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In 2011, Diageo became the largest single shareholder in premium baijiu producer Shui Jing Fang.
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"In the past, baijiu was only for consumption, " says Liu Xiaowei, chairman of auction house Beijing Googut Auction Co.
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Auction house Googut helped three banks set up bank-run investment funds for customers to invest in baijiu and other liquors.
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Recent acquisitions for London-based Diageo have included ShuiJingFang, a maker of baijiu, a Chinese white spirit, as well as Mey Icki, in Turkey.
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Business negotiations in China have traditionally been conducted over meals accompanied by plenty of alcohol, and the fiery sorghum-based spirit baijiu remains a staple at state banquets and family reunions.
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Imported spirits make up about 2% of the Chinese alcohol market, with baijiu a white spirit distilled from sorghum, wheat or rice representing half of the country's alcohol sales, according to Euromonitor, a data provider.
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