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‘UK,US shops may accept Chinese currency in few years’

The influence of Chinese tourists and consumers will be so great that in the next few years it will become normal for leading shops in the UK and the US to stock and accept Chinese currency,an academic has predicted in a new book.

Written by Press Trust Of India | London |
February 14, 2011 3:04:33 am

The influence of Chinese tourists and consumers will be so great that in the next few years it will become normal for leading shops in the UK and the US to stock and accept Chinese currency,an academic has predicted in a new book.

Karl Gerth of Oxford University’s Faculty of History has studied the growing worldwide influence of the Chinese consumers in difficult economic times,and has predicted that more major UK and US brands will soon come under Chinese ownership.

Gerth is the author of As China Goes,So Goes the World: How Chinese Consumers Are Transforming Everything,which is based on five years of research and the author’s experience of China since his first visit as a student in 1986,a university release said.

Gerth said: “Already shops on Bond Street are accepting renminbi from Chinese tourists and in years to come the tastes and desires of Chinese consumers will have to be at the forefront of every successful shop owner’s commercial considerations.”

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He added: “Many Chinese want Western experiences and lifestyles,and these desires are fuelled by intensive advertising.

“During my travels in rural China,I asked an innkeeper near the Tibetan border if he’d ever heard of KFC — he pointed to his television and told me that not only is he familiar with all these American brands,but he successfully convinced his daughter to leave home and move a six-hour bus ride away,simply by promising her she’d finally get to go to a KFC.” According to the academic,with China’s huge population and spending power,it was no surprise that big firms were bending over backwards to meet the demands of the Chinese consumer.

“China doesn’t simply want to buy Western goods — Chinese want to create internationally competitive brands of their own,and if they can’t spread brands which originated in China,the natural alternative is to seek to take over brands,” Gerth said.

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