Beijing Yanjing Brewery, China's second largest brewing concern, has announced that it aims to become one of the world's top 10 brewers within the next five years.

Chairman Li Fucheng said the company plans to boost annual output by 12% to 1.9 million tonnes and acquire between two and four new plants this year.

The company said that the following three to five years would be spent upgrading technology to boost margins and consolidating its acquisitions, with the goal of gaining 10% of the Chinese domestic beer market. Yanjing said it was also planning an export drive. Exports currently account for an insignificant proportion of sales.

Yanjing invested some Y300 million ($36.25 million) on expansion last year, acquiring as many as 11 plants throughout China.