Fast food chain McDonald's announced it was moving its China headquarters from Hong Kong to Shanghai. The move is intended to bring the company closer to mainland consumers, improve its understanding of the market and enhance its responsiveness to changing demands, the company said. The company said the move would also help boost its market share, although it denied it was a reaction to the success of fast food rival KFC. McDonald's currently has 600 restaurants on the mainland, while KFC operates more than 1,000. McDonald's China managing director Eric Foo said the company planned to open at least 100 new outlets a year, largely through franchising.