NEWS// Big Money in China's restaurants

China’s 1.37 billion population spent half a trillion dollars eating out at restaurants last year.

$507 billion spent in restaurants

A new report by Beijing-based Dianping and Meituan, which offers food-ordering and delivery services, estimates the country spent 3.5 trillion yuan ($507 billion) dining out in 2016.

The report also revealed China’s favorite food: hot pot, which had 22% of the restaurant market share.

The take-out food industry saw revenues of 21.8 billion US dollars, making up four percent of the entire catering industry. This was expected to reach 10 percent next year. 

Amount compared to GDPs

The Chinese are known for their voracious appetites, and the total amount they spent eating out last year is so massive it’s actually greater than the gross domestic product of a number of countries, including developed ones such as Sweden and Norway, according to the most recent figures from the World Bank.

Source: Quartz.com; CGTN.com