China, thanks to its deft response to COVID-19, has managed to grow an already big economic volume, secure the supply chains and foster a booming market, said the experts.

While the COVID-19 pandemic has made for a challenging 2020, with careful planning and deft execution, the luxury goods sector can successfully weather the crisis and emerge even stronger, the consultancy said.

China has tackled major financial risks with all-out efforts and a deft hand in the past year, as existing hazards have been gradually dissolved and a more mature system put in place to forestall potential dangers.

But this would require quick responses from monetary authorities to strains within the financial system, deft approaches to systemic risks and having a more macro-prudential approach.