Illustrative image
Global Times reported that the China Geological Survey under the Ministry of Natural Resources announced on January 19 significant gold discoveries in Gansu Province in northwestern China, the Inner Mongolia Autonomous Region in northern China, and Heilongjiang Province in northeastern China, with a total of 168 tons of new gold resources identified.
Of this, Gansu added 102.4 tons of gold, classified as a super-large mine. Inner Mongolia increased by 41.3 tons, and Heilongjiang by 24.3 tons.
China’s recent reassessment of mineral resources has led to significant growth in reserves of gold, tantalum, rare earths, and zircon. Notably, gold reserves have increased by over 1,200 tons, equivalent to the discovery of 60 new large gold mines, according to a Xinhua report.
Lately, China has consecutively announced significant gold exploration findings. The Hunan Provincial Geological Institute announced in late November 2024 that it had made a major breakthrough in the exploration of the Wangu Gold Mine in Pingjiang County, Hunan. The Hunan Provincial Geological Hazard Monitoring and Survey Institute discovered more than 40 gold-bearing veins in the strata at a depth of over 2,000 meters below the surface at the Wangu gold mine. The total gold reserves discovered in the core exploration area reached 300.2 tons.
Experts discussed that the potential of the Wangu gold mine in eastern Hunan is enormous, with reserves predicted to exceed 1,000 tons at a depth of 3,000 meters below the surface and resource values estimated at 600 billion yuan based on the current gold price.
In 2024, China ranked sixth globally in gold reserves with 2,264 tons, while the top three countries were the United States (8,133 tons), Germany (3,352 tons), and Italy (2,452 tons), according to Trading Economics.
The increase in gold reserves has boosted China’s global ranking in 2024. National gold reserves play a crucial role in crisis management, exchange rate stabilization, and payment system support, and they are directly linked to a country’s economic independence, said Wang Guoqing, a research director at the Beijing Lange Steel Information Research Center, to the Global Times.
“Gold is a strategic reserve against inflation,” Wang said. “For individuals, gold serves as a hedge against inflation, while for a country, it safeguards wealth and ensures stability during economic turmoil.”
“Abundant gold reserves create economic power leverage for both domestic and international investors,” Wang noted. “It also boosts public confidence in the national currency, reducing currency risks and financial costs.”
“We expect gold jewelry consumption to increase seasonally due to the upcoming Chinese New Year holiday shopping peak,” according to Ray Jia, head of research at the World Gold Council.
The Great Vietnamese ‘Billion-Dollar Tree’: A Global Frenzy: Export Prices Soar to a Decade High, with Malaysia Leading the Charge at Over 500% Increase in Imports.
China remains Vietnam’s largest trading partner.
The King of Fruits: Vietnam’s Million-Dollar Treasure that has China Enchanted.
With a land area spanning hundreds of thousands of hectares, Vietnam ranks 7th out of 93 countries worldwide.
“Enhancing Railway Connectivity: Unlocking Opportunities for Vietnam’s Ancillary Businesses.”
Representing businesses and government agencies, stakeholders believe that enhancing railway connectivity between major cities in northern Vietnam and China will spur growth for enterprises and the Vietnamese economy.
3 Years of RCEP: Asserting the Role in an Open Economy
The RCEP encompasses 15 nations, including the 10 member states of the Association of Southeast Asian Nations (ASEAN), as well as China, Japan, South Korea, Australia, and New Zealand. This mega-regional trade agreement aims to enhance economic integration and facilitate trade and investment within the region. With a diverse range of economies and a vast market, the RCEP holds significant potential for businesses and consumers alike.
Unlocking the Potential: A Thousand Coffee Shops and Beyond, How Far Has Trung Nguyen’s Ambitious Venture Come?
“The King of Coffee”, Dang Le Nguyen Vu, continues his reign with the grand opening of a new store in China.
