Monday, 19th April 2004 (2682 views)

Gold import tariffs are to be reduced in China in a move that could see the country's demand for the precious metal boosted even further.

It is hoped the new tariff will help attract foreign name-brand products to China, according to the secretary-general of the China Gold Association, Zhang Yongtao.

The country's consumption of the precious metal has continuously increased and reached 207 tonnes in 2003, according to Yahoo News.

At present the tariff on gold imports is at 38 per cent and an exact reduction has so far not been revealed.

Reportedly, China is now the fourth largest gold consuming country.

 

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