations and set forth comments and resolving measures.

Article 11

The reported problems shall be negotiated through exchange of visits by high-level personnel, bilateral mixed commissions of economic
relations of trade or any other diplomatic channel so as to help the enterprises resolve the problems in a quick manner.

Article 12

If any reported problem involves any barrier to investment or trade in service, the Ministry of Commerce may conduct investigations
thereon in accordance with the Interim Rules for Foreign Trade Barriers Investigation.

Chapter VI Supplementary Provisions

Article 13

The right to interpret this System shall reside in the Ministry of Commerce.

Article 14

This System shall be implemented as of the date of promulgation.

Attachments:

Form of Reports by Economic and Commercial Agencies and Chambers of Commerce and Associations of Chinese-capital Enterprises in Foreign
Countries on Country (Region) Investment and Operation Obstacles (omitted)

Form of Reports by Chinese-capital Enterprises and Their Domestic Investors on Country (Region) Investment and Operation Obstacles
(omitted)

Ministry of Commerce
2004-11-11

AUDIT LAW OF THE PEOPLE’S REPUBLIC OF CHINA

the Standing Committee of the National People’s Congress

Audit Law of the People’s Republic of China

(Adopted at the Ninth Meeting of the Standing Committee of the Eighth National People’s Congress on August 31, 1994, and amended in
accordance with the Decision on Amending the Audit Law of the People’s Republic of China at the 20th meeting of the Standing Committee
of the 10th National People’s Congress of the People’s Republic of China on February 28, 2006)

ContentsChapter I General Provisions

Chapter II Auditing Organs and Auditors

Chapter III Functions and Responsibilities of Auditing Organs

Chapter IV Limits of Power of Auditing Organs

Chapter V Audit Procedures

Chapter VI Legal Liabilities

Chapter VII Supplementary Provisions

Chapter I General Provisions

Article 1

In order to strengthen the audit supervision of the State, maintain the fiscal and economic order of the State, enhance the efficiency
in using fiscal capital, promote the construction of a clean government and ensure the sound development of national economy and
the society, this Law is formulated in the light of the Constitution.

Article 2

The State shall carry out an audit supervision system. Auditing organs shall be set up by the State Council and the local people’s
governments at or above the county level.

The government revenues and expenditures of all the departments of the State Council, of the local people’s governments at all levels
and their departments, the financial revenues and expenditures of State-owned financial institutions, enterprises and public institutions,
as well as other government revenues and expenditures and financial revenues and expenditures that should be audited in the light
of this Law shall be taken the audit supervision in the light of the provisions prescribed in this Law.

Auditing organs shall implement audit supervision over the authenticity, legality and effectiveness of the government revenues and
expenditures or financial revenues and expenditures specified in the preceding Paragraph.

Article 3

Auditing organs shall implement audit supervision in the light of the functions and procedures prescribed in the law.

An auditing organ shall make audit evaluation in accordance with the laws and regulations on government revenues and expenditures
and financial revenues and expenditures as well as other relative provisions of the State, and shall make an audit decision under
its statutory authorities.

Article 4

The State Council and the local people’s government at or above the county level shall annually put forward to the standing committee
of the people’s congress at the same level an audit work report of the auditing organ on budget implementation and other government
revenues and expenditures. An audit work report shall put stress on the audit of budget implementation. When necessary, the standing
committee of the people’s congress may make a resolution on the audit work report.

The State Council and the local people’s government at or above the county level shall hand in a report to the standing committee
of the people’s congress at the same level about the correction of the problems found out in the audit work report and the handling
results.

Article 5

Auditing organs shall independently exercise their power of audit supervision in the light of the law, and not be interfered by any
administrative organ, social organization or individual.

Article 6

When conducting audit matters, auditing organs and auditors shall be objective and fair, practical and realistic, clean and devoted,
and shall keep secrets to themselves.

Chapter II Auditing Organs and Auditors

Article 7

The National Audit Office shall be set up by the State Council to be responsible for the audit work all over the country under the
leadership of the Premier of the State Council. The Auditor-General shall be the administrative leader of the National Audit Office.

Article 8

The auditing organs of the people’s governments of the provinces, autonomous regions, municipalities directly under the Central Government,
cities divided into districts, autonomous prefectures, counties, autonomous counties, cities not divided into districts, and districts
under the jurisdiction of cities shall be responsible for the audit work in their respective administrative areas under the respective
leadership of the governor of the provinces, chairman of the autonomous regions, mayors, head of prefectures, counties and districts,
as well as under the leadership of auditing organs at the next higher levels.

Article 9

Local auditing organs at all levels shall be responsible for reporting their work to the people’s governments at the same levels and
the auditing organs at the next higher level, and their audit work shall be chiefly under the direction of the auditing organs at
the next higher level.

Article 10

In accordance with the requirements for the work, an auditing organ may, upon the approval of the people’s government at the same
level, set up dispatched offices under its audit jurisdiction.

The dispatched organs shall implement the audit work upon the strength of the authorization granted by the auditing organ.

Article 11

The funds necessary for auditing organs to implement their functions shall be included into the government budgets and be guaranteed
by the people’s government at the same level.

Article 12

Auditors shall possess the professional knowledge and ability suitable for the audit work they are engaged in.

Article 13

An auditor shall withdraw if he has interests with the entity under audit or the audited items in conducting audit matters.

Article 14

An auditor shall have the responsibility for keeping to themselves the State secrets and the business secrets of the entity being
audited he has access to when carrying out his functions.

Article 15

An auditor shall be protected by law when carrying out his functions in the light of the law.

No organization or individual may refuse or obstruct auditors’ performance of their functions in the light of the law, or retaliate
against auditors.

The persons-in-charge of the auditing organs shall be appointed or dismissed in the light of statutory procedures. None of them may
be dismissed or replaced at random unless they carry out illegal activities, neglect their duties, or are no longer qualified to
their posts.

It is necessary to solicit the opinions of the auditing organ at the next higher level before the persons in-charge of the local auditing
organ at any level are appointed or dismissed,.

Chapter III Functions and Responsibilities of Auditing Organs

Article 16

The auditing organs shall carry out audit supervision over the budget implementation, final settlement of accounts as well as other
government revenues and expenditures of all the other departments (including subordinate organs) at the same level and of the governments
at lower levels.

Article 17

Under the leadership of the Premier of the State Council, the National Audit Office shall carry out audit supervision over the implementation
of the central budget and other government revenues and expenditures, and hand in a report of audit results to the Premier.

Under the respective leadership of the governor of the province, chairman of the autonomous region, mayor, head of the county and
head of the district as well as the leadership of the auditing organ at the next higher level, the local auditing organ at any level
shall carry out audit supervision over the budget implementation and other government revenues and expenditures of the same level,
and hand in a report of audit results to the people’s government at the same level and the auditing organ at the next higher level.

Article 18

The National Audit Office shall carry out audit supervision over the financial revenues and expenditures of the Central Bank.

Auditing organs shall carry out audit supervision over the assets, liabilities, profits and losses of State-owned financial institutions.

Article 19

Auditing organs shall carry out audit supervision over the financial revenues and expenditures of public institutions of the State
and other public organizations using fiscal capital.

Article 20

Auditing organs shall carry out audit supervision over the assets, liabilities, profits and losses of the State- owned enterprises.

Article 21

The audit supervision over the enterprises and financial institutions in which the State-owned assets play a controlling or leading
role shall be formulated by the State Council.

Article 22

Auditing organs shall carry out audit supervision over the budget implementation and final settlement of accounts relating for the
construction projects invested or mainly invested by the government.

Article 23

Auditing organs shall carry out audit supervision over the financial revenues and expenditures of the social security funds, funds
from public donations and other relevant funds and capital managed by the government department or by any other entity upon authorization
of the government department.

Article 24

Auditing organs shall carry out audit supervision over the financial revenues and expenditures of projects with aids or loans offered
by international organizations or governments of other countries.

Article 25

In accordance with the relative provision of the State, auditing organs shall carry out audit supervision over the principal responsible
persons of the state organs and other entities under the audit supervision of the auditing organ for their performance of economic
liabilities of government revenues and expenditures, financial revenues and expenditures, and other economic activities for their
respective regions, departments or entities during their tenure of office.

Article 26

Other than the audit matters as prescribed in this Law, auditing organs shall, in the light of the provisions prescribed in this Law
as well as relative laws and administrative regulations, carry out audit supervision over the matters that should be audited by auditing
organs as formulated in other laws or administrative regulations.

Article 27

For particular matters relating to the State revenues and expenditures, auditing organs shall have the power to make special audit
investigations to relevant regions, departments or entities, and shall hand in a report about the audit investigation results to
the people’s governments at the same levels and the auditing organs at the next higher levels.

Article 28

Auditing organs shall make a determination on their audit jurisdiction in the light of the subordination of fiscal and financial affairs
or the State-owned asset supervisory and managerial relation of the entity under audit.

