Wales eyes more opportunities following Chinese president's UK visit

Secretary of State for Wales Stephen Crabb cited the recent visit of Chinese president to Manchester when spelling out the challenges facing Wales in a speech pressing the region to seize more opportunities for economic growth.

In a talk on devolution at Cardiff University's business school, released Thursday by the Welsh Office, Crabb said: "Last week the Chinese President made an historic visit to Manchester to strengthen ties between the northern powerhouse and China. The leader of one of the world's largest economies saw a city where civic leaders have seized the opportunity of more powers and devolution to shape the growth of their city in the 21st century. Wales has a new competitor within the UK."

Crabb set out how the British government's radical program of decentralization and devolution within Britain presented a challenge to Wales to harness the opportunities for innovation and growth.

"All across the UK, we are driving economic growth by pushing power downwards -- decentralizing decision-making and backing it up with real economic and financial powers to harness innovation," he added.

Crabb said that while the world "won't wait for Wales" the region was already punching above its weight on the global stage.

"But in the future we will have to constantly look upwards and outwards to compete with fast-growing economies overseas, as well as with other parts of the UK," he said.

He went on to say that Cardiff had the potential to become one of the most dynamic and vibrant European cities in the decades ahead, based on the business climate and projected growth rate.

"Here in Wales we have a young capital city that is innovative and entrepreneurial. It sits at the heart of a city-region that is home to almost half the entire population of Wales and is projected to grow by 26 percent over the next 20 years. Cardiff is on the cusp of something great. Our capital city can use its position as a fast-growing challenger to become one of the best places in the world to live, visit, study and do business."

However, "there is a real danger that Wales' economic potential is paralyzed by never-ending constitutional debates." Crabb said, adding that devolution had to be aligned with a clear economic vision that took into account the productivity challenge and the skills gap.

"Nations are looking outwards, cities are redefining their role, businesses are innovating, and companies are trading and investing in multiple countries 24 hours a day. We are competing in the 21st century," Crabb said about the importance of the region getting in step with the global trend. Endit