The rapid pace of industrialisation of China, coupled with its relatively low per capita endowment of natural resources, has led to a sharp increase in world commodity demand.
For example, according to the International Monetary Fund, China was responsible for 51 per cent of the growth in the world copper market from 2002-2005, 54 per cent of the increase in the steel market, 48 per cent of aluminum growth and 87 per cent for nickel.1  Figure 1: Global growth and growth in real commodity prices2  1  Quoted in Financial Times (2007) “Non-financial risks series: Mining groups encounter tough lessons” June 4.