Tesco remains confident in China
China's retail sector will undergo a long period of competition and restructuring, but "we have never thought of leaving China," Lu Haiqing, senior vice president of Corporate Affairs at Tesco China, said.
China's retailing industry is at a nascent stage compared with developed markets such as the US, Europe and Japan, Lu said, pointing to the tremendous growth potential of the market.
Even if the nation is hit by a downturn in the economy, it remains on a much higher growth trajectory than most of the economies globally, he said.
His remarks came as speculation circulated about the possibility of European supermarket chains withdrawing from the Chinese market.
Source: english.peopledaily.com.cn
