China has accelerated gold production since 2003 with an average annual growth rate of 6.5%. As a result, China was the largest gold producer in the world last year, yielding 270.49 tons of the precious yellow metal. For 2008, the China’s gold production estimates are even higher.
China’s gold production is anticipated to reach up to 300 tons this year, according to Zhang Bingnan, vice director of the China Gold Association.
Chinese gold reserves have also increased each year with the newly added reserves exceeding 650 tons in 2006 and hitting 700 tons in 2007.