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As Asian economies were tailoring their economies for global trade starting in the 1960s and '70s, Latin American countries were toying with protectionist policies of import substitution, in essence looking to manufacture goods domestically rather than importing them. They did this through tariffs that made imports very expensive.

Around 5.5 billion liters of baijiu were consumed last year, according to London-based consultancy Euromonitor International.

As China's growing pool of newfound rich joins the world's billionaire ranks, asset managers have been dancing to their tune.

Approved by the State Council, the 23-clause rules aim to effectively forestall and resolve national security risks while actively promoting and protecting foreign investment to support the country's higher-level opening-up and facilitate the new development paradigm, said a statement released by the two government departments.

As China has been working with other countries to make economic globalization more inclusive and balanced to mitigate the impact of the COVID-19 pandemic, its promotion of the "dual-circulation" development paradigm will prove timely, said Lyu Jun, chairman of COFCO Group, China's largest foodstuff producer and grain trader by sales revenue.