Depends what you define as 'manufacturing'. The skill set a typical Chinese factory worker will have is minimal, so no problems with that, not that those types of jobs are likely to come back to the UK anyway.
On the other side of the coin, the number of people applying to study engineering related subjects has increased a significant amount over the last 5 or so years, all of these people are prime to emerge into the manufacturing / engineering industry.
Just look at the success of JLR in recent years, we now have a bigger car industry than we had in the 70's, i wonder which woodwork all those people who work in the plants crawled out of...