Wal-Mart Stores celebrated the approval of Wal-Mart's hundredth store in Mainland China with Secretary Carlos M. Gutierrez from the U.S. Department of Commerce and Vice Minister Jiang Zengwei from China's Ministry of Commerce.
The approval marks a major milestone for Wal-Mart China, which opened its first Supercenter in Shenzhen in 1996.
Secretary Gutierrez and Vice Minister Jiang joined together with Wal-Mart China President and CEO Ed Chan, associates, supplier partners and customers, to celebrate this important milestone which represents a benchmark in the successful and growing bilateral economic relationship between China and the United States.
Wal-Mart China Senior Merchandising Director Ross Farnsworth also presented a RMB100,000 donation to a senior citizen's house at Loudi Economic and Technical Development Zone
"The opening of our new Loudi Store coincides with a special moment in our development in China because it is an example of how we are investing in smaller cities that have traditionally been underserved by organized retailers and where our presence will improve distribution channels for both Chinese and U.S. consumer goods and agricultural products," said Chan. "It also demonstrates how our investment supports the Chinese government's goal of bringing economic opportunity and jobs to second and third-tier cities."
While the company has been creating substantial economic opportunity in China for many years, its growing retail presence has become a significant channel for bilateral engagement in a variety of areas. Wal-Mart now imports more than 6,600 categories of U.S. products into China, giving local consumers access to the same choice of high quality goods that American consumers have in the United States. The company says it also rigorously enforces intellectual property rights and was the first company to be subject to a bilateral advance pricing agreement between the U.S. and China, which has helped advance taxation cooperation between the two countries.
"Wal-Mart is delivering U.S. products like California Grapes, Washington apples and popcorn to Chinese consumers. The more Wal-Mart stores that open in China, the greater the opportunities for U.S. exporters," said Guiterrez. "This week I am in China to discuss breaking down barriers to trade and creating more access for U.S companies in the Chinese market. With the U.S. and China working together for the good of both of our citizens, we will see our economies flourish, our peoples prosper and our companies, like Wal-Mart, contribute to jobs, opportunity and stronger communities."
