Wal-Mart set to grow in China

Wal-Mart (WMT.NYSE) says its growth in China is on target and it plans to invest US$80 million (RMB500 million) to upgrade existing stores in the market, The Wall Street Journal reported. The retail giant said it plans to remodel 50 of its nearly 400 stores in China, and open 30 new stores in the country in several second-tier cities. Wal-Mart will also look to boost investment in warehouses and logistics networks to reduce costs and increase food safety standards. Wal-Mart may add 18,000 jobs to its China payroll this year.