Beijing: China National Gold Group Corporation (China Gold) has joined the World Gold Council (WGC) as a member, making it the only Chinese gold mining company to join the WGC.
According to WGC, China’s gold market has grown exponentially over recent decades and China is now the largest market for gold, in terms of supply and demand. The growth in gold mine production has been matched by the growth in consumer demand for gold in China; and both WGC and China Gold believe there is plenty of opportunity and scope for further growth in the market.
Song Xin, general manager and chairman of China Gold, said, “We have long recognized the WGC as the global authority on gold and greatly value its extensive expertise and experience in developing new markets for gold consumers and investors. We believe that playing a more active role in this important organization will support the Chinese gold mining industry and the whole gold supply chain as it continues to grow and play a greater role in the global market.”
Economic growth and an increasing middle-class population with a deep-rooted cultural affinity for gold are the key factors for driving the gold demand in China. Middle-class consumers are seen to reach 500 million by 2020. In addition, China’s financial reforms, growing consumer demand and market expansion have created favourable conditions for further development and internationalization of the Chinese gold market.