How can domestic companies compete with their foreign counterparts when th
e rental cost for them is 2 yuan (29 cents) per day while the foreign compa
nies only have to pay 0.2 yuan? Zhang asked while taking reporters' questio
ns during the ongoing Two Sessions in Beijing.According to Zhang, McKinsey
Co predicted that 60 percent of China's retail market will be dominated b
y 35 global retailing giants in 35 years. That would bring about severe cons
equences to China, he noted.The retailing sector serves as the throat for p
roducts to enter the market, Zhang explained. Should it be monopolized by a f
ew foreign companies, it would also pose threats to the country's control of
its manufacturing industry on the lower end and the stability of the financial
sector on the upper end, Zhang warned.Instead of giving overprotection to dom
estic companies or privileges to foreign ones, local governments should create
a fair, open and loose environment for domestic and foreign companies to comp
ete in the market, Zhang said.China Huarong Asset Management Corp, one of four
State-owned asset management firms, signed a strategic cooperation deal Monda
y with Anyang municipal government in Henan province, providing the city with
a set of financial services to help fuel its economic development.