Slumping economy, austerity drive both help dry up revenue

China's leading liquor producers continue to feel the effects of the ongoing austerity and anti-corruption campaigns, according to reports showing that first-quarter revenues and profits were hard-hit.

Baijiu maker Shui Jing Fang Group, acquired in 2006 by London-based Diageo, saw a loss of 85 million yuan ($13.7 million) in the first three months of 2014 and is forecast to report a net loss this year.