Wal-Mart to Grow by More Than 30% Annually in China

Beijing Wal-Mart Stores said it plans to keep expanding in China at more than 30% annually, as it won government approval to open its 100th store in the fast-growing consumer market.

The company currently has 94 stores open in China, with others in preparation, and has opened 24 this year alone, Terrence Cullen, VP of development for Wal-Mart in China, said at a news conference on Monday.

Wal-Mart has invested $230 million in China since opening its first store in 1996, and buys about $18 billion of goods a year from mainland factories, importing more than 6,600 products from the United States for sale in its mainland retail network.