China Travel & Tourism News
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Retail market to further open
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| 7-Sep-2005 - Xinhua |
The volume of China's retail sales has boomed, increasing 4-fold compared with the figure 12 years ago, according to Vice Premier Wu Yi, who was speaking on Tuesday during the 12th Asian Retailers Convention and Exhibition. She also said China would further open up its retail market to foreign investment, and strengthen the protection of intellectual property rights. More than 3-thousand retailers from 22 countries and regions are in Beijing for the event, which has the theme "innovation and cooperation." They're in the national capital to attempt to get a grip on the future of retail within Asia. Vice Premier Wu Yi has used to event to emphasize China's potential in retail. She said: "From 1992 to 2004, the retail industry in China has experienced dramatic change. In those 12 years, the retail volume has increased 4-fold, with sales of consumer goods reaching 5,400 billion yuan in 2004." Wu says foreign retail giants have contributed to the surge. Under World Trade Organization commitments, China had abolished retail restrictions for foreign capital by the end of last year. And in the future, Beijing will further open the nation's retail market, and strengthen the protection of intellectual property rights. |
| 7-Sep-2005 - Xinhua |
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