Fastfood giant McDonald’s has said it still plans to open 100 new restaurants in China each year, despite recently announcing worldwide job cuts and restaurant closures.

“We are fully confident in McDonald’s growth in China and will continue to develop our China business as planned,” a spokesman for McDonald’s Beijing office told Reuters.

Mainland China currently has over 500 McDonald’s outlets, which face fierce competition from the hundreds of KFC’s Colonel Sanders outlets.

For an earlier story on the McDonald’s job cuts and restaurant closures, click here.

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By GlobalData