China's food industry rakes in 4.2 trillion yuan in 2018Business | 18 Mar 2019 6:15 pm
China's food and beverage industry posted a record high of 4.27 trillion yuan in revenue in 2018, the China Cuisine Association said.
Industry revenue accounted for 11.2 percent of the total volume of retail sales last year, up by 0.4 percentage points from 2017, said Jiang Junxian, president of the association, CGTN reports.
The industry also contributed 20.9 percent to consumption growth in 2018, he said.
"The F&B industry has played an important role in stimulating consumption and boosting the economy," he said.
In Shandong, Guangdong, Jiangsu, Hebei and Henan provinces, industry revenue was more than 300 billion yuan last year.
The industry will generate revenue of 4.6 trillion yuan, the association predicted.