It makes the concept work well in China, where it has already invested up to Rmb1.6bn ($198.3m) and paid more than Rmb1.4bn in taxes. In 2004, Wal-Mart topped the China Business Competitiveness Index among commercial and trade companies and was the only retailer on the list. That same year, it ranked eighth among the most admired companies in China in Fortune magazine's China edition...
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That same year, it ranked eighth among the most admired companies in China in Fortune magazine's China edition. But competition in China is tight. "Local players like Renrenle have done extremely well," Mr Hatfield acknowledges. "We do a good business and they do a good business. They are a well-run company and so are we...
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