Wal-Mart Boasts Win-win Cooperation with China's Manufacturers

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Last updated at: (Beijing Time) Sunday, February 02, 2003

Wal-Mart Boasts Win-win Cooperation with China's Manufacturers

The world's largest retail giant Wal-Mart, which bought goods worth 12 billion US dollars in China last year, boasted of win-win cooperation with the country's manufacturing industry.

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The world's largest retail giant Wal-Mart, which bought goods worth 12 billion US dollars in China last year, boasted of win-win cooperation with the country's manufacturing industry.

The value of Wal-Mart's direct and indirect purchasing in China jumped from two billion US dollars in 1998 to 10.3 billion US dollars in 2001, making China its major buying base.

In February 2002, Wal-Mart established its global purchasing center in Shenzhen to take charge of 200 billion US dollars worth of purchasing. Last October, the purchasing center set up another branch in Shanghai.

Having built a comprehensive network of suppliers in the Yangtze River Delta and Pearl River Delta among China's most developed manufacturing industries, Wal-Mart regards long-term bulk buying as beneficial both to itself and to China.

More Chinese goods could be sold through over 4,600 Wal-Mart chain stores worldwide, said the retailer's senior managers.

If commercial goods worth 100 million US dollars could provide about 100,000 employment opportunities according to current estimates, Wal-Mart's purchasing value in China last year meant more than 12 million jobs.

The commercial goods Wal-Mart buys in China mainly include tools, shoes, clothes, furniture and electronic products. Many labor-intensive small and middle-sized domestic companies have gained valuable experience in dealing with international trade through cooperation with Wal-Mart. Meanwhile, their ability to upgrade their products and competitive edge have also been boosted.

Wal-Mart, with sales of 217.7 billion US dollars, ranked first in Fortune magazine's world top 500 companies in 2001. Last year, it reported global sales of 245 billion US dollars.

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