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Exhibit 14 

CODE OF ETHICS**OF****CHINA BIOLOGIC PRODUCTS, INC.****I.**Objectives**

China Biologic Products, Inc.and its subsidiaries (together, the "Company") is committed to thehighest level of ethical behavior. The Company’s business success depends uponthe reputation of the Company and its directors, officers and employees toperform with the highest level of integrity and principled business conduct.

This Code of Ethics ("Code")applies to all directors, officers and employees of the Company, including theCompany’s principal executive officer and principal financial officer,(collectively, the "Covered Persons"). This Code is designed to deterwrongdoing and to promote all of the following: 
-  honest and  ethical conduct, including the ethical handling of actual or apparent  conflicts of interest between personal and professional relationships; -  full, fair, accurate,  timely, and understandable disclosure in reports and documents that the  Company files with, or submits to, the Securities and Exchange Commission (the  "Commission"), and in other public communications made by the Company; -  compliance with  applicable governmental laws, rules and regulations; -  the prompt internal  reporting to an appropriate person or persons identified herein for receiving  notice of violations or potential violations of this Code; and -  accountability  for adherence to this Code. 
Current versions of the Codewill be maintained on the Company’s Website and distributed periodically to allCovered Persons. Compliance with the Code is, first and foremost, the individualresponsibility of every Covered Person. 

This Code is not intended tocover every applicable law, or to provide answers to all questions that mightarise; for such, the Company relies on each person’s sense of what is right,including a sense of when it is appropriate to seek guidance from others on anappropriate course of conduct. 
**II.**Honest And Ethical Conduct**

Each Covered Person must alwaysconduct himself or herself in an honest and ethical manner. Each Covered Personmust act with the highest standards of personal and professional integrity andmust not tolerate others who attempt to deceive or evade responsibility foractions. Honest and ethical conduct must be a driving force in every decisionmade by a Covered Person while performing his or her duties for the Company.When in doubt as to whether an action is honest and ethical, each Covered Personshall seek advice from his or her immediate supervisor or senior management, asappropriate. 
**III.**Conflicts Of Interest**

The term "conflict of interest"refers to any circumstance that would cast doubt on a Covered Person’s abilityto act objectively when representing the Company’s interest. Covered Personsshould not use their position or association with the Company for their own ortheir family’s personal gain, and should avoid situations in which theirpersonal interests (or those of their family) conflict or overlap, or appear toconflict or overlap, with the Company’s best interests. 

The following are examples ofactivities that give rise to a conflict of interest. These examples do not inany way limit the general scope of the Company’s policy regarding conflicts ofinterest. 

-  Where a Covered Person’s association  with (or financial interest in) another person or entity would reasonably be  expected to interfere with the Covered Person’s independent judgment as to the  Company’s best interest, that association or financial interest creates a  conflict of interest. -  The holding of a financial interest by a  Covered Person in any present or potential competitor, customer, supplier, or  contractor of the Company creates a conflict of interest, except where the  business or enterprise in which the Covered Person holds such financial  interest is publicly owned, and the financial interest of the Covered Person  in such public entity constitutes less than one percent (1%) of the ownership  of that business or enterprise. -  The acceptance by a Covered Person of a  membership on the board of directors, or serving as a consultant or advisor to  any board or any management, of a business that is a present or potential  competitor, customer, supplier, or contractor of the Company, creates a  conflict of interest, unless such relationship is pre-approved in writing by  the principal executive officer of the Company. -  Engaging in any transaction involving the  Company, from which the Covered Person can benefit financially or otherwise,  apart from the usual compensation received in the ordinary course of business,  creates a conflict of interest. Such transactions include lending or borrowing  money, guaranteeing debts, or accepting gifts, entertainment, or favors from a  present or potential competitor, customer, supplier, or contractor of the  Company. -  The use or disclosure of any unpublished  information regarding the Company, obtained by a Covered Person in connection  with his or her employment for personal benefit, creates a conflict of  interest. 
It is our policy and it is expected that all Covered Personsshould endeavor to avoid all situations that present an actual or apparentconflict of interest. All actual or apparent conflicts of interest must behandled honestly and ethically. If a Covered Person suspects that he or she mayhave a conflict of interest, that Covered Person is required to report thesituation to, and to seek guidance from, his or her immediate supervisor orsenior management, as appropriate. For purposes of this Code, directors, theprincipal executive officer, and the principal financial officer shall reportany such conflict or potential conflict situations to the chairman of the auditcommittee, if one is created, and in the absence of an audit committee, tochairman of the board of directors. Officers (other than the principal executiveofficer and principal financial officer) and employees of the Company shallreport any such situations to their immediate supervisor. It is theresponsibility of the audit committee chairman or the chairman of the board, asapplicable, to determine if a conflict of interest exists or whether suchsituation is likely to impair the Covered Persons ability to perform his or herassigned duties with the Company, and if such situation is determined to presenta conflict, to determine the necessary resolution. 
**IV.**Compliance With Applicable Laws, Rules AndRegulations**

