China will simplify the approval procedure on transactions for import and export of gold

Almaty. May 6. Silkroadnews – China will test a new policy aimed to simplify the import and export of gold, the joint statement by the People’s Bank of China and China’s General Administration of Customs say, “People’s Daily” reports.

The new policy, to be implemented on June 1, is reported to allow gold companies to clear customs up to 12 times with one permit, whereas previously they had to obtain a permit for every import or export consignment.

According to the statement, this step is directed to simplify the authorization procedures and improve the gold trade environment.

The new policy will be applied in Beijing, Shanghai, Guangzhou, Nanjing, Qingdao and Shenzhen.

China continues to hold the position of the world’s largest gold consumer. Last year the volume of gold consumption by the country amounted 985.9 tonnes. According to the China Gold Association, in 2015 gold production reached 450.05 tonnes.