China's biggest wine producer admits its wines are awful
The Chairman of Cofco, the state-owned grain company that operates China's biggest wine producer, told a conference its wines are not very good. China is a vast consumer of wine particularly red wine - it was the worlds largest red wine market in 2012. So you'd think they would up their game? An ongoing crackdown on government corruption is squeezing the historical ostentatious displays of gifting with super priced wines. And they are now importing more lower price wines from new world producers such as Australia and Chile. Cofco are seeking to improve their wine by making acquisitions overseas, buying Bordeaux vineyard Chateau Viaud in 2011 and Chile's Biscottes in 2010.