Manufacturing — Question

Part of the debate – in the House of Lords at 11:31 am on 8th March 2012.

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Photo of Lord Green of Hurstpierpoint Lord Green of Hurstpierpoint The Minister of State, Foreign and Commonwealth Office, The Minister of State, Department for Business, Innovation and Skills 11:31 am, 8th March 2012

The noble Lord raises a very important question. The Chinese are becoming more and more formidable competitors across a range of sectors, and we have to assume that that will continue. For the next generation, they will continue their fast growth and become more and more international. There are two answers to that question. One is to make sure that we are as innovative as we can be-that we move up the value chain, in short. Secondly, we need to be open to Chinese investment in this country. A key priority of my own brief is to encourage and nurture Chinese investment in this country, because they bring capital and, in some cases, expertise, which is valuable to this economy.