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China Research and Intelligence
Research Report onChinese Gold Market under InternationalFinancial Crisis, 2009 
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Research Report on Chinese Gold Market under International Financial Crisis, 2009
Summary
In 2007, the gold yields in China were 270.491 tons, exceeding the big gold producing countrySouth Africa for the first time and becoming the biggest gold producing country in the world.Chinese gold mainly came from three parts: producing gold from the gold mines, non-ferrousmetal smelting enterprises, and the gold smelting enterprises. In 2008, the gold yields in Chinareached to 282.007 tons, up by 4.26% of 2007. The top three yield regions were Shandong, Henanand Jiangxi respectively, totally accounting for 46.4% of the national yields. In 2008, Chinese goldindustry realized the profits of 12.4 billion Yuan (1.77 USD).During 2003 to 2008, the average annual growth of Chinese gold yields was 7.6% as well as theaverage annual growth profit of 41%. China averagely added more or less 700 tons of goldreserves annually, realizing exploration increased reserves exceeding the production consumptionreserves in the gold industry for successive years. China has been the biggest gold producingcountry, yet not the strongest gold country. From the part of comprehensive strengths, there arelarge differences between Chinese gold enterprises and the international level.Chinese people have the tradition of storage and investment in the precious metal. Gold becomethe first choice for investment and collection because of the special features.In 2008, the international gold investment demands including ETFs, gold bar and gold coinincreased by 64% compared with 2007, equally increased by 15 billion USD. In 2008, the averagegold price in the world was 872 USD per ounce, up by 25% of 2007.The gold demands in China were robust, increased by 18% in 2008, the leader of the gold growthdemands in the world. In 2008, the total gold demands in China reached to 395.6 tons, including326.7 tons for the personal ornaments and 68.9 tons for retail sale investment, up by 68 tons of thelast year.In 2008, Chinese gold trade market was very hot, gold becoming the new investment hotspot. In2008, the accumulative gold transition value in Shanghai Gold Exchange totaled 868.387 billionYuan (124 billion USD), increased by 174.84% over the previous year.Under the circumstances of unprecedented international financial crisis, economic depression andthe worries about the inflation in the future, the investors recognized the advantages of possessinggold, reproving the core investment feature of the gold support value. The present marketconditions affected the expenditure in the personal ornaments, but the gold purchase volumesincreased sharply out of the investment purpose. The international economic depression and theinstability of Chinese economy influenced most Chinese families, which could not get rid of in ashort period. It was predicted that gold, the special asset, would receive more attentions fromChinese people.Because of the growth demands for the gold, the gold price increased by about 150% over theprevious ten years. In China, although the gold investment awareness had strengthened forChinese people, there were still great gap compared with the international level. So far, the gold
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