The UK has laid out a new economic relationship with China, and to use one of China’s favourite phrases, both countries are selling it as a “win-win” situation.

It’s a significant development in restoring ties between the countries. The relationship has been beset by years of tension and suspicion. Both sides want to get it back on track.

China delivered a warm welcome for the chancellor.

Rachel Reeves was shuttled from a Beijing Brompton bike shop, to the Great Hall of the People and on to a state guest house.

China’s vice premier He Lifeng said: “The outcomes we have agreed today represent pragmatic co-operation in action.”

Pragmatic. There is that word again.

Chancellor Reeves uttered it four times in her closing statement.

China is all for pragmatism, it’s one of the government’s favourite words.

It wants to show it is open for business and that its bilateral relationship with the UK is sound.

This trip is also symbolic for China. It still trades with Russia and is in competition with the US, so it wants to make it clear that it has friends in the West as well.

China regards it as a positive sign the UK has not sided with the US and European Union in applying tariffs to Chinese-made electric vehicles, solar panels and electric batteries.

However, if US president-elect Donald Trump escalates trade tensions with China, the UK may feel more pressure to side with the US.

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Despite the bonhomie, China is still likely to view these British overtures with caution.

For a decade the relationship has swung from its heyday of a so-called “golden era” to one characterised by growing concern about China’s role in the world.

There are complicated issues between the countries including alleged spying, cyberattacks, tension over Hong Kong, Taiwan, the South China Sea and China’s support for Russia’s defence industrial base.

When it comes to China the challenge for the UK is that it wants to have it both ways, carrying out trade while talking tough on difficult issues.

How the UK navigates its “let’s get down to business” policy in a complicated geopolitical environment will require the utmost diplomacy.