Wal-Mart to open 115 new stores in China

US retail giant Wal-Mart Stores Inc plans to open 115 new outlets by 2017 and remodel more than 50 others this year to offset slowing growth in China, a top company executive said on Wednesday.

"Over the next three years, we will increase investment across our business operations in China, as the country is a top priority for us," Chief Executive Doug McMillon told reporters at a news conference in Beijing.

The expansion of Wal-Mart, almost one-third by presence in China, is part of the company's multi-format strategy, which will include super centers and Sam's Club formats in cities such as Shanghai, Shenzhen and Wuhan from 2015 to 2017, creating more than 30,000 jobs.