In 1999,the world gold market has experienced strongly turbulence,with gold price rising and falling in a wide range,Meanwhile ,the market reform of gold product administration has been accelerated As early as in 1993...In 1999,the world gold market has experienced strongly turbulence,with gold price rising and falling in a wide range,Meanwhile ,the market reform of gold product administration has been accelerated As early as in 1993 ,the State Council has ,via some related documents ,clearly made a call for setting up gold market,after 7 years of efforts,it can bee seen that the reform framework of the gold product administration system has been basically built up , The paper, "A Rational Study on the Chinese Gold Market". overviewed the backgrounds and conclusions of 3 papers published in 1999 that objectively reflect the inevitable trend to set up the Chinese gold market. the study report,"The Position of gold Industry in the National E-conomy andthe Issue toward Mardet System,",re-emphasized the position and role of gold industry in the National Economy and it redefined gold as "quasi-public goods".The paper put forward a periodical idea to gradually open the gold market The report"Some Problems and Suggestions for the Market Reform of Gold Product Administration ",suggested that ,for the purpose of market reform of the gold product administration system three separations should be realised : 1 To separate the gold with monetary peoperty from the gold with commodity property ;2 To apply the financial administration to the monetary gold ;3the central bank is responsible for the national gold reserve,an commercial bands operate on the financial gold , the report ,"The Basic Concrpt and Idea Plan for Reform and Open- ing up of the China’s gold Market ",proposed a programme to open the gold market in three stages in about 10 years .展开更多
The policy system of," Monopoly Purchase and Distribution" for silver played a positive role during a special period in stabilizing finance and price, promoting silver Production and development, and support...The policy system of," Monopoly Purchase and Distribution" for silver played a positive role during a special period in stabilizing finance and price, promoting silver Production and development, and support the economic construction of the country. While, as the development of the socialist market conomy, the weaknesses of such policy system are gradually displayed. It is an important reformation to open up the silver market alter 50 years of "Monopoly Purchase and Distribution" system. The paper discusses the background and operation of the reform in Chinal’s silver market at the present situations in follwing three aspects: 1. The background of reform in China’s silver market; 2. The basic goal and thinkings of the reform in silver market administration 3. Considerations in silver market展开更多
China’s gold industry is in the preparing stage of market-orientation. Now the problem we are facing on the issue of gold market management is how to set up an entire and effective market system to replace the former...China’s gold industry is in the preparing stage of market-orientation. Now the problem we are facing on the issue of gold market management is how to set up an entire and effective market system to replace the former state planning system. Part 1. An inevitable Liberalization of China Go id Market;Gold miners’ interests shifting to economic outcome from speed-based status,Gold circulation’s priority shifting from resource-based to price-oriented one;Gold consumption in jewelry industry revealing diversionary interests and fiercer competition Part 11. The opportunity of Opening China Gold market Coming Soon The meanings of limited liberalization of gold market are as following: only Chinese participants be allowed to use market, overseas users temporarily ruled out,firstly opening to entities and enterprises, individuals temporarily banned out;only gold physics be allowed to trade, temporarily not introducing futures trading;only use RMB in quotation, not in foreign currencies Part Ill. SHFE setting up market stage for China Gold Enterprises The market-orientation reform is a realistic beginning of our gold industry. Moreover, it is an important prerequisite to launch gold futures trading in China. In China, We need a gradual procedure for the establishment of market mechanism of gold industry. We believe that the development experiences of the physical and futures market of non-ferrous metals will give us some very useful references.展开更多
