China's gold output hits new high

China's gold output in 2010 totaled 340.876 tons, up 8.57 percent year on year, according to the latest data from China Gold Association.
The country's gold output has been the world's largest since 2007, when it surpassed that of South Africa.
China's gold output recorded only 4.07 tons in 1949 and rose to 13.8 tons in 1975. China started to invest heavily in the gold industry since the 1970s.
In 1995, China's gold output exceeded 100 tons for the first time and reached 200 tons in 2003. Stimulated by the upward trend of gold prices, the gold output increased by 11.34 percent in 2009.
Currently, gold producing has become a major industry and an important source for fiscal revenues in over 100 counties. Shandong, Henan, Jiangxi, Yunnan and Fujian were the top five gold producing provinces in 2010.
The average gold price in the international market in 2010 was 1224.53 U.S. dollars per ounce, 25.6 percent higher than 2009. Gold demand in China's domestic market was also strong. Over 510 tons of gold were purchased for jewelry, industrial utility and investment. The transaction volume on Shanghai Gold Exchange totaled 6064.064 tons, up 28.48 percent year on year.
By People's Daily Online