Monday 2014/10/20

China

Alcohol Crackdown Causes Headaches for Chinese Investors

Communist Party chief Xi Jinping has moved to forbid high-ranking military officers from attending lavish banquets where alcohol is served.Communist Party chief Xi Jinping has moved to forbid high-ranking military officers from attending lavish banquets where alcohol is served.
x
Communist Party chief Xi Jinping has moved to forbid high-ranking military officers from attending lavish banquets where alcohol is served.
Communist Party chief Xi Jinping has moved to forbid high-ranking military officers from attending lavish banquets where alcohol is served.
A move to forbid high-ranking Chinese military officials from attending banquets and other events where alcoholic beverages are served has left many Chinese investors with a hangover.

According to Xinhua, the nation’s official news agency, one Chinese alcohol producer, Kweichow Moutai, lost $2 billion in value the day the ban was announced as its stock plummeted 5.5 percent.

The regulations were announced December 21 by the Central Military Commission (CMC). In addition to alcohol, they set limitations on the use of welcome banners, red carpets, floral arrangements, live performances and souvenirs, among others.

The CMC is chaired by new Communist Party chief Xi Jinping, who took over the party and the commission last month. He has pledged to fight corruption and is slated to become China's president in March.

The new regulations also extend to commission officials. Reports say military commission officials are required to "discipline their spouses, children and subordinates and make sure they do not take bribes."

According to Xinhua, Chinese internet users are praising the ban, but some are calling for it to be extended to all government officials.

A former spokesman for the Ministry of Education took to Sina Weibo, a popular microblogging site, to call for limiting liquor advertising in television, especially during popular national festivals.
This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Latest News

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Headline News Oct 20, 2014i
X
20.10.2014
མཁན་པོ་ཀརྨ་ཚེ་དབང་ལ་ཁྲིམས་ཆད། གསེར་རྟ་རུ་ངོ་རྒོལ་དང་འཛིན་བཟུང་། ཧོང་ཀོང་གི་ངོ་རྒོལ། ཨ་རི་དང་རྒྱ་ནག་མཇལ་འཕྲད་སྟ་གོན། འཐབ་འཁྲུག་གི་ཡོ་བྱད་མཁོ་སྤྲོད། སྲིད་སྐྱོང་ཡོ་རོབ་ཏུ་ཕྱོགས་ཕེབས།