Shares of Amazon.com rose today after reports quoted CEO Jeff Bezos as saying the company will invest more in China.

Amazon shares added $3.10, $73.52 at noon. Earlier, shares hit a new seven-year high at $73.93.

At a press conference in China, Bezos said the company will put more funding into its business there since it believes the market will grow quickly, according to the Wall Street Journal.

The company owns Chinese online retailer Joyo.com, and the article quoted Bezos as saying Joyo is the company's "fastest growing business anywhere in the world."

Amazon also said it has renamed Joyo.com "Joyo Amazon," and is offering customers a free shipping promotion to go along with the co-branded site name.