McDonald’s Corp., the world's largest fast-food chain, has cut some prices by a third in China where a once-booming economic growth has slumped amid the global financial crisis. The firm says half of its products are now selling at the same level or lower than 10 years ago.

McDonald’s is among a growing number of Chinese retail firms slashing prices to lure back customer dollars in an economy that has displaced millions of workers. China has been one of the fastest growing markets for McDonald's. But China's economic growth fell to 6.8% last quarter, dragging down the pace of expansion for all of 2008 to a seven-year low of 9%.

At the same time, however, the fast-food giant reaffirmed its plans to open 175 restaurants and hire 10,000 staff in China this year. It currently operates 1,050 restaurants and employs more than 60,000 workers in China.