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Thousands of London children will learn Mandarin as part of a drive to open up Chinese trade and tourism, George Osborne is to announce tomorrow.

In a speech to businessmen in Hong Kong, the Chancellor will say the special relationship between London and the former British colony offers a chance to create a vital trade bridge between China and the world.

As the same time, John Lewis said it plans to accept credit cards in the Chinese currency, the renminbi, in flagship stores including Oxford Street and Stratford — another sign of the growing importance of Chinese visitors.

The Chancellor will challenge London to seize the chance to increase trade with the world’s most populous nation, and flatly reject claims that cheap Chinese factories are a threat.

“This is not a race to the bottom,” he is expected to say. “We should not see growth in China and Hong Kong as a threat to us or something to be afraid of — we should see it as a huge opportunity. Get it right and it means jobs and investment in London and Britain.” He will argue that growth in Asia “can bring economic security at home — but only if we work through our long-term economic plan”.

Mr Osborne landed in Hong Kong this morning for a two-day visit before he flies to Sydney for a major summit of G20 finance ministers. It is his second visit to China in six months.

His speech will stress the region’s importance as one of Britain’s largest investors worldwide, and its second largest Asia-Pacific market for goods.

Up to 50 schools will offer Mandarin alongside other modern languages, reaching 3,000 pupils.

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The move aims to equip a new generation to expand tourism, commerce and investment. London has already become a leading destination for Chinese investment in financial services, development and tourism.

Chinese property group ABP is working on a £1 billion plan to transform the Royal Albert Docks, while another group, Wanda, has made a £700 million investment into the Nine Elms development linking with the coming Northern Line extension.

In 2012, the 104,000 Chinese visitors to the capital each spent an average of £1,300, more than any other nationality. They spent £140 million in total — more than double three years earlier.

Andrew Murphy, retail director at John Lewis, said the decision to take renminbi credit cards followed huge growth in sales to Chinese visitors.

“Over the last two years sales to Chinese shoppers at John Lewis Oxford Street have grown 113 per cent and Chinese visitors are now our biggest spending international group,” he said.

“We have launched a range of services aimed directly at our Chinese customers including Mandarin speaking partners and Mandarin store maps.”