If there is any dispute over audit jurisdiction between auditing organs, the auditing organ superior to both parties shall make a
determination on the matter.

Auditing organs at higher levels may authorize auditing organs at lower levels to audit the matters under the audit jurisdiction of
the former and specified in Paragraph 2 of Article 18 through Article 25 in this Law. Auditing organs at higher levels may directly
give audits on the major matters under the jurisdiction of auditing organs at lower levels. However, unnecessary repetitive audits
shall be avoided.

Article 29

The entities under audit supervision of auditing organs shall set up and perfect their internal auditing systems in the light of the
relative provisions of the State. And their internal auditing work shall be professionally guided and supervised by the auditing
organs.

Article 30

If an entity is subject to audit supervision of a social auditing organ, the auditing organ shall have the right to examine the relative
audit reports issued by the aforesaid social auditing organ in accordance with the provisions of the State Council.

Chapter IV Limits of Power of Auditing Organs

Article 31

In accordance with the provisions of the auditing organ, the auditing organs shall have the right to order an entity under audit to
submit the budget or plan on financial revenues and expenditures, budget implementation, final settlement of accounts, financial
accounting reports, electronic data on government or financial revenues and expenditures stored and processed by computers and necessary
computer technical documents, the information about the account opening at financial institutions, the audit reports issued by the
social auditing organs as well as other materials about government or financial revenues and expenditures. The entity under audit
shall not refuse or delay to submit reports or give a false report.

The person in-charge of an entity under audit shall be responsible for the authenticity and integrity of the financial accounting
materials offered by his/her own entity.

Article 32

Auditing organs shall, during the course of audit, be enpost_titled to examine accounting vouchers, accounting books, financial accounting
reports, the electronic data system of government or financial revenues and expenditures operated by computers as well as other materials
and assets about government or financial revenues and expenditures. And the entity under audit shall not refuse to submit them.

Article 33

Auditing organs shall, when conducting audits, have the power to make investigations to relative entities or individuals concerning
audit matters and obtain relative certification materials. The entities and individuals concerned shall support and assist the auditing
organs in their work by providing them with truthful information and relative certification materials.

Auditing organs shall have the right to inquire about the account of an entity under audit at the financial institution upon the approval
of the person in-charge of the auditing organ of the people’s government at or above the county level.

If the auditing organ have any evidence that an entity under audit deposits public money in the name of individuals, it shall have
the right to make investigations on the deposits of the entity being audited in the name of individuals at the financial institution
upon the approval of the person in-charge of the auditing organ of the people’s government at or above the county level.

Article 34

When being audited by an auditing organ, the entity shall not transfer, conceal, alter or destroy any of its accounting vouchers,
accounting books, financial accounting reports and other materials about fiscal or financial revenues and expenditures, nor shall
it transfer or conceal any of the assets it obtained violating the provisions of the State.

Where an entity being audited violates the preceding Paragraph, the auditing organ shall have the right to prevent it, and, when necessary
and upon approval of the person in-charge of the auditing organ of the people’s government at or above the county level, the auditing
organ shall have the right to seal up the relative materials and the assets obtained violating the provisions of the State. If the
auditing organ needs to freeze the relative deposits at the financial institution, it shall hand in an application to the people’s
court.

Where an entity under audit is carrying out any act concerning government or financial revenues and expenditures violating the provisions
of the State, the auditing organ shall have the right to prevent it. If it is invalid to prevent, the auditing organ shall, upon
approval of the person-in-charge of the auditing organ of the people’s government at or above the county level, inform the fiscal
department and the competent authorities to suspend the allocation of money directly pertinent to the act of government or financial
revenues and expenditures violating the provisions of the State; if the aforesaid money has been allocated, the use thereof shall
be suspended.

When implementing the measures as prescribed in the preceding two paragraphs, an auditing organ shall not cause effect on the lawful
business operations or production and management activities of the entity being audited.

Article 35

If any auditing organ believes that the provisions of the competent departments at any higher levels on government revenues and expenditures
or financial revenues and expenditures carried out by the entity under audit in contradiction with any of the laws or administrative
regulations, it shall make a suggestion to the competent departments concerned to make rectifications. If the competent departments
concerned fail to make rectifications, the auditing organs shall submit the matter to the relevant organs for disposition.

Article 36

Auditing organs may notify the relative government departments of their audit results or make such results public.

When circulating or making public audit results, auditing organs shall keep to themselves on the State secrets and business secrets
of the entities being audited in the light of the law and complying with the relative provisions prescribed by the State Council.

Chapter V Audit Procedures

Article 37

When performing the duty of audit supervision, an auditing organ may request assistance from the administrative department of public
security, supervision, public finance, taxation, customs, price or industry and commerce.

Article 38

An auditing organ shall set up an audit team in accordance with the audit matters as ascertained in the plan on audit, and shall,
within 3 days before the audit implementation, send an audit notice to the entity to be audited. In the case of any special circumstance,
the auditing organ may, upon approval of the people’s government at the same level, directly implement the audit upon the strength
of the audit notice.

The entities being audited shall cooperate with the auditing organs in their work and offer necessary work conditions.

Auditing organs shall improve the efficiency of their audit work.

Article 39

The auditors shall implement their audit and obtain the certification materials by auditing accounting vouchers, accounting books
and financial accounting reports, consulting the documents and materials pertinent to audit matters, examining the cash, physical
objects and securities, and making investigations on the entities or individuals concerned.

When making investigations on entities and individuals concerned, the auditors shall show their work certificates and photocopies
of audit notices.

Article 40

After an audit to the auditing matters, an audit team shall hand in an audit report to the auditing organ. Prior to handing in the
audit report, the audit team shall solicit the opinions of the entity being audited. The entity being audited shall, within ten days
as of the receipt of the audit report of the audit team, hand in its opinions in written form to the audit team. The audit team shall
hand in the aforesaid written opinions together with the audit report to the auditing organ.

Article 41

An auditing organ shall review the audit report handed in by the audit team in accordance with the procedures prescribed by the National
Audit Office, and present an audit report of its own after concurrently studying the opinions of the entity being audited about the
audit report delivered by the audit team. It shall, under its statutory jurisdiction, make a decision on audit or give its suggestions
on disposition and punishment to the relevant competent authorities for an act of fiscal or financial revenues and expenditures violating
the provisions of the State that deserves disposition or punishment.

An auditing organ shall serve the audit report and audit decision of its own to the entity being audited and the relevant competent
organ or entity. The audit decision shall go into effect as of the date of service.

Article 42

If an auditing organ at a higher level considers that an audit decision made by an auditing organ at a lower level has violated the
relative provisions of the State, it may order the auditing organ at the lower level to make alteration or cancellation on the aforesaid
decision, and may directly make a decision on alteration or cancellation when it is necessary.

Chapter VI Legal Liabilities

Article 43

If an entity under audit violating any provisions prescribed in this Law by refusing or delaying the provision of the materials about
audit matters, providing untrue or incomplete materials, or refusing or impeding the inspection, it shall be ordered to make corrections,
given a criticism by circulating a notice and given a warning by the auditing organ. If the entity under audit refuses to make corrections,
it shall be called to account in accordance with the law.

Article 44

Where an entity being audited violating the provisions prescribed in this Law by transferring, concealing, altering or destroying
any accounting vouchers, accounting accounts, financial accounting reports or other materials pertinent to government or financial
revenues and expenditures, or transferring or concealing the assets obtained by violating the provisions of the State, and if the
auditing organ considers that the principal and other persons held to be directly responsible should be given sanctions, the auditing
organ shall give suggestions for punishment. The entity being audited or the organ at the higher level and the supervisory organ
shall make a decision in a timely manner, and notify the result to the auditing organ in written form. If a crime is constituted,
the entity being audited shall be called to account in accordance with the law.

Article 45

Where any other department (including subordinate entities) at the same level or the government at the lower level commits the acts
against the budget or other acts of government revenues and expenditures against the provisions of the State, the auditing organ,
the people’s government or the relevant competent authorities shall, under its statutory authorities and in the light of the laws
and administrative regulations, take the following measures on the basis of the specific situation:

(1)

Ordering it to pay the money that should be turned over within the time limit;

(2)

Ordering it to return the occupied state-owned assets within the time limit;

(3)

Ordering it to refund the illegal incomes within the time limit;

(4)

Ordering to handle the matter in the light of the relative provisions in the unified national accounting system; and

(5)

Other measures.

Article 46

Where an entity being audited commits the acts of financial revenues and expenditures by violating the provisions of the State, the
auditing organ, the people’s government or the relevant competent authorities shall, under its statutory jurisdiction and in the
light of the laws and administrative regulations, take measures prescribed in the preceding Article on the basis of the specific
situation, and may impose punishments on the entity being audited in the light of law.

Article 47

The entity being audited shall carry out the decision made by the auditing organ under its statutory jurisdiction.

