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LONDON - Carrefour, the French hypermarket chain, will sign an agreement today with the Chinese State Economic and Trade Commission that will allow it to resume supermarket openings, which have been suspended for six months, the BBC reported.
The deal, concluded as China prepares to join the World Trade Organization, comes less than 48 hours after Wal-Mart won approval to open its first five supermarkets in Beijing.
Carrefour has opened 27 hypermarkets in China since 1995, including four in Beijing and six in Shanghai. The company now hopes to open about 10 hypermarkets a year in China, according to the BBC. In addition, Carrefour plans to establish around 10 purchasing organizations in China procuring goods for sale overseas.