The fast food giant is pressing ahead with its expansion strategy.
Over the past 12 months, McDonald’s China has opened over 300 new stores, making good on its promise in 2017 to raise the number of stores in mainland China to 4,500 by the end of 2022.
McDonald's China announced its plans as part of its strategic partnership with state-backed conglomerate CITIC Ltd and Carlyle Group.
The company has also signed contracts with Country Garden and Evergrande Group, allowing it to expand its reach to more locations in new markets.
McDonald’s China is eyeing further expansion into tier 3 and 4 cities. By 2020, about 45% of its anticipated 4500 outlets will be in lower-tier locations.
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