The commerce sector will open up further to foreign investors over the next two to five years, said Xie Xuren, vice minister of the State Economic and Trade Commission, at a global sourcing fair held in Nanjing, Jiangsu province. A report in China Daily said that half of the world’s top 50 retailers had opened stores in China, led by the likes of Carrefour, Wal-Mart and Metro. Tesco, the UK’s largest supermarket group, is the latest foreign retailer to investigate an expansion into the China market.
The newspaper claimed that commerce makes up less than 9 per cent of China’s economy, compared with an average of more than 15 per cent in developed countries.
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