The People's Bank of China, in collaboration with the General Administration of Customs, has initiated a public consultation process regarding proposed revisions to the regulations governing the import and export of gold and gold products. The draft amendments, titled the "Measures for the Administration of the Import and Export of Gold and Gold Products (Draft for Comments)," aim to further standardize related activities, enhance trade facilitation, and improve the business environment. This follows a review of the existing measures, which were initially issued in 2015 and subsequently revised in 2020.
The People's Bank of China noted in its explanatory statement that the current regulations have played a positive role since their 2015 implementation in stabilizing the import and export order for national gold reserves, facilitating trade, and supporting the real economy. However, with ongoing economic and social development, along with adjustments to relevant laws and policies, certain provisions are no longer fully aligned with contemporary management needs, necessitating this revision.
Key Areas of Revision
The proposed amendments focus on several key areas. To streamline administration and delegate power, a clause stipulating that rules for individuals carrying gold and gold products across borders would be jointly formulated by the central bank and the customs authority has been removed. This change is intended to improve policy coherence and further optimize the management framework for personal cross-border movements of gold.
Enhancing Business and Public Convenience
Measures proven effective in practice will be formalized to promote trade facilitation and stimulate market vitality. For instance, the validity period for a "single-consignment" permit will be extended to three months, and the usage method for "non-single-consignment" permits will be optimized.
Strengthened Supervision and Oversight
The revisions emphasize enhanced ex-ante supervision. Requirements for qualification reviews and application materials will be expanded. Applicants will need to demonstrate no violations of customs, foreign exchange, tax, anti-money laundering, counter-terrorist financing, or environmental protection regulations within the past two years. Furthermore, the first application of the year or any change in supporting materials will be treated as an initial application. The scope of customs oversight is clarified, with three new scenarios added where a permit is exempted but customs supervision still applies. Supervision over foreign trade agents will be tightened, incorporating requirements based on the customs authority's credit rating assessments for such enterprises to ensure agent accountability and prevent fraudulent transactions. The post-event penalty system will be refined to elevate administrative law enforcement standards, including the removal of the "suspension of import/export application acceptance" provision and the addition of language regarding the "revocation of the import/export administrative permit for gold and gold products" for violators.