Earlier today China time, the State Council of the PRC announced that the VAT Pilot Program would be implemented in another 10 provinces and cities in China (namely Beijing, Tianjin, Jiangsu, Zhejiang, Anhui, Fujian, Hubei, Guangdong, Xiamen and Shenzhen) over the period from 1st of August through the end of 2012.  It is not explicit from today’s announcement when the program will be specifically implemented in which of the 10 locations.  It is expected that the provinces and cities will soon announce their respective implementation date.  We are expecting September 1 for Beijing and October 1 for the other location.  The announcement also mentioned that Pilot Program will continue to expand next year, with selected industries be tested on a nation wide basis.