A porcelain vase from the Ming Dynasty (1368-1644) displayed at an auction in Hong Kong, Aug 24, 2017. [Photo/Xinhua]

Newly revised regulation on art trade

A newly revised regulation on art trade was issued by Ministry of Culture in 2016, which eased restrictions on import and export of works of art.

The revised regulation delegated management of the cross-border art trade to provincial governments. Dealers only need to get a standard business license, yet they must register with the cultural department. There are no any extra departmental requirements to meet for them.

First adopted in 1994 and revised in 2004, the latest version better regulate and supervise domestic auctions and appraisals, as the old one failed to cover many key aspects of the industry.