Member Song Xin suggested revising the "Gold and Silver Management Regulations"

     It is understood that the current "Regulations" were officially promulgated in 1983. At the beginning of reform and opening up, due to the extreme shortage of foreign exchange in the country, gold and silver exports were needed in exchange for foreign exchange to support the country's economic construction. The "Regulations" have effectively guaranteed the need for gold and silver in national economic construction through strict control over the production and circulation of gold and silver, and have made important contributions to my country's economic development. However, with the continuous deepening of reform and opening up, especially since the establishment of the Shanghai Gold Exchange in 2002, my country has continued to deepen the gold market-oriented reform, and the gold market has gradually opened up. Many provisions in the "Regulations" are no longer in line with the current development status of the gold industry, and have major conflicts with the gold market-related management measures later promulgated by the country, causing unnecessary confusion in the supervision of the gold market.

      The "Regulations" are a concentrated expression of the past national policy of "unified purchase and distribution" of gold and silver. They are seriously inappropriate for the current development status of the gold industry and gold market. It is urgent to comprehensively and systematically revise the "Regulations" as soon as possible.

      In response to the above situation, Song Xin put forward four suggestions and solutions in the proposal:

1

　　Revise the Regulations and incorporate them into the national legislative plan as soon as possible.

2

　　At present, our country has established a full gold industry chain including exploration, mining, smelting, processing, consumption, investment, and trading. It is recommended that the content of the new Regulations should cover the entire gold industry chain to promote the coordinated development of the entire gold industry chain.

3

　　The revision of the "Regulations" should fully conduct research work, carefully listen to the opinions of all parties, and mobilize government departments, industry associations, enterprises and other parties to participate.

　　The management agencies of various gold market entities in my country involve multiple national ministries and commissions. It is recommended that the revision of the Regulations be led by the People's Bank of China and completed in conjunction with the China Securities Regulatory Commission, the Ministry of Industry and Information Technology, and the Ministry of Natural Resources. During this process, the China Gold Association can undertake research, organize discussions, draft new regulations, etc., and assist government departments in revising the regulations.