One year after China's retail sector opened, there were as many as 1,027 foreign enterprises approved to enter the market, Huang Hai, assistant minister of commerce, said at a retail forum in Shanghai.
Last year, the total amount of China's retail sales reached RMB6.7 trillion, an increase of 12% over the figure of the previous year, marking the highest point since 1997.
According to the official records, from 1992 to 2004, the Commerce Ministry only approved 314 foreign-funded companies to establish their retailing business in the country. But since the retail sector was formally opened to outsiders, the ministry has approved 1027 foreign retailers to start their business in China, Huang stressed.
Following the WTO agreement, China had opened both her retail and wholesale sectors to the outside by the end of 2003. However, there were only 11 foreign companies having the commerce ministry's approval to run wholesale business in 2004.