First cars, now booze – Chinese liquor producers saw their shares tumble yesterday after Premier Wen Jiabao vowed to ban government officials from squandering public funds on cigarettes and luxury alcohol, writes Robert Cookson.
The move, designed to quell public anger at official excess, comes just a month after Beijing proposed banning the purchase of any car that is foreign, big or extravagant for official vehicle fleets.
China Kweichow Moutai Distillery, the state-owned company whose fiery liquor is particularly popular among China’s elite, suffered a 6.5 per cent share price decline in Shanghai, its biggest drop since January.
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