A couple of days ago I enjoyed lunch with Professor Michael Enright of the University of Hong Kong, who's just written a book on the rise of the Pearl River Delta - a region comprising Hong Kong, Macao, and part of Guangdong Province - and was extolling its virtues at the far-and-away economic powerhouse of China.

China is a land of many regions, but the Pearl River Delta is by far the largest economically: with twice the export trade of the Yangtze River Delta region, dominated by Shanghai. Hong Kong grew at the rate of 8% last year. Macao grew at a staggering 28% (and 16% the year before) thanks mostly to its thriving tourism industry (Vegas-style casinos are being built, and the number of hotel rooms will boom from 10,000 to 25,000 in the next three years.

There is lots more going for Hong Kong. Its proximity to Japan, for example, and long historical international links. Now, mainland companies are using Hong Kong as an international jumping-off base, so it's not all inward stuff. It has pushed London into third place for IPOs (new stockmarket floatations).

Rather draw-dropping stuff if you live in this sleepy over-regulated backwater we call Europe. I asked Michael what he felt coming here. He didn't like to say it: but it was obvious that our grubby airports, dismal public transport, and the fact that you can't find anyone still in the office at 5.01pm would shame people in the world's new economic powerhouse. Eurocrats take note.