Sorry, wine lovers: tariff threats won't end China's thirst for Bordeaux. Talk of restricting imports from Europe has raised hopes elsewhere that fine wines might become more affordable.

China's apparently unquenchable thirst for fine wine has reshaped the industry in recent years. The combination of growing wealth and the desire for ostentatious display have pushed prices of the best-known vintages into the stratosphere. Wine merchants now tell European clients to forget about stocking cellars with top French labels.

If the Chinese can make peace with the EU over the latter's solar panel tariffs, wine imports may not be restricted at all. But restrictions on wine will be most painful for low-end producers that benefit from Europe's agricultural subsidies.

But high-end wine producers can't relax. China's new leaders, keen to batter corruption, have restricted entertainment by Party officials.

Dealers say that's already affecting demand. The mainland's appetite could shrink further if quaffing fine wine is deemed an unacceptable display of wealth.

The author is Peter Thal Larsen, a Reuters columnist.