The World Gold Council (WGC) and the Industrial and Commercial Bank of China (ICBC) have signed a memorandum of understanding to cooperate on developing the Chinese gold market, including the development and marketing of gold solutions for Millennial consumers and institutional investors. China has become the world’s largest gold producer and consumer. However, in recent years, with the increasing development of online financial products and constant changes in investment and consumer groups, "China’s gold industry is at a crossroad, looking towards the future", the WGC and ICBC said in a statement published on Tuesday. Under the terms of the MoU, the two organisations will work together at a strategic level in five areas, with the first being to promote investing in gold among institutional investors. Secondly, the parties plan to leverage online technology and the ICBC’s platform advantages to design and develop new gold products and services for Millennials.
