There has been a wave on news out of China over concerns with the formaldehyde levels found in the beers. The People's Daily Online reports:
Chinese brewery giant Tsingtao has confirmed the safety of its product, saying the per-liter formaldehyde content of its product is much lower than the standard set by the World Heath Organization (WHO). The Tsingtao Brewery Co., Ltd. made the remarks in a statement it issued Friday in response to earlier domestic media reports putting Tsingtao beer's formaldehyde content under suspicion. China's State Administration of Quality Supervision, Inspection and Quarantine (SAQSIQ) also said that Chinese beer, including big-name Tsingtao beer, is safe to drink.This is very reminiscent of the Dow beer scandal in Quebec in the 1960s which basically destroyed that firm's reputation. This archived CBC TV report from a 1966 "This Hour Has Seven Days" is the best web information on the events.