Some thoughts on Wal–Mart... pt. I
Wal–Mart's China inventory to hit US$18b this year ChinaDaily.com (11.29.04)
Ho Ho Ho, American Worker! Some more coal for you with your discount prices?
The world's largest retailer, Wal-Mart Stores Inc, says its inventory of stock produced in China is expected to hit US$18 billion this year, keeping the annual growth rate of over 20 per cent consistent over two years.
Nevertheless, he said China is Wal–Mart's most important supplier in the world. The overseas procurement home office in Shenzhen, a city of South China's Guangdong Province, has played a key role in the firm's global purchasing business.
But here's the kicker...
"If Wal–Mart were an individual economy, it would rank as China's eighth-biggest trading partner, ahead of Russia, Australia and Canada," Xu said.
Insiders point out Wal–Mart's imports from China have largely influenced the US trade deficit in China, which is expected to reach US$150 billion this year.
So far, more than 70 per cent of the commodities sold in Wal–Mart are made in China.
Experts say Wal–Mart's plan of increasing its procurement from China has granted the firm a positive corporate reputation in the country.
"Buying more products in China means more job opportunities, which helps the firm win not only the government's hearts, but also the customers' appreciations," said Wang Yao, director of information department under the China General Chamber of Commerce.
So much for "USA! USA!" eh folks? HILARIOUS.
If you must shop at these places, please shop at CostCo (who upsets Wall Street because they treat their workers too well) or from folks like American Apparel here in working class Los Angeles.