The Treasury said Reeves’ visit to China delivered on a “commitment to explore deeper economic co-operation” between Prime Minister Sir Keir Starmer and President Xi, made last year.

BBC economics editor Faisal Islam said other European nations such as Spain have encouraged China not just to set up factories but to transfer its advanced battery technology, for example, into Europe.

He said the UK now risks upsetting the new US administration of Donald Trump if it encourages China’s role as part of its own green growth strategy.

During Saturday’s meeting with the Chinese vice-premier, Reeves discussed Hong Kong and Russia’s invasion of Ukraine.

She said: “We discussed that there will need to be areas where we disagree and it is important that we can have open and frank exchange on these issues.

“That includes concerns on national and economic security, market access and impacts of subsidies and industrial policy to ensure a level playing field exists.”

Tory MP and former security minister Tom Tugendhat told BBC Radio 4’s Today programme that the timing of Reeves’ visit to China was questionable.

“She’s going at a time when her Budget has sacked the economy, we’ve got debt rates going up, and she looks like she’s going with a begging bowl, not with a trading deal,” he said. “That’s a real problem because actually it makes the UK look more vulnerable, and others around the world will see it too.”

Tugendhat said Reeves had not made it “clear at all” what she has hoping to gain through her visit.

“We don’t use the second most important person in government to do anything other than to fundamentally change a relationship,” he said. “Well, she hasn’t told us what that change is.”

Liberal Democrat deputy leader and Treasury spokesperson Daisy Cooper urged the chancellor to return to the UK “to urgently address the ongoing crisis in the markets and announce a serious plan for growth”.