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Consumption contributed 77.2 percent to economic growth in the first quarter, up from 64.6 percent the prior year. Services contributed 61.7 percent of Q1 GDP. High-tech industry's value-added output for January-March increased 13.4 percent.

Contributions to the fund will come from Alibaba's partners and employees, as well as a charity that takes in 0.3 percent of the company 's annual revenue to support social responsibility initiatives.

Consumers from China accounted for 33 percent of global luxury goods purchases in 2019, up from just 1 percent in the 2000. Spending by China's luxury shoppers may reach 1.2 trillion yuan (0 billion) by 2025, according to Bain & Company.

Considering the improving liquidity conditions and the historically low valuation level, the A-share market is apparently worth allocating to this year, said a report released by the company Wednesday.

Consumption in the gold coins segment rose 6 percent year-on-year to 18 tons. Price downtrend boosted consumer demand, especially for jewelry, said the CGA.