Gold exchange wins concession
1 June 2002
China's long awaited gold exchange is due to open this month in Shanghai after a major obstacle to its operation was removed, reported Shanghai Daily. "The government has verbally agreed not to apply a 17 per cent value-added tax to our dealers," said Wang Zhe, head of the Shanghai Gold Exchange.
A 17 per cent VAT has caused thin trading on China's first silver exchange, which opened in Shanghai at the end of 2000.