Perhaps no story illustrates the secret of China’s industrial success better than its rise as the world’s gold superpower.
China has revered the metal for millennia, yet it has never had a gold-based economy. Its own deposits were simply too scarce.
In 1975, as China began its economic modernisation, it desperately needed gold to fund reform and build up foreign reserves. Despite its best efforts, it produced a meagre 13.8 metric tons a year. South Africa, then the undisputed king of gold,...
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Perhaps no story illustrates the secret of China’s industrial success better than its rise as the world’s gold superpower. China has revered the metal for millennia, yet it has never had a gold-based economy. Its own deposits were simply too scarce. In 1975, as China began its economic modernisation, it desperately needed gold to fund reform and build up foreign reserves. Despite its best efforts, it produced a meagre 13.8 metric tons a year. South Africa, then the undisputed king of gold, produced many times that. Canada, the United States and Australia each comfortably outproduced China as well.