By 2017, China's consumer demand for gold will increase to at least 1,350 tons per year, almost 20% above the current level of 1,132 tons per year, according to a new report by the World Gold Council, entitled " Chinese gold market: progress and prospects. "
Following the record level of demand in China in 2013, which led the country to the position of the largest gold market in the world, the following years are likely to bring it a steady growth.
"Since the liberalization of the gold market in the late 1990s and the opening of sales of gold bars by local commercial banks since 2004, we have seen an astonishing growth in demand for gold from consumers across the country," said Albert Cheng, Managing Director of WGC in the Far Eastern region.
"The attractiveness of gold is deeply rooted in Chinese culture. When this is accompanied by a growing number of wealthy people and government support, there are significant opportunities for further market growth. China today is at the center of the global gold ecosystem, "Cheng stressed.
Over the next six years, the middle class of China will grow by more than 60%, from 200 to 500 million people. Compared to the total US population of 319 million people, this new market of affluent consumers, prone to the acquisition of gold, promises significant prospects.