China Aims 5% to 10% Gold Output Boost by 2027

China has announced a comprehensive plan to advance its gold industry by 2027, with a focus on technological innovation and increased output. The "Implementation Plan for High-quality Development of the Gold Industry," released by the Ministry of Industry and Information Technology (MIIT) and supported by nine other departments, aims to enhance resource security and technological advancements in the gold sector.

The plan targets a significant increase in gold and silver output, with projections indicating a rise of over 5% by 2027. Additionally, gold resources are expected to increase by 5% to 10%. The initiative emphasizes technological breakthroughs, particularly in deep mining and cyanide-free extraction technologies, to boost efficiency and sustainability in the gold industry.

According to analysts, the plan aligns with China's broader goals of technological advancement and resource independence. By enhancing its gold production and processing capabilities, China aims to strengthen its domestic economy and reduce reliance on foreign markets. The initiative also includes measures to support the development of gold-related financial products and services, which could attract more investment into the industry.

The proposed growth plan is expected to have a substantial impact on the global gold market. By increasing domestic production and refining capabilities, China aims to become a leading player in the global gold industry. This could potentially shift the balance of power in the gold market, as China's increased production and consumption could influence global gold prices and supply chains. The plan also emphasizes the importance of sustainable mining practices, which could set a new standard for the industry and encourage other countries to adopt similar measures.

The initiative is part of a broader effort to diversify China's economy and reduce its dependence on foreign markets. By investing in the gold industry, the government hopes to create new opportunities for economic growth and job creation. The plan also aims to enhance China's position as a global leader in the gold market, which could have significant implications for the country's economic and political influence. The government's commitment to supporting the gold industry is expected to attract more investment and encourage innovation, which could drive long-term growth and development in the sector.