Issue of Debt

25 November 2020

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR IN ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW

Publication of Offering Circular

The following Offering Circular has received the confirmation of "no comments" from the International Securities Market and is available for viewing:

Offering Circular dated 18 November 2020 (the "Offering Circular") relating to the issuance of EUR750,000,000 Zero Coupon Bonds due 2025; EUR2,000,000,000 0.250% Bonds due 2030; EUR1,250,000,000 0.625% Bonds due 2035 by The Central People's Government of the People's Republic of China

To view the Offering Circular, please paste the following URL into the address bar of your browser:

http://www.rns-pdf.londonstockexchange.com/rns/0481G_1-2020-11-20.pdf

Zongjie LIU

Telephone: +86 10 6855 1267

Email: [email protected]

Address:

No. 3 Sanlihe Nansanxiang, Xicheng District Beijing 100820 People's Republic of China

DISCLAIMER - INTENDED ADDRESSEES

Please note that the information contained in the Offering Circular may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Offering Circular) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Offering Circular is not addressed. Prior to relying on the information contained in the Offering Circular, you must ascertain from the Offering Circular whether or not you are one of the intended addressees of the information contained therein.

In particular, the Offering Circular does not constitute an offer of securities for sale in the United States of America or any other jurisdiction where it is unlawful to do so. This is not for release, publication or distribution in the United States of America or in any other jurisdiction in which such release, publication or distribution would be prohibited by applicable law. The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or under any relevant securities laws of any state of the United States of America or other jurisdiction and are subject to U.S. tax law requirements. The securities may not be offered or sold within the United States of America, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws. The Offering Circular is made solely in offshore transactions pursuant to Regulation S under the Securities Act. There will be no public offer of securities in the United States.

Your right to access this service is conditional upon complying with the above requirement.