World Gold Council Launches Local Chapter in China

SEATTLE (Scrap Monster): The World Gold Council (WGC) announced its decision to set up a local chapter in China. The London-based gold trade association also announced appointment of Song Xin as the first Chairman of the China Chapter.

The establishment of China sub-council is expected to better reflect the shape of the global gold mining industry and enhance the cooperation between WGC and the country’s gold industry. Incidentally, China is the largest consumer of gold in the world, with consumption totaling 1,089 tonnes in 2017.

Song Xin noted that WGC has attained another significant milestone by setting up the Chinese Chapter. The decision reaffirms WGC’s commitment to develop the gold industry worldwide, especially in China. The sub-council will ensure enhanced interaction between the Chinese gold industry and the international gold market. Further, this will boost the Chinese gold industry’s influence on international gold market, Song added.

The Chinese gold industry has been growing at a rapid pace in recent years, mainly due to the industry’s active response to scientific and technological innovation. The collaborative efforts by Chinese gold mining companies in response to the Chinese government’s Belt and Road Initiative and internationalization of China’s gold market through strengthened international cooperation by gold market institutions too have contributed to the rapid growth situation, said WGC.