(Yicai Global) Sept. 25 -- The World Gold Council, a leading industry body, has established a local chapter in China aimed at better reflecting the structure of the global gold mining sector.
"The Chinese gold industry has developed phenomenally over the past couple of decades, and China is now the largest producer and consumer of gold globally. As such, we are delighted that the World Gold Council's membership is expanding," said WGC Chairman David Harquail in a statement.
The chairman of China Gold Association and director of China Gold Group, Song Xin, will serve as the chapter's first chairman.
"The China Chapter will enable greater interaction between the Chinese gold industry and the international gold market, further enhance the Chinese gold industry's international influence, prompt the industry to go on evolving at a rapid rate," said Song.
China's gold output was 426 tons last year while annual gold consumption was 1,089 tons, thus making China the world's largest gold producer, consumer and producer, Song said.
Chinese gold industry had focused on promoting scientific and technological innovation and changing the pattern of economic growth in order to achieve sustainable and high-quality development, he added.
Set up in 1987, London-based WGC consists of 24 members including China Gold Group.
Editor: William Clegg