China National Gold Group Corporation, the country's largest gold producer, established a subsidiary for an industrial research institute on Friday, in an attempt to shift growth drive from investment and scale expansion to innovation.
Song Xin, general manager of the company, said the gold industry is facing challenges including limited resources, technology obstacles and rising costs, which requires the company to make greater innovation efforts to realize stronger sales and profit growth.
Song said the company will extend the product chain through technology upgrading, seeking more market opportunities.
Meanwhile, the company will place further attention on environmental protection.
China is the largest gold producer in the world with an output of around 428 metric tons in 2013.
China National Gold Group produced 39.4 tons in 2013, accounting for almost 9 percent of the nation's total output.
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