China has emerged as the world’s largest producer as well as home to the second largest established gold reserves according to data from the country’s peak gold association.
Song Xin (宋鑫), head of the China Gold Association (中国黄金协会), said that in 2017 China’s total gold production was 426.14 tonnes, accounting for 13.03% of global gold production, making China the world’s largest gold producing nation for the 11th consecutive year.
As of the end of 2017 China’s established gold resource reserves were 13,195.6 tonnes, for YoY growth of 8.45%, putting the country second only to South Africa.
Song made the remarks at the 2018 International Mining Conference held in Tianjin in mid-October.
In 2017 China’s gold consumption volume was 1089.07 tonnes, for YoY growth of 9.41%, while in the same year China was the world’s biggest gold processor and biggest consumer of gold jewellery.
In 2017 the Shanghai Gold Exchange saw 54,300 tonnes of gold transactions of all types, for a YoY rise of 11.54%, making it the world’s largest physical gold trading market.