The official website of China's Ministry of Commerce reports that the international retail giant Wal-Mart has set up a new wholly-owned subsidiary in Hebei.
This move is reportedly designed to help Wal-Mart's smooth expansion and localization of Wal-Mart in China.
Since 2009, Wal-Mart has set up more than ten wholly-owned subsidiaries in Chinese cities and provinces, including Hunan, Chongqing, Hubei, and Dongguan. Before setting up these regional subsidiaries, Wal-Mart cooperated with Chinese companies, including Shenzhen International Trust & Investment, for expansion in China. However, the complicated operating processes slowed down the retailer's expansion. With the help of these new subsidiaries, Wal-Mart opened nearly 40 new outlets in 2009 and the total number of Wal-Mart stores in China exceeded that of its competitor Carrefour for the first time.
An insider from Wal-Mart revealed to the local media that the company will continue to speed up its expansion in China in 2010 and in the future the Chinese market is expected to have the most Wal-Mart stores worldwide, exceeding even its domestic American market.
"The official website of China's Ministry of Commerce reports"
I can find no reference to this on the MofCom site.
Here is the link from Mofcom's own website and here is a similar link from the Hebei Ministry of Commerce site. There are many other official government sources online, so a good search will turn those up.