Full compliance with the letter and the spirit of allapplicable governmental laws, rules and regulations, and applicable rules andlisting standards of any national securities exchange on which the Company’ssecurities may be listed, is one of the foundations on which this Company’sethical policies are built. All directors and executive officers of the Companymust understand and take responsibility for the Company’s compliance with theapplicable governmental laws, rules and regulations of the cities, states andcountries in which the Company operates, and for complying with the applicablerules and listing standards of any national securities exchange on which theCompany’s securities may be listed. 
**V.**Rules To Promote Full, Fair, Accurate, Timely andUnderstandable Disclosure**

As a public Company, the Company has a responsibility toreport financial information to security holders so that they are provided withaccurate information in all material respects about the Company’s financialcondition and results of operations. It is the policy of the Company to fullyand fairly disclose the financial condition of the Company in compliance withapplicable accounting principles, laws, rules and regulations. Further, it isthe Company’s policy to promote full, fair, accurate, timely and understandabledisclosure in all Company reports required to be filed with or submitted to theCommission, as required by applicable laws, rules and regulations then ineffect, and in other public communications made by the Company. 

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Covered Persons may be called upon to provide or preparenecessary information to ensure that the Company’s public reports are complete,fair and understandable. The Company expects Covered Persons to take thisresponsibility seriously and to provide accurate information related to theCompany’s public disclosure requirements. 

All books and records of the Company shall fully and fairlyreflect all Company transactions in accordance with accounting principlesgenerally accepted in the United States of America, and any other financialreporting or accounting regulations to which the Company is subject. No entriesto the Company’s books and records shall be made or omitted to intentionallyconceal or disguise the true nature of any transaction. Covered Persons shallmaintain all Company books and records in accordance with the Company’sestablished disclosure controls and procedures and internal controls forfinancial reporting, as such controls may be amended from time to time. 

The Company is committed to develop and operate a system ofinternal control policy over financial reporting and accounting record, toensure all internal transactions are properly authorized and recorded, and arecompliant with all applicable laws. The internal controls include but are notlimited to written policies and procedures, superior examination and monitoring,budget control and other inspection and settlement. The Company is committed todevelop and operate a system of disclosure procedures to ensure that allinformation is disclosed in accordance with applicable rules and regulations.

All Covered Persons must report any questionable accountingor auditing matters that may come to their attention. This applies to allreports or records prepared for internal or external purposes. If any CoveredPerson has concerns or complaints regarding questionable accounting or auditingmatters of the Company, Covered Person shall report such matters to his or herimmediate supervisor. If the immediate supervisor is involved in thequestionable accounting or auditing matter, or does not timely resolve theCovered Person’s concern, the Covered Person should submit their concerns to theprincipal executive officer or the principal financial officer. If the principalexecutive officer and the principal financial officer are involved in thequestionable accounting or auditing matter, or do not timely resolve the CoveredPerson's concerns, the Covered person should submit his or her concern directlyto the audit committee, if one be established, or to the board of directors inthe absence of a designated audit committee. The reporting of any such mattersmay be done on a confidential basis, at the election of the Covered Personmaking the report. 
**VI. Competition and Fair Dealing**
The Company seeks to outperform its competitors fairly andhonestly. The Company does not seek competitive advantages through illegal orunethical business practices. Each Covered Person shall endeavor to deal fairlywith the Company’s customers, service providers, suppliers, competitors andemployees. No Covered Person shall take unfair advantage of anyone throughmanipulation, concealment, abuse of privileged information, misrepresentation ofmaterial facts or any unfair dealing practice. 

