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First foreign
wholesaler to China: Marubeni forms joint venture with Shanghai department store group The Chinese government has approved of a joint venture between Japan's Marubeni Corporation and the Shanghai First Department Store Co. This is the first foreign presence in the country's wholesale system, which has been strictly protected. Foreign traders have operated only cash and carry markets. China is seeking membership in the World Trade Organisation, which will force the country to open up is markets in various sectors of the economy.
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