After six years marking time in China, Swedish home furnishings giant IKEA has finally decided to speed up its expansion in the country.

The firm announced that it will open 10 new stores over the next six years, located in Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Nanjing and Wuhan.

IKEA only has two outlets in China, in Shanghai and Beijing.

The new outlets are expected to cost US$40-80 million.

The firm declined to reveal if it is going to close the existing Beijing-based store but says it is a joint venture, and its future will be decided by all partners.

The head of IKEA's China operation, Ian Duffy, says that China now accounts for less than 1 per cent of IKEA's world business, but its growth possibilities are much greater than other markets.

China is expected to become IKEA's No 1 business market within 10 to 15 years.

In the meantime, the do-it-yourself giant said it will cut the price of its products by an average of 6 per cent in China next financial year following a 5 per cent cut this year.

Editor: Olivia