Buying Gold and Silver in China
Besides being the most populous country in the world, the People's Republic of China is also the world’s largest economy. The country is the home to one of the most ancient civilizations on the globe which had hereditary monarchies from 2100 BCE until 221 BCE when the Chinese empire has been unified under the rule of the Qin dynasty. The Xinhai Revolution and Chinese Nationalist Party (KMT) put an end to 4,000 years of imperial rule by establishing the Republic of China in 1912. Today, the country is known as the People's Republic of China and is ruled by the Communist Party since 1949, which implemented the much-needed social reforms at a large scale.
China has developed an independent industrial system and took a huge leap forward in the economy. The country’s economic growth is primarily based on exports that rely mostly on investments. China is one of the fastest growing economies, being considered an emerging superpower that is currently the home to the second-highest number of billionaires in the world. The People's Republic of China is also both the world’s largest importer and mine producer of gold.
Commodity & Futures Markets in China:
Shanghai Futures Exchange
The Shanghai Futures Exchange was formed in 1999 by merging Shanghai Metal Exchange, Shanghai Commodity Exchange, and Shanghai Foodstuffs Commodity Exchange. The company is regulated by the China Securities Regulatory Commission and is a non-profit seeking incorporated body. Futures contracts' underlying commodities, i.e., gold, silver, copper, aluminum, lead, steel rebar, steel wire rod, natural rubber, fuel oil, and zinc, are all listed for trading on this exchange. The trading floor is in Lujiazui, the Pudong district of Shanghai.
Shanghai Gold Exchange (SGE) and Shanghai International Gold Exchange (SGEI)
SGE was established by the People’s Bank of China in 2002, and SGEI, which is fully owned by SGE, was founded in 2014. SGE is an organization that is based on two types of membership - domestic membership and international membership. Through SGEI, foreign companies and institutions, as well as foreign individuals, have the ability to access the Chinese precious metals market. SGE provides gold, silver, and platinum trading, clearing, delivery and vaulting services. Trading products include physical trading, deferred trading, forward, swap, option, and leasing.
Coin Shows in China:
Coin collecting is a highly popular hobby prevalent around the world. You can witness the passion for it as more and more coin enthusiasts are traveling to different states and countries to attend famous national and international coin shows. China hosts several great numismatic events which shall be attended by collectors and dealers from all around the globe. If you are planning to visit China soon, or if you want to see some coin shows outside the US, take a look at the most popular Chinese coin shows listed below.
The expo is among the top international coin shows taking place in China, as well as one of the top worldwide gold coin events and a great international coin collection exchange and trading platform. Over 60 top industry agencies from all around the world, including leading international bullion dealers, grading agencies, and auction agencies, will attend this show to display their amazing collections of gold coins, silver coins, gold, silver, and platinum bullion, paper currency, stamps, postcards, and many other collectibles. CICE is a 3-day event and is visited by nearly 1.2 million people each year.
This numismatic event is another popular international coin show which takes place every November during three days. The coin show will be attended by about 200 Chinese and international coin dealers and mints which will showcase a large variety of coins, currency, stamps; gold, silver, and platinum bullion, postcards, and other collectibles. A great place for numismatists to find some rare Chinese and world coins.
Dongdan Gongynan Park. 2 blocks from southwest corner Dongchang'an Jie & Dongsi Beidajie.
Yuetan (Temple of the Moon) Park. Xi Cheng District. 8am-5pm
Renmin Park (Yuan) 9am-4.30pm.
Yu Zhou Business Plaza, 5th & 6th Floors, Da Mu Qiao Road, Xu Hu Qui District.
Hubei Qiu District. Yi Gong. Just north of Tianjin Railway section. 8am-5.30pm.
Government and Private Mints in China:China Banknote Printing and Minting Corporation (CBPM) | China Mint No. Jia 143, Xizhimenwai Avenue, Xicheng, Beijing, 611130, China + 86 10 8801 6193
This is the state-owned Chinese Mint which strikes all the renminbi coins (the official Chinese currency) as well as the banknotes of the People’s Republic of China. The CBPMC is headquartered in Beijing but has branches in several other places (Banknote facilities in Shanghai, Chengdu, Xi'an, Shijiazhuang, and Nanchang and coin facilities in Nanjing, Shanghai, and Shenyang) which produce and distribute coins and currency throughout the entire country. The People’s Bank of China has its own special printing technology research division which develops new techniques for currency printing to prevent counterfeiting. The production of currency and coins by CBPMC is based on the People's Bank of China macroeconomic planning.China Gold Coin Inc. (CGCI) 18/F, Agricultural Bank of China, No.188 West Liberation Road, Shenzhen China, Post Code 518001 +86 (0)10 63102266
The People’s Bank of China official mint which produces bullion and commemorative coins. The mint was founded in 1987 and is currently headquartered in Shenzhen, the province of Guangdong. China Gold Coin has sales agencies in Beijing and Shanghai, as well as many sub-branches. The international sales are performed by the China Great Wall Coin Investment Ltd. One of the highly favored coin series of CGCI is the China Panda series which have been issued since 1982. The coins' reverse panda image changes every year and is extremely popular among investors and collectors around the globe.PBC - People's Bank of China 32 Chengfang Street, Xi Cheng District, Beijing, China, Post Code 100800 +86-010-66194114
The People’s Bank of China is the country's central bank in charge of producing the official Chinese coins and currency. PBC undertakes the distribution of these circulating coins and currencies. A number of mints are under the PBC's authority out of which a few handle the striking of circulating coins and currencies while others produce gold, silver, platinum, and palladium bullion and commemorative coins.
