Rachel Reeves heads to China amid pressure over borrowing costs

Travelling to China with the chancellor are senior financial figures, including the governor of the Bank of England and the chair of HSBC.

There she will meet China’s Vice Premier He Lifeng in Beijing before flying to Shanghai for discussion with UK firms operating in China.

The government is looking to revive an annual economic dialogue with China that has not been held since the pandemic.

Ties have been strained in recent years by growing concerns about the actions of China’s Communist leaders, allegations of Chinese hacking and spying and its jailing of pro-democracy figures in Hong Kong.

The Conservatives have criticised the chancellor for proceeding with the planned trip rather than staying in the UK to address the cost of government borrowing and slide in the value of the pound.

Shadow chancellor Mel Stride accused Reeves of being “missing in action” and said she should have stayed in the UK.

But Chief Secretary to the Treasury Darren Jones, standing in for Reeves in the Commons on Thursday, said the trip was “important” for UK trade and there was “no need for an emergency intervention”.

Former chancellor Philip Hammond also told the World at One programme on Thursday that he “wouldn’t personally recommend the chancellor cancels her trip to China. This can wait until she gets back next week”.