Food and Beverages News
- Retail sales of China's catering industry top 1 trillion yuan
Date: 22-Mar-2007 Sources: (Xinhua Online)
According to the National Bureau of Statistics, in 2006, retail sales of China's catering industry for the first time topped 1 trillion yuan to reach 1.03455 trillion yuan, said Su Qiucheng, chairman of the Chinese Cuisine Association at the 3rd China (Chongqing) Hotpot and Food Culture Festival, which opened on March 20.
The figure is 16.4 percent higher than the previous year, reflecting a growth rate that is 5.7 percentage points higher than the increase in GDP. This is also the sixteenth year that the industry has recorded double-digit growth.
Retail sales in the catering industry made up 13.5 percent of total retail sales of consumer goods in 2006, contributing 15.8 percent to the growth of the index by driving it up 2.2 percentage points.
Other contributions include the creation of approximately 20 million jobs, the nearly 460 billion yuan worth of farm produce and related products, and the actual utilization of US$830 million in foreign capital.
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