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.
( October 31, 2001)