Changyu Wine Group Co Ltd, one of China's leading wine producers, has set an ambitious goal to become one of the world's top 10 wine manufacturers by 2008.

The goal is based on its bullish performance since its establishment more than 100 years ago.

"Changyu is expected to realize a sales revenue of 5 billion yuan by the end of next year, entering the world top 10 list," Sun Liqiang, president of the company, said in a recent interview with China Daily.

The company's sales revenue reached 3.8 billion yuan last year an increase of 23 percent over 2005.

Based in Yantai, a coastal city of East China's Shandong Province, Changyu has taken a 26-percent share of the Chinese wine market, becoming one of the largest comprehensive wine producers in Asia.

Changyu's fast growth is based on the increasing demand in the domestic wine market, Sun said.

"Although we have taken a leading position in the domestic market, we will accelerate our development following the establishment of more foreign-funded wine companies," Sun said.

To this end, Sun said that Changyu will further promote its wine culture, which has a history of more than 100 years.

"Wine culture, for us, is a special intangible asset, which will, by all means, lead to another fast development period," Sun said.

The number of visitors to Changyu's wine plant exceeded 2 million last year alone, helping boost the company's brand image and promote its special wine culture, Sun said.

1

2

(For more biz stories, please visit Industry Updates)