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An all-new BYD Tang attracts many visitors at an auto show in Shenzhen, Guangdong province. [Photo provided to China Daily]

An indicator of processing efficiency, the conversion rate — from raw material to final product — of grain and oil processing will be increased to more than 90 percent, according to the guideline. Previous media reports, citing local authorities, said the rate in Henan had reached 86 percent in 2018.

An enlarging middle class was one of many reasons that Green believes makes China a promising market for global brands and marketers, a considerable number of internet users is another.

An African swine fever outbreak had led to a shortage of more than 10 million metric tons of pork in China, or at least 20 percent of China's total pork output in 2019. It will take about six months for a recovery in the pig production capacity and breeding of new pigs. The shortage has helped pig breeders achieve strong earnings and created more billionaires in the sector.

An ADB report this month forecasts Asian regional growth of 2.2 percent in 2020, a downward revision of 3.3 percentage points relative to the 5.5 percent that ADB had forecast in September 2019. Similarly, the World Bank forecast this month predicts that developing East Asian and the Pacific regional growth will be 2.1 percent in 2020, with a worst case of minus 0.5 percent.