China’s restaurant industry revenues grew 11.2% in the first seven months of 2017

Almaty. August 23. Silkroadnews – China’s restaurant industry revenue grew 11.2% in the first seven months of 2017, People’s Daily reported.
From January to July this year the total revenues of the restaurant industry in China amounted to 2.175 trillion yuan, i.e. 11.2% increase compared to the same period of last year, data by the National Bureau of Statistics of China shows, the report said.
As the report on the Chinese restaurant industry-2017 says, the total turnover of the top 50 Chinese restaurants of high-grade food amounted to 55 billion yuan, having increased 10% in annual terms.
China’s restaurant and hotel industry not only rapidly develops within the country, but actively searches for the ways of internationalization, in particular, within the framework of the Belt and Road initiative, though goes behind the foreign ones in terms of development.
According to statistics of the HOTELS magazine, as of December 31, 2016, out of the Chinese hotel brands, the hotel corporation “Jinjiang” entered the markets of 66 countries and regions of the world, ranking first in China. Nevertheless, despite the success achieved, there is still a gap between the corporation and such leading foreign hotel brands as Hilton and Marriott. Other Chinese hotels have mastered even fewer foreign markets, the publication notes.