China's gold consumption rebounds in H1 as macroeconomic policies support demand
宏觀經濟政策支持需求 上半年中國黃金消費反彈 By Global Times
Aug 03, 2021
China's gold consumption plummeted by nearly 20 percent in 2020 largely because of the coronavirus pandemic, but rebounded sharply in the first half of 2021, an industry report showed on Tuesday. 週二的一份行業報告顯示,中國的黃金消費量在2020年下降了近20%,主要是由于冠狀病毒大流行,但在2021年上半年大幅反彈。
China consumed 820.98 tons of gold in 2020, down 18.13 percent or 181.8 tons from the 2019 level, data released by the China Gold Association (CGA) showed on Tuesday. 中國黃金協會(CGA)週二公佈的數據顯示,2020年中國黃金消費量為820.98噸,比2019年下降18.13%或181.8噸。
Despite the significant contraction, China remained the world's largest gold consumer in 2020 for an eighth consecutive year. 儘管出現大幅收縮,但中國仍連續第八年成為2020年全球最大的黃金消費國。
Consumption for jewelry was down 27.45 percent year-on-year to 490.58 tons, while bar and coin sales were up 9.21 percent. Industrial use was down 16.81 percent, according to the CGA report. 珠寶消費量同比下降27.45%至490.58 噸,而金條和硬幣銷售額增長9.21%。根據 CGA 的報告,工業使用量下降了16.81%。
The decline in consumption came with a decline in gold production. Still, China has been the world's No.1 gold producer since 2007. 消費的下降伴隨著黃金產量的下降。儘管如此,中國自2007年以來一直是世界第一大黃金生產國。
In 2020, China's gold production was down 3.91 percent to 365.35 tons due to environmental conservation efforts and production disruptions from the pandemic. 2020年,由於環境保護工作和大流行造成的生產中斷,中國的黃金產量下降了 3.91%至365.35噸。
In the first half of 2021, however, China witnessed a rebound in gold consumption of 69.21 percent to 547.05 tons due to macroeconomic policies that aimed at bolstering domestic consumption, the CGA said. Compared with the pre-virus levels of 2019, the annual increase for the first six months of 2021 was 4.49 percent. 然而,CGA表示,由於旨在提振國內消費的宏觀經濟政策,2021年上半年中國黃金消費量反彈69.21%至547.05噸。與2019年病毒爆發前的水平相比,2021 年前六個月的年增長率為4.49%。
During the same period, gold production in China continued to fall, contracting by 10.18 percent to 152.75 tons due to work accidents that disrupted gold mine output in gold-producing East China's Shandong Province. 同期,中國黃金產量繼續下降,由於華東產金山東省發生工傷事故影響金礦產量,黃金產量下降10.18%至152.75噸。
Globally, it is expected that demand for gold from the jewelry industry will rebound 37 percent this year, according to estimates published in a separate report on Tuesday. 根據周二發布的另一份報告估計,在全球範圍內,預計今年珠寶行業對黃金的需求將反彈37%。