China’s booze business looks smashed

Something was missing when Kweichow Moutai, the world’s most valuable spirits company, held its annual shareholder meeting in May. Participants were not served its famous baijiu, a fiery sorghum-based liquor. They supped on blueberry juice, instead. This was probably wise: the Chinese government is in the midst of yet another campaign to stamp out excessive drinking (and other sorts of extravagant behaviours) among officials. Last month the government banned alcohol entirely at official events; inspectors vowed zero tolerance. “One drink can make you lose your position,” state media thundered.

The Economist

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