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Wednesday, November 07, 2001, updated at 11:25(GMT+8)
Business  

World Retail Giants Seek Higher Presence in China

The 2001 international logistics modernization forum was held here Tuesday, attended by experts and senior officials from more than 20 world-renowned retail enterprises who have been seeking a larger share of the retail market in China.

Wal-mart and Carrefour, the world's leading retailers, together with other major retail giants from the United States, Japan, Europe, Hong Kong and Taiwan, shared their common experiences at the forum and looked at China's market potential.

In recent years, world retail giants have been making their presence felt in China, having an optimistic view of a better investment environment with the country's imminent entry into the World Trade Organization (WTO).

U.S.-based Wal-mart, announced early this month that it will open eight more chain stores in China next year.

Wal-mart is one of the first overseas retailers permitted to establish joint ventures in this country. To date, its investment in China has surpassed 900 million yuan (108.4 million U.S. dollars) and its annual purchase of goods from China has reached 10 billion US dollars.

Carrefour, a well-known French retailer now operating 26 stores in 14 Chinese cities, is considering opening 10 more in Shanghai.

German Metro, a transnational chain-store dealer with eight shops in Chinese cities such as Shanghai, Qingdao and Fuzhou, has also pledged to expand its Chinese market by opening 10 new shops in a year's time.

China began opening its commercial sector to overseas investment in 1992. With China's imminent entry into the WTO, the country is accelerating the opening up of its commercial sector.

According to official figures, overseas investment accounts for 2.5 percent of all retail sales in China at present.









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The 2001 international logistics modernization forum was held here Tuesday, attended by experts and senior officials from more than 20 world-renowned retail enterprises who have been seeking a larger share of the retail market in China.

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