Where the auditing organ orders an entity being audited to pay the money that should be turned over, but the entity being audited
refuses to do so, the auditing organ shall circulate a notice to the relevant competent authorities, and the relevant competent authorities
shall, in accordance with the laws and administrative regulations, withhold the aforesaid money or take other measures, and notify
the written results to the auditing organ.

Article 48

Where an entity being audited object an audit decision on financial revenues and expenditures made by the auditing organ, it may hand
in an application for administrative reconsideration or lodge an administrative lawsuit.

Where an entity being audited object an audit decision on government revenues and expenditures made by the auditing organ, it may
request the people’s government at the same level as the auditing organ for ruling, and the ruling delivered by the people’s government
at the same level shall be final.

Article 49

Where the government or financial revenues and expenditures of an entity being audited violating the provisions of the State, the
auditing organ considers it necessary to punish the principal and other persons held to be directly responsible, it shall give suggestions
for punishment, and the entity being audited, the organ at the higher level or the supervisory organ shall make a decision in a timely
manner and notify the written results to the auditing organ.

Article 50

Where the government or financial revenues and expenditures of an entity under audit violates any of the laws or administrative regulations
and a crime is constituted, the entity being audited shall be subject to criminal liabilities.

Article 51

Anyone who retaliates or makes a false charge against the auditor shall be given sanctions; and shall be subject to criminal liabilities
if any crime is constituted.

Article 52

Where an auditor abuses his authorities, conducts malpractice out of personal considerations, neglects his duties or divulges national
secrets or business secrets he has access to, he shall be punished; and if a crime is constituted, he shall be subject to criminal
liabilities.

Chapter VII Supplementary Provisions

Article 53

The provisions on audit work of Chinese People’s Liberation Army shall be formulated by the Central Military Commission in the light
of this Law.

Article 54

This Law shall go into effect as of January 1, 1995. The Audit Regulation of the People’s Republic of China promulgated by the State
Council on November 30, 1988 shall be abolished at the same time.

the Standing Committee of the National People’s Congress
2006-02-28

ANNOUNCEMENT NO.89, 2006 OF THE GENERAL ADMINISTRATION OF QUALITY SUPERVISION, INSPECTION AND QUARANTINE OF THE PEOPLE’S REPUBLIC OF CHINA, ON RELEASING THE REQUIREMENTS FOR INSPECTING AND QUARANTINING ON CONDITIONAL RESUMING THE IMPORT OF BONED BEEF FROM THE USA

Announcement No.89, 2006 of the General Administration of Quality Supervision, Inspection and Quarantine of the People’s Republic
of China, on Releasing the Requirements for Inspecting and Quarantining on Conditional Resuming the Import of Boned Beef from the
USA

No.89 [2006]

The Requirements for Inspecting and Quarantining on Conditional Resuming the Import Boned Beef From the USA are hereby released (See
appendix) and shall come into effect as of the day of releasing.

The General Administration of Quality Supervision, Inspection and Quarantine of the People’s Republic of China

July 31, 2006
Appendix:
The Requirements for Inspecting and Quarantining on Conditional Resuming the Import of Boned Beef from the USA

Article 1

Requirements for cattle

(1)

Come from the livestock farms where there is no case of BSE, less than 30 months old when being slaughtered;

(2)

Born and raised in the territory of USA or from the counties that live cattle and beef are permitted to be imported by China, shall
not be raised together with other animals, have a complete record, and can be tracked back to the farm where they were born;

(3)

Have never been fed with the fodder containing bone powder and dregs of fat of the ruminant;

(4)

Inspected and quarantined by official veterinarian of the USA before being slaughtered, proving that they are not cattle of suspected
BSE or a definite BSE and their offspring as prescribed in OIE Code, neither the same herd of the cattle of BSE case, they are health
and illness.

Article 2

Requirements for Production and Processing

(5)

The boned beef imported to China refers to boned skeletal muscle and its products, the skeletal muscle does not include the muscle
of face, muscle of head, diaphragmatic muscle, scraps of flesh, flesh separated by machine. Its products refer to beef products made
from boned skeletal muscle as raw materials meeting with the Requirements for Inspecting and Quarantining.

(6)

When producing the boned beef being exported to China, do not hit the cattle into swoon by injecting compressed air or gas into their
cranial cavity or kill them by stabbing their spinal marrow. During the processing, the backbone, brain, eyes, spinal marrow, tonsil
and the end of ileum shall be cut off completely. The inspection and quarantine of the official veterinarian of the USA proves that
the products are safe and hygienic for human to eat.

(7)

The boned beef being exported to China must be packed by un-used and entirely new materials that meet with the international hygienic
standard. Each cube of beef shall have single inner packing on which the name of the product, name and approval code of the production
and processing enterprise shall be clearly indicated both in Chinese and English. The name and weight of the product, the name, address
and approval code, storage condition, production date and expiry date of the production and processing enterprise shall be clearly
indicated both in Chinese and English on the outer packing and an official sign of inspection and quarantine of the USA shall be
marked. The sign of inspection and quarantine shall be confirmed in advance by the General Administration of Quality Supervision,
Inspection and Quarantine of the People’s Republic of China (hereinafter referred to as AQSIQ).

(8)

The boned beef imported by China shall, after being put into a container or sealed transportation container, be made lead sealing
under the supervision of the American official veterinarian.

(9)

The whole procedures from processing, packing, storage to transportation of the boned beef exported to China shall meet with the
provisions and requirements of Chinese and American laws and regulations relating to veterinary hygiene and food safety. The products
exported to China shall be distinguished from other products by confirmable procedures.

(10)

The production and processing enterprises for the boned beef exported to China (including slaughtering, processing and storing enterprises)
shall meet the provisions and requirements of Chinese and American laws and regulations relating to veterinary hygiene and food safety
and shall not export any products to China unless obtaining the approval of AQSIQ. The name of the approved production and processing
enterprises shall be released in the network of AQSIQ: https://www.aqsiq.gov.cn.

Article 3

Requirements for National Control

(11)

The USA shall conduct the national plan for preventing, monitoring, controlling and rooting out BSE in accordance with the OIE code
and provide an annual implementation report to both the AQSIQ and the Ministry of Agriculture.

(12)

The USA shall implement effectively the national ban on fodder, prohibiting anyone from using the fodder containing bone powder and
dregs of fat of the ruminant to feed the ruminant.

(13)

If there are Foot-and-mouth disease, cattle plague, Contagious Bovine Pleuropneumonia, Lumpy Skin Disease, Rift Valley fever virus
and Peste Des Petits Ruminants virus in the USA, it shall inform the AQSIQ and the Ministry of Agriculture in time and provide corresponding
information.

(14)

The USA shall implement effectively National Residue Monitoring Plan and Pathogenic Microorganism Reducing and Control Plan, and
report the annual implementation information to the AQSIQ.

(15)

If any cases of animal epidemic disease and serious food safety as mentioned in Section 12, 13 and 14 of this Article occur, the
USA shall suspend the export to China and recall corresponding products that may be contaminated, and inform the AQSIQ immediately
and provide detailed information as soon as possible in order to determine and control the contaminated products.

(16)

If a new case of BSE occurs in the USA, the USA shall forbid corresponding production and processing enterprises to produce the boned
beef exported to China, recall the products that may be contaminated, and inform immediately the AQSIQ and provide detailed information
as soon as possible. The corresponding production and processing enterprises can not resume the export to China until the conditions
return to normal and the export is approved by the AQSIQ. If a new BSE case occurs among the cattle that were born after national
ban on fodder in the USA, China will reevaluate the BSE Prevention and Control Plan of the USA.

(17)

The AQSIQ may, in light of needs, send inspection and quarantine personnel to the USA for examining its implementation of prevention
and control of BSE and other animal epidemic diseases, residue monitoring and control system and microorganism reducing Plan.

Article 4

Requirements for the Certificate

(18)

The reserved copy of an official Veterinary Health Certificate of the USA shall be attached to each container or transportation container
of boned beef exported to China, proving that this lot of product meets with the provisions of these Requirements for Inspecting
and Quarantining. The certificate shall include at least following content:

(a)

The source and slaughtering date of the cattle;

(b)

Name, address and enterprise approval code of the slaughtering and processing enterprise;

(c)

The issuing organ, date and place of the certificate, name and position of the issuer.

(d)

Lead sealing number of the container or transportation container;

(e)

The cattle to be slaughtered shall meet the requirements of all sections of Article 1 . The production, processing, storing and transportation
of boned beef shall meet the requirements of all sections of Article 2 . The USA shall conduct national control plan in accordance
with the requirements of all sections of Article 3 .

(19)

Veterinary Health Certificate shall be written both in Chinese and English, having the function of forgery prevention, the pattern
and content shall be confirmed in advance by the AQISQ.

Article 5

Product Inspection and Quarantine

(20)

The AQISQ may, in light of needs, send inspection and quarantine personnel to the USA to do pre-examination of the origin of boned
beef being exported to China, make a random sampling of the slaughtering, production and processing enterprises, carry out system
verification in order to check whether the boned beef being exported to China and the production, procession and management meet
with these Requirements for Inspection and Quarantine.

