4/02/99 - China: World"s Fourth Largest Gold Consumer
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SHANGHAI (April 2) XINHUA - China used 191.6 tons of gold last year, making it the world"s fourth largest gold market, according to the World Gold Council (WGC).
India, the United States and Saudi Arabia are the top three gold customers, with 815 tons, 428.4 tons, and 208.4 tons respectively.
Although China used 22.2 tons less than in 1997 as a result of the Asian financial crisis, some WGC officials believe that there is still great potential.
Per capita consumption on the Chinese mainland was only 0.2 grams of gold a year, compared with 9 grams in Hong Kong and Taiwan, according to the president of the council"s Far East region.
Consumption could be further stimulated since the Chinese government is opening the gold market and loosening controls.
Last year"s 172.8 tons of gold production made China the fifth biggest gold producer in the world, after South Africa, the U.S., Australia and Canada.
The country has some 340 licensed processors and wholesalers and about 10,000 retailers in the gold business. Enditem 02/04/99 08:57 GMT |
