V. The Ministry of Finance Issued the Provisions on Handling Accounting of the Pilot Enterprise Levied VAT instead of Business Tax ( the” Provisions”)

On 17^th of July, 2012, the Ministry of Finance issued the Provisions to coordinate the implementation of the pilot work of changing levy of Business Tax to VAT.

(From the website of the Ministry of Finance)

VI. The second Draft of Revised Copyright Law has been Issued for Public Opinions

On 6^th of July, 2012, the National Copyright Administration issued a notice on the second draft of revised Copyright Law of People’s Republic of China for public opinions (the “Notice”). According to the Notice, since the issuance amendment draft of Copyright Law on 31^st of March, 2012, lots of opinions and advices have been proposed by the public, based on which the National Copyright Administration revised and promoted the amendment draft. Additionally, a brief description was issued together with the amendment draft, according such brief description, the revised contents covers the content of copyright, the right of audio-visual performers, performer and recording producer’s right to receive remuneration based on the broadcast of recording production and performance, statutory license, fair use and other aspects. The deadline for the second draft for public opinions is 31^st of July, 2012.