(21)

After arriving Chinese port, the boned beef exported from the USA to China shall not enter China until passing the inspection and
quarantine made by the inspection and quarantine authority.

Article 6

Settlement of Violations

(22)

If the AQSIQ finds any boned beef imported from the USA violating these Requirement for Inspection and Quarantine, it will deal with
the product in accordance with laws. If necessary, it may take protective measures, including suspending import and canceling the
qualification of the approved enterprises to export products to China. If violations occur repeatedly, it may cause the Requirements
of Inspection and Quarantine to an end.

General Administration of Quality Supervision, Inspection and Quarantine
2006-06-29

CIRCULAR OF THE GENERAL OFFICE OF THE MINISTRY OF COMMERCE ON RELEVANT ISSUES CONCERNING THE IMPLEMENTATION OF THE OPINIONS CONCERNING REGULATING THE ACCESS TO AND ADMINISTRATION OF FOREIGN INVESTMENT IN THE REAL ESTATE MARKET

Circular of the General Office of the Ministry of Commerce on Relevant Issues Concerning the Implementation of the Opinions Concerning
Regulating the Access to and Administration of Foreign Investment in the Real Estate Market

Administrative commercial departments of all provinces, autonomous regions, municipalities directly under the Central Government,
Xinjiang Production and Construction Corps:

The Ministry of Construction, the Ministry of Commerce, National Development and Reform Commission, the People’s Bank of China, the
State Administration for Industry and Commerce and the State Administration of Foreign Exchange, upon the consent of the State Council,
promulgated the Opinions Concerning Regulating the Access to and Administration of Foreign Investment in the Real Estate Market (hereinafter
referred to as the Opinions) on July 11, 2006. Relevant issues concerning the approval and administration of foreign-invested enterprises
during the implementation of the Opinions are hereby notified as follows:

The foreign-invested real estate enterprises mentioned in the Opinions refer to foreign-invested enterprises that engage in the construction
and operation of all kinds of residence such as ordinary residence, apartments and villa, hotels (restaurants), vacation villages,
office buildings, exhibition centers, commercial facilities, theme parks, etc. as well as the land development or tract development
that aim for the construction of the above-mentioned projects.

Where foreign institutions and individuals (hereinafter referred to as foreign investors) are to purchase non-self-use real estates
in China, they shall apply for the establishment of foreign-invested enterprises in accordance with relevant laws, regulations and
rules in respect of foreign investment. Upon approval by relevant departments and after registration, they may engage in the related
business in accordance with the approved scope of business.

Where the amount of investment of a real estate enterprise established by foreign investment is not less than 10 million dollars,
its registered capital shall not be less than 50% of its amount of investment; If the investment amount is more than 3 million dollars
but less than 10 million dollars, its registered capital shall not be less than 50% of its amount of investment; If the investment
amount is not more than 3 million dollars, its registered capital shall not be less than 70% of its amount of investment.

With respect of the establishment of a foreign-invested real estate enterprise, the commercial administrative departments and the
industrial and commercial administrative organs shall grant an approval for establishment and handle the relevant formalities for
registration pursuant to law, and issue a one-year Approval Certificate of Foreign-invested Enterprises and Business License. In
addition, a statement that “This Certificate shall expire on ___ (date)” shall be clearly given in the remarks column.

-invested real estate enterprises shall pay the land transfer fee to land administrative authorities within validity period, apply
for a Certificate for Using State-owned Land and may, in accordance with the Certificate for Using State-owned Land, renew the formal
Approval Certificate of Foreign-invested Enterprises in the commercial administrative department and thereafter, renew the Business
License with the same term as the Approval Certificate of Foreign-invested Enterprises in the industrial and commercial administrative
organs.

The “transfer of projects by foreign-invested real estate enterprises” mentioned in the Opinions refers to the transfer by the foreign-invested
real estate enterprises of the land they developed or real estate they constructed to domestic or foreign investors pursuant to the
law. The transfer of projects by foreign-invested real estate enterprises shall be submitted for approval in accordance with relevant
provisions of the State. The already-built commercial houses, purchased by domestic or foreign institutions or individuals for self-use
or self-accommodation do not fall into the scope of the “transfer of projects by foreign-invested real estate enterprises”.

Where an overseas investor merges domestic real estate enterprises through equity transfer or any other ways, it shall make appropriate
arrangements for the relevant employees, settle the bank debts and pay the transfer fee with its self owned capital in a one-off
manner within three months as of the day the business license of the foreign-invested enterprise was issued.

Where an overseas investor acquires the equities of the Chinese party of a foreign-invested real estate enterprise, it shall make
appropriate arrangements for the relevant employees, settle the bank debts and pay the transfer fee with its self owned capital in
a one-off manner within three months as of the day the equity transfer agreement came into force.

All commercial departments at all levels shall examine and approve foreign-invested real estate enterprises strictly in accordance
with the provisions above and in case of any problems encountered in the course of implementation, they may contact the Ministry
of Commerce (the Foreign-investment Department) on a timely basis.

General Office of the Ministry of Commerce

August 14, 2006

General Office of the Ministry of Commerce
2006-08-14

ANNOUNCEMENT NO. 111, 2006 OF MINISTRY OF COMMERCE ON PROMULGATING FOURTH BATCH OF EXPORT COMMODITY TECHNIQUE DIRECTORY

Announcement No. 111, 2006 of Ministry of Commerce on Promulgating Fourth Batch of Export Commodity Technique Directory

[2006] No. 111

For the purpose of implementing the Scientific View of Development and promoting the foreign trade and harmonious development, the
Export Commodity Technique Directory has been constituted by Ministry of Commerce and related departments.

The Fourth Batch of Export Commodity Technique Directory for 10 items is hereby promulgated, please organize and develop related production
and trade operations accordingly. Please refer to the official website of Ministry of Commerce (https://sms.mofcom.gov.cn) for the
full text of Export Commodity Technique Directory.

Appendix: Fourth Batch of Export Commodity Technique Directory for 10 Items

Ministry of Commerce

December 21, 2006
Appendix:
Fourth Batch of Export Commodity Technique Directory for 10 Items

Frozen Fillet

Corn

Plastic Case

North America Textiles and Clothing North America

Cotton and Blend Fabric with Low Formaldehyde

Footwear

Machinery Security

Dust Collector

Entire Car Authentication

10.

North America Commodity Packing

The Ministry of Commerce
2006-12-21

NOTICE OF THE STATE ADMINISTRATION OF TAXATION ON SOME ISSUES CONCERNING THE PUNISHMENTS FOR ACTS IN VIOLATION OF THE REGULATIONS ON STAMP TAX

the State Administration of Taxation

Notice of the State Administration of Taxation on Some Issues Concerning the Punishments for Acts in Violation of the Regulations
on Stamp Tax

GuoShuiFa [2004] No. 15

January 29th, 2004

The bureaus of local taxation of all provinces, autonomous regions, municipalities directly under the Central Government and cities
directly under state planning:

After the amendment and re-promulgation of the Law of the People’s Republic of China on the Administration of Tax Collection (hereinafter
referred to as LATC) and the Detailed Rules for the Implementation of the Law of the People’s Republic of China on the Administration
of Tax Collection (DRILATC), some provisions in Article 13 of the Interim Regulations of the People’s Republic of China on Stamp
Tax (hereinafter referred to as IRST) and in Articles 39 through 41 of the Detailed Rules for the Implementation of the Interim Regulations
on Stamp Tax are inapplicable (hereinafter referred to as DRIIRST). In order to intensify the administration on the collection of
stamp tax, the applicable punitive provisions on acts in violation of the regulations regarding the stamp tax are hereby notified:

Any taxpayer of stamp tax who has committed any of the following acts shall be punished by the tax organ in light of the seriousness
of the actual circumstances:

The punitive provisions in Article 64 of the LATC shall be applicable, if a taxpayer fails to stick or sticks less than the required
fiscal stamps on the tax payment receipts, or fails to cancel or cross out the fiscal stamps stuck on the tax payment receipts.

The punitive provisions in Article 63 of the LATC shall be applicable, if a taxpayer tears off and re-uses the already stuck fiscal
stamps.

The punitive provisions in Article 91 of the DRILATC shall be applicable, if a taxpayer counterfeits fiscal stamps.

With regard to a taxpayer who shall pay the total amount of stamp tax due regularly, if it fails to pay or pays less than the amount
of stamp tax due within the time limit as required by the tax organ, it shall be punished according to the punitive provisions of
Articles 63 and 64 of the LATC in light of the nature of its offence; if the circumstance is serious, its license for the regular
payment of the total amount of stamp tax due shall be cancelled simultaneously.

Where a taxpayer is in violation of any of the following provisions, the punitive provisions in Article 60 of the LATC shall be applicable:

(1)

Article 23 of the DRIIRST, which provides that “Where the stamp tax is paid regularly, the tax payer shall affix an aggregate payment
stamp and serial numbers designated by the tax organ on the tax payment receipts and bind them into a complete book, and after the
stamps or payment slip attachments are cancelled by affixing a seal, the documents shall be kept for future reference”.

