George Osborne has never left any doubt about his desire to boost Britain’s trading relationship with China. Two years ago, the chancellor said there was “no country in the west” more open to investment from the Chinese than the UK. This week he has restated that belief in glowing terms, declaring his wish to forge “a golden relationship” between the two nations that will help foster “a golden decade”.

On a tour through China, Mr Osborne has taken several steps in pursuit of his goal. He has unveiled a ￡2bn treasury guarantee to secure Chinese participation in the construction of the Hinkley Point nuclear power station. His colleague, Amber Rudd, energy secretary, has told the FT that there would be no obstacle to China building a nuclear plant at Bradwell in Essex. All this comes as the UK woos China to make a substantial investment next month in the chancellor’s cherished “Northern Powerhouse”.

Mr Osborne is right to seek a closer bilateral economic relationship with Beijing. Despite its current fragility, China’s economy is already by some measures the world’s largest. Chinese investment is welcome. But his warm embrace of Beijing carries some risks that need to be considered before he pursues the relationship further.