◆ regions up

uan to s〓upport t

rade in the◆ domestic ma●rket. That i●s unprecedented. I■t also allocated 5■ billion yu〓an to support○ replacing old auto● and 2 billion yua◆n for home appli●ances to be○ replaced w〓ith new ones." BEIJI●NG, July 13 (X●inhua) China〓's leadi

ng search en●gine company B

aid◆u has sign〓e

d an agreement 〓with Suning● Appliance, a■ leading chain ret○ailer of home a●ppliances, to ◆sell through the I●nternet on a busines◆s-to-consumer● (B2C) platform Und●er the agreement■, Baidu will pr●ovide a pa○ckage for Sunin■g's B2C bu

sines○s based on onli●ne s

earch a◆ctivity,

said a s●tatement released by● Baidu Monday. Ba〓idu will also■ seek large-scale c〓ooperation○ with other ◆vendors in China, ●said the statement,○ citing Ren Xuyang■, Baidu's vice p〓resident. L◆i Yanhong, preside■nt of Baidu,〓 said in th

e stateme●nt that a ret◆ai

#

16 ◆per

cent year-on-yea●r. That's 2 perce〓ntage points● higher t

ha●n in urban re■gions.It's expe〓cted that the count〓ry will r

lers would str〓uggle to survive ■the next five 〓years if th○ey failed to p●rovide online shoppi○ng services●, as Chinese consum〓ers had developed o■nline purchase habit●s. Neither side ha◆s disclosed more〓 details of the ag●reement.Suning wi●ll invest 800 〓million yen or 8●.4 million US 〓dollars to● buy LAOX shares, at〓 12 yen per share.● After the p◆urchase, it will a●cquire a 27 percent ◆stake in the 〓Japanese retailer. S◆uning will also ap?/p>

elease ne◆w incenti

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駊oi

nt two r

epre

sent〓at

ives to

LAOX's

〓board

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g ha

s se●t

two

business

t◆arge

ts for LA?/p>

馩X. Fir

st, to mak

e■

LAOX p

rofi

t〓able

again in

the

●next

three years;

S〓

econd, to

e◆x

pand LAO

X's netw

◆ork

in Japan

an■d s

ves dur■ing the sec

ond ◆half of the year〓 to keep domes

ource household〓 appliance●s from China by ut○ilizing Suning'■s local res〓ources to sa◆ve costs.Suni●ng's chairman, ■Zhang Jind●ong, has a○n ambitious plan〓 for the c●ompany's expa○nsion. Earlier this〓 year, Sun■ing

tic c〓onsumption go○ing. Chi

identifie●d Hong Kong as th●e first destinat◆ion. The compan○y plans to set up te■n stores i◆n the region an●d move into oper○ation by the end o○f this year.Su■ning's purc〓hase of LAOX ●counters its◆ arch-rival Go●me, which is Ch●ina's

na's Mini●stry of Comm●erc

biggest consum■er electronic ret○ailer. Gome o〓n Monday also an■nounced a fu○ndraising plan,● which involves○ selling convertibl◆e bonds to ●American privat■e equity firm B

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