China is moving to ban alcohol consumption as the Communist party regime in Beijing is mulling imposing a prohibition order which will apply to the members as well as government officials, Bloomberg reported.
The ban which could be imposed by China's president Xi Jinping could also apply to individuals beyond their working hours, the report said. “If a ban were to be implemented, then there’d be a risk it could be widened beyond just civil servants,” the report added.
The speculation surrounding the move led to volatility in the market with the share price of major alcohol producers such as Kweichow Moutai, Wuliangye Yibin Co. and Budweiser Brewing Co. swinging to the extremes, Bloomberg reported.
The move could possibly come ahead of the once-in-five-year Chinese Communist Party (CCP) where President Xi Jinping is expected to grant himself a third term.
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{{/usCountry}}In 2017, ahead of the CCP meeting, Chinese public employees were banned from drinking alcohol as part of Xi's anti-corruption efforts. In August last year, CCP's anti-corruption watchdog had said that drinking could lead to crimes while banning songs at karaoke venues.
At a local level, Henan’s Puyang and Gansu’s Qingcheng have banned alcohol consumption for civil servants during the working week- even in their private time.