The purpose of business entertainment and gifts in acommercial setting is to create good will and sound working relationships, notto gain unfair advantage with customers. No gift or entertainment should ever beoffered, given, provided or accepted by any Company employee, family member ofan employee or agent unless it: (i) is not a cash gift, (ii) is consistent withcustomary business practices, (iii) is not excessive in value, (iv) cannot beconstrued as a bribe or payoff, and (v) does not violate any laws orregulations. Please discuss with the Company’s General Counsel any gifts whichyou are not certain are appropriate. 
**VII.**Corporate Opportunities**

Covered Persons are prohibited from taking for themselvesopportunities that are discovered through the use of Company property,information or position, or using Company property, information or position forpersonal gain. Covered Persons have a duty to the Company to advance itslegitimate interest when the opportunity to do so arises. 

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**VIII.**Confidentiality**

Covered Persons must maintain the confidentiality ofnon-public, proprietary information regarding the Company, its customers or itssuppliers, and shall use that information only to further the business interestsof the Company, except where disclosure or other use is authorized by theCompany or legally mandated. This includes information disseminated to employeesin an effort to keep them informed or in connection with their work activities,but with the instruction, confidential labeling, or reasonable expectation thatthe information be kept confidential. 
**IX.**Trading on Inside Information**

Inside information includes any non-public information,whether favorable or unfavorable, that investors generally consider important inmaking investment decisions. Examples include financial results not yetreleased, imminent regulatory approval/disapproval of an alliance or othersignificant matter such as the purchase or sale of a business unit orsignificant assets, threatened litigation, or other significant facts about abusiness. No information obtained as the result of employment at, or adirector’s service on the Board of, the Company may be used for personal profitor as the basis for a "tip" to others, unless such information has previouslybeen made generally available to the public, and even in such circumstances,such information may be subject to other duties. 
**X.**Protection and Proper Use of Company Assets**

Covered Persons should protect the Company’s assets andensure their efficient use. Theft, carelessness and waste have an adverse impacton the Company and its profitability. Company assets may only be used forlegitimate Company business purposes. 
**XI. Foreign Corrupt Practices Act ("*FCPA*")**
The FCPA prohibits the making of a payment and/or theoffering of anything of value to any foreign government official, governmentagency, political party or political candidate in exchange for a business favoror when otherwise intended to influence the action taken by any such individualor agency or to gain any competitive or improper business advantage.Prohibitions of the FCPA apply to actions taken by all Covered Persons and byall outside parties engaged directly or indirectly by the Company (e.g.,consultants, professional advisers, etc.). Given the complexity of the FCPA andthe severe penalties associated with its violation, all Covered Persons areurged to contact the Company’s General Counsel at any time with any questionsconcerning the Company’s and their obligations under and in compliance with theFCPA. 
**XII. Fair treatment**
The Company is firmly committed to providing equalopportunity to all employees and will not tolerate any illegal discrimination orharassment based on nationality, national origin, sex, religion or any otherprotected class, avoid any discrimination or harassment for psychological orphysiological defect. 

The Company strives to provide each employee with a safe andhealthy work environment. Regardless of the status of the employee, the Companyprohibits any sexual harassment to employees of opposite sex through body orlanguage. Violence and threatening behavior are not permitted. 
**XIII.**Compliance with the Code; Discipline**

Violation of this Code may result in serious consequences forthe Company, its corporate reputation and credibility and the confidence levelof its customers and investors. Sanctions against the Company for criminal orcivil wrongdoing could include substantial fines and restrictions on futureoperations. Individual employees could be required to pay significant fines orbe sentenced to prison. Therefore, violations will be taken seriously. 

Company-imposed disciplinary action will be coordinated withthe employee’s supervisor, the human resources department and the Company’sGeneral Counsel. The overall seriousness of the matter will be considered indetermining disciplinary action to be taken: which might include consequences upto and including dismissal. 

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Individual cases may require an employee to reimburse theCompany for losses or damages. The Company may even refer an employee forcriminal prosecution, civil enforcement or a combination of the above. 

Disciplinary action may also be taken against Covered Personswho condone, permit or have knowledge of illegal or unethical conduct bysubordinates and do not take corrective action, and against Covered Persons whomake false statements in connection with investigations of violations of thisCode. 

