According to the news on the Chinese government website on the 31st,

the "People's Republic of China Foreign Investment" LawImplementation Regulations.

Decree

No. 723 of the State Council of the People's Republic of China on"Implementation Regulations of the People's Republic of China on ForeignInvestment Law" has been adopted at the 74th executive meeting of theState Council on December 12, 2019, and is hereby promulgated forimplementation on January 1, 2020.

Premier Li Keqiang

December 26, 2019 Chapter 1 General Principles of the

Implementation Regulations of the Foreign Investment Law of the People'sRepublic of China

Chapter 1 General Principles

Article 1 These Regulations are formulated in accordance with the ForeignInvestment Law of the People's Republic of China (hereinafter referred to asthe Foreign Investment Law).

Article 2. The State encourages and promotes foreign investment, protects thelegitimate rights and interests of foreign investment, regulates foreigninvestment management, constantly optimizes the environment for foreigninvestment, and improves the level of opening up.

Article 3 The other investors referred to in Article 2 (2) (a) and (c) of theForeign Investment Law include Chinese natural persons.

Article 4 The negative list for the admission of foreign investment(hereinafter referred to as the negative list) shall be proposed by theinvestment department of the State Council in conjunction with the competentdepartment of commerce and other relevant departments of the State Council.

According to the needs of opening to the outside world and economic and socialdevelopment, the state adjusts the negative list in a timely manner. Theadjustment procedure of the negative list applies to the preceding paragraph.

Article 5 The competent commerce department, the investment department andother relevant departments of the State Council shall, in accordance with thedivision of responsibilities, cooperate closely and cooperate with each otherto jointly promote, protect and manage foreign investment.

Local people's governments at or above the county level should strengthen theorganizational leadership of foreign investment promotion, protection, andmanagement, support and urge relevant departments to carry out foreigninvestment promotion, protection, and management in accordance with laws,regulations, and responsibilities, and timely coordinate and resolve foreign investmentpromotion, protection, and protection Major issues in management.

Chapter II Investment Promotion

Article 6 The government and its relevant departments shall treatforeign-funded enterprises and domestic-funded enterprises equally inaccordance with the law in terms of government funding arrangements, landsupply, tax deductions, qualification permits, standard formulation, projectdeclaration, and human resource policies.

Policies formulated by the government and relevant departments to supportenterprise development should be disclosed in accordance with the law; formatters that need to be handled by the enterprise during the implementation ofthe policy, the government and relevant departments should disclose theconditions, procedures and time limits for processing applications, and treatforeign-funded enterprises equally during the review And domestic enterprises.

Article 7 When formulating administrative regulations, rules and regulatorydocuments related to foreign investment, or when the government and itsrelevant departments draft laws and regulations on foreign investment, theyshall, in accordance with the actual situation, take written comments, holdseminars, demonstration meetings, Hearings, etc., to listen to the opinions andsuggestions of foreign-invested enterprises and relevant chambers of commerceand associations. Opinions and suggestions reflecting the main rights andobligations of concentrated or foreign-invested enterprises should be fed backthrough appropriate means.

Normative documents related to foreign investment shall be published in atimely manner in accordance with law, and those that are not published shallnot be used as administrative basis. The normative documents closelyrelated to the production and operation activities of foreign-investedenterprises shall, in light of actual conditions, reasonably determine the timeof release and implementation.

Article 8 People's governments at all levels shall establish and improve theforeign investment service system in accordance with the principle ofgovernment-led and multi-party participation, and continuously improve foreigninvestment service capabilities and levels.

Article 9 The government and relevant departments shall list laws, regulations,rules, regulatory documents, policies and measures, etc.

Article 13 Foreign-invested enterprises and domestic-funded enterprises shallparticipate in national standards, industry standards, local standards andgroups on an equal basis in accordance with the law Formulation and revision ofstandards. Foreign-invested enterprises may formulate their own standardsaccording to their needs, or they may jointly develop enterprise standards withother enterprises.

Foreign-invested enterprises may submit standard formulation recommendations tothe standardization administrative department and relevant administrativedepartments, make comments and suggestions in the process of standardformulation, drafting, technical review, and feedback on the implementation ofstandards, and undertake standards drafting and technical review in accordancewith regulations. And standard foreign language translation and other relatedwork.

The standardization administrative department and relevant administrativedepartments shall establish and improve relevant working mechanisms, increasethe transparency of standard formulation and revision, and promote informationdisclosure throughout the entire process of standard formulation and revision.

Article 14 The compulsory standards formulated by the state apply equally toforeign-invested enterprises and domestic-funded enterprises, and technicalrequirements higher than the compulsory standards shall not specifically applyto foreign-invested enterprises.

Article 15 The government and its related departments shall not obstruct orrestrict foreign-invested enterprises from freely entering the governmentprocurement market in their region and industry.

Purchasers and procurement agencies of government procurement shall notimplement differential or discriminatory treatment for foreign-investedenterprises in the areas of government procurement information release,supplier condition determination and qualification review, and bid evaluationcriteria. Suppliers shall not be restricted on unreasonable conditionssuch as ownership form, organizational form, ownership structure, investmentcountry, product or service brand, and shall not discriminate against productsand services provided by foreign-invested enterprises in China.

Article 16 Foreign-invested enterprises may, in accordance with the provisionsof the "Government Procurement Law" (hereinafter referred to as the"Government Procurement Law") and its implementing regulations,inquire about government procurement activities with buyers and procurementagencies, and complain to the government procurement supervision and managementdepartment . The purchaser, procurement agency and government procurementsupervision and management department shall make a reply or decision within theprescribed time limit.

