Opinion: Localization transformation is the key for international brands to win the Chinese market.

After Starbucks sold a portion of its Chinese business equity to Carlyle Group, another international food giant has chosen to deepen its local operations through equity cooperation. Recently, CPE Source Peak and Burger King reached a strategic cooperation agreement, forming a joint venture to operate Burger King's business in the Chinese market. From McDonald's, KFC to Starbucks, many multinational companies have achieved more thorough localization operations by introducing Chinese strategic investors, thereby accelerating business expansion. For example, since CITIC Capital took over, the number of McDonald's stores in China has rapidly increased from about 2,500 in 2017 to over 7,000 currently; Yum China's KFC stores have also exceeded 12,000, showing the growth momentum brought by localization capital and operating models.