GUIYANG — Chinese liquor producer Kweichow Moutai Group will launch a new project with the output of 6,600 metric tons of Moutai liquor in 2018 to meet rising demand from home and abroad.

It plans to reach a target of 136,000 tons of alcoholic beverages in 2023, including 56,000 tons of Moutai liquor.

In the first 10 months of the year, Moutai exported 1,623 tons of alcoholic beverages and earned $281 million. The group's sales revenue is predicted to exceed 60 billion yuan ($9 billion) this year, while its profits will reach 30 billion yuan, said Yuan Renguo, chairman of Kweichow Moutai Group.

By 2020, the amount of Moutai liquor sold overseas will account for at least 10 percent of the company's total production, according to the group's plan.

Distilled in the town of Maotai in Southwest China's Guizhou province, Moutai is considered the country's national liquor and often served on official occasions and at state banquets.