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China's National Development and Reform Commission (the "NDRC") has issued a Letter on Relevant Issues Relating to Foreign-Invested Equity Investment Enterprises (the "Letter") in response to the Shanghai Development and Reform Commission's request to clarify the 'national status' of an RMB fund in the form of a limited partnership managed by a qualified foreign invested management company as the general partner (whether or not any of the capital committedcontributed to the fund is from that general partner or another non-PRC investor, a "QFLP Fund"
