NEW YORK (TheStreet) -- McDonald's Corp. (MCD) - Get Report stock is up by 0.52% to $126.49 in mid-morning trading on Thursday, after CEO Steve Easterbrook said the Oak Brook, IL-based company plans to open more than 1,000 restaurants in China over the next five years, according to the Wall Street Journal.
"That's a low number," TheStreet's Jim Cramer said on CNBC's Squawk on the Street this morning, adding that the company "has tons of room" to grow in the Asian country.
"Look at how many Yum! Brands (YUM) has," Cramer added, referring to Yum! Brands' more than 7,000 KFC and Pizza Hut locations in China.
"China is coming back online for the consumer," Cramer explained. "That's where the growth is."
Cramer noted that stocks like McDonald's and Apple (AAPL) tend to track the Chinese stock market, even though they shouldn't.
Apple's latest products, including a smaller iPhone and iPad Pro, are not gaining much attention in the U.S. market because they were designed for the Chinese market, Cramer observed.
"These phones are going to sell well in China," Cramer commented.
Separately, McDonald's has a "buy" rating and a letter grade of B at TheStreet Ratings because of the company's solid stock price performance, increase in net income, notable return on equity, expanding profit margins and growth in earnings per share.
You can view the full analysis from the report here: MCD
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.