Antiques market to speed repatriation of precious treasures

A government-backed antique trading market has been established in Beijing, creating a place for Chinese cultural relics lost overseas to return home.

The market will operate at the National Base for International Cultural Trade within Beijing Capital Airport's Tianzhu Free Trade Zone.

Endorsed by the Beijing municipal government, the market, launched on Tuesday, is part of the capital's effort to promote itself as a national center for cultural exchange and trade. It is also intended to provide a legal channel and trading platform for lost Chinese antiques and relics to be returned.

The fair will take advantage of favorable customs and tax policies within the Tianzhu Free Trade Zone. It will hold duty-free exhibitions and auctions and offer professional services such as authentication and border inspection as well as logistics and financial transaction services.

The first event at the fair will take place in November, bringing together domestic and international trading companies, museums and individual collectors. The fair will exhibit Chinese cultural relics lost overseas before 1949 and those that were exported.

It is estimated that more than 10 million Chinese cultural relics have been lost overseas due to historic reasons and market restrictions.

The Ministry of Culture and the Beijing municipal government last year made a joint announcement to accelerate the establishment of an international cultural trade base in the capital.

Since its opening last August, it has built warehouse facilities with high storage standards for valuable antiques and a nearly 2,000 square-meter exhibition center.

The base has also been cooperating with Italy to provide professional services such as antique inspection, authentication, repair and protection. Professional equipment worth 8 million yuan ($1.29 million) has been installed.