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China 's Gross Domestic Product Essay

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China’s Gross Domestic Product (GDP) has seen positive growth every year since 1976, when their growth was -1.6%. In 2015, China’s GDP grew by 6.9% and so far, each quarter in 2016 has seen 6.7% growth. These numbers are actually China’s worst growth rates since 1990, when GDP only rose by 3.8%. China has actually held the position of the world’s second largest economy since 2009, right behind the United States. With China boasting the largest population in the world — 1.357 billion as of 2013 — the market holds a lot of opportunity for the fast food industry. In particular, meat consumption is at an all time high. China is growing increasingly dependent on imports in order to keep up with the demand. This generates the perfect opportunity for fast food chains to enter the market and feed the growing masses.
Despite China’s population making it a “dream market”, there were still obstacles to overcome. With monthly salary averaging 120 – 130 yuan, fast food prices were unaffordable to most locals. During the first few years, the average customer base consisted mainly of traveling foreigners than the local community. Because the prices were so high, many locals considered dining at these establishments a luxury and would reserve the venues for wedding banquets. fast food was a fairly new concept to the country. Quick service restaurants had existed prior to Kentucky Fried Chicken’s (KFC) and McDonald’s entries into the market, but the concept and ambience was entirely
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