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A toast to Hong Kong financial secretary from wine drinkers in the China region. The government this week abolished tax on all alcoholic drinks except for spirits, with aims to turn the city into a wine Mecca of the east. Hong Kong Financial Secretary John Tsang: SOUNDBITE (ENGLISH) FINANCIAL SECRETARY JOHN TSANG, SAYING: "I think we are in a very good position to put ourselves forward as a wine hub for the region. In the past few years we see a huge growth in wine and the market in the mainland is tremendous." A city flush with big spenders, Hong Kong alreC505 FVO/FINVID C505 COMPANY ASIA FEB29 1:54 joseph 0935GMT;FEB29 TJ BIZ fahim 29/02/2008 13:07:12 Hong Kong aims to create wine hub Abolition of wine tax cheers merchants and fine wine drinkers. 3:45 ady has an established wine network. Some of the biggest French traders in the world have opened up office here. But it's in mainland China where most are eyeing stunning growth potential. Last year mainland China for the first time surpassed Hong Kong for the amount of wine imported. Wine appreciation classes and tastings are building followers in major cities such as Beijing. California wine importer, Toby Marion, was among those opening a fine bottle of wine to celebrate the budget news: Now he says there is a lot of work to be done to re-align his business: SOUNDBITE: (ENGLISH) TOBY MARION, DIRECTOR, GOLDEN GATE WINE CO. "When we heard that the tax had been reduced of course we were very happy and we'd worked on it for a number of years. But we're also confronted with an awful amount of work considering how we handle channels and how we handle distribution. It's one of those situations of getting what you wish for and then having to deal with it. The expected flood into Hong Kong of high-end vintages has sparked talk that global auction giants such as (Christie's) Sotheby's could hold wine auctions in the city after a decade lull. Tara Joseph-Hui, Reuters, Hong Kong. COMPANIES MENTIONED: SYMBOLS: