Walmart CEO McMillon sees growth in China

Walmart CEO Doug McMillon was in Beijing on Wednesday, where he put a finer point on a previously announced international expansion plan that will include a blend of 115 new stores, remodels and select closures in the world’s second largest economy.

McMillon and Walmart Asia CEO Scott Price participated in a press conference in Beijing, where the emphasis was on the retailer’s physical expansion in a market where overall economic rates of growth have been decelerating with little mention of e-commerce.

“Our aim is to become an integral part of China’s economy,” Chief Executive Doug McMillon said at a news conference in Beijing on Wednesday. “China is a top priority.”

The retailer plans to open the new stores across China by 2017, creating more than 30,000 jobs. Walmart previously said it aimed to run 480 stores in China by 2016, up from around 400 now.

Walmart plans toinvest 370 million yuan ($59.6 million) to remodel stores this year. The company is also launching “in the near future” a mobile app to help connect its stores with its e-commerce arm, Yihaodian, adding that it will enable customers to order merchandise online and pick it up in the store.

Read more about Walmart's plans here.