Top Biz News
Retail giants buy US$25 billion worth of goods in China
(Xinhua)
Updated: 2006-04-03 16:09
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Foreign retail giants are continuing their expansion in the China both in terms of opening stores and buying huge quantities of goods to sell overseas.
According to a local newspaper, the world's leading retailers, including Walmart, Carrefour and Metro, will purchases goods in China worth more than 200 billion yuan (US$25 billion) this year.
The world's largest retailer spent a whopping US$18 billion worth of goods in China in 2004 up five billion from the year before, reported the newspaper, which did not quote figures from last year.
The France-based Anchan buys two billion euros worth of goods every year in China, said the newspaper.
Carrefour, also from France, bought US$3.2 billion worth of commodities in China in 2004. The figure rose to US$4.58 billion in 2005.
The Germany-based retail mogul Metro plans to purchase 300 million yuan (US$37 million) worth of goods, including meat products, fruits and vegetables, in Beijing alone this year, company sources said recently.
More than 90 percent of commodities in Metro's supermarkets on the mainland are provided by Chinese manufacturers, company sources said, adding the retail giant plans to recruit 150 suppliers in Beijing alone this year.
Metro annually purchases approximately two billion euros worth of commodities in China to support its global marketing, the sources said.