CHINA: Wal-Mart to Set Up Asia-Pacific Headquarters in China
The world's top retailer Wal-Mart plans to set up its Asia-Pacific headquarters in Shenzhen, China's earliest special economic zone neighboring Hong Kong.Wal-Mart has opened more than 4,200 stores in ten countries, and only eight stores are located in the Chinese mainland, including four in Shenzhen. A Wal-Mart executive said the company's plan to open more stores in China is aimed to speed up development in the Asia-Pacific region.China has said it will open the service market wider to overseas players after its entry into the World Trade Organization, which means more opportunities for foreign retail investors. The Wal-Mart executive said that China is an important market and commodity supplier for Wal-Mart, and the investment environment is especially suitable in Shenzhen.
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