(2)

Article 25 of the DRIIRST, which provides that “The taxpayer shall properly preserve the tax payment receipts. With regard to the
preservation periods of the tax payment receipts, those governed by any clear provisions of the state shall be handled according
to these provisions; other documents shall be kept for one year after their expiry date.”

The present Circular shall be implemented as of its promulgation.

the State Administration of Taxation
2004-01-29

SAT REPLY ON HOW TO APPLY THE PROVISIONS ON DEDUCTION AND EXEMPTION OF ENTERPRISE INCOME TAX ON PURCHASE OF HOME-MADE EQUIPMENT BY FOREIGN-FUNDED ENTERPRISES WHOSE TOTAL INVESTMENT HAS NOT BEEN APPROVED

SAT Reply on How to Apply the Provisions on Deduction and Exemption of Enterprise Income Tax on Purchase of Home-made Equipment by
Foreign-funded Enterprises Whose Total Investment Has not been Approved

Guo Shui Han [2004] No.496
April 13, 2004

Shanghai municipal administration of state taxation and Shanghai municipal administration of local taxation:

We have given a reply to your Request for Instructions on Issues concerning Deduction and Exemption of Enterprise Income Tax on Purchase
of Home-made Equipment by Shanghai Zhenhua Port Machinery Co., Ltd. (Hu Guo Shui Wai [2002] No.96 ) by the Reply of the State Administration
of Taxation on Issues concerning the Deduction and Exemption of Enterprise Income Tax on Purchase of Home-made Equipment by Shanghai
Zhenhua Port Machinery Co., Ltd. ( Guo Shui Han [2003] No. 1257 ) on November 21, 2003. For convenience of implementation, we hereby
clarify as follows the issues put forward in your letter concerning how to determine the total investment of the foreign-funded enterprises
whose total investment has not been approved when the provisions on deduction and exemption of enterprise income tax on their purchase
of home-made equipment are applied:

For he issue concerning how to determine the total investment of a foreign-funded enterprise who has only set down the registered
capital or total capital stock, and whose total investment has not been approved according to the provisions of the Ministry of Commerce
(the former Ministry of Foreign Trade and Economic Cooperation), when it enjoys the preference of deduction and exemption of enterprise
income tax on purchase of home-made equipment within the total investment, we agree upon deliberation, that the total investment
of the enterprises can be inferred and determined according to the proportion of the registered capital in the total investment of
the enterprise as prescribed in the Interim Provisions of the State Administration for Industry and Commerce on the Proportion of
the Registered Capital in the Total Investment of the Sino-foreign Equity Joint Ventures (Gong Shang Qi Zi [1987] No. 38 ).

State Administration of Taxation
2004-04-13

REGULATIONS OF THE ORIGIN OF IMPORTED – EXPORTED GOODS OF PRC

State Council

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

No. 416

Regulations of the Origin of Imported – Exported Goods of PRC were adopted by 61st Standing Conference of the State Council on August
18, 2004. The said Regulations are hereby promulgated and come into effect as of January 1, 2005.

Wen Jiabao, Premier of the State Council

September 3, 2004

Regulations of the Origin of Imported – Exported Goods of PRC

Article 1

The Regulations are formulated for the purposes of determining correctly the origin of imported – exported goods, implementing all
kinds of trade measures and promoting the development of foreign trade.

Article 2

The said Regulations apply to non-preferential trade measures, such as implementing most-favoured-nation treatment, anti-dumping and
anti-subsidy, safeguarding measures, management of origin mark, limit on countries and tariff quota, and determining the origin of
imported – exported goods by government purchasing and trade statistics.

The said Regulations do not apply to the determination of origin of imported and exported goods in implementing preferential trade
measures. The concrete measures will be formulated later in accordance with the international treaties and agreements the People’s
Republic of China has concluded or taken part in.

Article 3

If the goods are purchased in only one country (region), this country (region) is determined as the origin. If the goods are produced
in more than two countries (regions), the country (region) that makes final substantive changes is determined as the origin.

Article 4

The goods obtained in only one country referred to in Article 3 of these Regulations mean:

The animals born and raised in the country (region);

The animals captured, fished and collected in the field of the country (region);

Unprocessed goods of live animals obtained in the country (region);

Plants and the products of plants harvested in the country (region);

The minerals excavated in the country (region);

Other natural goods obtained in the country (region) except for the goods mentioned in item 1 to 5 of this Article;

The waste and scrap materials produced by production that have to be thrown aside or collected as materials in the country (region);

The goods collected in the country (region) that can’t be restored or repaired, or the parts or materials recycled from the goods;

Aquatic animals and other goods obtained by the ships with the flag of the country legally in the sea area outside its territorial
waters;

10.

The products obtained from processing the goods listed in item 9 of this Article in the processing ship which flies a flag of the
country legally;

11.

The goods obtained from the seabed or subsoil of seabed outside the territory sea where the country has special rights of excavation;

12.

The products produced from the goods listed in item 1 to 11 of this Article in the country (region).

Article 5

When the goods are determined whether they are obtained in only one country (region), following little processing or treatment is
not considered:

Processing or treatment for transportation or storage;

Processing or treatment for being convenient for loading and unloading;

Processing or treatment for selling goods, such as packing and etc.

Article 6

The standard of determining substantive change specified in Article 3 of the Regulations takes the change of tariff classification
as basic criterion. If the change of tariff classification does not show substantive change, it takes ad valorem percentage, production
or processing procedures as replenished standard. The concrete standard is formulated later by General Administration of Customs
of the People’s Republic of China together with Ministry of Commerce and General Administration of Quality Supervision, Inspection
and Quarantine.

The change of tariff classification referred to in Item 1 of this Article means some changes have taken place in some classification
of tax category of obtained goods in Import and Export Tariff of the People’s Republic of China after the original materials of other
country (region) are manufactured or processed in a certain country (region).

Ad valorem percentage referred to in item 1 of this Article means certain percentage of value-added part exceeds the value of obtained
goods after the original materials of other country (region) are manufactured or processed in a certain country (region)

Manufacture or processing procedures referred to in item 1 of this Article means the main procedures of basic characteristics of goods
obtained after manufacture or processing in a certain country (region).

Before Rules of Coordinating Non-preferential Origin are implemented, the concrete standard of determining substantive changes of
origin of imported and exported goods will be formulated later in accordance with actual conditions by General Administration of
Customs of the People’s Republic of China together with the Ministry of Commerce and General Administration of Quality Supervision,
Inspection and Quarantine.

Article 7

The origin of sources of energy, factory buildings, equipments, machines and tools being used during goods production, and the origin
of materials that does not comprise material ingredients or parts of goods do not interfere the determination of the origin of the
goods.

Article 8

If the packing, packing materials and containers imported and exported with the goods are classified together with the goods in Import
and Export Tariffs of the People’s Republic of China, the origin of packing, packing materials and containers do not affect the determination
of the origin of the goods in them. The origin of the packing, packing materials and containers are not determined exclusively. The
origin of the goods in them is deemed the origin of the packing, packing materials and containers.

If the packing, packing materials and containers imported and exported with the goods in them are not classified together with the
goods in Import and Export Tariff of the People’s Republic of China, the origin of the packing, packing materials and containers
is determined in accordance with the said Regulations.

Article 9

If the accessories, spare parts, tools and guidebooks imported and exported with the goods in accordance with varieties and quantities
allocated normally are classified together with the goods in Import and Export Tariffs of the People’s Republic of China, the accessories,
the origin of spare parts, tools and guidebooks do not infect the determination of the origin of the goods. The origin of the accessories,
spare parts, tools and guidebooks will not be determined exclusively and the origin of the goods is deemed the origin of the accessories,
spare parts, tools and guidebooks.

If the accessories, spare parts, tools and guidebooks imported and exported with the goods are classified together with the goods
in Import and Export Tariffs of the People’s Republic of China, but they exceed the varieties and quantity allocated normally, or
they are not classified together with the goods in Import and Export Tariffs of the People’s Republic of China, the origin of the
accessories, spare parts, tools and guidebooks should be determined in accordance the provisions of these Regulations.

Article 10

If the goods are processed or treated for avoiding the provisions of anti-dumping, anti-subsidy and safeguard measures, the customs
may not consider the processing and treatment while determining the origin of the goods.

Article 11

The consignees of the imported goods should declare exactly the origin of the imported goods in accordance with the standard of determining
the origin specified in the said Regulations when they go through the declaration formalities in the customs in accordance with the
Customs Law of the People’s Republic of China and related provisions. If the origin of the same lot of goods is different, the origin
should be declared separately.

Article 12

Before the import of the imported goods, if the consignees of the imported goods or other persons related to the imported goods have
proper reasons, they may make a written application to the customs for pre-determination of the origin of the goods being imported.
The applicants should submit the materials required by the determination of the origin to the customs in accordance with the provisions.

