inistration (sppa) and the Ministry of Culture. News must be approved before being posted online. Web journalists must have state accreditation. Net companies expect the enforcement of these regulations to be sporadic at best. They note how easily people have gotten around a previous ban on satellite dishes and controls on fax machines.
<BR><BR><FONT SIZE="3" COLOR="#990000"><STRONG>LICENSING</STRONG></FONT>  The Radio, Film and Television Administration will monitor online video and sound, while the sppa will oversee Net publishing and bookselling. Fees may be levied--official or otherwise--to ensure that the bureaucrats concerned get their slice of the pie.
<BR><BR><FONT SIZE="3" COLOR="#990000"><STRONG>ENCRYPTION</STRONG></FONT>  Companies were required to register their encryption technology by the end of January. If enforced, this rule would make e-commerce payment systems vulnerable and compromise corporate secrets. Many companies are refusing to register.
<BR><BR><FONT SIZE="3" COLOR="#990000"><STRONG>E-COMMERCE</STRONG></FONT>  The policies aren't clear. For domestic commerce, the Internal Trade Ministry and possibly the Finance Ministry would supervise transactions through some sort of licensing system. For export business, the Customs Bureau and the Ministry of Foreign Trade and Economic Cooperation would no doubt be involved. Players should start building relationships in the relevant ministries. 
<BR><BR><FONT SIZE="3" COLOR="#990000"><STRONG>FOREIGN INVESTMENT</STRONG></FONT>  The decreed 50% limit on foreign equity holdings has already been exceeded by many of the market leaders. The government is likely to fudge the rules, although it might create difficulties for companies wanting to list overseas.
<BR><BR><FONT SIZE="3" COLOR="#990000"><STRONG>IPO LISTINGS</STRONG></FONT>  Dotcoms seeking to sell shares overseas will likely need approval from the China Securities Regulatory Commission, the Ministry of Information Industries and the relevant office of the State Council. They may also be required to list on a proposed high-tech exchange to be set up in China. Delays and investor frustration could propel some companies to move operations offshore.

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<STRONG>China's Hottest Websites</STRONG>
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PORTALS<BR>
<A HREF="http://sina.com" TARGET="NEW"><STRONG>Sina.com</STRONG></A> The biggest, heavy on news<BR>
<A HREF="http://netease.com" TARGET="NEW"><STRONG>Netease.com</STRONG></A> E-mail provider turned portal<BR>
<A HREF="http://sohu.com" TARGET="NEW"><STRONG>Sohu.com</STRONG></A> Lost early competitive advantage due to management problems
<BR><BR>
BUSINESS-TO-CONSUMER AND AUCTIONS<BR>
<A HREF="http://8848.net" TARGET="NEW"><STRONG>8848.net</STRONG></A> Online shopping with preexisting network of retail stores to deliver goods<BR>
<A HREF="http://dangdang.com" TARGET="NEW"><STRONG>Dangdang.com</STRONG></A> Online bookseller <BR>
<A HREF="http://eachnet.com" TARGET="NEW"><STRONG>Eachnet.com</STRONG></A> Leading auction site<BR>
<A HREF="http://coolbid.com" TARGET="NEW"><STRONG>Coolbid.com</STRONG></A> Auctions <BR>
<A HREF="http://clubciti.com" TARGET="NEW"><STRONG>Clubciti.com</STRONG></A> More auctions 
<BR><BR>
BUSINESS-TO-BUSINESS<BR>
<A HREF="http://alibaba.com" TARGET="NEW"><STRONG>Alibaba.com</STRONG></A> Worldwide trading of products<BR>
<A HREF="http://meetchina.com" TARGET="NEW"><STRONG>Meetchina.com</STRONG></A> Online registry of Chinese exporters
<BR><BR>
ENTERTAINMENT <BR>
<A HREF="http://zhaodaola.com" TARGET="NEW"><STRONG>Zhaodaola.com</STRONG></A> Lifestyle portal<BR>
<A HREF="http://globallink.com" TARGET="NEW"><STRONG>Globallink.com</STRONG></A> Fun online: chess, bridge, mahjong, strategy games<BR>
<A HREF="http://chinanow.com" TARGET="NEW"><STRONG>Chinanow.com</STRONG></A> City listings: restaurants, clubs, events<BR>
<A HREF="http://myrice.com" TARGET="NEW"><STRONG>Myrice.com</STRONG></A> Collection of sites including soccer results, games, jokes, software 
<BR><BR>
FINANCE<BR>
<A HREF="http://homeway.com.cn" TARGET="NEW"><STRONG>Homeway.com.cn</STRONG></A> financial information <BR>
<A HREF="http://stockstar.com" TARGET="NEW"><STRONG>Stockstar.com</STRONG></A> share price lists; part of shanghai.online 
<BR><BR>
JOB SEARCH <BR>
<A HREF="http://zhaopin.com" TARGET="NEW"><STRONG>Zhaopin.com</STRONG></A> Good source for openings at foreign firms<BR>
<A HREF="http://51job.com" TARGET="NEW"><STRONG>51job.com</STRONG></A> Listings of jobs at Chinese companies
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