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China To Produce More Gold This Year

China plans to produce 260 tons of gold in 2007

China plans to produce 260 tons of gold in 2007, nearly 20 tons more than last year, according to the National Development and Reform Commission.

The NDRC said that China's gold output hit a record 240.08 tons last year, up 7.15 percent year-on-year.

The country's gold industrial output value reached 53 billion yuan (6.625 billion U.S. dollars) last year, up 34 percent. The net profits from the industry totaled 6.5 billion yuan, up 63 percent.

Higher gold prices on the global market is regarded as the major factor behind China's gold industry's higher output and profits.

The global gold price opened at 517 U.S. dollars per ounce and ended at 636.6 U.S. dollars per ounce at the end of last year.