China to simplify approval process for gold imports, exports

China will test a new policy that aims to make the import and export of gold a lot easier, according to a statement jointly issued by the People's Bank of China and the General Administration of Customs.

The new policy, set to be tested from June 1, will allow gold companies to clear customs up to 12 times with one permit, the statement said.

Previously, gold companies had to apply for a permit for every import or export consignment.

The new measure will simplify the approval procedures and improve the gold trade environment, according to the statement.

The policy will be tested in Beijing, Shanghai, Guangzhou, Nanjing, Qingdao and Shenzhen.

China remains one of the world's biggest consumers of gold, with total consumption amounting 985.9 tonnes last year. Gold output stood at 450.05 tonnes in 2015, according to data from the China Gold Association.