China world's top gold producer for 6th year

BEIJING - China produced the most gold in the world in 2012, making it the largest producer for the sixth straight year, latest industry association data showed.

China's gold output increased 11.66 percent from a year earlier to hit a record high of 403.05 tons in 2012, the China Gold Association said Wednesday.

The output was almost 100 times that of 1949, when the country produced just 4.07 tons, the association said.

It attributed the increase to favorable government polices, which have put the industry on a fast track and made it a pillar industry in many of the country's gold producing areas.

The country's top 10 gold producers, including provinces of Shandong, Henan, Jiangxi, accounted for 82.71 percent of the total national output last year.

China surpassed South Africa to become the largest gold producer in 2007.

The country is currently the world's second-largest gold consumer after India, with total gold consumption at 761.05 tons in 2011, the association said in a report released in December.