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Dong said that on the one hand, this law will help protect consumers from buying fake or substandard products. However, on the other hand, it will likely increase the cost of buying imported products.

Drawing on international experience, because of the risks involved, the lending rates to small businesses must be high enough to allow the lender to cover its costs. For most microloans globally, interest rates after inflation range from 15 to 30 percent, Morduch said.

Dunn said 20 selected farmers supply the grass-fed milk. The cows are raised outside in pastures all year round and undergo a maximum of two milkings per day

Duan Yichen has the same feeling. The 20-year-old sophomore student, also from the University of International Business and Economics with a major in translation, completed a two-week voluntary stint in Galle, Sri Lanka in August.

Douyin, a Chinese app that publishes short videos, announced it will go global this year and cover markets like Japan, South Korea and Southeast Asia.