The world is getting into another economic mess as it reacts to slowing growth in China.

However, countries in the West should look to their own performance.

I know China’s slowdown means there is less demand for Western goods and services … but this means that now is a good time to concentrate on building the infrastructure needed to underpin higher productivity.

When the upturn comes – as it will – we need to be ready … with a supply of competitive and innovative goods and services.