According to related policies and regulations, on May 16, the Gold Bureau of the State Committee of Economy and Trade (SCET) issued a circular to further clarify the specific regulations and approval procedures for fo...According to related policies and regulations, on May 16, the Gold Bureau of the State Committee of Economy and Trade (SCET) issued a circular to further clarify the specific regulations and approval procedures for foreign capital introduction into the gold industry, which is aimed at further broadening the financing channel for the gold industry, attracting foreign capital to be invested in exploitation of the gold resources in China, and promoting the gold industry to develop with sustainability, fastness and healthiness. The Circular points out that mining, smelting, and processing of precious metals (gold, silver and platinum family) are defined as second class of the limited items for foreign investment, for which foreign investment is allowed except for full ownership. The Circular is based on the following government documents: the "Temporary Regulations for Foreign Investment Orientution" issued on June 20, 1995 by the State Planning Committee, the Sate Committee of Economy and Trade, and the Ministry of Foreign Trade and Economic Cooperation, which was approved by the State Council on June 7, 1995; and the "Guide List for Foreign Investment" jointly issued by the above three government departments on December 31, 1997 and being effective since January 1, 1998. The Circular outlines the approval procedures for foreign investment as follows: Those projects with investment less than the limit prescribed by the State Council, i.e., USD30 million, corresponding industrial departments of the State Council are responsible for review of the project proposal. And then, based on project property, provincial planning department and equivalent or the department in charge of industrial technology expansion will give an approval. Local government’s planning department or the department in charge of expansion is responsible for approval of the feasibility study report, which will submitted to the State Planning Committee or the State Committee of Economy and Trade for record. The authority of approval for this kind o展开更多
The Act of Silver and Gold Administration" is a legal reflect of the administration system for gold and silver which has been lasted for half a century from the early 90’s China started its market reform in the ...The Act of Silver and Gold Administration" is a legal reflect of the administration system for gold and silver which has been lasted for half a century from the early 90’s China started its market reform in the administration of gold and silver Now ,the market reform for silver is definite ,and the market reform for gold is obviously speeding up ,It is concerned where "the Act if Silver and gold Administration"Will go? The author described his opinion in three parts ,they are: 1 Origination of the "the Act of Silver and Gold Administration";2 Challenges to "The Act of Silver and Gold Administration"; 3.Ending of "The Act of Siver and Gold Administration"This paper would be a reference for the gold related managers home or abroad to understand the present administration system of gold in China.展开更多
In 1999 China’s gold industry faced very difficult situations based on the problem of unreasonable structure and serious unbalance between mining an developing due to fast increase of gold production ,the paper recom...In 1999 China’s gold industry faced very difficult situations based on the problem of unreasonable structure and serious unbalance between mining an developing due to fast increase of gold production ,the paper recommended some measures such as moderate control of the growrth speed,reasonalbe adjustment of the balance of mining and developing,adjustment of enterprise structure, turing of unfixed production capacity into fixed ones ,an re-enforcement en- terprise management this thought was carefully carrued out by the gold administrations in different levels ,the gold product being kept in a state of healthy development,It is predicted that the annual gold production in 1999will be 160t^170t "Review on gold in China in 1999"brefly described the gold production in 5 aspects:1 Taking measures to exporation to increase gold reserve;3,Speeding up adjustment of balance of minming an developing; 4Reinforcing technology progress of the gold industry ; 5 Payin more attentions to gold production展开更多
In the past 30 years ,gold has metamorphosed form a principal reserve asset controlled by the major Central Banks,to mainly a luxury industrial metal principally used to create gold jewellery .Nevertheless gold still ...In the past 30 years ,gold has metamorphosed form a principal reserve asset controlled by the major Central Banks,to mainly a luxury industrial metal principally used to create gold jewellery .Nevertheless gold still retains many of the characterisics of a principal reserve asset ,in particular reataining the charact eristics of an intemational "basket"currency. In evaluatin the value of gold going forward ,one has to consider the following factors; 1.Gold is likely to continue its trend of changing from a principal reserve asset to the principal industrial metal utilised for jewellery production. 