Vice Chairman Shao Ning Met with Mr. Toda Hiroshi, Vice President of
Nomura Holdings Inc.

On Jan.8th ,2008，Vice Chairman Shao Ning met with Mr. Toda Hiroshi, Vice President of Nomura Holdings Inc., and exchanged views on SOE reform. Mr. Shao Ning answered the questions raised by the Japanese side on the restructuring and IPO of central SOEs. Mr. Toda Hiroshi remarked that the SOE reform in Japan was also very complicated and challenging, when privatized SOEs saw the conflicts between delivering returns to shareholders and achieving non-profit objectives. He also said that China has made remarkable progress in its SOE reform over recent years, setting a good example for Japan.