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Walmart to invest $1.2 bln in China over the next 10 years to upgrade logistics

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BEIJING, July 1 (Reuters) - Walmart plans to invest 8 billion yuan ($1.2 billion) in China over the next 10 years to upgrade logistics, the U.S. retail giant said in a statement on its verified social media account Monday.

The company also said it will set up or renovate more than 10 logistics centers in the country. ($1 = 6.8410 Chinese yuan renminbi) (Reporting by Pei Li and Ryan Woo; Editing by Susan Fenton)