China's gold industry sees stable performance in 2020

An employee arranges a golden ornament specially made for the Year of the Ox at a jewelry shop in Lianyungang, Jiangsu province. (Photo by Wang Chun/For China Daily)

BEIJING -- China's gold industry reported a stable performance last year, with optimized industrial structure and growth in market turnover, according to the Ministry of Industry and Information Technology (MIIT).

In 2020, the country's gold output dropped 4.2 percent year on year to 479.5 tonnes, said the MIIT, citing data from the China Gold Association.

The country saw a weak demand for gold, with consumption dropping 18.1 percent year on year to 821 tonnes in 2020.

Last year, the turnover of gold on the Shanghai Gold Exchange grew 4.9 percent year on year to 22.55 trillion yuan (about $3.5 trillion), while that on the Shanghai Futures Exchange surged 38.3 percent year on year to 41.47 trillion yuan.

In 2021, the gold industry will optimize the industrial layout, accelerate mergers and acquisitions, implement green and intelligent transformation, and deepen international cooperation to promote high-quality development of the industry, said the MIIT.