CHINA: Consortium Announces Retail Marketplace
A consortium of Chinese political, economic, manufacturing, and retail partners today announced the formation of a far-reaching retail marketplace that will electronically link over 50,000 suppliers, manufacturers, and retailers in the Asia region. Consortium members include the China Federation of Industrial Economics, the National Integrated Company of Hualian Commercial Building, Ltd, SumStar Group Corp, Beijing Sanhe Commercial Affairs Develop Co Ltd, Multiple International Investment Co Ltd, Pacific Asia Corporation, and, Beijing Cexin Investment Consulting Co Ltd. Terms of the agreement were not disclosed.The new retail exchange will automate the end-to-end processes for sourcing, procurement, logistics, and payments in China's domestic marketplace and also for retailers in North America and Europe who are sourcing product out of China and other Asian countries. It is the first time the formation of an electronic trading community has been launched with the active participation and support of retail industry interests, government agency involvement, buyers, sellers, and a retail industry applications provider. In addition to Retek, the retail industry applications provider that will be running the exchange, other principal members of the consortium include: -
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