The “Administrative Measures for the Import and Export of Gold and Gold Products” (hereinafter referred to as the “Measures”), recently released by the People’s Bank of China and the General Administration of Customs, has been... 4 Moon 1 It officially came into effect today. This set of measures further clarifies the qualification requirements for enterprises engaged in gold import and export, which will help reduce the cost of gold usage for domestic enterprises and encourage greater participation by domestic gold market players in overseas markets, thereby enhancing their influence on gold pricing. Experts say that these measures are of great significance to the development of domestic gold-producing and refining enterprises.

　　It is understood that the Measures clearly stipulate that exchange members of the comprehensive category who meet the following conditions may engage in gold import and export business: possessing legal person status, recently... 2 No relevant violations have been recorded this year. We are a comprehensive member of the gold exchange approved by the State Council, with annual mined gold production. 10 Over tons, with pollutant emissions during its production process meeting national environmental protection standards, and the scale of overseas investment reaching... 5000 With assets exceeding USD 10 million and having obtained mining rights for overseas gold mines or coexisting and associated gold deposits, the company has established a capacity for producing mined gold. Its business activities comply with relevant domestic and international policies and regulatory requirements. Prior to applying, the company was among the top-ranking mineral enterprises in terms of active spot gold trading volume over the past two years and had a leading position in its own-trading volume.

　　The Measures stipulate that not only financial institutions such as banks can engage in gold import and export, but also comprehensive members meeting the required standards are permitted to import and export gold. This injects fresh vitality into the domestic gold market and brings more qualified enterprises into the gold import and export sector, potentially shifting away from the current market structure dominated solely by banks. Enterprises whose applications are successful can look forward to directly connecting with overseas companies to complete transactions, which will first help reduce the cost of gold procurement for domestic enterprises. This development also poses significant challenges for financial institutions such as banks.

　　The Measures also stipulate that legal persons and other organizations engaging in the following activities must obtain a permit: exporting gold products via general trade or processing trade converted to domestic sales, importing gold raw materials within China for subsequent export via processing trade, as well as importing and exporting gold and gold products between special customs supervision zones, bonded supervision sites, and areas outside China. Individuals, legal persons, or other organizations importing gold and gold products for charitable donations should also obtain a permit.

　　In addition, the Measures clearly stipulate that applications for importing and exporting gold and for donating gold products to public welfare undertakings shall be受理 and approved by the People's Bank of China. Market entities granted qualifications to import and export gold shall assume responsibility for balancing the supply and demand of physical gold in the domestic market. All imports and exports of gold must be registered on a spot gold exchange approved by the State Council and must complete the initial transaction.

　　Experts say that the Measures not only expand China’s gold import and export network but also, to a certain extent, enhance China’s influence over gold pricing in the international market.