The world's largest retailer Wal-mart announced on Tuesday in China's southern city of Shenzhen that it has gained the Chinese government's approval of purchasing a 35 percent stake in supermarket operator Bounteous Company Ltd (BCL).

BCL, which is based in Taiwan, operates 101 hypermarkets in 34 Chinese cities under the Trust-Mart banner. The Trust-Mart stores will continue to operate under the Trust-Mart name after the acquisition, Wal-Mart said.

"Through this investment in Trust-Mart we have the opportunity to expand our presence in China, one of the fastest-growing retail markets," said Wal-Mart Vice chairman Michael Duke.

"This is an important step in bringing our additional scale to our China retail business", said Duke.

Wal-Mart, which entered the Chinese market in 1996, now operates 73 stores in 36 cities in China and employs more than 37,000 people there.

"This alliance allows Trust-Mart to offer higher levels of customer services to Trust-Mart's loyal customers as we benefit from Wal-Mart's expertise in logistics and operations," said Trust-Mart chairman John Yu.

"It also will give our suppliers new opportunities to expand in China and potentially become part of Wal-Mart's global vendor network," Yu said.

Source: Xinhua