1. According to relevant national laws and regulations, regulations on minimum registered capital for foreign investors to invest in some industries in China are as follows:

 （1）Commercial (distribution) enterprises funded by foreign companies: registered capital in wholesale business should be less than RMB500, 000; registered capital in retail business should not be less than RMB 300,000;

 （2）Investment companies funded by foreign companies: registered capital should not be less than US$ 30million;

 （3）Limited companies funded by foreign companies: registered capital should not be less than RMB 30million;

 （4）R&D centers funded by foreign companies: registered capital should not be less than US$ 1.4 million;

 （5）International shipping agent joint ventures: registered capital should not be less than US$ 1 million;

 （6）Financing leasing out enterprises funded by foreign companies: registered capital should not be less than US$ 10 million;

 （7）Travel agencies funded by foreign companies: registered capital should not be less than RMB 2.5 million;

 （8）Medical institutions funded by foreign companies: registered capital should not be less than RMB 20million;

 （9）Intermediary organs for talented people funded by foreign companies: registered capital should not be less than US$ 300,000;

 （10）Examination and identification institutions for import and export goods that funded by foreign companies: registered capital should not be less than US$ 350,000;

 （11）Book, newspaper and magazine distribution companies funded by foreign companies: registered capital should not be less than RMB 30million;

 （12）Publication, package and printing work enterprises funded by foreign companies: registered capital should not be less than RMB 10million; other printing work enterprises funded by foreign companies: registered capital should not be less than RMB 5million;

 2. Regulations on the Proportion of Registered Capital in Total Investment Amount

（1）If the total investment amount is less than US$ 3 million (including US$ 3 million), the registered capital should account for at least 70% of the total investment.

（2）If the total investment amount is more than US$ 3 million and less than US$ 10 million (including US$ 10 million), the registered capital should account for at least 50% of the total investment, in which, if the total investment is less than US$ 4.2 million, the registered capital should not be less than US$ 2.1 million.

（3）If the total investment amount is more than US$ 10 million and less than US$ 30 million (including US$ 30 million), the registered capital should account for at least 40% of the total investment, in which, if the total investment is less than US$ 12.5 million, the registered capital should not be less than US$ 5 million.

（4）If the total investment amount is more than US$ 30 million, the registered capital should account for at least 33.33% of the total investment, in which, if the total investment is less than US$ 36 million, the registered capital should not be less than US$ 12 million.

（5）If foreign-funded enterprises cannot perform the above-mentioned regulations due to special circumstances, they should apply to Ministry of Commerce and get the approval of MOC and SAIC.

If foreign –funded companies want to increase their investment, the proportion of added registered capital in added investment should follow the above-mentioned regulations.

The proportion of foreign investment in the registered capital of equity joint ventures and cooperative joint ventures generally should not be less than 25%.

3. Regulations on Time Limit of Investment         

（1）If in contracts or articles of association, the foreign parties of foreign-funded enterprises are required to pay the registered capital in one time, they should pay up within six months after the date of the issuance of business licenses.

（2）If installment for registered capital is specified in contracts or articles of association, for the first term the two arties should pay at lest 15% of their respective acknowledged investment, and should pay up within three months after the date of the issuance of business licenses.

（3）Registered capital that is less than US$ 500,000(including US$ 500,000) should be paid up within one year after the date of the issuance of business licenses.

（4）Registered capital that is more than US$ 500,000 and less than US$ 1,000,000 (including US$ 1,000,000) should be paid up within one and a half years after the date of the issuance of business licenses.

（5）Registered capital that is more than US$ 1 million and less than US$ 3 million (including US$ 3 million) should be paid up within two years after the date of the issuance of business licenses.

（6）Registered capital that is more than US$ 3 million and less than US$ 10 million (including US$ 10 million) should be paid up within three years after the date of the issuance of business licenses.

（7）For Registered capital that is more than US$ 10 million, the time limit of investment is examined and approved by examining and approving organs.