Wal-Mart looks to grow presence in China

BENTONVILLE, Ark. According to reports, Wal-Mart Stores plans to significantly increase its presence in China, with the goal of more than doubling its stores in the country within the next five years.

Wal-Mart currently operates 84 stores across 46 Chinese cities. With the expansion, the company would reportedly gain 20% of the country's retail market.

According to a report in the Daily Telegraph, Wal-Mart is considering the purchase of all or part of Beijing Hualian Hypermarket. In February, Wal-Mart agreed to invest in Chinese retailer Trust-Mart.