Beijing: China’s strong appetite for gold is expected to continue for the next 20 years, driven by the country’s increasing per capita income and the global shift of gold consumption from the West to the East, the China Gold Association said.
In 2013, China’s gold consumption reached 1,176.4 tonnes, making it the world’s biggest gold consumer. Its consumption in 2014 is expected to remain on par with 2013, according to Zhang Bingnan, vice president of the association.
“In the next 10 to 20 years, the global shift of gold consumption from the West to the East will continue because the West generally has more gold reserves. As per capita income in the East continues to rise, gold demand will grow in India, China and other developing countries in Asia, provided that there are no major distruptions,” Zhang explained.
According to the figures released by the World Gold Council, China accounted for 28 percent of global consumption last year.