Retail sales reach 8.5% growth
China aims to have Fortune 500 retail firms by 2010
China has set a new of goal of owning Fortune 500 retail firms by 2010 and developing its state-owned retail sector to increase competitiveness.
Retail sales are expected to reach 8 trillion yuan (US$963 billion) by 2010 with an annual growth of 8.5% according to the Ministry of Commerce. China's current retail sales are approximately 4.5 trillion Yuan. Domestic retailers, caterers and wholesalers are expected to comprise 9% of China's GDP by 2010, compared to 7.8% in 2002. Chain businesses will
account for 12% of retail sales, from a current 6%. Foreign retail firms are also expected to increase their involvement with
China as it follows its WTO commitments. Other goals include improving local credit systems and creating a more high-tech workplace.
Read more:
China in Major Change: Opens Retail, Distribution Sectors to Foreign Businesses: Some, including Wall Street Journal have described change as “Eevolution in China’s the Investment Environment”
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