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People's Bank of China: New gold management measures are about to be introduced
Release time:
23 Nov,2015
Recently, the People's Bank of China's gold market research team visited Zhaoyuan, Shandong and Henan Province to conduct field research on promoting the development of China's gold market. The research team pointed out that the People's Bank of China will coordinate with relevant departments to accelerate the introduction of new gold management measures.
Moves on the Gold Market
■ Accelerate the introduction of new gold management measures
■ Establish gold brokerage companies
■ Further open up gold import and export rights
■ Support large gold enterprises or commercial banks to carry out gold repurchase business
■ Conduct education, regulation and rectification of underground gold speculation
Suggestions from the Gold Industry
■ Reduce taxes for gold mining enterprises
■ Reduce consumption tax on gold jewelry
■ Establish a gold industry development fund and investment fund
■ Further revitalize gold reserves
■ Reduce corporate financing costs
On November 17, during a survey in Zhaoyuan, the research team revealed that the People's Bank of China will explore the selection of some excellent comprehensive member units to establish gold brokerage companies to enhance the activity of the gold market; with the continuous opening up of foreign exchange control and the gold market, further opening up of gold import and export rights in the future; supporting large gold enterprises or commercial banks to carry out gold repurchase business at the policy level; and jointly with relevant departments to conduct education, regulation and rectification of underground gold speculation.
At the symposium, Du Haijun, director of the Gold Office of the Financial Market Department of the People's Bank of China, introduced the purpose and requirements of the survey. He said that as an important part of the financial market, the development of the gold market is conducive to improving China's financial market system, enhancing the competitiveness of the financial market, and maintaining the safety of the national financial market. He hoped that this survey would better promote the healthy development of China's gold market.
The meeting discussed and put forward opinions and suggestions on issues such as the gaps between China's gold market and the international market, how to improve the multi-level gold market system, the problems existing in the gold market agency channels, how to enrich the gold market entities and improve liquidity, the problems existing in financial support for the gold industry's real economy, how to promote the opening up of the gold market to the outside world and improve its internationalization level, and how to plan and develop "Internet +" gold business.
Representatives from 12 units, including the Zhaoyuan Gold Association, Shandong Gold Group, Shandong Zhaoking Group, Shandong Zhongkuang Group, Hengbang Smelting Co., Ltd., Shandong Guoda Gold Co., Ltd., Industrial Bank of China, and Hengfeng Bank, gave speeches.
The representatives stated that since the opening and operation of the Shanghai Gold Exchange in 2002, China's gold market has developed rapidly, with gold production, consumption, spot trading volume, and import volume ranking first in the world, and futures trading ranking among the top in the world, achieving tremendous development achievements. However, compared with the international market, China's gold market still has gaps in trading varieties, time, scale, and services, such as lagging gold industry laws and regulations, rampant underground gold speculation, high transaction fees and delayed settlement of the gold exchange, lack of gold derivative investment tools, further opening up of gold import and export rights, development of comprehensive member personal brokerage business, gold repurchase and non-standard gold circulation.
Participants called for reducing tax burdens on gold mining enterprises, reducing consumption tax on gold jewelry, establishing a gold industry development fund and investment fund, further revitalizing gold reserves, and reducing corporate financing costs under the current situation of low gold prices.
From November 11 to 13, the Shanghai headquarters of the People's Bank of China, the China Gold Association, and the Shanghai Gold Exchange formed a joint research team to conduct research on financial institutions and related enterprises in Henan Province.
Regarding China's gold jewelry market, Cui Jianguo, vice president of the China Gold Association, said: "To develop the gold jewelry industry, it must be supported by culture. Therefore, the gold jewelry industry should attach great importance to culture."
Nian Yongmin, chairman of Jinxin Jewelry, suggested that the state should cancel the consumption tax and value-added tax on gold jewelry to reduce consumer purchase costs, invigorate the entire gold market, further promote the development of the private gold market, and achieve "keeping gold among the people."
Li Ling, deputy general manager of the Financial Markets Department of Bank of China, said: "China's gold market still has certain gaps compared with the international market. Currently, China's relevant regulations cannot meet the needs of market development, and there is multiple supervision in the gold market. At the same time, China lacks global price influence in the gold market, and the scope of participation and investment varieties in China's gold market still need to be expanded."
Based on the gap between China's gold market and the international gold market, the representatives also put forward some measures and suggestions. Lu Fengjuan from the Retail Business Department of Industrial Bank suggested that a multi-faceted environment for customer precious metal (T+D) investment knowledge training should be created to cultivate customer investment habits; effectively promote the liquidity of physical gold and precious metal products, and improve the convenience of realization."
Chen Lei from the Retail Business Department of Zhengzhou Bank expressed his views on the development of "Internet + gold" business. He proposed that "gold + crowdfunding" should be used to improve the efficiency of gold investment and financing, and seek a breakthrough from traditional to modern methods.
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