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Tesco executive confident about China market

0 CommentsPrint E-mail CNTV, November 11, 2010
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In an effort to promote British businesses, UK Prime Minister David Cameron has brought business leaders to China. One is the executive director of Tesco, Britain's biggest supermarket chain. Lucy Neville Rolfe says the company is confident about consumer power in China.

Recently, Tesco announced it will invest 2 billion pounds to expand its business in China. The company plans to open 80 new shopping malls in the next 5 years, and 20 supermarkets each year. Tesco says the world's biggest developing economy will become its most profitable market.

The UK's biggest supermarket plans to catch up with, and eventually surpass its competitors - the likes of Wal-Mart and Carrefour in China.

Tesco is speeding up expansion in overseas markets. In 2009, the company's turnover in Asian markets reached 440 million pounds, standing at 12 percent of the company's total turnover.

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