The fast food chain McDonald's has recently announced plans to launch a one-year promotion by cutting the prices of 40% of its products in China.
Jeffrey S Chwartz, CEO of McDonald's China, said this was the largest price cut since the company's entry into the Chinese market.
In the next five weeks, four of McDonald's popular combination meals will be sold at a unified price of CNY16.5 across China. According to McDonald's China vice president and general manager for the northern region, Miu Qin, currently the prices of about 50% of McDonald's products are similar to those of ten years ago, or even lower.
In addition, McDonald's has announced its expansion plan for 2009. According this which, the fast food giant will open 175 new restaurants in China this, of these, 53 new restaurants have already been opened in January 2009.
With more than 31,000 chain restaurants in 118 countries around the world, McDonald's opened its first Chinese mainland restaurant in Shenzhen in 1990. To date it has opened 1,065 restaurants in the country.