US retailer giant Costco on Tuesday opened its first brick-and-mortar store on the Chinese mainland much to the delight of Chinese consumers, even as US officials are calling on companies to withdraw from China, laying bare the reality Washington fails to grapple with that the US simply cannot decouple from the Chinese market.
After five years selling goods online in the Chinese mainland, the US warehouse retailer on Tuesday morning officially opened its first physical store in the Shanghai suburban Minhang district, near several international schools, and drew thousands of residents who flooded the store causing chaotic scenes. Some even traveled hours to take a first look at the new Costco store.
Overall, China attracted 478.33 billion Yuan (USD66.8 billion) in foreign investment in the first half of 2019, up 7.2 percent year-on-year, according to the Ministry of Commerce. There were 20,131 new foreign-funded companies in the country during the period.
China has recently announced an array of measures that would significantly expand market access for foreign investors in a wide range of areas from finance to manufacturing. The country is also pushing forward reforms to enhance protection of intellectual property rights and streamline regulations to make it easier for companies to operate in the market.
Source: Ecns
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