Hong Kong (CNN Business) Walmart is doubling down in China despite an economic slowdown.

Walmart's WMT The Arkansas-based retailer announced Thursday that it plans to open 500 new stores in China over the next five to seven years. That would more than doublefootprint in China, which is expected to become the world's biggest grocery market by 2023.

The expansion comes as China's huge economy is cooling. The country is grappling with slumping growth and a prolonged trade war with the United States. China's GDP growth dropped last quarter to its lowest level in nearly three decades, and Beijing has been rolling out stimulus measures to jump start the economy.

Chinese consumers, however, are still spending, and that's been good news for Walmart.

The company's China sales grew 6.3% last quarter compared to the same period last year, much higher than its 2.5% growth worldwide.

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