Core Viewpoint - The new gold tax policy in China focuses on the detailed management of physical gold delivery, distinguishing between "investment use" and "non-investment use," and adjusting VAT regulations to encourage on-exchange gold trading [1] Group 1: Impact on Market Participants - Shanghai Gold Exchange and Shanghai Futures Exchange members and clients must strictly declare the purpose of gold transactions [1] - Gold investors can reduce tax burdens through exchange trading, guiding investment towards on-exchange activities [1] - Downstream businesses in the gold processing and retail industry may face increased gold costs, potentially passing these costs onto retail consumers [1] Group 2: Policy Intentions - The policy aims to promote on-exchange trading, making transactions more standardized and centralized [1] - It seeks to enhance the transparency of gold trading and improve regulatory effectiveness [1] - The policy reinforces the mechanism for separating gold investment and consumption demand [1]