Vaults and Bullion Depositories in China:
Baoku Treasury, Shanghai
This is one of China’s largest underground vaults having around 30,000 safe deposit boxes. Clients can securely store their bullion, jewelry, documents, and other valuables like antiques, paintings, etc. in these boxes. This 7000 square meter facility is located five levels beneath the Shanghai Tower and has a hi-tech security. The environmental control within the vault is of superior quality in order protect the safe from any kind of external influence. The fees for these boxes are a little higher compared to bank vaults due to the facility's extremely advanced security system.
Tax on Precious Metals in China:
Gold, gold products, and gold ores are the three main categories of gold in China. The Gold category is again subdivided into Standard gold and Non-Standard gold. The products falling under the Gold category are unwrought or unforged gold like bars and ingots. The Standard gold includes those bars and ingots which have a fineness of 9999, 9995, 999, or 995 and a weight of 50 g, 1000 g, 1 kg, 3 kg, or 12.5 kg. The Non-Standard gold includes the items that do not qualify for the Standard gold criteria, like for example, a 200 g ingot. A Gold product represents either a finished or semi-finished product such as a coin, jewelry item, or an ornament.
Since the Shanghai Gold Exchange is one of the largest physical gold exchanges in the world, almost all the gold that flows into or out of the Chinese domestic market goes through SGE. Therefore, the VAT for gold relies heavily on the SGE and SHFE (Shanghai Futures Exchange) tradings. Below you can find the chart which explains the China VAT rules for precious metals.
Since we are not tax experts, Bullion Exchanges strongly advises you to cross check with a tax professional before making any precious metals investments in China.
The import duty rate for importing Gold and platinum into China is 35% and the import VAT is 17%.
Local Gold and Silver Dealers in China:1. 11 Coins Co., Ltd. Address: Room B66, New Block 2nd Floor, No.600 Ju Men Road, Shanghai, 200023, China Phone number +86-18602115995, +86-2163025000 Hours of Operation: 8:30 am to 4:30 pm Services: Retail, Assists Collectors with Submissions, and Wholesale. Specialties: World Coins.
Smelters & Refineries in China:
Smelters extract various metals from the ore and create refined precious metals products. Silver and gold smelting is typically conducted by a professional precious metals refinery, such as Bullion Exchanges. China also has numerous plants where refining silver and gold are performed. Pick a gold or silver refinery listed below or allow us to help you in melting gold or silver for you:China National Gold Group Corporation (China Gold) 1 Liuyin Park South St., Dongcheng Dist., Beijing 100011, China +86-10-84123635Zijin Mining Group Co. Ltd. No. 1 Zijin Road, Shanghang County, Longyan City, Fujian Province 364200, China +86 0597-3833105, +85 0592-2933678Shandong Gold Group Co. Ltd. (SD-Gold) 3/F Shuntai Plaza, No.2000 Shunhua Road, Jinan, Shandong, 250100, China +86 531-6771-0376Zhaojin Mining Industry Company Limited No.108, Shengtai Road, Zhaoyuan, 265400, China +86 53 5822 7500Henan Zhongyuan Gold Smelter Co. Ltd. Jinchang Road, Sanmenxia Hubin District, Sanmenxia, 472000, China +86 39 8218 6826United Precious Metal International Ltd. Room 1602, Ming Yue Ge, Block B, Yang Guang Tian Di Building, Road #4, Tian Bei, Luo Hu, Shenzhen, China (800) 999-FINEGuangxi Chengyuan Mining & Smelting Co. Ltd. Longjiang Industrial Development Zone, Dongjiang Town, Jinchengjiang, Hechi, Guangxi, China 54700-7001 +86-778-2771000He'nan Yuguang Gold & Lead Co. Ltd. No.1, Jinliang South Road, Jiyuan, Hen 459000, China +86-391-6665836