McDonald's China CEO on bringing McMuffins to the masses

Kenneth Chan, who heads McDonald's rapid expansion in China, talks about competition with KFC, dealing with slower economic growth, and food safety.

The golden arches have spread fast in China since the first store opened in 1992 - McDonald's now owns more than 1,400 restaurants in China, which is the company's third-largest market. In 2011, the company set a new record by opening 200 stores. It plans to open between 225 and 250 outlets in 2012.

McDonald's is now facing a formidable competitor - KFC has about 3,500 stores in China and has a larger market share.

According to Chan, McDonald's spent twenty years "building a wholesome supply chain system and our stringent standards covers the overall process, from the farm to the restaurant."