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Catering industry hungry for more growth
http://www.ecns.cn/business/2013/06-05/66977.shtml
Jun 5th 2013, 01:27
2013-06-05 10:27 chinadaily.com.cn Web Editor: qindexing
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The Ministry of Commerce is preparing guidance on the development of the catering industry, said China National Radio on Tuesday.
Following the government crackdown on wasting public money on displays of ostentation, such as luxury banquets, China's catering industry is hungry for more growth.
According to the China Cuisine Association, in the first four months of this year sales revenue for the industry reached 771.2 billion yuan ($126 billion), a year-on-year growth of 8.3 percent, which was a 37.6 percent down from the same period last year.
The growth rate for the top 100 restaurants in China reached 16.8 percent in 2012, a year-on-year drop of 11.52 percentage points, the association said.
"The growth rate in the last four months plunged to the slowest point since 1991, which was the only single-digit figure," said Su Qiucheng, head of the China Cuisine Association. "The slump in the industry has occurred since late last year, and some medium and large size restaurants even posted negative sales growth."
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