China's catering revenue booming

BEIJING - The annual sales revenue of China's catering industry is expected to reach 3.7 trillion yuan ($587.3 billion) by 2015, the nation's vice-minister of commerce told the first Beijing International Fair for Trade in Service on Monday.

"The sales revenue of the country's catering industry has seen double-digit growth in recent years, and many international catering enterprises have played an important role in the sector," Jiang Zengwei said at the event, which runs for the next five days.

Catering industry revenues would account for over a tenth of the country's consumer retail sales in 2015, he said, adding that China's catering businesses should absorb advanced management and operating models.

Also on Monday, Commerce Minister Chen Deming said China is expected to become the world's largest consumer market in 2015, when its consumer retail sales are expected to surpass $5 trillion.

Hosted by the Ministry of Commerce and the Beijing municipal government, the Beijing Fair, akin to China's major commodities fair, the Canton Fair, attracted more than 22,000 service providers from 82 countries and regions to foster trade in the sector.