Chinese Citizens Flock to Hard Assets

NTD Newsroom
By NTD Newsroom
December 14, 2023China in Focus

Chinese citizens are flocking to buy up hard assets like gold. Gold futures rose to record highs. The price of gold jewelry in China has also skyrocketed, reaching up to over $2,400 per ounce. Marking a historic high.

China’s Economy Struggling With Deep Deflation

China’s struggling economy is being hit hard with deepening deflation. Last month, consumer prices saw their steepest drop since the pandemic. That’s according to data from the National Bureau of Statistics. This means Chinese consumers have reduced their spending amid economic uncertainty.

The price plunge sparked calls for Beijing to act and boost demand.

Chinese officials are expected to meet this month to talk about the economy and publish new plans for economic priorities.


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