Despite a drop in gold consumption, China's gold market experienced a significant increase in trading volume and value in the first quarter of 2025, highlighting the market's dynamic nature and the growing importance of gold as a safe-haven asset.
According to the latest data from the China Gold Association, China's domestic gold production in the first quarter of 2025 reached 87.243 tons, up 1.49 percent year on year. Including imported materials, the total gold production reached 140.830 tons, a 1.18 percent increase over the same period of last year.
In the first quarter, Gold consumption declined by 5.96 percent, with gold jewelry consumption down 26.85 percent year on year. Meanwhile, demand for gold bars and coins surged by 29.81 percent year on year.
However, China's gold market saw a sharp rise in trading activity in the first three months of 2025.
The Shanghai Gold Exchange's total trading volume reached 16,000 tons, up 4.57 percent year on year, with a trading value of 10.7 trillion yuan, up 42.85 percent.
The Shanghai Futures Exchange's volume and value soared even higher, with a 91.17 percent increase in volume and a 143.69 percent increase in value.
Gold exchange-traded funds (ETF) holdings also grew by 23.47 tons, up 327.73 percent year on year, reaching 138.21 tons by the end of March.
Gold prices continued to climb, with the London spot gold price rising 17.79 percent to 3,115.10 U.S. dollars per ounce by the end of March. The average price in Q1 was 2,859.62 U.S. dollars per ounce, up 38.16 percent year on year.
The Shanghai Gold Exchange's Au9999 gold closed at 730.80 yuan per gram, up 19.02 percent from the beginning of the year, with a weighted average price of 670.67 yuan per gram, up 37.68 percent.
China's gold reserves increased by 12.75 tons in Q1, reaching 2,292.33 tons by the end of March.
China's gold market sees surge in trading volume, value in Q1
The Ecological and Environmental Code solidifies China's successful reform experiences in the form of law, transforming ecological conservation into a long-term national goal for the sustainable development of the Chinese nation, said a member of the Standing Committee of the 14th National People's Congress (NPC) on Thursday.
Chinese lawmakers voted to adopt the Ecological and Environmental Code at the closing meeting of the fourth session of the 14th National People's Congress in Beijing earlier in the day.
Lyu Zhongmei, also vice chair of the NPC Environmental Protection and Resources Conservation Committee, who first proposed the drafting of the code, said in an interview with China Global Television Network (CGTN) that the adoption of the code represents a milestone in transforming the country's successful reform policies into a stable legal framework, with profound implications on both national ecological governance and people's daily lives.
"I think this actually sends a very strong signal to the world. Many of our past achievements in ecological civilization system reform were reflected through policies, with numerous reform measures introduced. This time, we are institutionalizing the successful experience of those reforms in the form of law, the most authoritative and stable way to solidify them. This shows that our efforts are not just a one-off campaign. Rather, ecological and environmental protection and the building of an ecological civilization are national goals that reflect the people’s aspiration for a better life and serve the ultimate purpose of ensuring the sustainable development of the Chinese nation," said Lyu.
Lyu highlighted that the code directly enshrines China's greenhouse gas pledge and dual-carbon goals into law, demonstrating the country's concrete actions to fulfill its international responsibilities and uphold its image as a responsible major country.
"We have directly written the commitment to fully meet greenhouse gas targets into the code, and incorporated pledges to use the 'dual carbon' goals as a driving force to advance a comprehensive green transformation of economic and social development. I think this reflects our concrete actions to honor our commitments and take responsibility to the international community, demonstrating China’s image as a responsible major country," she said.
On the topic of global trade, she explained how the code will help safeguard China's interests.
"On the one hand, we are raising standards for the green and low-carbon transition and adopting market-based measures. Some of the standards we have established based on China's actual situation and the methodologies we have created can contribute China's experience and expertise to the world. On the other hand, the Ecological and Environmental Code also includes provisions on extraterritorial application and establishes China’s own system of environmental protection standards," Lyu said.
Looking to the future, she discussed the code's role in the 15th Five-Year Plan period (2026-2030).
"During the 15th Five-Year Plan period, I believe our ecological and environmental protection will undergo fundamental changes. In the past, it relied more on strict administrative enforcement and control. But now, while not lowering strict control standards or reducing strict control measures, we must also introduce more incentive-based measures. Strict regulation will push enterprises to transform and encourage them to pursue environmental protection. The code will provide a clear, long-term and stable norm. In my view, the Ecological and Environmental Code is not only a 'tightening band' that constrains corporate behavior, but also an 'engine' that opens up new tracks for enterprises’ future development," she said.
China's ecological environmental code represents milestone in environmental rule of law
