The Financial Offices (Bureaus) in all the provinces, autonomous regions, municipalities and separately listed cities, local taxation bureaus and financial bureaus of Xinjiang Production and Construction Corps:

With the approval of State Council, the Policy of Business Tax for Qualified Foreign Institutional Investors (hereinafter referred to as QFII) is notified as follows: The Business Tax is exempted for price difference income gain by domestic companies, entrusted by QFII, from securities business.

Please act accordingly.

Ministry of Finance

State Administration of Taxation

December 1, 2005