US
26/02/2008 17:04
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A large US-based chain of stores has revealed that its procurement deal in China is steady despite previous concerns, the Associated Press reports.
According to the news agency Wal-Mart Stores has indicated that concerns over exchange rates and economic safety have not affected its buying of Chinese-made goods and that the county's estimated procurement will hold at around $9 billion (£4.5 billion) for 2008.
Commenting on the announcement, Wal-Mart's vice chairman Michael Duke said that suppliers in China have retained their competitive edge by improving quality and efficiency.
"China will continue to be a major production portion of direct purchases by Wal-Mart for a long time," he stated.
He added that although it was fair to say that some areas of production in China could see a decrease, there were also growing areas of the country's market to take advantage of.
Wal-Mart was listed as the world's biggest public corporation in terms of revenue by the 2007 Fortune Global 500.
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