Lose change...Chinese style

[MLW]

Interesting...

China becomes world's largest producer of gold

In 2010, China mined the record amount of gold in the world.

The production volume of nonferrous metals in China amounted to 340.88 tons, which is 8.57% higher than a year earlier, and continues to grow. In recent years, China has consistently increased the amount of its gold reserves.

According to the China Gold Association, in 2007 China ranked first in terms of gold mining. It outran South Africa and is holding this position to this day. Starting 2004, the volume of production of the precious metal in China has been steadily growing. In 2009 it amounted to 313.98 tons. The volume of the gold imported by China within ten months of 2010 amounted to 209.72 tons, which is six times more than the year before, Rosbalt reported.

In December, consulting agency GFMS reported that China will outrun India and become the world's largest consumer of gold. The country's leadership believes that the increase in gold production has enhanced China's ability to withstand the crisis risks.

In addition, it has a significant meaning in ensuring economic and financial security of the country, Interfax quoted local media news agencies.

During the last few years China has been experiencing a period of economic prosperity and rapid expansion of the capital. The country's economy unexpectedly grew by 8.7% in 2009, while the GDP in the last quarter has reached 10.7%.

It should be also noted that last year Russia ranked fifth as the world's largest gold producer after China, Australia, USA and South Africa, producing 205.2 tons.



http://www.bigness.ru/articles/2011-02-07/zoloto/121636/