国有资产评估管理办法 Administration of State Asset Valuation Procedures

ess the cumulative depreciation for their period of service as calculated according to their replacement cost， taking into consideration such factors as changes in the assets' functions and the renewal ratio. Alternatively， the value of the assets may be reappraised based on their period of service， taking into consideration such factors as changes in their functions to redetermine the renewal ratio.

　　Article 26　When the current market value method is employed in asset valuation， the value of assets shall be reappraised by reference to the market prices of identical or similar assets.

　　Article 27　When the liquidation price method is employed in asset valuation， the value of assets shall be reappraised on the basis of the realizable value of the assets if the enterprise holding them should go into liquidation.

　　Article 28　The value of the raw materials， goods in process， parts supplied by contractors， commodities on hand and low-cost and short-lived articles among current assets shall be reappraised based on the current market prices and plan prices of such assets， taking into consideration such factors as purchase expenses， degree of completion of the products and spoilage.

　　Article 29　The value of valuable securities shall be reappraised by reference to their market prices. The value of valuable securities without market prices shall be reappraised by taking into consideration such factors as their par values and prospective earnings.

　　Article 30　The value of the intangible assets of a holding work unit shall， depending on the particular assets， be reappraised using the methods set forth below：

　　1. intangible assets purchased from outside the holding work unit shall be reappraised on the basis of purchase costs and profitability of the assets；

　　2. intangible assets created or owned by the holding work unit shall be reappraised on the basis of actual costs necessary for creation， and profitability of the assets； and

　　3. intangible assets created or owned by the holding work unit the costs of which are not separately calculated shall be reappraised on the basis of profitability

of the assets.

　　PART FIVE　LIABILITY

　　Article 31　Where a holding work unit violates these Procedures by providing false details and information or by perpetrating fraud in collusion with an asset valuation institution such that the results of asset valuation are inaccurate， the department in charge of State asset administration may declare such results invalid and may also， according to the seriousness of the case， impose one or more of the following penalties：

　　1. circulation of a notice of criticism；

　　2. issue of an order to rectify the situation within a fixed period； a fine not exceeding the valuation expenses may be imposed simultaneously； or

　　3. submission of a request to the relevant departments for imposition of administrative sanctions on the persons in charge of the holding work unit and the persons of the holding work unit who are directly responsible； a fine not exceeding the equivalent of three months' base wages of such persons may be imposed simultaneously.

　　Article 32　Where an asset valuation institution perpetrates fraud or commits dereliction of duty such that the results of asset valuation are inaccurate， the department in charge of State asset administration may declare such results invalid and may additionally， according to the seriousness of the case， impose the following penalties on such asset valuation institution：

　　1. issue of a warning；

　　2. suspension of operations for the purpose of rectification； or

　　3. cancellation of its certificate of qualification for State asset valuation.

　　Article 33　Where a holding work unit or individual is dissatisfied with a decision to impose penalties on it made in accordance with Article 31 or 32 of these Procedures， it may， within 15 days from the date of receipt of notification of the penalty， apply to the department in charge of State asset administration at the next higher level for reconsideration. Such department shall make a decision on reconsideration within 60 days from the date of receipt of the application for reconsideration. Where the applicant is dissatisfied with the decision on reconsideration， it may， within 15 days from the date of receipt of notification of reconsideration， institute proceedings in a People's Court.

　　Article 34　Where personnel of a department in charge of State asset administration or a department in charge of an industry violate these Procedures by using their official powers to seek personal gain， or where they commit dereliction of duty that causes loss of State assets， the department in charge of State asset administration or the department in charge of the industry may apply administrative sanctions in accordance with its jurisdiction in the management of cadres， and may simultaneously impose fines not exceeding the equivalent of three months' basic wages of such personnel.

　　Departments with powers of examination and disposition shall recover the unlawful income of holding work units or individuals that violate these Procedures by using their official powers to seek personal gain， in accordance with the law.

　　Article 35　Holding work units or individuals whose violations of these Procedures are so serious as to constitute crimes shall be prosecuted by the judicial authorities.

　　PART SIX　SUPPLEMENTARY PROVISIONS

　　Article 36　These Procedures shall not apply to the valuation of State assets located outside the People's Republic of China.

　　Article 37　The State Council shall formulate separate measures for the valuation of State-owned natural resources that are used or extracted for consideration.

　　Article 38　These Procedures shall be interpreted by the department of the State Council in charge of State asset administration. Detailed implementing rules for these Procedures shall be formulated by the department of the State Council in charge of State asset administration.

　　Arti

cle 39　These Procedures shall be effective as of the date of promulgation

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