For more than a year after David Cameron provoked China’s wrath by meeting the Dalai Lama, Beijing was a forbidden city for British ministers. Now that the palace gates are finally ajar George Osborne, the UK chancellor, is eyeing the jewels inside.

The common theme running through this week’s announcements is Mr Osborne’s determination to channel Chinese wealth to British shores. Barriers are being removed, in the shape of visa restrictions that have prevented Chinese consumers from setting foot inside British shops. Elsewhere the government has been more active, engineering Chinese participation in the revival of nuclear generation in Britain.

The most significant of Mr Osborne’s initiatives, however, is his bid to place Britain at the centre of the nascent global market for Chinese securities. This is a far-sighted move to harness tides of change that might otherwise sweep away the foundations of City finance. If he succeeds, the chancellor will have preserved London’s position as clearing house to the world.