CHINA: Wal-Mart Wins Permission For New Global Purchasing Centre
The world's largest retailer, US-based Wal-Mart Inc, was celebrating on Wednesday after being granted planning permission for a new global purchasing centre in southern China. Construction of the new centre in Shenzhen City is expected to start shortly, with the Wal-Mart China Limited Company saying that by 2003, procurement for its annual sales of $190 billion will be controlled by the centre and its purchasing network.