BEIJING (Reuters) - The largest producer of China's favourite tipple has promised the country's shooting team a 10 million yuan (715,000 pound) bonus if they bag five gold medals at the Beijing Olympics, state media reported on Thursday.

The Wuliangye Group, which distils the fiery alcoholic drink baijiu, has also offered a 1.5 million yuan prize if a Chinese shooter nabs the first gold medal awarded at the August 8-24 Games, said a Xinhua report.

According to a draft Games schedule, the women's 10m air rifle is likely to be the first event in which medals will be decided on the morning of August 9, making defending champion Du Li the favourite for the reward.

"I think the gold medal and honour are more important," Du told Xinhua.

But Gao Zhidan, director of China's shooting and archery administration, warned that the big rewards might have a negative impact on shooters.

"In shooting, a sport in which the psychological factors play an important, even vital role, we should reduce their pressure as much as possible, and let them train calmly," he said.

China's first Olympic gold medal came at the 1984 Los Angeles Games when Xu Haifeng won the 50m pistol and in 2004 in Athens China won four golds in the sport.

Chinese gold medallists in all disciplines will be handsomely rewarded for their efforts.

The Chinese General Administration of Sports paid each Olympic champion 200,000 yuan in Athens and that is likely to be higher for Beijing. They can also count on additional bonuses from provinces and cities.

Hong Kong's Fok Ying-Tung Foundation has also rewarded every Chinese gold medallist with 1 kg of gold and $80,000 (40,350 pounds) since 1984.

(Take a look at the Countdown to Beijing blog at http://blogs.reuters.com/china)

(Reporting by Liu Zhen; editing by Nick Mulvenney and Ed Osmond)