On March 16th, 2009, the Ministry of Commerce (the “MOFCOM”) promulgated the Measures on Administration of Overseas Investment (the “Measures”), which will become effective and replace the current Regulations on Items Subject to Approval of Overseas Investment for Establishing Enterprises and the Regulations on Items Subject to Approval of Overseas Investment for Establishing Enterprises in Hong Kong Special Administrative District and Macau Special Administrative District by Domestic Enterprise on May 1st, 2009. Overseas Investment subject to the Measures refers to establishment of non-financial enterprises or acquisition of ownership, control, or management rights of existing non-financial enterprises outside China by enterprises incorporated under the PRC laws (the “Enterprises”). Compared with the regulations currently effective, the Measures grants more powers to provincial branches of the MOFCOM (the “Local MOFCOM”) that will decide most overseas projects, as well as simplifies the examination and approval procedure.