Wal-Mart venture to expand in China
Tuesday, March 22, 2005
World’s No. 1 retailer and Beijing-backed CITIC Pacific to open hundreds of stores over 5 years
Foreign retailers looking to expand in China, including France’s Carrefour, Germany’s Metro AG and Britain’s Tesco Plc., have been hampered by restrictions that finally lapsed last month under China’s commitments to the World Trade Organization. Now, overseas players can own 100 percent of their stores and set up shop anywhere in the country, although winning local regulatory approval can be difficult.
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