BEIJING(BullionStreet): In three years time, China's gold consumption is twice the amount it is now, according to country's Ministry of Industry and Information Technology.

In it’s latest statement,MIIT said domestic demand would surpass 1000 tons by the end of 2015 and said this would ‘widen the fundamental market shortage’ and noted that the shortage of supply will persist in the coming few years as domestic gold supply ‘might only reach 450 tons by that time.’

The ministry also said with regard to acceleration of industry consolidation, the government aims to lower the number of Gold producers in the country to 600 companies by the end of Y 2015 from the current 700.

Top ten gold producers could be responsible for 260 tons of total output, up from 100 tons, by the end of 2015.’

In order to strengthen the Gold industry the government would increase Gold mine investment, speed up industry consolidation and international cooperation, the ministry added.

It would also develop Gold trading platform and investment variety (presumably meaning ETFs).