Europe’s manufacturers could give up on attempting to compete with their Chinese counterparts by the end of the decade if current trends continue amid fears over mass job losses, the head of the European Union Chamber of Commerce in China has warned.

In a case of “if you can’t beat them, join them”, Jens Eskelund said European companies operating in China were now thinking “Made in China for China” could be replaced by a philosophy of “Made in China for the world”.