McDonald’s has announced it will seek to open 700 new stores in China by 2013, bringing its total number of restaurants in China to 2,000. From Market Watch:

McDonald’s Corp. is planning its biggest expansion in China by aiming to open 700 new stores by 2013, as the fast-food giant faces increasing challenges from competitors. The company plans to expand operations to 2,000 stores by 2013, up from its current 1,300, according to McDonald’s spokesperson Betty Tian. It will also hire 50,000 new employees, including 1,000 university graduates for management training positions. “McDonald’s is expanding faster in China than in any other market in the world, so this is the right time for talented individuals to join our winning team,” said Kenneth Chan, chief executive of McDonald’s China, in a statement.

This move is a response to greater competition McDonald’s faces from other fast-food restaurants in China. Recently, Yum Brands Inc., which owns KFC and Pizza Huts in China, announced it would move to acquire Little Sheep Group Ltd., a popular hot pot chain. From Wall Street Journal: