Frugal policy slows catering industry to 20-year low
By Xu Wei | China Daily | Updated: 2014-04-21 07:24
China's catering industry registered its slowest growth in 20 years in 2013 as the country's anti-corruption campaign targeting official excess took its toll on high-end businesses, an industry report shows.
According to the report, released on Saturday by the China Cuisine Association, the total revenue of the country's catering sector grew by 9 percent to a total of 2.56 trillion yuan ($410.75 billion) last year, its weakest growth in more than 20 years.
The association's figures also show that the top 100 businesses in the catering industry grew by only 5.7 percent last year, down 10.8 percentage points from 2012.
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