EFTA Document EFTA01458991

8 December 2015 World Outlook 2016: Managing with less liquidity Chinese metal demand is structural in our view, with over 60% of Chinese demand related to; infrastructure, property and industrial manufacturing. The remaining 40% is related to consumer demand. Unfavourable demographics with an ageing working population is the main driver for slower metals demand in property related demand sectors. We forecast demand growth from the property sector to be essentially flat with lower "new"