Foreign retailers flocking to China

Authorities have approved more than 1,000 applications by foreign retailers, unlocking the doors for a flood of new shops in China that include Toys "R" Us, Best Buy and Home Depot. The upsurge in approvals comes after China opened up the retail sector in 2005, which means foreign retailers no longer have to form joint ventures with local partners, the Wall Street Journal reported. The Shanghai Foreign Investment Commission said the bulk of the new applications are from companies that have already stepped into the China market through a partnership of some kind but some of the players are new, including Toys "R" Us, which will be opening a 27,000-square-foot outlet in Shanghai in December.