Wal-Mart Moves Into China's Hot E-Commerce Sector
China’s retailers, already struggling because of an economic slowdown, got another jolt of bad news on Tuesday. Wal-Mart Stores announced it had finally received Chinese government approval for a proposal to buy a majority stake in Yihaodian, a Shanghai company that is a leader in the country’s booming online retail industry. Wal-Mart first submitted the deal to the government in December and has been waiting for the Ministry of Commerce to give it the O.K. ever since.
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