From June 8 to 11, 2005, CNTIC President Jiang Xinsheng led a team of staff of Corporate Development & Management Department of Genertec to the Philippines to attend the 24th Joint Committee Meeting between the Chinese Ministry of Commerce (MOFCOM) and the Filipino Department of Trade and Industry, and attended the first meeting of the Sino-Filipino joint work group for infrastructure construction. An Min, Vice-Minister of MOFCOM, as well as related leaders therein, attended this meeting. Vice-Minister An Min clearly expressed that the Philippines are expected to use the preferential credit provided by the Chinese Government in a reasonable and scientific way. This meeting achieved a good effect, laying down an important foundation for our company to further the southern railway project in the future.

While in the Philippines, President Jiang attended a banquet hosted by President Arroyo of the Philippines in memory of the 30^th anniversary of the diplomatic relationship between China and the Philippines, and was invited by Minister An Min to meet with some Filipino government officials, including the Jose De Venecia, Speaker of the House of Representatives, Romulo L. Neri Director-General of National Economic and Development Authority, Thomas Aquino, undersecretary of the Philippine Department of Trade and Industry and other government officials and executives of National Development Corporation as mandated by the Department. Meanwhile, President Jiang was present at a Sino-Filipino exhibition of mechanical and electronic products, visited our company’s exhibition booth, and exchanged views and ideas with Wang Xusheng, Vice- President of our company, as well as all the staff present at the exhibition, over a further development of the market in the Philippines.