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Bain's report noted that the rise of domestic brands in the consumption market poses a real threat to multinational brands because the former has a good read on local consumers, is willing to adapt quickly and can provide tailor-made products in a short period of time.

Baoneng has already registered an automotive company under its name. Its business includes specializing in the development, manufacturing and sales of engines, chassis, buses, passenger cars and new energy cars.

Basu proposed that a multilateral organization such as the World Bank or the IMF should urgently establish a task force comprising 20 economists with diverse specialties, as well as experts in health and geopolitics, to analyze and coordinate actions against the crisis.

Banks working to make financing easier for private companies: Guo Shuqing

Baijiu is far from taking over the bar, but in recent years baijiu cocktails have been appearing on menus across London, from the Yauatcha in Soho, to the Arbitrager in the City, to the Mei Ume bar in the Four Seasons Hotel.