After more than ten years of development, China’s gold market has become the world’s most fast-growing market with huge potential for growth. At present, China’s identified gold resource has reached 9,816 tons, ranking world’s second, according to a forum on gold and mining held recently.
Since 21st century, China’s gold industry has achieved leap-forward development in exploration, mining, exchange, design and other aspects, said Song Xin, president of China Gold Association at the forum held in Zhaoyuan, eastern China’s Shandong province on Aug. 28.
In 2014, the country’s gold output reached 451.80 tons and remained the world’s largest gold producer for eight consecutive years; the gold consumption totaled 886.09 tons in the same year.
Data released by the People’s Bank of China on Aug. 14 shows that China’s bullion holding stood at 1,677 tons at the end of July, accounting for 1.7 percent of foreign exchange reserve and ranking fifth in terms of gold reserve, following the United States, Germany, Italy and France.