Inside Christina Zhu’s strategy for Walmart’s $24.6 billion China business

Tuesday, October 6, 2026

Emma Hinchliffe

Most Powerful Women Editor

Profile

“Customers everywhere want similar things—they want assortment, value, convenience, and emotional experiences,” Christina Zhu, the president and CEO of Walmart China, said at the Fortune Leaders Forum in Macau on Sept. 8.

GRAHAM UDEN FOR FORTUNE

China represents just 3% of Walmart’s business. But the market is fast-growing—and in charge of that growth is Christina Zhu, the president and CEO of Walmart China.

Zhu is one of the execs featured on Fortune’s new Most Powerful Women Asia list, published today. She comes in at No. 19 for her role running a $24.6 billion business that has grown 19% year-over-year.

My colleague Nicholas Gordon writes about Zhu’s tenure in the role and Walmart’s history in China in a new feature. Walmart entered China in 1996. Today, its success comes from a few strategies to meet the high expectations of the Chinese shopper: extreme convenience, in the form of lightning-fast delivery, and an “in-person shopping experience so novel that stores have become vacation destinations for shoppers throughout the region.” In China, Sam’s Club is bigger than Walmart’s namesake retailer. Shoppers show up to buy in bulk items including gift boxes of mooncakes and abalone for the Mid-Autumn Festival.

Other execs who make this year’s MPW Asia list include repeat No. 1 Tan Su Shan, who leads the Singapore-based bank DBS Group and familiar faces like Canva’s Melanie Perkins and Huawei’s Meng Wanzhou, who all appeared on our 2026 global MPW list.

Explore the full ranking of 100 execs here—and read Nick’s full profile of Zhu here.

Emma Hinchliffe
emma.hinchliffe@fortune.com

The Most Powerful Women Daily newsletter is Fortune’s daily briefing for and about the women leading the business world.

Were you forwarded MPW Daily? Sign up here.

ALSO IN THE HEADLINES

Nike's tough times. The sportswear giant's share price hit a multiyear low as its turnaround stalls. One problem area is the Jordan brand, which is led by brand president Sarah Mensah. Nike CEO Elliott Hill says the company has been "oversupplying iconic retro product" and that when consumers see the Jumpman, it should feel special.

The Cornell case is a watershed moment for young people who grew up post-Me Too. Many say they thought sexual assault was a problem that had been solved, with the bad guys in jail. The Cornell case is showing them that's not true. Plus: Sally Yates, the former acting U.S. attorney general, will lead Cornell's internal investigation.

Women working as general counsel are out-earning men. At the largest publicly traded U.S. companies, women in the role were paid about 16% more than their male counterparts—but men still hold more of these positions. Companies are fighting over the top female legal minds and paying top dollar for these elite candidates.