The West would lose for sure. But so too would China.

For the last two decades, trade has been a very positive factor in China's re-emergence on the world stage.

It has driven amazing growth and raised the living standards of millions.

Trade has helped stitch back China's network of relations with countries across the world.

We need to make sure that it does not turn into a negative factor.

Just as the West wants greater access to Chinese markets so China wants greater access to Western markets and it wants market economy status in the EU too.

I had very constructive talks with Premier Wen on exactly this issue yesterday.

I will make the case for China to get market economy status in the EU but China needs to help, by showing that it is committed to becoming more open, as it becomes more prosperous.

And we need to work together to do more to protect intellectual property rights because this will give more businesses confidence to come and invest in China.

UK companies are uniquely placed to support China's demand for more high value goods for its consumers.

Our Pavilion at the World Expo in Shanghai - which won the Gold Award for the best Pavilion design - was a showcase for so many of Britain's strengths from advanced engineering to education from great brands to great pharmaceutical businesses from low carbon to financial services to the creative industries.

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