Don't fear the East buying up Britain, says Hutton

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In an exclusive interview with the Evening Standard, he hit back at critics of the Government's open-door policy towards China's ambitions to buy up western companies.

"If Britain is going to succeed in the new global economy it has to be open to foreign investment, just as we want to invest elsewhere," he insisted.

"And if you look at the scale of the potential investment, it is simply huge."

In comments that will be seen as a green light for Chinese investors, including its £100 billion sovereign wealth fund, Mr Hutton said there was a "fundamental choice" at stake.

Critics say it is wrong to let a communist state with a poor human rights record gain control of key industries and have contrasted the UK's relaxed attitude with America's "economic security" policy.

But the minister said the US was on the wrong side of the argument.

"I think it's a fundamental choice about whether they want to be open or, essentially, closed. Do they welcome investment - or keep it at arm's length?

"I believe strongly in open markets. I can only see that the UK can benefit."

He was speaking at the start of a delegation led by the Prime Minister and 25 business leaders to Beijing and Shanghai where it is hoped deals worth billions will be signed. The delegation officially opened a new Beijing office of the London Stock Exchange to strengthen China's access to the City.

"It is a very significant opportunity for the UK, especially for the City of London whose financial pre-eminence will make it a very attractive place for China to come," he said.

"For London, in particular, China represents not a threat but an exciting opportunity that we have got to seize with both hands.

" We have nothing to fear from sovereign wealth funds. We have strong regulation and much to gain. The quality of the business people on board this trip with the Prime Minister is testament to the importance of what is going on."

Last year, insurance exports to China soared by 69 per cent, giving an indication of the growth possible by exploiting the Chinese market of 1.3 billion people.