The decision - announced on the 17 March - of Manganese Bronze, maker of the famous London black taxi, to cede control of the company to Chinese carmaker Geely presents the latest example of a UK engineering company pinning its hopes for survival on emerging markets.
Whether Manganese has any chance of making a Chinese-produced version of its black cab as common a sight in Beijing and Shanghai as it is in London remains to be seen.
But it demonstrates the ambition of many UK engineering companies not just to exploit emerging economies such as China for their low manufacturing costs, but also for their growing domestic demand as western economies stagnate.
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