Book captures growth of gold industry in China

2021-02-07 12:04:10

Gold accessories are displayed in a China Gold flagship store in Beijing, On Jan 3, 2021. [Photo/IC] The English edition of Chinese Gold: From Following to Surpassing was published in January 2021, exactly one year after the publication of its Chinese edition. Written by Liu Shanen, a senior expert in gold market, the book remains a primary document for English readers to get to know the development of China's gold industry in the past 1,000 years. David Tait, CEO of World Gold Council, in the preface of the book, said the gold market in China has developed at an astonishing speed, and has completed the transformation of role from follower to leader in the last decade, noting that China has become the largest gold consumer and producer in the world, accounting for 23 percent of global demand and 13 percent of total supply, respectively. Song Xin, president of China Gold Association, also in the preface of the book, said the development of China's gold industry is not smooth, but involves continuous innovation upon development road. The book author, through in-depth research, attributed the profound changes of the China's gold industry to the country's unique system. "In the process of this reform, we find that a powerful government is necessary," the author said, adding that market economy has boosted the rapid expansion of China's gold industry. "The establishment of Shanghai Gold Exchange as well as the implementation of a series of forward-looking policies and measures have created the necessary conditions for China to become the largest gold market in the world. Other markets may use China's model for reference, so as to create an open, transparent and effective trading and investment environment," Tait said. The CEO also said the World Gold Council attaches great importance to the leading position of China, and is also fully convinced that China will contribute more in the future.