Beijing Promotes Growth of Chain Sores

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Last updated at: (Beijing Time) Thursday, July 10, 2003

Beijing Promotes Growth of Chain Sores

The number of chain stores in Beijing will reach 1,500 by the end of 2003, covering more than 60 percent of the communities in China's capital city.

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The number of chain stores in Beijing will reach 1,500 by the end of 2003, covering more than 60 percent of the communities in China's capital city.

According to policies issued by the municipal commerce committee and finance bureau Wednesday, a chain store investor will enjoy a maximum of 50,000 yuan (6,024 US dollars) of preferential loans for opening every new outlet.

Sources with the municipal commerce committee said chain storesin Beijing earned 17.9 billion yuan (2.16 billion dollars) in sales in the first five months of this year, up 18.4 percent year on year.

Approximately 415 new supermarket outlets were opened in the city in the first five months and 260 new convenience store outlets opened in the first six months of this year, including Wal-Mart and Carrefour.

Liang Wei, director of the municipal commerce committee, pledged the committee would provide as much support as possible to the growth of supermarkets and convenience stores in Beijing.

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