英国《金融时报》
原文阅读精选集Vol.3

“泡沫”减少的中国啤酒

在中国，每年盛夏总能见到中年男子露着肚皮，大口吃肉大口喝酒的场景。然而，中国这个最大的啤酒消费市场开始萎缩，自去年以来，中国啤酒市场连续二十年来的增长戛然而止。

 

测试中可能遇到的词汇和知识：

casualty 事故

brewery 酿酒厂

sophistication 成熟

saturated 饱和

languishing 日益衰落

 

阅读马上开始，建议您计算一下阅读整篇文章所用的时间，对照下方的参考值就可以评估出您的英文阅读水平。

Chinese beer loses its froth（618words）

By Patti Waldmeir in Shanghai

 

This has been a headline year for China's beer market — but for the wrong reasons. Beer production has fallen for the first time in two decades,a casualty of changing drinking habits.Now Chinese beer is in the headlines again,as Anheuser-Busch InBev ponders one of the biggest brewery deals of all time,a takeover of SABMiller,at a time when both brewers have a leading position in the Chinese market.

 

Will China prove an obstacle to a potential deal,either because of its slowing economy or because of objections from competition regulators?

 

Like many consumer markets in China,beer has been hit by the moderating pace of economic growth,and the rising affluence and sophistication of Chinese consumers — only more so. Last year China's beer production by volume,at 49bn litres,fell nearly 3 per cent for the first time in 24 years,according to China's National Bureau of Statistics.

 

“Chinese beer per capita consumption has reached 34.2 litres,slightly over the world's per capita of 33 litres,” says the US Department of Agriculture in a recent report,which concludes that “the market for domestic mass-production beer is becoming saturated”.

 

“There isn't much growth in mass-market beers because it's a cheap beverage and as people's disposable income grows they are trying other options,like wine,whisky or craft beers,” says James Roy,retail analyst at China Market Research in Shanghai.

 

“Certain segments of the middle class are using wine increasingly not just for social occasions but for health purposes,especially women in their 30s and 40s who have a glass of wine each evening; it's in all the popular magazines that it has health benefits. And some consumers are shifting from beer to whisky. People are branching out and experimenting with new drinks,” he adds.

 

So mass market beers are languishing,with production volumes at Chinese brewers falling 6 per cent in the first half of this year,according to BNP Paribas. But the bank's China beer analyst,Charlie Chen,says “we see a strong trend of product upgrading”,pointing out that Budweiser,leader in the premium segment in China,posted double-digit volume growth in the same period.

 

“Premiumisation” is the key to future profits in this market,say analysts. China is more than twice the size of the world's second-largest beer market,the US,and is “expected to account for more than 30 per cent of industry volume growth in the next 10 years”,according a research note by Canaccord Genuity.

 

However,“the US beer market's profit pool is around seven times larger than China's,despite being less than half its size”,write Eddy Hargreaves and Alicia Forry of Canaccord Genuity,adding: “This gap will close significantly over time……[and]whichever way we look at it,achieving as strong a position as possible in China is likely to be a key priority for AInBev”.

 

China Resources Enterprise is understood to have told analysts recently that competition is assessed regionally by the regulator,and there is less regional overlap than might appear from the national market share figures. And a merged AB InBev/SABMiller could dispose of other smaller holdings in China,to bring its total market share down to 30 per cent,without touching the Snow stake,the Canaccord analysts argue.

 

Lawyers in China point out that even the 2008 restriction on InBev purchasing a Snow stake would not necessarily be a hurdle to an AB InBev/SABMiller deal,since regulators can easily waive it when considering any potential transaction — if they want to.

 

But brewers still face the small matter of the slowdown in the Chinese economy — not to mention China's growing taste for drinks other than beer. With additional reporting by Jackie Cai

 

请根据你所读到的文章内容，完成以下自测题目：

 

1.Which one is not mentioned as the reason to hit many consumer markets in China?

A.slowing economy

B.rising affluence of Chinese consumers

C.sophistication of Chinese consumers

D.a takeover of SABMiller

[1] 答案

 

2.Who are shifting from beer to wine now?

A.certain segments of the low class

B.certain segments of the middle class

C.men in their 30s and 40s

D.vegetarian

[2] 答案

 

3.What is the key to future profits in this market as analysts said?

A.market positioning

B.market supervision

C.more like sports

D.cost minimization

[3] 答案

 

4.What is around seven times larger than China's in America beer market?

A.profit pool

B.size

C.production

D.customers

[4] 答案

 

[1]答案：D.a takeover of SABMiller
解释：由于经济放缓和中国日益复杂化的消费者，中国的很多消费市场面临打击不得不调整结构。

[2]答案：B.certain segments of the middle class
解释：某些中产阶级为了健康考虑更偏向于红酒，尤其是三四十岁的女性。

[3]答案：C.more like sports
解释：文章第九段首句。

[4]答案：A.profit pool
解释：美国啤酒市场的利润大约是中国的七倍，尽管不到市场规模不及中国的一半。