The customs should make pre-determination to the origin of the imported goods and promulgate it in accordance with the provisions
of the said Regulations within 150 days as of the date of receipt of the application for pre-determination of the origin and all
necessary materials.

Article 13

The customs should examine and determine the origin of the imported goods after accepting the application.

As for the goods that the origin has been pre-determined, when they are actually imported within 3 years as of the date of making
a pre-determination, if the actual imported goods conform to the goods described by pre-determination after the customs’ examination
and no change has taken place in the standard of determining the origin specified by the Regulations, the customs will not re-determinate
the origin of the imported goods. If the actual imported goods do not conform to the goods of pre-determination after the examination
of the customs, the custom should re-examine and determine the origin of the imported goods in accordance with the provisions of
the Regulations.

Article 14

While examining and determining the origin of the imported goods, the customs may ask the consignees of the imported goods to submit
the origin certificate of the imported goods and examine it. If necessary, the customs may request related organs of goods exporting
country to examine the origin of the goods.

Article 15

In response to the written application of foreign trade dealers, the customs may make the administrative arbitration in advance of
determining the origin of the goods being imported and publish it in accordance with Article 43 of the Customs Law of the Peoples’
Republic of China.

The same administrative arbitration should apply to the import of same goods.

Article 16

The state implements the management of the origin mark. If the goods or their packing have origin mark, the origin described by the
origin mark should be as the same as the origin determined in accordance with the said Regulations.

Article 17

The consignors of the exported goods may apply for obtaining origin certificate of the exported goods to General Administration of
Quality Supervision, Inspection and Quarantine, China Council for Promoting International Trade and its sub-councils (hereinafter
referred to as “certification organs”.

Article 18

If the consignors of the exported goods apply for obtaining the origin certificate of the exported goods, they should go through the
formalities of registration, declare the origin of exported goods correctly in accordance with the provisions and provide the materials
for issuing the origin certificate of the exported goods to the certification organs.

Article 19

After accepting the application of the consignors of exported goods, the certification organs should examine and determine the origin
of the exported goods in accordance with the provisions, issue the origin certificate of the exported goods. If the exported goods
are not produced in the territory of the People’s Republic of China, certificate organs should refuse to issue the origin certificate
of the exported goods.

The concrete measures on issuing the origin certificate of the exported goods will be formulated later by General Administration of
Quality Supervision, Inspection and Quarantine together with other related departments and organs of the State Council.

Article 20

In response to the request of related organs of the goods importing country (region), the customs and certificate organs may examine
the origin of the exported goods and send the feedback to related organs of the importing country (region) in time.

Article 21

The materials and information that are used to determine the origin of the goods may be provided in accordance with related provisions
or with the permission of the units or individuals who provided the materials and information. The customs and certification organs
should keep secret about the materials and information.

Article 22

If any one who acts contrary to the provisions of the said Regulations should be punished in accordance with the provisions of Foreign
Trade Law, Customs Law and Implementation Regulations of Administrative Punishment of the Customs of the People’s Republic of China.

Article 23

Any one who obtains origin certificate by cheating with false materials, or falsifies, sells, buys or steals the origin certificate
will be punished by imposing a fine of more than 5 thousand yuan or less than 10 thousand yuan by the customs. Any one who obtains
the origin certificate by cheating, or falsifies, sells, buys or steals the certificate as the origin certificate that the customs
grants clearance should be imposed a fine below the equivalence of the amount of the goods. If the amount of the goods is below 5
thousand yuan, a fine of 5 thousand yuan should be imposed. If any one has illegal earnings, the illegal earnings should be seized
by import-export inspection and quarantine organs and the customs. Anyone who commits a crime should be ascertained criminal responsibility
in accordance with laws.

Article 24

If the origin mark of the imported goods does not conform to the origin determined in accordance with the Regulations, the customs
will instruct to correct it.

If the origin of the exported goods does not conform to the origin determined in accordance with the Regulations, the customs and
import-export inspection and quarantine organs will instruct to correct it.

Article 25

If any staffs responsible for determining origin of imported or exported goods act contrary to the procedures of the Regulations to
determine the origin, or leak commercial secret, or abuse their power, dereliction of duty, embezzlement and malpractices, they should
be ascertained administrative sanction. If any one obtains illegal earnings, the illegal earnings should be seized. If any one commits
a crime, he should be ascertained criminal responsibility.

Article 26

The meaning of following terms in the said Regulations:

“Obtaining” means capturing, fishing, collecting, harvesting, excavating, processing or production.

“Origin of the goods” means the country (region) that obtains a certain good determined in accordance with the Regulations.

“Certificate of origin” means written document issued by the exported country (region) in accordance with the rules of origin and
related requirements. It describes clearly in which country (region) the listed goods are produced.

“Origin mark” means the words and graph on the goods or on the packing, which is used to indicate the origin of the goods.

Article 27

The said Regulations come into effect as of January 1, 2005. Rules of Origin of Exported Goods of the People’s Republic of China promulgated
by the State Council on March 8, 1992 and Temporary Rules of Origin of Imported Goods of the Customs of the People’s Republic of
China promulgated by General Administration of the Customs on December 6, 1986 are abolished at the same time.

State Council
2004-09-03

AGREEMENT BETWEEN THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA AND THE GOVERNMENT OF THE REPUBLIC OF FINLAND ON THE ENCOURAGEMENT AND RECIPROCAL PROTECTION OF INVESTMENTS

AGREEMENT BETWEEN THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA AND THE GOVERNMENT OF THE REPUBLIC OF FINLAND ON THE ENCOURAGEMENT
AND RECIPROCAL PROTECTION OF INVESTMENTS

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

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

Recognizing that the encouragement and reciprocal protection of such investment will be conducive to stimulating business initiative
of investors and to increasing prosperity in both States;

Desiring to intensify the co-operation of both States on the basis of equality and mutual benefits;

Have agreed as follows:

Article 1

DEFINITIONS

For the purpose of this Agreement,

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

(a)

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

(b)

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

(c)

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

(d)

intellectual property rights, in particularly copyrights, patents, trade-marks, trade-names, trade and business secrets, technological
processes, know-how and good-will;

(e)

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

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

Reinvested returns shall enjoy the same treatment as the original investment.

The term “investor” means,

(a)

any natural person who is a national of either Contracting Party in accordance with the laws of that Contracting Party;

(b)

any legal entity, including a company, corporation, firm, association, partnership or other organization, incorporated or constituted
under the laws and regulations of either Contracting Party and having its registered office in that Contracting Party, irrespective
of whether or not for profit and whether its liabilities are limited or not .

The term “return” means the amounts yielded from an investment, including profits, dividends, interest, capital gains, royalties,
payments in kind and any other legitimate income related to an investment.

The term “territory” means the territory of either Contracting Party, including the land area, internal waters and territorial sea
and the airspace above them under the sovereignty of that Contracting Party, as well as any maritime area beyond the territorial
sea of that Contracting Party, over which that Contracting Party exercises sovereign rights or jurisdiction in accordance with domestic
and international law.

Article 2

PROMOTION AND PROTECTION OF INVESTMENTS

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

Investments of the investors of either Contracting Party shall enjoy constant protection and security in the territory of the other
Contracting Party.

Neither Contracting Party shall take any unreasonable or discriminatory measures against the management, maintenance, use, enjoyment,
expansion, sale or disposal of investments that have been made by investors of the other Contracting Party.

Article 3

TREATMENT OF INVESTMENTS

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

Each Contracting Party shall accord to investments by investors of the other Contracting Party treatment no less favourable than the
treatment it accords to investments by its own investors with respect to the operation, management, maintenance, use, enjoyment,
expansion, sale or other disposal of investments that have been made.

Each Contracting Party shall accord to investments by investors of the other Contracting Party treatment no less favourable than treatment
it accords to investments by investors of any third State, with respect to the establishment, acquisition, operation, management,
maintenance, use, enjoyment, expansion, sale or other disposal of investments. Further, neither Contracting Party shall impose unreasonable
or discriminatory measures on investments by investors of the other Contracting Party concerning local content or export performance
requirements.

Each Contracting Party shall accord to investments by the investors of the other Contracting Party the treatment, which, according
to the investor is the more favourable of those stipulated in paragraph 2 and paragraph 3 of this Article.

Nothing in this Agreement shall be construed as preventing a Contracting Party from taking any action necessary for the protection
of its essential security interests in time of war or armed conflict, or other emergency in international relations.

Provided that such measures are not applied in a manner which would constitute a means of arbitrary or unjustifiable discrimination
by a Contracting Party, or a disguised investment restriction, nothing in this Agreement shall be construed as preventing the Contracting
Parties from taking any measure necessary for the maintenance of public order.

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

(a)

any existing or future customs union, free trade zone, economic and monetary union, regional economic cooperation or other similar
agreement;

(b)

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

(c)

any international agreement or arrangement for facilitating small scale investments in border areas.

