Fast food giant McDonald's has increased its bets on China as it looks to beef up its business in the country while eying up more success on the vast Chinese market.

The world-renowned fast food chain opened its first location in the Chinese mainland in October 1990, in what is now China's tech hub of Shenzhen -- a city that pioneered the country's reform and opening up.

Three decades later, McDonald's total store count in China comes in at 6,000, and the target has been set to reach 10,000 by 2028.
"The 10,000-location target was set last November, after McDonald's decided to up its stake in its China business, from 20 percent to 48 percent ownership. The global management definitely saw the long-term growth potential here," said Phyllis Cheung, McDonald's China CEO.
The potential lies not only in sales, but also in China's cost-efficient supply chain, supportive government policies, and the country's ability to innovate, according to Cheung.

"We source 90 percent of the food materials within China, from meat to vegetables. Last year alone, we opened 1,000 new locations in the mainland, that's over half of our new openings worldwide. That can't be done without all kinds of support from the government. Our Chinese team self-developed a series of spicy products to cater to the local appetite. We even have an English name for those popular items - the McSpicy. Now they are also being sold in the UK, and the U.S. is about to put them on the shelf as well," she said.

China is already McDonald's second-largest market by store count behind the U.S., and the fastest growing market globally. According to Cheung, the digitization of China's economy has become the "Number One" growth driver.

There are many agreeing with McDonald's strategy in the international community. According to a study jointly conducted by the China Global Television Network (CGTN) and the Renmin University of China, over 80 percent of global respondents still believe China is the most influential economic player in the world, and that it's a land full of opportunities.

Meanwhile, a majority of global businesses are hoping that their home countries can maintain good relations with China. They see China as "a stabilizing agent" in an increasingly turbulent world, with its consistent foreign policies.

Eight of 10 surveyed agreed that China's international influence, despite all the fluctuations in the post-COVID era, is still growing, and they expect China to provide more valuable experience for global governance.

The worldwide survey involved over 15,000 respondents, including those from developed countries such as the United States, France, Japan and South Korea.