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China Issues Rules on Retail Sales of Gold Products
The People's Bank of China, the country's central bank, announced Tuesday that enterprises and individuals, including foreign-funded companies, who want to engage in retail sales of gold products are required to register with related authorities.
An official circular says those that want to sell gold products need to get approval from the central bank's local branches, get a business license from the local administration for industry and commerce, and handle tax registration procedures with the local taxation administration.
Auction houses also have to get an approval if they want to engage in the auction of gold products.
The circular was jointly issued Tuesday by the central bank, the State Economic and Trade Commission, the State Administration for Industry and Commerce, and the State Administration of Taxation.
The circular allows the opening of chain stores and outlets of enterprises engaged in retail sales of gold products. But these enterprises must purchase from officially designated suppliers.
The central bank announced in April this year the abolition of China's long-term government monopoly of gold and the beginning to establish a gold market.
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