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Trade Accounts and Bills Payable
 3 Months Ended
Mar. 31, 2018
Trade Accounts and Bills Payable [Text Block]
11.

Trade Accounts and Bills Payable

Trade accounts and bills payable as of December 31, 2017 and March 31, 2018 consisted of the followings:

      December 31,     March 31,  
      2017     2018  
  Trade accounts payable $ 29,805,350   $ 27,794,615  
  Bills payable            
  -     Bank acceptance bills (Note 1)   34,025,080     27,298,720  
  -     Commercial acceptance bills   1,786,113     5,196,723  
    $ 65,616,543   $ 60,290,058  

All the bills payable are of trading nature and will mature within six months to one year from the issue date.

The bank acceptance bills were pledged by:

  (i)

the Company’s bank deposits (Note 2); and
     
  (ii)

$19,047,471 and $10,564,411 of the Company’s bills receivable as of December 31, 2017 and March 31, 2018, respectively (Note 3).