Walmart to invest $1.2 bn in China to upgrade logistics

U.S. retail giant Walmart plans to invest 8 billion yuan ($1.2 billion) in China over the next 10 years to upgrade logistics.
Walmart India
The company also said in the statement it would set up or renovate more than 10 logistics centers in the country.

The statement followed a meeting between President Donald Trump and his Chinese counterpart Xi Jinping over the weekend in Osaka, Japan that rekindled hope for a U.S.-China trade deal.

Walmart has been pushing to integrate its retail network in China with the country’s smart retail movement, as retailers and tech giants such as Alibaba Group Holding and Tencent Holdings cut deals to combine online and high street shopping.

Last month, French retailer Carrefour agreed to sell 80 percent of its Chinese operations to electronics retailer Suning.com for 620 million euros ($704 million), Reuters reported.

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