Gold: Why China outbeats India in gold reserves | 27 April 2009 | www.commodityonline.com
By Nandita Jain
China last week announced that the country has 1,054 tons of gold in its state reserves. China’s gold reserves has risen 454 tons since 2003 and now the country is the fifth biggest gold holder in the world.
India is in the fourteenth position with 357.7 tons of Gold reserves
The economic meltdown that the world is reeling under has hit global powers and poor nations alike. Even as the super power United States struggles hard with its plunging economy and unemployment, analysts have been saying that this century belongs to the Asian giants—China and India.
China and India are neighbours, and have been developing their economies aggressively through a series of economic liberalization programs all these years. In many areas and industries, both countries compete globally. While in industrial production China beats India, in information technology India has been a big success story.
But not many analysts have compared where India and China stand when it comes to the hottest commodity in the world—gold.