Global coffee and food chain Starbucks Inc. (SBUX) is doubling down on China, its most profitable region in the world at the store level, opening up a new location in the world’s most populous country every day. While the Seattle-based coffee chain has opened up thousands of stores in the U.S., to the point where some analysts on the Street are worried about cannibalization, founder and executive chairman Howard Schultz suggested that the company is just in the beginning phases of its growth in China.

While competitors have struggled to gain a footing in China, Starbucks’ founder indicated that the company is currently undertaking major expansions in the region. “There is going to be a big consolidation of all brick-and-mortar retailers. Starbucks is going to be a big winner,” said Schultz at DealBook Conference on Thursday. (See also: Starbucks Is the High-End Leader: Morgan Stanley.)

Trump Tax Plan Is ‘Fool’s Gold’

At the same conference, Schultz clarified that he is not considering running for president right now, but is “deeply concerned about the direction of the country, our standing in the world, and the number of Americans who are not participating in the economy.”

Schultz, who served as Starbucks’ CEO until April of this year, said that “his company tries to take part in politics when it can improve its customers lives.” In that regard, the chairman spoke out against the Trump administration’s proposed tax reform, arguing that corporate America does not need a 20% tax cut “when so many American live paycheck to paycheck.”

“This not tax reform. This is a tax cut. This is fool’s gold,” said Schultz.

Despite posting disappointing third quarter earnings on Nov. 2, SBUX has jumped about 4% on a new long-term outlook for annual consolidation net revenue growth in the high single digits. At $57.04, SBUX is trading nearly flat year-to-date (YTD) compared to the S&P 500’s 15.3% increase over the same period. (See also: Starbucks to Sell Tazo to Unilever for $384M.)

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