World Gold Council establishes China Chapter

The World Gold Council (WGC) announced on Monday at its annual meeting in Colorado Spring, the United States, to establish its China Chapter, aiming to better reflect the shape of the global gold mining industry and enhance cooperation between the WGC and China's gold industry.

Golden bar [File Photo: IC]

During the meeting, the London-based leading organization in gold industry appointed Song Xin, chairman of China Gold Association and China Gold Group, as the first chairman of the China Chapter.

Song praised the WGC's efforts to develop the world gold industry, saying the new chapter will be a significant milestone achieved by the group.

He added that China's gold production reached 426 tons in 2017 while gold consumption reached 1,089 tons, which makes China the largest country for gold production, gold consumption as well as gold processing in the world.

"China's gold market institutions and commercial banks have strengthened international cooperation to promote the internationalization of China's gold market and the Renminbi," Song stressed.

In addition, the WGC accepted China's Shandong Gold Group as its 25th Board Member.

Listed on the Shanghai Stock Exchange, Shandong Gold Group is one of the largest gold producers in China and is committed to ecological mining.