"In the wake of the government's austerity drive and anti-graft campaign, the main consumer group of high-end spirits such as Moutai has shifted to middle-class Chinese consumers, and their demand remains significant.

In terms of global outlook, we would expect fiscal stimulus to be reduced compared to 2020－not through a return to austerity policies, but because we expect fewer new measures.

"UBS said it expects a fine-tuning of the existing austerity measures this year due to slowing growth in prices and real estate investment.

Non-petrol vehicles will attract more customers in the future because they are more environmentally friendly and less costly, as the local gas prices have risen lately, partly due to the lifting of subsidies on energy amid the country's economic austerity reforms.

For instance, in 2012, China's overcapacity was linked to a swift change in macroeconomic policy from one of expansion to one of austerity.

Egypt has been suffering economic slowdown over the past few years due to political turmoil and relevant security issues, which led the country to adopt a strict economic reform program including austerity measures, energy subsidy cuts and local currency floatation, all encouraged by a 12-billion-dollar loan from the International Monetary Fund.