China's catering sector grew at its slowest pace in more than two decades in 2013 as diners avoided splashing out in luxury restaurants during an anti-corruption campaign targeting official excess, according to state media. Catering in China grew nine percent last year, the weakest growth in 21 years, the official Xinhua news agency reported late on Saturday, citing the China Cuisine Association. China's slowing economy has also dealt a blow to the catering industry, as cost-conscious diners go for cheaper spots with healthy, local food over multi-nationals like McDonald's Corp (MCD) and Yum! Brands Inc (YUM) which have also been hit by food-safety scandals.
via Business News - Yahoo Finance http://ift.tt/1edVSj6
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