What religion believes that peace and happiness comes from giving up material belongings in ancient China?

The religion that believes peace and happiness comes from giving up material belongings in ancient China is Daoism (Taoism). Daoists emphasize harmony with the Dao, or the natural way of the universe, and advocate simplicity, humility, and the rejection of excessive materialism. This philosophy promotes a lifestyle that prioritizes spiritual fulfillment and inner peace over material wealth.