China's gold reserves scale up for 15 consecutive years by 2020: report

Source: Xinhua| 2021-08-19 15:33:39|Editor: huaxia

Photo taken on May 10, 2021 shows a piece of gold ornament on display during the first China International Consumer Products Expo in Haikou, capital of south China's Hainan Province. (Xinhua/Yang Guanyu)

BEIJING, Aug. 19 (Xinhua) -- China's gold reserves have grown every year for 15 consecutive years, reaching 14,727.16 tons by 2020, according to a yearbook issued by China Gold Association (CGA).

Despite factors including the COVID-19 epidemic and policies related to mining rights, the country's gold output still ranked the top in the world, standing at 365.35 tons in 2020, the report reads.

This represents a decline of 14.88 tons, or 3.91 percent lower from the same period in 2019, according to the CGA report.

However, noting an evident decelerating pace in the contraction of gold production in 2020 compared with the previous years, China's gold production industry's transformation from high-speed growth to high-quality development is showing sound momentum.

The total traded volume of gold in the Chinese market reached 95,500 tons in 2020, accounting for 13.72 percent of gold transactions in the global market.

The yearbook published by the CGA provided analytical report on the development and future trend of China's gold industry, covering the entire industry chain including gold exploration, mining, processing and investment.

KEY WORDS: China,Gold reserves,Growth