(Yicai Global) May 8 -- Income from catering in China reached almost CNY920 billion (USD133 billion) in the first quarter, up 10.8 percent on the year, said Jiang Junxian, chairman of China Cuisine Association. Annual income this year is forecast to reach CNY3.9 trillion (USD560 billion).
Jiang made the remarks in the Analysis Report on 2016 Top 100 Catering Enterprises and Top 500 Outlets in China, which was released on May 6 in Beijing at an association meeting.
In the first quarter, medium- and large-sized catering firms led the way, with companies that brought in more than CNY2 million in the quarter amassing a total of CNY221 billion in income, up 7.3 percent on the year and growing 0.6 percentage point faster than a year earlier.
Total operating income at the top 100 firms was CNY218 billion, up 7.4 percent, while in the top 500 the figure rose 8.6 percent. The threshold to enter the top 100 rose 0.7 percent.
Of these outlets, fast food and hot pot restaurants were key development drivers, though the fast food sector hasn't fully climbed out of its depression yet. Western restaurants and casual diners were also highlights, with the latter embracing a lot of space for growth.