Wal-Mart Moves Into China's Hot E-Commerce Sector |
| Businessweek - Aug 15, 2012 |
China’s retailers, already struggling because of an economic slowdown, got another jolt of bad news on Tuesday. Wal-Mart Stores (WMT) announced it had finally received Chinese government approval for a proposal to buy a majority stake in Yihaodian, a Shanghai company that is a leader in the country’s booming online retail industry. Wal-Mart first submitted the deal to the government in December and has been waiting for the Ministry of Commerce to give it the O.K. ever since.
The deal suddenly puts Wal-Mart at the center of one of China’s fastest-growing sectors. China’s economy is slowing because of fallout from the European debt crisis, but that’s not deterring Chinese consumers from making more purchases via the Internet. According to the official Xinhua news agency, 210 million Chinese are shopping online. The value of online shopping transactions in China jumped 51.6 percent year on year, to 268.4 billion yuan, in the second quarter of 2012, Xinhua reported, citing iResearch, a market research firm with offices in China and Silicon Valley.
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- Posted: 2012-08-15 15:24:32
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