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REUTERS
Beijing: China consumed 191.6 tonnes of gold in 1998, about 22.2 tonnes less than in 1997, making it the world's fourth largest market for the precious metal, the Xinhua News Agency quoted the World Gold Council as saying.India, the United States and Saudi Arabia were the top three gold consumers, with 815 tonnes, 428.4 tonnes, and 208.4 tonnes respectively, it said.
Per capita consumption on the Chinese mainland was only 0.2 grams of gold a year, compared with nine grams in Hong Kong and Taiwan, Xinhua said, quoting the president of the council's Far East region. Consumption could be stimulated since the Chinese government is opening the gold market and loosening controls, it said. Last year's output of 172.8 tonnes made China the fifth biggest gold producer in the world.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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