Guangdong enters ‘9 trillion GDP club’
Business briefs from the Chinese media — Thursday November 3
Guangdong enters ‘9 trillion GDP club’: According to the National Bureau of Statistics, in the first three quarters, the GDP growth rate of 18 provinces outperformed the national growth rate. The top five provinces were Guangdong, Jiangsu, Shandong, Zhejiang, and Henan. Over the same period, Guangdong’s GDP exceeded 9 trillion yuan ($1.23 trillion) for the first time.
Yum China’s excellent quarter: Yesterday, Yum China 百胜中国, China’s largest catering company and the owner of the KFC and Pizza Hut franchises in the country, reported revenue for the third quarter of $2.68 billion yuan, a year-on-year increase of 5%, and net profit of $206 million, an increase of 98%. Operating profit increased by 77%, while restaurant profit by 18.8%, the highest level since 2018.
A year in jail for counterfeiting Moutai: A court in Shanghai has sentenced two people to a year in jail and a fine of 260,000 yuan ($35,697) for producing counterfeit bottles of Kweichow Moutai 贵州茅台 liquor.
