Liberalism was originally the abolition of feudal restrictions on free trade and wage labor. Neoliberalism is the removal of various newer restrictions on that, including: social-democratic laws that protect workers and raise the standard of living, and protective trade laws that protect countries' local industries (large industry in poor manufacturing countries, for instance, or small farmers like in Mexico, who have been wiped out by US agriculture).
China and the US have recently taken an anti-neoliberal turn, in fact the neoliberal era is beginning to end. Both Trump and Jinping have been pretty protectionist.