China to promote high-quality development of gold industry

China will promote the high-end, intelligent, green and safe development of its fast-growing gold industry, according to the Ministry of Industry and Information Technology (MIIT) on Monday.

Recently, the ministry and eight other government departments, including the National Development and Reform Commission, the Ministry of Commerce and the Ministry of Natural Resources, issued an action plan for the high-quality development of the gold industry from 2025 to 2027.

The introduction of the action plan aims to balance industrial growth with enhanced security while capitalizing on China's existing strengths in gold smelting, processing capacity and operational management, according to the MIIT.

China's capacity to ensure gold resources and the innovation level of its industrial chain will be improved significantly by 2027, per the plan. The country's gold resources will increase by 5 percent to 10 percent during the period, and its output of gold and silver will grow by more than 5 percent.

By 2027, breakthroughs will be achieved in multiple areas of key technology and equipment. Additionally, industrial upgrades will ensure that mines with a daily gold-processing capacity exceeding 500 tonnes account for over 70 percent of the national total.

China will promote green, efficient resource utilization through such actions as establishing green mines and factories, and it will accelerate digital transformation through the adoption of artificial intelligence and other technologies, according to the plan.

As the global leader in both gold production and consumption, China reported a gold output of 377.24 tonnes and a gold consumption of 985.31 tonnes in 2024, data from the China Gold Association shows. ■