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Wal-Mart Stores Inc. has begun a push into China's prime retail region through a new joint venture with a Chinese conglomerate to open stores. Wal-Mart said the venture with China International Trust and Investment Corp. would open supermarkets in and around Shanghai, China's richest city. The Bentonville, AR, U.S.-based retailer also said it had opened a procurement center in Shanghai to buy merchandise in north and east China for export. The company says it bought good worth more than U.S. $10 billion in China last year. Wal-Mart spokesmen declined to give details of the number of stores, the investment, or share ownership of the new firm. In China, foreign retailers can hold up to 65 percent of a retail joint venture and the deal to set up a firm called East China Wal-Mart Stores Co. Ltd. will require government approval. Wal-Mart already has 22 stores in the north and south. (Reuters)
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