China's affluent population in 2020 will reach to 280 million As China looks to shift its export-dependent economy to a greater reliance on domestic consumption, one number is in its favor: 280 million.
That's the total number of affluent consumers China is expected to have by 2020 more than doubling the current total of 120 million -- according to a new study by consultancy Boston Consulting Group.The upper affluent -- those earning between $40,000 and $1 million per year -- will account for 40% of the 280 million, the BCG study said. (BCG puts people whose families have disposal incomes over $1 million per year in a separate category, high net-worth individuals.)

China Gold Group, the country's largest gold producer, said Monday that it would speed up overseas takeovers to obtain resources abroad, an increasingly common move for Chinese mining companies.

China Gold will participate in overseas acquisitions, look for resources in Africa and establish cooperation with other companies worldwide, Song Xin, deputy general manager of the group, was quoted by as saying during the 2012 China Mining Conference and Exhibition held in Tianjin.
These gold companies are examples of Chinese mining firms accelerating overseas investment, thanks to good investment opportunities created by capital shortages that have hit mining industries worldwide during the global financial crisis, said Yang Yihang, deputy director-general of the Investment Promotion Agency of the Ministry of Commerce.Insufficient resources in China create demand for mining companies to expand overseas, and increasingly mature exploration technologies allow them to do so more easily, Zhang Yudong, a consultant at Beijing-based Adfaith Management Consulting, told the Global Times Monday. Private mining companies, which have limited capital, can cooperate with cash-rich State-owned ones to go abroad, Zhang noted.