notes.jpgWhich
western firms stand to benefit most from China's consumer spending
boom? Aspirational brands like Gucci or suppliers of mass-market
staples like Wal-Mart?

The jury is still out but my bet goes instead on the companies that put the cash in consumers' pockets.

The list includes western banks and credit card issuers — see yesterday's story. But, less obviously, it includes suppliers of automated teller machines and other retail banking systems.

Germany's Wincor Nixdorf has received an order from China Construction Bank for 900 automated teller machines to expand its existing ATM network in China.

Diebold of the US also sells ATMs in China and, according to the Financial Times, it is now looking to broaden its Chinese business ($) by pushing security products and systems to help ´domestic banks modernise their branches.

Diebold
and NCR, its main foreign competitor, have sold thousands of machines
to China's four big domestic banks in recent years.

Thomas
Swidarski, chief executive of Diebold, says its sales in China are
expected to reach $1bn in a decade, with half of that coming from
providing bank security.

China now has 250,000 millionaire households,
according to the Boston Consulting Group, and their number is growing
fast. China's banks would do well to ensure those ATMs are kept well
stocked with high-value notes.

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