China To Make Approval Process For Gold Imports, Exports Easier

BEIJING, May 4 (Bernama) -- China will test a new policy to make the import and export of gold easier, China's Xinhua news agency reported on Wednesday. The new policy, which will be experimented in Beijing, Shanghai, Guangzhou, Nanjing, Qingdao and Shenzhen, is likely be tested from June 1, 2016. It will allow gold companies to clear Customs up to 12 times with one permit, it quoted joint statement from the People's Bank of China and the General Administration of Customs. Previously, gold companies had to apply for a permit for every import or export consignment. Xinhua reported the new measure will simplify the approval procedures and improve the gold trade environment. China remains one of the world's biggest consumers of gold, with total consumption of 985.9 tonnes last year, while gold output stood at 450.05 tonnes. --BERNAMA