Article 4

EXPROPRIATION

Neither Contracting Party shall expropriate, nationalise or take other measures having similar effects, (hereinafter referred to as
“expropriation”) against the investments of the investors of the other Contracting Party in its territory, unless the following conditions
are met. The expropriation is done:

(a)

in the public interest;

(b)

under domestic legal procedure;

(c)

without discrimination, and

(d)

against compensation.

The compensation referred to in paragraph 1 of this Article shall be equivalent to the fair market value of the expropriated investment
at the time immediately before the expropriation was taken or the impending expropriation became public knowledge, whichever is earlier.
The value shall be determined in accordance with generally recognised principles of valuation.

Compensation shall be fully realisable and shall, in order to be effective for the affected investor, be paid without delay. It shall
include interest at a commercial rate established on a market basis for the currency of payment from the date of dispossession of
the expropriated property until the date of actual payment.

Where a Contracting Party expropriates the assets of a company which was incorporated or constituted under the law in force in any
part of its own territory, and in which investors of the other Contracting Party own shares, it shall ensure that the provisions
of paragraph 1 to 2 of this Article are applied to the extent necessary to guarantee compensation in respect of their investments
to such investors of the other Contracting Party who are owners of those shares.

Without prejudice to the provisions of Article 9 of this Agreement, the investor whose investments are expropriated by a Contracting
Party shall have the right to prompt review of its case and of valuation of its investments in accordance with the provisions of
this Article, by a judicial or other competent authority of that Contracting Party.

Article 5

COMPENSATION FOR DAMAGES AND LOSSES

Investments by investors of one Contracting Party in the territory of the other Contracting Party that suffer losses owing to war,
a state of national emergency, insurrection, riot or other similar events in the territory of the latter Contracting Party, shall
be accorded by the latter Contracting Party treatment, as regards restitution, indemnification, compensation or other settlements
on less favourable than that accorded to investments by its own investors or investments by investors of any third State, whichever
is the more favourable according to the investor concerned.

Investments by investors of one Contracting Party that, in any of the situations referred to in paragraph 1 of this Article, suffer
losses in the territory of the other Contracting Party resulting from requisitioning or destruction of an investment or a part thereof
by the latter’s armed forces or authorities, which was not caused in combat action or was not required by the necessity of situation
shall be accorded restitution or compensation that is equivalent to the value of such losses.

Article 6

TRANSFER

Each Contracting Party shall ensure to the investors of the other Contracting Party the free transfer of funds related to investments
into and out of its territory, including in particular, but not exclusively:

(a)

amounts to maintain, develop or increase an investment;

(b)

profits, dividends, interests and other current income;

(c)

proceeds obtained from the total or partial sale or liquidation of an investment;

(d)

payments pursuant to a loan agreement in connection with an investment;

(e)

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

(f)

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

(g)

payments in connection with contracting projects;

(h)

earnings and other remuneration of personnel engaged from abroad who work in connection with an investment in its territory;

(i)

compensation payable pursuant to Articles 4, 5, 7 and 9.

A Contracting Party may, in exceptional balance of payments difficulties, exercise through equitable, non-discriminatory and good
faith basis regulatory measures in accordance with time limits specified by the IMF in such situations and through powers conferred
to it by law.

Without prejudice to paragraph 2 of this Article, each Contracting Party shall further ensure that the transfers referred to in paragraph
1 of this Article shall be made without any restriction or delay in a freely convertible currency and at the prevailing market rate
of exchange applicable on the date of transfer to the currency to be transferred and shall be immediately transferable.

In the absence of a market for foreign exchange, the rate to be used shall be the most recent exchange rate for the conversions of
currencies into Special Drawing Rights.

Article 7

SUBROGATION

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

Article 8

SETTLEMENT OF DISPUTES BETWEEN CONTRACTING PARTIES

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

If a dispute cannot thus be settled within six (6) months, it shall, upon the request of either Contracting Party, be submitted to
an ad hoc arbitral tribunal.

The tribunal shall comprise of three arbitrators. Within two (2) months of the receipt of the written notice requesting arbitration,
each Contracting Party shall appoint one arbitrator. Those two arbitrators shall, within further two (2) months, together select
a national of a third State having diplomatic relations with both Contracting Parties as Chairman of the arbitral tribunal.

If the arbitral tribunal has not been constituted within four (4) months from the receipt of the written notice requesting arbitration,
either Contracting Party may, in the absence of any other agreement, invite the President of the International Court of Justice to
make the necessary appointments. If the President is a national of either Contracting Party or is otherwise prevented from discharging
the said function, the Member of the International Court of justice next in seniority who is not a national of either Contracting
Party or is not otherwise prevented from discharging the said function, shall be invited to make the necessary appointments.

Issues subject to dispute referred to in paragraph 1 of this Article shall be decided in accordance with the provisions of this Agreement
and the rules of international law applicable to both Contracting Parties.

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

Each Contracting Party shall bear the costs of its appointed arbitrator and of its representation in arbitral proceedings. The relevant
costs of the Chairman and tribunal shall be borne in equal parts by the Contracting Parties. The tribunal may, however, make a different
decision regarding the sharing of the costs. In all other respects, the arbitral tribunal shall determine its own rules of procedure.

Article 9

SETTLEMENT OF DISPUTES BETWEEN AN INVESTOR AND A CONTRACTING PARTY

Any dispute arising out of an investment between one Contracting Party and an investor of the other Contracting Party should, whenever
possible, be settled amicably between the two parties concerned.

If the dispute has not been settled within three (3) months, from the date at which it was raised in writing, the dispute may, at
the choice of the investor, be submitted:

(a)

to the competent courts of the Contracting Party in whose territory the investment is made; or

(b)

to arbitration by the International Centre for the Settlement of Investment Disputes (ICSID), established by the Convention on the
Settlement of Investment Disputes between States and Nationals of Other States, opened for signature at Washington on 18 March 1965;
or

(c)

an ad hoc arbitration tribunal, which unless otherwise agreed upon by the parties to the dispute, is to be established under the Arbitration
Rules of the United Nations Commission on International Trade Law (UNCITRAL).

An investor who has submitted the dispute to national court referred to in paragraph 2(a) of this Article may nevertheless have recourse
to one of the Arbitral Tribunals mentioned in paragraph 2 (b) and 2 (c) of this Article, if the investor has withdrawn his case from
national court before judgement has been delivered on the subject matter. In that case the Contracting Party to the dispute shall
agree to the submission of the dispute between it and an investor of the other Contracting Party to international arbitration in
accordance with this Article.

The Arbitral Tribunal mentioned in paragraph 2 (c) shall consist of three arbitrators. The Tribunal shall reach its award by a majority
of votes.

The Tribunal shall adjudicate in accordance with the provisions of this Agreement, the law of the Contracting Party involved in the
dispute (including the rules on the conflict of laws) and the rules of international law applicable to both Contracting Parties.

The award shall be final and binding for the parties to the dispute and shall be executed according to national law.

Article 10

ENTRY AND SOJOURN OF PERSONNEL

Each Contracting Party shall, subject to its laws and regulations, grant temporary entry and stay and provide any necessary confirming
documentation to natural persons who are employed from abroad as executives, managers, specialists or technical personnel in connection
with an investment by an investor of the other Contracting Party, and who are essential for the enterprise, as long as these persons
continue to meet the requirements of this paragraph. Immediate family members of such personnel shall also be granted a similar treatment
with regard to entry and temporary stay in the territory of the host Contracting Party.

Article 11

OTHER OBLIGATIONS

If the legislation of either Contracting Party or international obligations existing at present or established hereafter between the
Contracting Parties result in a position entitling investments by investors of the other Contracting Party to a treatment more favourable
than is provided for by the Agreement, such regulations shall prevail over the present Agreement.

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

Article 12

TRANSPARENCY

Each Contracting Party shall promptly publish, or otherwise make publicly available, its laws, regulations, procedures and administrative
rulings and judicial decisions of general application as well as international agreements which may affect the investments of investors
of one Contracting Party in the territory of the other Contracting Party.

Nothing in this Agreement shall require a Contracting Party to furnish or allow access to any confidential or proprietary information,
including information concerning particular investors or investments, the disclosure of which would impede law enforcement or be
contrary to its laws protecting confidentiality or prejudice legitimate commercial interests of particular investors.

Article 13

APPLICATION OF THE AGREEMENT

This Agreement substitutes and replaces the Agreement between the Government of the Republic of Finland and the Government of the
People’s Republic of China for the Protection of Investments, done at Beijing on 4 September 1984.

This Agreement shall apply to all investments made by investors of either Contracting Party in the territory of the other Contracting
Party, whether made before or after the entry into force of this Agreement, but shall not apply to any dispute or any claim concerning
an investment which was already under judicial or arbitral process before its entry into force. Such disputes and claims shall continue
to the settled according to the provisions of the Agreement done in 1984, mentioned in paragraph 1 of this Article.

