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Banga added it was just another step in the process that will likely play out in the next 12 to 18 months as there were several review cycles from the Chinese regulators.

Back in the 1990s, Cai Mingpo, 48, was just a "poor Chinese student" in France. Today, he helms the billion Cathay Capital Private Equity.

Banks also said that Trump's coronavirus illness raises the profile of this debate, but only by a little, and that the vice-presidential debate is "highly unlikely" to shift the race.

Barrister Ronny Tong Ka-wah told China Daily the new law should be drafted in a way that makes it as close as possible to similar laws in Hong Kong, so it can be enforced correctly and avoid being abused under the city's common law system.

Baijiu producers have often been found misleading consumers by exaggerating or ambiguously declaring the dates liquor has been produced.