2.The supply and demand for gold needs to be closely watche. Also oneneeds to pay attention to the currencies of major producing nations and consuming nations 3.Gold should not be viewed largely as a US Dollar asset.The apparent decline in gold prices in the last 3 years can be significantly explained by the strengthening of the US Dollar versus the gol supply and demand currencies .If the basket of golfd suply and demand currencies to UW Dollar as 3 years ago ,the gold price is approximately at 400 US Dollars per ounce.In the current economic climate it is unrealistic to expect a return to those levels of 400 US Dollars per ounce unless the US Dollar declines significantly in value.This is not to say however that gol cannot continue to increase i teal value terms if demand increases singificantly. 4.finally ,when estimating the value of gold it id critical to look at the enormous above ground stocks as well al the slow movement between the official sector and private sector uewellery.展开更多
文摘In 1999,the world gold market has experienced strongly turbulence,with gold price rising and falling in a wide range,Meanwhile ,the market reform of gold product administration has been accelerated As early as in 1993 ,the State Council has ,via some related documents ,clearly made a call for setting up gold market,after 7 years of efforts,it can bee seen that the reform framework of the gold product administration system has been basically built up , The paper, "A Rational Study on the Chinese Gold Market". overviewed the backgrounds and conclusions of 3 papers published in 1999 that objectively reflect the inevitable trend to set up the Chinese gold market. the study report,"The Position of gold Industry in the National E-conomy andthe Issue toward Mardet System,",re-emphasized the position and role of gold industry in the National Economy and it redefined gold as "quasi-public goods".The paper put forward a periodical idea to gradually open the gold market The report"Some Problems and Suggestions for the Market Reform of Gold Product Administration ",suggested that ,for the purpose of market reform of the gold product administration system three separations should be realised : 1 To separate the gold with monetary peoperty from the gold with commodity property ;2 To apply the financial administration to the monetary gold ;3the central bank is responsible for the national gold reserve,an commercial bands operate on the financial gold , the report ,"The Basic Concrpt and Idea Plan for Reform and Open- ing up of the China’s gold Market ",proposed a programme to open the gold market in three stages in about 10 years .
文摘The policy system of," Monopoly Purchase and Distribution" for silver played a positive role during a special period in stabilizing finance and price, promoting silver Production and development, and support the economic construction of the country. While, as the development of the socialist market conomy, the weaknesses of such policy system are gradually displayed. It is an important reformation to open up the silver market alter 50 years of "Monopoly Purchase and Distribution" system. The paper discusses the background and operation of the reform in Chinal’s silver market at the present situations in follwing three aspects: 1. The background of reform in China’s silver market; 2. The basic goal and thinkings of the reform in silver market administration 3. Considerations in silver market
文摘China’s gold industry is in the preparing stage of market-orientation. Now the problem we are facing on the issue of gold market management is how to set up an entire and effective market system to replace the former state planning system. Part 1. An inevitable Liberalization of China Go id Market;Gold miners’ interests shifting to economic outcome from speed-based status,Gold circulation’s priority shifting from resource-based to price-oriented one;Gold consumption in jewelry industry revealing diversionary interests and fiercer competition Part 11. The opportunity of Opening China Gold market Coming Soon The meanings of limited liberalization of gold market are as following: only Chinese participants be allowed to use market, overseas users temporarily ruled out,firstly opening to entities and enterprises, individuals temporarily banned out;only gold physics be allowed to trade, temporarily not introducing futures trading;only use RMB in quotation, not in foreign currencies Part Ill. SHFE setting up market stage for China Gold Enterprises The market-orientation reform is a realistic beginning of our gold industry. Moreover, it is an important prerequisite to launch gold futures trading in China. In China, We need a gradual procedure for the establishment of market mechanism of gold industry. We believe that the development experiences of the physical and futures market of non-ferrous metals will give us some very useful references.
