Statistics recently published by China Gold Association (CGA) indicate that China's gold output reached 200.598 tons in 2003. This was the first time that China's gold output topped 200 tons.
Official at CGA said China's gold output in 1949 was 4.5 tons. After reaching the level of 100 tons in 1995 it took China only 8 years to reach a new high of 200 tons. China has become one of the main gold production countries. Gold industry has grown from a few mines at the founding of the People's Republic of China to a complete and independent industrial complex with full functions.
He said since the middle of the 1990s China's gold industry system has experienced great transform. After the readjustment of industrial structure and the reconfiguration of capital a group of large/medium industrially concentrated gold companies rose up rapidly. Gold industry is growing toward the realization of group and scale operation and acquired certain internationally competitive power. The abolishing of "state monopoly of purchase and allocation" policy, the operation of Shanghai Gold Exchange and the going public of three gold companies mark the acceleration of the marketlization of China's gold industry.