TIANJIN - Walmart China is ready to capitalize on the nation's urbanization and emerging middle-class as the country becomes a major driving force for the world's largest retailer.

"China will experience rapid urbanization and see more emerging middle-class consumers in the next five to 10 years that will offer great potential for Walmart's development," Ed Chan, president and chief executive officer of Walmart China, told China Daily on the sideline of Summer Davos in Tianjin on Monday.

Walmart now has 191 stores in 103 cities in the country and plans to further expand in smaller and medium-sized cities, Chan said, without providing specific numbers.