Article 17 The government procurement supervision and management department andother relevant departments shall strengthen supervision and inspection ofgovernment procurement activities, and correct and investigate illegal actssuch as differential treatment or discriminatory treatment of foreign-investedenterprises in accordance with law.

Article 18 Foreign-invested enterprises may raise funds in China and abroadthrough public issuance of securities such as stocks and corporate bonds, publicissuance or private issuance of other financing instruments, and borrowing offoreign debt.

Article 19 Local people's governments at or above the county level may, inaccordance with the provisions of laws, administrative regulations and localregulations, formulate policies and measures to promote and facilitate foreigninvestment in terms of fee reductions, guarantee of land use indicators, andprovision of public services. Within its legal authority.

Local people's governments at or above the county level should formulatepolicies and measures to promote and facilitate foreign investment, which isguided by the promotion of high-quality development, is conducive to improvingeconomic, social and ecological benefits, and is continually optimizing the environmentfor foreign investment.

Article 20 Relevant competent authorities shall compile and publish guidelinesfor foreign investment to provide services and facilities for foreign investorsand foreign-invested enterprises. The foreign investment guide shallinclude an introduction to the investment environment, a foreign investmentguide, investment project information and related data and information, andshall be updated in a timely manner.

Chapter III Investment Protection

Article 21 The state does not tax foreign investors' investments.

Under special circumstances, if the state levies taxes on foreign investors'investments in accordance with the needs of the public interest, it shall do soin accordance with

Article 24. Administrative agencies (including organizations authorized by lawsand regulations with the function of managing public affairs, the same below) )And its staff shall not use administrative measures such as administrativelicenses, administrative inspections, administrative penalties, andadministrative coercions to force or disguise foreign investors andforeign-invested enterprises to transfer technology.

Article 25 Where administrative organs perform their duties in accordance withthe law, if foreign investors and foreign-invested enterprises really need toprovide materials and information related to trade secrets, they shall belimited to the scope necessary for the performance of their duties and shallstrictly control the scope of knowledge. Personnel unrelated to the performanceof their duties shall not have access to relevant materials and information.

Administrative organs shall establish and improve internal management systemsand take effective measures to protect the trade secrets that foreign investorsand foreign-invested enterprises have learned in the course of performing theirduties. If it is necessary to share information with other administrativeagencies according to law, the business secrets contained in the informationshall be kept secret to prevent disclosure.

Article 26 The government and its relevant departments shall formulateregulatory documents concerning foreign investment, and shall conduct alegality review in accordance with the provisions of the State Council.

Foreign investors and foreign-invested enterprises consider that regulatorydocuments formulated by the State Council, local people's governments and theirdepartments are illegal. When applying for administrative reconsiderationor filing an administrative lawsuit against an administrative act in accordancewith law, it may be required to review the regulatory documents together.

Article 27 The policy commitments referred to in Article 25 of the ForeignInvestment Law refer to the support policies for local investors at all levelsand their relevant departments within the legal authority for foreign investorsand foreign-invested enterprises to invest in the region Written commitments onpreferential treatment and facilities. The content of policy commitmentsshall comply with the provisions of laws and regulations.

Article 28 Local people's governments at all levels and their relevantdepartments shall fulfill their policy commitments to foreign investors andforeign-invested enterprises and various types of contracts signed in accordancewith law, and may not adjust by administrative divisions, government changes,institutions or functions, The relevant responsible person was changed forbreach of contract. If policy commitments or contractual agreements needto be changed due to national interests or social public interests, they shallbe conducted in accordance with statutory authorities and procedures, andforeign investors and foreign-invested enterprises shall be compensated in afair, reasonable and timely manner in accordance with the law.

Article 29 The people's governments at or above the county level and theirrelevant departments shall, in accordance with the principles of openness,transparency, efficiency, and convenience, establish and improve a complaintmechanism for foreign-invested enterprises, deal with problems reflected byforeign-invested enterprises or their investors in a timely manner, andcoordinate and improve relevant issues. Policy measures.

The competent department of commerce of the State Council, together withrelevant departments of the State Council, has established an inter-ministerialjoint conference system for complaints from foreign-invested enterprises,coordinated and promoted complaints from central-level foreign-investedenterprises, and guided and supervised complaints from local foreign-investedenterprises. Local people's governments at or above the county level shalldesignate departments or institutions to accept complaints fromforeign-invested enterprises or their investors in their region.

The department in charge of commerce under the State Council and the departmentor institution designated by the local people's government at or above thecounty level shall improve the working rules for complaints, improve themethods of complaints, and clarify the time limit for handlingcomplaints. Complaint work rules, complaint methods and time limits forcomplaint handling shall be announced to the public.

Article 30 A foreign-invested enterprise or its investor considers that theadministrative actions of the administrative organ and its staff violate itslegal rights and interests, and applies for

Article 33. Foreign investors shall not invest in areas prohibited by thenegative list. The negative list specifies areas where investment isrestricted, and foreign investors should comply with the special restrictiveaccess management measures specified in the negative list, such as equityrequirements and senior management requirements.

Article 34 In the course of performing their duties according to law, therelevant competent authorities shall not handle licensing, businessregistration and other related matters for foreign investors who intend toinvest in the areas of the negative list but do not meet the requirements ofthe negative list. Involving the examination and approval of fixed assetinvestment projects, relevant examination and approval matters shall not behandled.

Relevant competent departments shall strengthen the supervision and inspectionof the implementation of the provisions of the negative list. Foreigninvestors who are found to invest in areas prohibited by the negative list orwhose investment activities violate the restrictive access special managementmeasures provided for in the negative list shall be dealt with in accordancewith the provisions of Article 36 of the Foreign Investment Law.