McDonald's slashes China prices by up to 33 percent

Mcdonald's Corp (MCD), the world's largest fast-food chain, has cut some prices by as much as a third in China where once booming economic growth has slumped amid the global financial crisis.

In what the company calls "the best ever value meal combination"in China, McDonald's cut about 40 percent of prices, the company said. Fifty percent of its products were now selling at the same level as 10 years ago or lower.

Popular items with a downsized price include Filet-O-Fish, Double Cheeseburger, McNuggets, McPuff and the new Mala Pork Burger. The Big Mac was not mentioned in a company statement.

A growing number of Chinese restaurants and shops are reducing prices in a bid to lure customers and lift lackluster sales in a country where millions have been thrown out of work by the economic crisis.