BEIJING, June 28 (Bernama-Xinhua) -- Chinese regulators have proposed revisions to current regulations on the import and export of gold and gold products, aiming to streamline administration, facilitate trade, and improve the management of gold carried across the border by individuals, reported Xinhua.
The People's Bank of China (PBOC) said the draft amendments were jointly formulated with the General Administration of Customs to update the existing regulatory framework in line with evolving economic conditions, legal requirements and policy adjustments.
Under the draft rules, the provision requiring the PBOC and customs authorities to jointly formulate rules for individuals carrying or mailing gold and gold products across the border would be removed.
To further optimise management, the draft also states that such cross-border movements will remain subject to customs supervision.
The revisions also seek to improve convenience for businesses and the public by formalising measures that have proven effective in practice.
In addition, the draft would strengthen ex-ante supervision by clarifying the scope of customs oversight, enhancing supervision of foreign trade companies acting as agents, and improving the penalty framework for violations, according to the central bank.
--BERNAMA-XINHUA
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