Obviously, the interest of the world's China-watchers was lately focused on Chinese President Xi Jinping's state visit to the United States. In Britain, however, we are conscious that we too will be receiving the Chinese President shortly, and preparations are well underway.

British Chancellor of the Exchequer George Osborne (C) talks with a girl at TechTemple in Beijing, capital of China, Sept. 20, 2015. George Osborne arrived in Beijing on Sunday and started his one-week visit in China. [Xinhua/Yin Gang]

In a curtain-raiser to this top-level visit, U.K. Chancellor of the Exchequer (Finance Minister) George Osborne visited China last week. This kind of second-tier visit is standard diplomatic practice before a major meeting of leaders, both to ensure the "mood music" is right for the main visit and to discuss practical arrangements for deals which will be announced during the summit.

However, it cannot be portrayed as a second-tier visit. Mr. Osborne brought six other ministers with him, as well as a number of senior business figures and leaders of northern England's biggest cities. It is certainly important to Mr Osborne to make himself known in China at the highest level; Prime Minister David Cameron has announced his intention of retiring within the next five years, and Osborne is hoping to position himself as Cameron's successor.

It can't be denied that Britain has some potential advantages in China. Like China, we have a strong traditional culture of which we are very proud, and we are very gratified to see that Chinese entrepreneurs, with or without British support, have established profitable ventures featuring Chinese people's appreciation of British culture. The establishment of "Thamestown," a town built entirely in the style of British architecture, in the neighbourhoods of Shanghai is one example.

Shortly, a whole new town is to be built in the countryside south of Beijing, featuring a large theme park devoted to the appreciation of the British teddy bear! Most British children have at least one of these stuffed toy bears – my own, more than fifty years old, is sitting on the windowsill watching me as I write. And China is building a whole tourist attraction around this classic element of British childhood.

George Osborne has made no secret of the competitive element in the relationship of Western countries with China. He has announced a hope to make China Britain's second biggest trade partner within the near future. He maintains that there is no Western country more open to Chinese investment than Britain, and that Britain is attracting more Chinese investment than France, Germany and Italy combined.