Nestle sees 20% growth in China
Updated: 2012-09-14 11:00
Nestle SA, the world's largest food company, said China sales will probably grow about 20 percent this year because of rising wages and government efforts to boost local consumption.
The slowing growth of Asia's biggest economy hasn't affected the local operations of the Vevey, Switzerland-based company, which has seen expansion in most of its businesses, including dairy products and coffee, Roland Decorvet, its chairman in China, said on Thursday. Nestle's China sales increased by more than 20 percent last year and will grow by at least 10 percent in 2013, he said.
"There are a lot of initiatives done by the government to promote the local economy, domestic economy and local consumption," said Decorvet, who was attending the World Economic Forum in Tianjin. "Wage inflation means more purchasing power."