People from China spent £50m on Visa cards in the UK during July, overtaking French and Australian visitors to become the second highest spending tourists in the UK, according to Chinese Visa Card. Experts have thus started debating whether the retail industry will become more accommodating of Chinese visitors during peak holiday weeks.And with China expected to be the world’s largest economy by 2030, chancellor George Osborne recently said: “There are those that say we should fear China’s rise – that we should somehow guard ourselves against it. But we reject such thinking, which would simply leave the UK slipping behind. Instead, we should embrace it.” However, Ward has claimed that Osbourne’s aim of Britain becoming China’s “best partner in the West” is “total twaddle”. He warned that a stamp duty tax raid on the London property market could damage Britain’s luxury markets by putting off wealthy visitors. He described the move as “probably inappropriate”.
Read more on business in China:
- How to best evade the China crisis as a business leader
- Asia stock “bloodbath” triggers concerns over next financial crisis
- New Look to focus on menswear stores and China as revenue grows under new ownership
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