China Business Alliance and the National Commercial Information Center announced on April 3 in Beijing that tempted by the enormous potential of China's retail market, foreign retailers have quickened their pace of expansion in China. Some foreign retailers, while continuing their expansion in first-degree cities, are also intensifying expansion efforts into second and third-degree cities.

On December 11, 2004, China lifted its restrictions on the quantity, location and shareholding of foreign invested retail companies. Statistics show by the end of 2004, China had approved 302 foreign-invested commercial enterprises and 3,903 outlets. The number of foreign invested retailers increased by 38 compared with September 2003.

Among the top 100 Chinese retailers rated in 2004, 10 were such foreign invested retailers as Carrefour, Hoyodo, Wal-Mart and Lotus. Four each had a sale of over 10 billion RMB. In particular, Carrefour and Suguo Supermarket were in the top 10. In 2004, the 10 foreign invested retailers in the top 100 registered a total sale of 82.1 billion RMB, up 26.56% and accounting for 14.9% of the total sale by the top 100 retailers

Source:Xinhua News Agency