While global investors worry whether they are well positioned for the return of inflation, the Chinese aren’t concerned. They believe recent experience has identified the kinds of stocks that will be heavy hedges against surges in the cost of living. And so, if anything, they’ve perhaps binged too much on eating and drinking.

While the U.S. market is dominated by the FAANG stocks — the five technology giants that account for over 20% of the S&P 500 Index — Big Food (and Big Liquor) seem to be the market indulgences of the Chinese. The CSI consumer staples index almost doubled from a year earlier. Muyuan Foods, a pig farmer, rose 88%. Meanwhile, soy sauce maker Foshan Haitian Flavoring & Food Co. boasts a higher market value than state-owned oil producer CNOOC Ltd.

A look at the top holdings of mainland mutual funds might make you worry about alcoholism in China. As of the end of 2020, the latest data available, three baijiu manufacturers, Kweichow Moutai Co., Wuliangye Yibin Co. and Luzhou Laojiao Co. Ltd. took up the top spots, followed by Hong Kong-listed Tencent Holdings Ltd. and Meituan, data compiled by CICC show. In China, Big Food is bigger than Big Tech.