Catering in China grew nine percent last year,
the weakest growth in 21 years, the official Xinhua news agency
reported late on Saturday, citing the China Cuisine Association.
It did not give the growth pace for earlier years.
Restaurant earnings totaled 2.54 trillion yuan ($419 billion) in
2013. Among those stomaching the biggest hit were high-end
establishments, which reported annual revenue lower than in
2012, Xinhua said.
China's slowing economy has also dealt a blow to the catering
industry, as cost-conscious diners go for cheaper spots with
healthy, local food over multi-nationals like McDonald's Corp <MCD.N>
and Yum! Brands Inc <YUM.N> which have also been hit by
Companies dealing in pricey liquors, expensive cigarettes and
luxury hotels are among those hit by the Chinese government's
The crackdown has been led by President Xi Jinping as he looks
to rejuvenate the Communist Party's image, marred by years of
scandals and open displays of ill-gotten wealth.
(Reporting by Paul Carsten; editing
by Richard Borsuk)
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