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The general procedure for forming a new venture in China is as follows:

• Letter of intent

• Local partner submits a project proposal to its superior organization

• Due diligence

• Local approval of the venture

• Feasibility study

• Joint venture agreement

• Articles of Association

• Submit feasibility study to MOFTEC

• Finalize contract

• Final approval my MOFTEC

• MOFTEC issues approval certificates

• SAIC issues business