Howard Schultz, chairman and CEO of Starbucks, said he still believes in the Chinese economy.
"Starbucks and myself remain very bullish on the Chinese economy, and specifically the buying power of the Chinese consumer," he said on CNBC's "Closing Bell" on Wednesday, adding that the company believes "these are the early days for Starbucks in China."
Earlier on Wednesday, Starbucks said it plans to nearly double its China locations to 5,000 by 2021. Schultz said the company has an advantage because it has been operating in the region for 17 years. He said this has helped Starbucks develop "one of the most iconic, respected brands."
Starbucks also tapped Belinda Wong as its first CEO of Starbucks China. The coffee giant said Wong was "instrumental" in the company's growth in the country — from 400 stores in 2011 to more than 2,300 locations today.
CEO Howard Schultz: Starbucks remains 'very bullish on the Chinese economy'
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