The current members of our investment and development committee are Li Yongwu, as chairman of the committee, Mr. Wang Yilin and Mr. Li Xinhua. The investment and development committee's major responsibilities include:

    studying strategic action plans as proposed by our President and making recommendations to the board of directors;
    studying the annual investment budget as proposed by our President and making recommendations to the board of directors; and
    reviewing preliminary feasibility studies and feasibility studies for material investment projects requiring approval of the board of directors and making recommendations to the board of directors.