China to use Wal-Mart and Carrefour to expand domestic retail industry
China will use the experience of Wal-Mart and Carrefour in expanding its domestic chain retailing industry, particularly in bringing discount chain stores and supermarkets to rural areas. Local press quoted Vice Minister of Commerce Jiang Zeng-wei as having said that expanding domestic consumption is a long-term national policy but that the central government’s effort and fiscal support is not enough. He said the retail market will need to be commercialised and market-driven and the government will provide policy support or subsidy if needed. The government believes the establishment of several major chain retailing companies will lower costs for consumers and help improve management of social and price stability as well.
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