This type of jade ring with a large central hole is known as a ‘huan’. Earlier examples, like this one, are usually plain, with no carved patterns.
The production of jade rings and discs started in Neolithic times in China and continued until the 19th century. They came in a variety of sizes and in two basic shapes. Discs with a small central hole were known as ‘bi’.
The significance of these jade discs in Neolithic times is not entirely clear. They must have had an important ritual function as they are often found in graves close to the bodies of the dead.