China’s restaurant industry has called for further governmental efforts to reduce taxes and improve growth after the sector’s profit margin dropped to 4.8 percent. Rising costs for labor, rent and produce led to the decline in margin, which finished 6.1 percent points lower than in 2014, said Jiang Junxian, president of the China Cuisine Association…Full Article: ECNS.cn June 2016
- From 2014 to 2015, out of 100 catering companies surveyed by the CAA, 50% recorded increasing costs for rent. Additionally, 38 of the surveyed companies recorded a profit decline, 36 recorded a profit increase of at least 10%, while seven companies reported stable profits.
- From 2011 to 2015, the restaurant industry in China saw its revenue increase from approximately CNY 2 trillion (US$300 million) to CNY 3 trillion (US$456 million).
- From 2014 to 2015, according to the CCA, China’s catering industry market grew by 11.7%.
- Founded in 1987 and headquartered in Beijing, the China Cuisine Association (CCA) is a state-owned restaurant association. In 1988, the CAA became the 40th member of the World Association of Chefs’ Societies.