All Covered Persons will be held to the standards in thisCode. Violating the Code, even if directed to do so by management is notjustifiable. If a manager solicits actions in violation of this Code, theCovered Person should contact the Company’s General Counsel. 
**XIV. Reporting and Compliance procedure

Every Covered Person has the responsibility to ask questions,seek guidance, report suspected violations and express concerns regardingcompliance with this Code. The Company’s General Counsel can be reached forexplanation, clarification, and guidance of this Code at 202-508-4281(telephone), lbevilacqua@thelen.com (email), or his office. Any employee,officer or director who knows or believes that any other employee orrepresentative of the Company has engaged or is engaging in Company-relatedconduct that violates applicable law or this Code should report such informationto the General Counsel. Covered Persons may report such conduct openly oranonymously without fear of retaliation. The Company will not discipline,discriminate against or retaliate against any employee who reports such conduct,unless it is determined that the report was made with knowledge that it wasfalse, or who cooperates in any investigation or inquiry regarding such conduct.Any supervisor who receives a report of a violation of this Code mustimmediately inform the General Counsel. 

Covered Persons may report violations of this Code on aconfidential or anonymous basis, while the Company encourages reporting personto identify himself or herself when reporting violations so that the Company mayfollow up with the reporting person, as necessary, for additional information.Covered Person may report to the General Counsel through any of the followingmeans: 

By post: 701 Eight Street, NW,Washington, DC 20001-3721, USA By Call/ Fax: /202-508-4281/202-654-1804 (You can leave a recorded message without identifying yourself) By Email: lbevilacqua@thelen.com 

If the General Counsel receives information regarding analleged violation of this Code, he or she shall, in consultation with outsidecounsel, as appropriate, (a) evaluate such information, (b) if the allegedviolation involves an executive officer or a director, inform the ChiefExecutive Officers and Board of Directors of the alleged violation, (c)determine whether it is necessary to conduct an informal inquiry or a formalinvestigation and, if so, initiate such inquiry or investigation and (d) reportthe results of any such inquiry or investigation, together with a recommendationas to disposition of the matter, to the Chief Executive Officers for action, orif the alleged violation involves an executive officer or a director, report theresults of any such inquiry or investigation to the Board of Directors or acommittee thereof. Covered Persons are expected to cooperate fully with anyinquiry or investigation by the Company regarding an alleged violation of thisCode. 

Failure to cooperate with any such inquiry or investigationmay result in disciplinary action, up to and including discharge. 

The Company shall determine whether violations of this Codehave occurred and, if so, shall determine the disciplinary measures to be takenagainst any employee who has violated this Code. In the event that the allegedviolation involves an executive officer or a director, the Chief ExecutiveOfficers and the Board of Directors, respectively, shall determine whether aviolation of this Code has occurred and, if so, shall determine the disciplinarymeasures to be taken against such executive officer or director. 

Failure to comply with the standards outlined in this Codewill result in disciplinary action including, but not limited to, reprimands,warnings, probation or suspension without pay, demotions, reductions in salary,discharge and restitution. Certain violations of this Code may require theCompany to refer the matter to the appropriate governmental or regulatoryauthorities for investigation or prosecution. Moreover, any supervisor whodirects or approves of any conduct in violation of this Code, or who hasknowledge of such conduct and does not immediately report it, also will besubject to disciplinary action, up to and including discharge. 

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**XV.**Waiver of the Code**

While some of the policies contained in this Code must bestrictly adhered to and no exceptions can be allowed, in other cases exceptionsmay be possible. Any request for a waiver of any provision of this Code must bein writing and addressed to the Board or the Audit Committee (if one beestablished), if made by an executive officer or a director, or the ChiefExecutive Officer of the Company, if made by an employee. 

Any waiver of this Code may be made only by the independentdirectors on the board of directors, or by an authorized committee of the boardof directors comprised solely of independent directors, and will be disclosed asrequired by law, Commission regulations, or the rules and listing standards ofany national securities exchange on which the Company’s securities may belisted. 

Any waiver of this Code with respect to an officer ordirector must be approved by the Board or the Audit 

Committee, after consultation with the Company’s corporate oroutside counsel, and will be disclosed as required by law, Commissionregulations, or the rules and listing standards of any national securitiesexchange on which the Company’s securities may be listed. 
**XVI. Dissemination and Amendment**
This Code shall be distributed to each employee, officer anddirector of the Company upon commencement of his or her employment or otherrelationship with the Company. The Company reserves the right to amend, alter orterminate this Code at any time for any reason. 

Adopted by the Board of Directors effective as of March 25,2008. 

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