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Apart from the mature market abroad, CIMC Enric also expects the acquisition to help the company strengthen its position in the growing Chinese market, as CIMC Enric believes the growth pace of craft beer in China will remain at 40 percent each year, although currently the business only occupies 1 percent of the domestic market.

Annual output is expected to reach 30 billion cu m by 2020 and jump to a range of 80 to 100 billion cu m in another 10 years, the NEA said.

Another indication that men have been playing catch-up with women in this market is evidenced by how the per capita consumption disparity for beauty products between the two sexes has narrowed to 13.7 yuan, down from 26.6 yuan in 2014, according to Chinese e-commerce giant JD.com.

Ant Financial's Alipay held 55 percent of China's mobile payments market in 2016, down from 68 percent just a year earlier, according to iResearch Consulting Group. Meanwhile, Tencent's climbed from 21 percent to 37 percent from 2015 to 2016.

Apart from pushing ahead joint inspections, Yi also called for the establishment of a joint law enforcement alliance on the basis of mutual trust, to combat cross-border securities crimes, adding that China will provide law enforcement assistance in accordance with multilateral law enforcement cooperation arrangements.