Wal-Mart plans for major growth in China

BEIJING Wal-Mart Stores plans to continue growing in at a rate of more than 30% annually, according to reports.

The company currently operates 94 stores in China, with others in the works, bringing its total to 100, a representative for Wal-Mart said it a news conference, according to reports.

Since opening its first store in China in 1996, Wal-Mart has invested $230 million in the country.

Wal-Mart's presence is growing stronger in other parts of Asia as well. Last week the retailer announced that with its tender offer for the outstanding shares of Seiyu (its Japanese subsidiary) complete, it now owns 95.1% of the company.