The world's largest retailer Wal-mart announced on Tuesday in China's southern city of Shenzhen that it has gained the Chinese government's approval of purchasing 35 percent stake in supermarket operator Bounteous Company Ltd (BCL).

BCL, which is based in Taiwan, operates 101 hypermarkets in 34 Chinese cities under the Trust-Mart banner. The Trust-Mart stores will continue to operate under the Trust-Mart name after the acquisition, Wal-Mart said.

"Through this investment in Trust-Mart we have the opportunity to expand our presence in China, one of the fastest-growing retail markets," said Wal-Mart Vice chairman Michael Duke.

"This is an important step in bringing our additional scale to our China retail business", said Duke.

Wal-Mart, which entered the Chinese market in 1996, now operates 73 stores in 36 cities in China and employs more than 37,000 people there.

"This alliance allows Trust-Mart to offer higher levels of customer services to Trust-Mart's loyal customers as we benefit from Wal-Mart's expertise in logistics and operations," said Trust-Mart chairman John Yu.

"It also will give our suppliers new opportunities to expand in China and potentially become part of Wal-Mart's global vendor network," Yu said.

Editor: Donald