(Yicai Global) Feb. 1 -- Chinese regulators have told the country's leading liquor makers that they must keep their product prices stable, especially in the run-up to Chinese New Year, starting Feb. 15.

The National Development and Reform Commission's pricing bureau held talks yesterday with major distillers including Kweichow Moutai Co., Wuliangye Yibin Co. and Luzhou Laojiao Co., calling for them to maintain a level playing field in the sector, an industry insider from China Alcoholic Drinks Association told Yicai Global.

There has been lots of speculation in China during the last year of possible price hikes for baijiu, also known as Chinese vodka. Guizhou-based Moutai, the world's biggest liquor producer, raised the price of its product from CNY891 (USD141) to CNY969 (USD153) in late December, marking the first increase in five years.

Within the imminent arrival of this year's Spring Festival, there has been talk that Wuliangye could follow Moutai's lead and raise prices for holiday revelers, while Luzhou Laojiao has reportedly suspended deliveries in southwest China, a sign of price control.

The government will not tolerate the current price hikes, industry insiders said. Moutai and Wuliangye were fined a total of CNY449 million (USD71.3 million) by NDRC in early 2013 for price monopoly, shocking the industry to the core at the time. Marker observers are paying close to attention to the NDRC's future reactions to the current state of the sector.

With demand for the sorghum-based white spirit still high, liquor makers have made considerable gains. For Moutai, full-year net profit is expected to hit CNY26.4 billion (USD4.2 billion), compared with CNY16.7 billion a year earlier, the company said. It expects total operating revenue of more than CNY60 billion.

The firm recently released a limited-edition Year of the Dog liquor, which sold out in seconds online as consumers flocked to purchase the widely sought-after alcohol.