Wal-Mart Stores Inc. said today it is taking a controlling stake in Chinese e-commerce firm Yihaodian, as the world’s largest retailer seeks new revenue sources to fend off rising competition in the world’s fastest-growing major economy, Reuters said.

The move comes two weeks after Wal-Mart announced the appointment of industry veteran Greg Foran as head of its Chinese operations, capping a series of leadership changes at the unit, which has been tainted by food scandals, including a pork mislabeling issue last year that forced it to temporarily shut a dozen stores in central China.

Wal-Mart said in a statement that the fresh investment into Yihaodian will take its stake to around 51 percent and will be subject to government regulatory approval.

“E-commerce has been booming for years in China and in many other sectors, and it has only been very recently that it is for supermarket type of goods,” said James Roy, senior analyst from Shanghai-based China Market Research Group.

Wal-Mart announced in May 2011 that it planned to buy a minority stake in Yihaodian, a Chinese website selling consumer items and groceries.

With 173 million Chinese people shopping online, China’s e-commerce industry is expected to surpass 750 billion yuan ($118 billion) in gross merchandise value in 2011, more than the gross domestic product of Vietnam. It is expected to become the world’s largest e-commerce market in 2015, Boston Consulting Group said in a report.