China should set up gold logistics center in the east
Source: www.chinamining.org Citation: People`s Daily Date: March 11, 2016
Thanks the massive inflow of gold from foreign countries and regions in recent years, China`s gold processing industry has been ranked first in the world. According to a recently issued blue book, China should now follow the trend and set up a gold logistics center, China News Service reports on Thursday.
In 2014, China processed 886.09 tons of gold, leading the world and accounting for 30 percent of the world`s total, despite a 24.68 percent decline from the previous year. This information comes from the blue book, which was published by the Ping An Bank funds operations center.
In recent years, a large amount of gold from Switzerland, the United Kingdom, North America, South Africa, plus other Asian countries and regions has been flown into China. Although Europe is still the biggest gold trading center, accounting for 80 percent of the global share, the distribution of China`s gold has already shown a significant "west to east" trend, according to the blue book.
In 2014, the supply of gold in the Chinese gold market amounted to 2,106 tons. Although that number is lower than that of Switzerland, the world leader in gold transactions at 2,208.1 tons, China`s gold exports only accounted for 13.17 percent of its supply this year, which means more than 80 percent of the gold has not been traded ¡ª 3.94 times that of Switzerland. So it is realistic for China to become a new gold logistics center.
In addition, the blue book pointed out China`s other advantages, such as strong demand and a convenient, nearly completed logistics system.
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