Local wine producers wary of overseas peers

 Pressure from international peers are making Chinese wine producers like Changyu Pioneer Wine Company Limited to extend their grip on the high-end wine market, according to media reports Wednesday, citing the latest industry research report.
Extremely fierce competition came in in the aftermath of the global financial crisis, which practically curbed the wine industry overseas and made China- with its booming business environment for all industries- their refuge, according to the report.

Recently released data showed that wine consumption in the country grew 50 percent in the past three years. China has also become the world's largest importer of wine from French Bordeaux.

Changyu also announced recently that it will inaugurate three large-scale vineyards in West China, which the company believes will equip it to the head for market dominance. In addition, the company said that, in the coming five years, it will increase its output by 400,000 tons.

A report released by the French government previously said that emerging economies like China, India and Brazil are set to become the country's main competitors in the industry in the future.