Tesco to expand to Far East market

Tesco Plc, Britain’s biggest grocery chain, is looking to expand into China, the world’s most populous country, as price competition at home crimps profit growth, chief executive Terry Leahy said.

Tesco recorded a 30% growth rate outside Britain last year compared with 7% at home, Leahy said.

Moving into China is part of the company’s strategy of taking on Wal-Mart Stores Inc., the world’s biggest retailer, who is already in China.