Few had survived China’s fast-changing and precarious wine market. Navigating government regulations and the country’s notorious ‘Ganbei’ or ‘bottoms up’ culture at business dinners is not for the faint of heart or liver. Alberto Fernandez, managing partner of one of China’s biggest wine importers, Torres China, is an exception.
Here are your essential readings on China’s wine market this week: China extended international travel ban; wine merchants in Wuhan complained sales so far only recovered about 10-20%, and OurHours, a convenience store set up to sell wine and grocery, went bust.
What Australian wineries and wine merchants in China are fearing the most is about to happen, as sources told Bloomberg that wine is among a list of potential agricultural products drawn up by Chinese officials to retaliate Australia over its push for coronavirus inquiry.
Australian wine exports in the first four months of the year have been dented by the coronavirus pandemic, with China seeing the sharpest decline, and the future of wine trading between the two countries dogged by fears of escalating political tensions.