Walmart Inc seeking expansion in China's retail sector

The US retailer Walmart Inc is seeking new ways to improve Chinese consumers' shopping experience and is quite confident for its development in the Chinese market, said Daniel Shih, Walmart China's senior vice president of corporate affairs.

As a leader in Global Fortune 500, the company has run business in China for 22 years. The upgrading of consumption in the modern society is bringing Walmart more opportunities. "We are increasing investment in different fields in China and we are optimistic about the market," said Shih.

China has stood in the forefront of the world's retail industry, according to Shih. He revealed that in the future, Walmart will focus on new technologies, new businesses and new cooperation relations when expanding business in China. Today, the retailer has realized the integrated development of online and offline businesses in collaboration with Chinese technology giants JD.com and Tencent.

Currently, Walmart has more than 400 stores in over 180 Chinese cities. "We plan to open 30 or 40 more new stores, including the Sam's Club, Walmart's high-end membership stores in China every year and strive to build intelligent stores by virtue of the advanced technologies," said Shih

East China's Zhejiang province has always been a key region for Walmart's development ever since it entered the Chinese market in 1996.

"Zhejiang is leading the country in improving investment and business environment for foreign-funded companies, especially after initiating the 'At Most One Visit' administrative reform," said the Chinese executive.

Zhejiang plays an important role in the layout of the Sam's Club stores. "The commerce departments at all levels in Zhejiang gave us much support for the site selection," recalled Shih, adding that the considerate services strengthened their confidence in investing in the province.

Zhejiang has preferential policies for foreign companies and is creating a better climate for investors by improving the efficiency of government services.

The official data from Zhejiang Provincial Department of Commerce show that in the recent years, the destination of foreign investment in the province is changing from the manufacturing sector to industries of modern service and high-tech manufacturing. Since 2013, the inward foreign investment in service industry has seen an average annual growth rate of 12.6 percent in Zhejiang.