Here are questions and answers from the CC when I asked about the money problem to Elsa...
Bigplay777
So I see that you are having trouble moving monies from China to the United States. Talk to us a little bit about that and what you see to remedy that?
Sung Elsa
But before I go on, let me I was very sorry I forget to translate for the Chinese side--
Bigplay777
Okay.
Sung Elsa
I just want to make sure they don't, they are not left out. So let me go ahead and then go back to translate our Q&A from the previous question for them and then I am going to come to that if that's okay.
Bigplay777
Yes.
[Foreign Language].
Sung Elsa
Okay, that was Mr. Xin (ph). He explained that currently because of the global financial crisis, the China government does put more restrictive regulations on letting the money transfer out of China. And prior to last year, prior to last part of 2008, the restriction was mostly on money coming into China and subsequent to the financial crisis, the restriction have swift over to more of wiring money out of China.
And the management currently is working to make payments to the States as much as we could. And also, we are working very closely with the local government, seeking approval for other solution that would be permitted by the government to resolve the situation. So we can meet our expenses in the U.S. as far as other needs for the capital in the U.S.
Bigplay777
Okay, okay. So you see that being remedied sometime in the future then?
Sung Elsa
Yes, yes. Let me translate the question for Mr. Xin.
[Foreign Language].
Sung Elsa
Mr. Xin just said yes we do anticipate we will see the remedy in the near future and the China government may have change in the policy. And eventually it's going to have to make it more flexible so the commerce can continue. So we do anticipate that the problems will get solved in the near future.
Bigplay777
Okay. When money is moved to the United States is that subject to U.S. taxes or is it already taxed in China?
Sung Elsa
I don't believe the money... this is considered we are all one entity I don't believe the money is subject to the U.S. taxes because this is basically in industry it's all put it into China as we acquire.
