Wal-Mart Stores Inc on Wednesday signed an agreement with China Resources SZITIC Investment Co Ltd for the purchase of minority interests in 21 joint ventures. The deal is valued at 3.3 billion yuan ($520 million).

This agreement is, however, subject to approval from the relevant government authorities.

"Wal-Mart is confident in the Chinese market. We are increasing our investments in China in both Wal-Mart and Sam's Clubs to better serve our customers and members and to become the most trusted retailer in China," said Sean Clarke, president and CEO of Wal-Mart China.