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The world's largest retail giant Wal-Mart, which bought goods worth US$12 billion in China last year, boasted of win-win cooperation with the country's manufacturing industry.
The value of Wal-Mart's direct and indirect purchasing in China jumped from two billion US dollars in 1998 to US$10.3 billion in 2001, making China its major buying base.
In February 2002, Wal-Mart established its global purchasing center in Shenzhen to take charge of US$200 billion worth of purchasing. Last October, the purchasing center set up another branch in Shanghai.
Having built a comprehensive network of suppliers in the Yangtze River Delta and Pearl River Delta among China's most developed manufacturing industries, Wal-Mart regards long-term bulk buying as beneficial both to itself and to China.
More Chinese goods could be sold through over 4,600 Wal-Mart chain stores worldwide, said the retailer's senior managers.
If commercial goods worth US$100 million could provide about 100,000 employment opportunities according to current estimates, Wal-Mart's purchasing value in China last year meant more than 12 million jobs.
The commercial goods Wal-Mart buys in China mainly include tools, shoes, clothes, furniture and electronic products. Many labor-intensive small and middle-sized domestic companies have gained valuable experience in dealing with international trade through cooperation with Wal-Mart. Meanwhile, their ability to upgrade their products and competitive edge have also been boosted.
Wal-Mart, with sales of US$217.7 billion, ranked first in Fortune magazine's world top 500 companies in 2001. Last year, it reported global sales of US$245 billion.
(Xinhua News Agency February 2, 2003)
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