It takes decades to build up a world-class university. Maybe centuries.

Certainly one day there will be cutting-edge research and innovation - the things that create a lot of value - in many countries. Some would say that China already has these things. But so what? Does China having those things mean that Europe shouldn't? Does having manufacturing there make China better at these things?

Not every country needs to do heavy manufacturing, any more than every country needs to grow its own food, or every country needs to mine its own raw materials. Specialization is fine.