China's 2021 gold consumption rose 36% in 2021
(Kitco News) - The China Gold Association has said that the nation's 2021 gold consumption rose by over a third from the previous year, as its economy rebounded from the coronavirus impact. Consumption in the world's largest gold consumer rose 36.53% year-on-year to 1,120.9 tonnes. It was also up 11.78% compared with consumption in 2019, before the pandemic.
"In 2021, under the remarkable results of China's overall economic development and epidemic prevention and control, domestic gold consumption generally maintained a recovery trend and achieved rapid growth compared with the same period (in 2020)," said the association in a statement.
Growth in China's gold consumption was led by gold jewelry, jumping 44.99% to 711.29 tonnes on year. Gold bars and coins consumption gained 26.87% in 2021 to 312.86 tonnes.
China's economy rebounded in 2021, with its best growth in a decade, helped by robust exports in a post-coronavirus lockdown comeback.
The association also said that the country's gold output in 2021 fell 9.95% year-on-year to 328.98 tonnes. The annual decline in output was attributed to the shutdown of mines in Shandong and Henan, China's major gold-producing provinces after some gold mine accidents required safety inspections and rectifications.