文摘According to related policies and regulations, on May 16, the Gold Bureau of the State Committee of Economy and Trade (SCET) issued a circular to further clarify the specific regulations and approval procedures for foreign capital introduction into the gold industry, which is aimed at further broadening the financing channel for the gold industry, attracting foreign capital to be invested in exploitation of the gold resources in China, and promoting the gold industry to develop with sustainability, fastness and healthiness. The Circular points out that mining, smelting, and processing of precious metals (gold, silver and platinum family) are defined as second class of the limited items for foreign investment, for which foreign investment is allowed except for full ownership. The Circular is based on the following government documents: the "Temporary Regulations for Foreign Investment Orientution" issued on June 20, 1995 by the State Planning Committee, the Sate Committee of Economy and Trade, and the Ministry of Foreign Trade and Economic Cooperation, which was approved by the State Council on June 7, 1995; and the "Guide List for Foreign Investment" jointly issued by the above three government departments on December 31, 1997 and being effective since January 1, 1998. The Circular outlines the approval procedures for foreign investment as follows: Those projects with investment less than the limit prescribed by the State Council, i.e., USD30 million, corresponding industrial departments of the State Council are responsible for review of the project proposal. And then, based on project property, provincial planning department and equivalent or the department in charge of industrial technology expansion will give an approval. Local government’s planning department or the department in charge of expansion is responsible for approval of the feasibility study report, which will submitted to the State Planning Committee or the State Committee of Economy and Trade for record. The authority of approval for this kind o
文摘The Act of Silver and Gold Administration" is a legal reflect of the administration system for gold and silver which has been lasted for half a century from the early 90’s China started its market reform in the administration of gold and silver Now ,the market reform for silver is definite ,and the market reform for gold is obviously speeding up ,It is concerned where "the Act if Silver and gold Administration"Will go? The author described his opinion in three parts ,they are: 1 Origination of the "the Act of Silver and Gold Administration";2 Challenges to "The Act of Silver and Gold Administration"; 3.Ending of "The Act of Siver and Gold Administration"This paper would be a reference for the gold related managers home or abroad to understand the present administration system of gold in China.
文摘In 1999 China’s gold industry faced very difficult situations based on the problem of unreasonable structure and serious unbalance between mining an developing due to fast increase of gold production ,the paper recommended some measures such as moderate control of the growrth speed,reasonalbe adjustment of the balance of mining and developing,adjustment of enterprise structure, turing of unfixed production capacity into fixed ones ,an re-enforcement en- terprise management this thought was carefully carrued out by the gold administrations in different levels ,the gold product being kept in a state of healthy development,It is predicted that the annual gold production in 1999will be 160t^170t "Review on gold in China in 1999"brefly described the gold production in 5 aspects:1 Taking measures to exporation to increase gold reserve;3,Speeding up adjustment of balance of minming an developing; 4Reinforcing technology progress of the gold industry ; 5 Payin more attentions to gold production
文摘In the past 30 years ,gold has metamorphosed form a principal reserve asset controlled by the major Central Banks,to mainly a luxury industrial metal principally used to create gold jewellery .Nevertheless gold still retains many of the characterisics of a principal reserve asset ,in particular reataining the charact eristics of an intemational "basket"currency. In evaluatin the value of gold going forward ,one has to consider the following factors; 1.Gold is likely to continue its trend of changing from a principal reserve asset to the principal industrial metal utilised for jewellery production. 2.The supply and demand for gold needs to be closely watche. Also oneneeds to pay attention to the currencies of major producing nations and consuming nations 3.Gold should not be viewed largely as a US Dollar asset.The apparent decline in gold prices in the last 3 years can be significantly explained by the strengthening of the US Dollar versus the gol supply and demand currencies .If the basket of golfd suply and demand currencies to UW Dollar as 3 years ago ,the gold price is approximately at 400 US Dollars per ounce.In the current economic climate it is unrealistic to expect a return to those levels of 400 US Dollars per ounce unless the US Dollar declines significantly in value.This is not to say however that gol cannot continue to increase i teal value terms if demand increases singificantly. 4.finally ,when estimating the value of gold it id critical to look at the enormous above ground stocks as well al the slow movement between the official sector and private sector uewellery.
