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[Starbucks, file photo]

Starbucks named its first chief executive officer for China on Oct. 19, also announcing plans to operate 5,000 mainland stores by 2021. To achieve that goal, the coffee giant will open 500 new stores in China every year.

Belinda Wongwill become the company’s CEO of China, promoted from her former position as regional president. Besides focusing on overall long-term growth for China, Wong will be responsible for key areas including the 2017 opening of the first international Starbucks Roastery and Reserve Tasting Room in Shanghai. Wong will also overseevast digital and e-commerce strategies across the market.

Howard Schultz, chairman and CEO of Starbucks, said on a CNBC show on Wednesday that he believes in the Chinese economy and the buying power of Chinese consumers, adding that the company believes "these are the early days for Starbucks in China."

Starbucks first entered China in 1999.After 17years, the company now operatesmore than 2,300 cafes in 100-plus cities.

Chinese coffee consumption has nearly tripled in the past four years, according to the United States Department of Agriculture, faster than any other major market that the agency tracks.