Article 14

CONSULTATIONS

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

(a)

the implementation of the Agreement;

(b)

legal issues and information on investment opportunities;

(c)

issues arising out of investments;

(d)

proposals on the promotion of investments.

Where either Contracting Party requests consultation on any matter of paragraph 1 of this Article, the other Contracting Party shall
accord adequate opportunity for such consultations.

Article 15

ENTRY INTO FORCE, DURATION AND TERMINATION

The Contracting Parties shall notify each other when their respective internal legal requirements for the entry into force of this
Agreement have been fulfilled. The Agreement shall enter into force on the thirtieth day following the date of receipt of the latter
notification.

This Agreement shall remain in force for a period of twenty (20) years and shall thereafter remain in force on the same terms until
either Contracting Party notifies the other in writing of its intention to terminate the Agreement in twelve (12) months.

In respect of investment made prior to the date of termination of this Agreement the provisions of Articles 1 through 14 shall remain
in force for a further period of twenty (20) years from the date of termination of this Agreement.

In Witness Whereof, the undersigned representatives, duly authorised thereto, have signed the present Agreement.

Done in duplicate at Beijing on November 15th 2004 in the Chinese, Finnish and English languages, all texts being equally authoritative.
In case of divergence, the English text shall prevail.

For the Government ofFor the Government of

the People’s Republic of Chinathe Republic of Finland

Protocol to the Agreement on the Encouragement and Reciprocal Protection of Investments between the Government of the People’s Republic
of China and the Government of the Republic of Finland

On signing the Agreement on the Encouragement and Reciprocal Protection of Investments between the People’s Republic of China and
the Republic of Finland, the undersigned representatives of both Contracting Parties have agreed with respect to the People’s Republic
of China on the following provisions, which constitute an integral part of the Agreement.

Ad Article 2 , paragraph 3 and Article 3 , paragraphs 2 and 3

The provisions do not apply to any existing non-conforming measure maintained within its territory of the People’s Republic of China
or any future amendment thereto provided that the amendment does not increase the non-conforming effect of such a measure from what
it was immediately before the amendment took effect.

Treatment granted to investments once admitted shall in no case be made more restrictive than the treatment granted at the time when
the original investment was made.

The People’s Republic of China will take all appropriate measures to progressively remove all non-conforming measures.

Ad Article 6

Transfer payments shall comply with relevant transfer formalities stipulated by the Chinese laws and regulations. The period required
for the completion of transfer formalities shall commence on the day on which a written request with necessary supportive documentation
is submitted to the foreign exchange authorities. The necessary authorizations should be granted in a period of one month but shall
in no case exceed two months.

Transfer formalities relating to an investment shall in no case be made more restrictive than formalities required at the time when
the original investment was made.

Ad Article 9

The People’s Republic of China, when acting as a Contracting Party involved in a dispute, may require the investor concerned to exhaust
the domestic Administrative Reconsideration procedure specified by the laws and regulations of the People’s Republic of China before
Submission of the dispute to the arbitration procedures stipulated in paragraph 2(b) or 2(c) of this Article. The Reconsideration
procedure shall not exceed three (3) months.

In witness whereof, the undersigned duly authorised thereto, have signed this Protocol.

For the Government ofFor the Government of

the people’s republic of China the Republic of Finland

The Government of the People’s Republic of China
2004-11-15

CIRCULAR OF CHINA INSURANCE REGULATORY COMMISSION CONCERNING RELEVANT ISSUES ON SETTLEMENT AND PAYMENT OF INSURANCE PROTECTION FUND

China Insurance Regulatory Commission

Circular of China Insurance Regulatory Commission concerning Relevant Issues on Settlement and Payment of Insurance Protection Fund

Bao Jian Fa [2006] No.18

All insurance companies,

In order to do a good job for settlement and payment of insurance protection fund, and according to the Measures for the Administration
of Insurance Protection Fund (Bao Jian Hui Ling [2004] No.16) and the Notice on Relevant Issues concerning Payment of Insurance Protection
Fund (Bao Jian Fa [2005] No. 26), we hereby notified the relevant issues as follows:

According to the relevant provisions of the Measures for the Administration of Insurance Protection Fund, an insurance company shall,
within four months after the end of each fiscal year, calculate the payable amount of insurance protection fund of the whole year
by itself, and in light of the amount prepaid on quarterly basis, determine the amount of insurance protection fund that shall be
paid up in the year or the amount that may be used for the payable amount of insurance protection fund of the next year , and fill
in the Declaration Form for Settlement and Payment of Insurance Protection Fund (hereinafter refers to as “Declaration Form”), and
declare the annual insurance protection fund to China Insurance Regulatory Commission (CIRC).

II.

According to the Measures for the Administration of Insurance Protection Fund and other relevant provisions, an insurance company
shall compute the amount of insurance protection fund payable strictly and according to the facts, fill in the Declaration Form
accurately to ensure the truthfulness and completeness of the data in the Declaration Form. The legal person of the company, person
who takes the charge of the work of financial affairs, and the tabulator shall sign their names and the common seal shall be affixed
on the Declaration Form.

III.

When declaring the payment of annual insurance protection fund, an insurance company shall submit materials as follows:

Paper text of the Declaration Form (in duplicate);

The Excel file format of Electronic text of the Declaration Form ; and

Other documents that shall be handed in as required by CIRC.

The electronic text of the Declaration Form shall be submitted through emails to (bzjj@circ.gov.cn).

IV.

The Declaration Form shall be examined by CIRC within one month after receiving the Declaration Form, and the Notice of Settlement
and Payment shall be sent to the insurance company according to the examination results, and each company shall be notified of the
amount of insurance protection fund that should be paid up or may be set off for the payable amount of insurance protection fund
of the next year.

If the prepaid amount of insurance protection fund is less than the amount payable of the whole year, the underpaid part (namely the
amount that should be paid up) shall be paid off before June 30 of the next year; if the prepaid insurance protection fund is more
than the amount payable of insurance protection fund of the whole year, the overpaid part (namely the amount that may be set off
for payable) shall be used for setting off the prepaid amount of the second, third, and fourth quarters of the next year.

VI.

The model of Declaration Form may be downloaded from the website of CIRC (www.circ.gov.cn).

VII.

If having problems in the implementation, please reflect to the financial department of CIRC in a timely manner. The contact persons:
Wang Song and Guo Jing, Telephone: 0106628663766286182.

China Insurance Regulatory Commission

February 28, 2006

China Insurance Regulatory Commission
2006-02-28

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Uncategorized

REGULATION ON CUSTOMS STATISTICS OF THE PEOPLE’S REPUBLIC OF CHINA

CIRCULAR OF THE MINISTRY OF COMMERCE OF THE PEOPLES REPUBLIC OF CHINA, ON RELEVANT ISSUES OF ISSUING THE EXPORT...

SYSTEM OF REPORTING COUNTRY INVESTMENT AND OPERATION OBSTACLES

AUDIT LAW OF THE PEOPLE’S REPUBLIC OF CHINA

ANNOUNCEMENT NO.89, 2006 OF THE GENERAL ADMINISTRATION OF QUALITY SUPERVISION, INSPECTION AND QUARANTINE OF THE PEOPLE’S REPUBLIC OF CHINA, ON RELEASING THE REQUIREMENTS FOR INSPECTING AND QUARANTINING ON CONDITIONAL RESUMING THE IMPORT OF BONED BEEF FROM THE USA

CIRCULAR OF THE GENERAL OFFICE OF THE MINISTRY OF COMMERCE ON RELEVANT ISSUES CONCERNING THE IMPLEMENTATION OF THE OPINIONS CONCERNING REGULATING THE ACCESS TO AND ADMINISTRATION OF FOREIGN INVESTMENT IN THE REAL ESTATE MARKET

ANNOUNCEMENT NO. 111, 2006 OF MINISTRY OF COMMERCE ON PROMULGATING FOURTH BATCH OF EXPORT COMMODITY TECHNIQUE DIRECTORY

NOTICE OF THE STATE ADMINISTRATION OF TAXATION ON SOME ISSUES CONCERNING THE PUNISHMENTS FOR ACTS IN VIOLATION OF THE REGULATIONS ON STAMP TAX

SAT REPLY ON HOW TO APPLY THE PROVISIONS ON DEDUCTION AND EXEMPTION OF ENTERPRISE INCOME TAX ON PURCHASE OF HOME-MADE EQUIPMENT BY FOREIGN-FUNDED ENTERPRISES WHOSE TOTAL INVESTMENT HAS NOT BEEN APPROVED

REGULATIONS OF THE ORIGIN OF IMPORTED – EXPORTED GOODS OF PRC

AGREEMENT BETWEEN THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA AND THE GOVERNMENT OF THE REPUBLIC OF FINLAND ON THE ENCOURAGEMENT AND RECIPROCAL PROTECTION OF INVESTMENTS

CIRCULAR OF CHINA INSURANCE REGULATORY COMMISSION CONCERNING RELEVANT ISSUES ON SETTLEMENT AND PAYMENT OF INSURANCE PROTECTION FUND

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