The National Standardization Administration and Ministry of Finance of P. R. China

released the Chinese National Standards on Extensible Business Reporting Language

(XBRL) Specifications and General Purpose Taxonomy of Chinese Aounting

Standards

Press Office of Ministry of Finance

October 19, 2010

 On October 19, the National Standardization Administration and Ministry of Finance of China held the Release Ceremony for the Chinese National Standards on Extensible Business Reporting Language (XBRL) Specifications and General Purpose Taxonomy of Chinese Aounting Standards (CAS) in Beijing. The national standards and general purpose taxonomy have defined the elements of XBRL and the basic requirements of preparing XBRL financial reporting based on CAS, thus laying a solid foundation for building a scientific, sophisticated and universal aounting information standards system. The national standards and taxonomy have bee a milestone and starting point of China’s aounting information undertaking. Vice Finance Minister Wang Jun and Administrator Ji Zhengkun of National Standardization Administration attended the ceremony and delivered an address.

 Wang Jun said that XBRL has effectively enhanced the auracy and timeliness of information disclosure. It is helpful to nduct profound and meticulous information processing from various perspectives and levels, thus significantly scaling up the width, depth and auracy of information usage. XBRL can not only be applied in the financial aounting sector, but also be extended to fiscal management, taxation, financial regulation, state-owned assets management, risk management and internal ntrol. He pointed out that the establishment of the national standards and general purpose taxonomy is a trail-blazing cause. The formulation and implementation of the standards and taxonomy demonstrate inclusiveness, nsistence and authority. The design of the standards and taxonomy is in line with the development trend of XBRL, which is forward-looking, flexible and open. In the next step of implementation, it is imperative to ntinue playing the synergy effect of the Aounting Information mittee, improve the ordination mechanism, and ensure proactive and orderly implementation.

 Ji Zhengkun said that the Chinese National Standards of XBRL have been formulated aording to the Aounting Law of the People’s Republic of China. The standards play an important role of standardizing preparation of financial reporting and ensuring the quality of it. The standards, which are important fundamental national standards in the sector, can not only meet the ernment needs for macroenomic adjustment, but also be nvenient for micromanagement of panies. The national standards have fully demonstrated their role of technical support and 1 nsistency.

 Vice Minister Xi Guohua of Ministry of Industry and Information Technology, Assistant ernor Guo Qingping of the People’s Bank of China, Auditor-in-Chief Sun Baohou of National Audit Office, Deputy missioner Song Lan of State Administration of Taxation and some other representatives from ernment agencies attended the release ceremony and made an address. They believed that the release and implementation of the national standards of XBRL and general purpose taxonomy has provided benchmark and experience for the financial, audit, taxation and other ernment agencies to adopt XBRL. It is helpful to promote cross-sectoral XBRL information sharing and implement the national information development strategy.

 Vice Chairman Meng Jianmin of State-owned Assets Supervision and Administration mission of the State uncil, Vice Chairman Li Xiaoxue of China Securities Regulatory mission, Assistant Chairman Chen Wenhui of China Insurance Regulatory mission and representative from China Banking Regulatory mission also made remarks at the release ceremony. They said that the release and implementation of the national standards and general purpose taxonomy will help the supervisory agencies establish their own extensibles for supervisory purposes, thus advancing cross-departmental information sharing and exchange and improving supervision efficiency.

 Liu Zhongli, Trustee of IFRS Foundation and President of CICPA, Mike Willis, Chairman of the Steering mittee and Chairman of the Board of XBRL International, and Arleen Thomas, Senior Vice President of AICPA attended the release ceremony and made an address. Li Zhongli said that the architectures of the CAS taxonomy and IFRS taxonomy are highly nverged. It is the oute of synchronized nvergence of aounting standards and XBRL between the IFRS Foundation and Ministry of Finance of China. The IFRS Foundation will ntinue to support China’s endeavor in the above-mentioned areas. Mike Willis pointed out that “developing and expanding the use of the XBRL standard here in China is a great example for others around the world.” Arleen Thomas said that the general purpose taxonomy of CAS represents the latest development trend of global XBRL taxonomy.

 The release ceremony was chaired by Director-General Liu Yuting of the Aounting Regulatory Department of Ministry of Finance. Vice Administrator Fang Xiang of the National Standardization Administration made the announcement of the release of the national standards. The release ceremony was held in tandem with the 21st XBRL International nference. Members of China Aounting Information mittee, nsulting experts, representatives from the business and academic munities, intermediaries and software firms, as well as nearly 500 people from around 30 untries and regions attended the ceremony and the nference.

 XBRL is XML of business reporting. It has been widely applied in financial and regulatory reporting around the world. The Chinese national standards released today will take into effect as of January 1, 2011. The CAS taxonomy is standard that must be followed when preparing financial reporting with XBRL format (instance document) based on China’s Aounting Standards on Business Enterprises. The taxonomy will be implemented as of January 1, 2011 by 2 Chinese panies listed in the New York Stock Exchange, and some aounting firms practicing in securities and futures. Other listed panies and non-listed large-and-medium-sized enterprises are enuraged to implement. XBRL China initiated by Ministry of Finance became formal jurisdictional member of XBRL International in April 2010. The semi-annual XBRL International nference is the global XBRL symposium of highest level by XBRL International, aiming at promoting and strengthening global application of XBRL.