History
The stores were state-owned and first appeared in the 1950s, when they were primarily frequented by the many Soviet experts assisting China's economic development. The stores sold Western, imported items, such as peanut butter and Hershey bars, as well as Chinese art and crafts. The prices were considerably higher than market prices in the country of origin, but as the stores operated as a monopoly for imported items, buyers had no other choice. The old Friendship Stores accepted only foreign exchange certificates as currency. Items for sale included also uncensored copies of Western literature such as The New York Times, and, hence, guards prevented anyone of Chinese appearance from entering. Often crowds of people would look in the door to see what was for sale.
A few stores remain open, especially in Beijing, Shanghai and Guangzhou. Most closed with the abolition of foreign exchange certificates in the early 1990s, at which point foreigners could hold ordinary renminbi in the PRC.
Read more about this topic: Friendship Store
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