Economic rebound bolsters China jewellery sales
Retail sales of gold, silver and jewellery benefited from steady economic recovery in China in the first two months of 2023, government data showed.
Jewellery sales from January to February rose 5.9 per cent year on year, according to the National Statistics Bureau of China. By comparison, sales in this category were down by 18 per cent year on year in December 2022 and by 1.1 per cent from January to December.
China said its economy recovered strongly in the first two months of the year, with improvements recorded in major sectors such as industrial production, services sector, retail, fixed-asset investments, exports and imports and employment.
China earlier set a growth target of around 5 per cent for 2023 as it laid out key economic policies that it will prioritise, led by consumption and investment.
The country's gross domestic product was up 3 per cent in 2022, missing a 5.5 per cent target for the year mainly due to strict Covid restrictions that impeded economic growth.