Gold Reserve In China: China has discovered a huge reserve of gold in Hunan province. The estimated value of this huge reserve is being estimated to be hundreds of billions of rupees. It is expected that this will also support the still-faltering Chinese economy. This discovery is not just an expansion of China's mineral wealth, but also an economic strategy that can strengthen it at the global level.

According to the South China Morning Post, there is a gold mine named Wangu in Pingjiang County of Hunan province. More than 40 gold veins have been discovered inside this gold mine. This mine is located at a depth of less than 2,000 meters below the ground. According to the Hunan Provincial Geological Institute, the total gold reserves in the main area of ​​the mine have now reached 300.2 tonnes. At the same time, the newly discovered reserves contain more than 1,000 tonnes of gold, the total value of which is estimated to be around 600 billion yuan (about Rs 7 lakh crore).

China has also invested a lot.
Liu Yongjun, vice president of the Hunan Provincial Geological Institute, has called it a major success of China's mineral exploration strategy. Wangu mine has already been one of China's most important gold mining centers. Since the year 2020, the provincial government has invested more than 100 million yuan (about Rs 115 crore) for mineral exploration in this area.

There has been a surge in demand for gold in China in recent years, especially due to economic uncertainties. However, this demand has declined slightly due to the central bank stopping gold purchases in May and the weakness of the yuan. Apart from this, gold prices have also fallen. In the retail market, jewelry from famous companies like Chow Tai Fook and Chow Sang Sang is now selling at 720 yuan (about Rs 8,300) per gram, which was earlier 820 yuan.

China's growing focus on such exploration
China is focusing on increasing domestic reserves of strategic resources under the 2021-2025 development plan. Investment in mineral exploration in 2022 increased 8 percent year-on-year to 110.5 billion yuan (about Rs 1.27 lakh crore). This has increased the reserves of not only gold but also essential resources like oil, natural gas, and rare elements.