Foreign Retailers Growing in China

Beijing, Foreign retailers are capturing a small but growing share of China’s retail market, the China Chain Store and Franchise Association revealed in a report. Foreign retailers held 2.6% of the market last year, up from 2.3% two years ago, according to the report that was cited in the China Daily newspaper. More than 30 major foreign retailers operate in China, including Wal-Mart and Carrefour. These retailers had a combined sales volume of 138.3 billion yuan, or $16.7 billion, an increase of 48% from 2002, the association reported.

Last December, China ruled to allow overseas retailers to own 100% of operations set up in the country, and also removed restrictions as to where operations could be based. In addition, the government cut the minimum registered capital to 300,000 yuan, or $36,000, from 10 million yuan.