If Sir Fred Goodwin had any doubts about the merits of RBS’ investment in BoC, they would probably surface en route between Edinburgh and Beijing.

RBS’ five per cent stake earned Sir Fred a seat on the board, and he attends meetings every second month, where he sits alongside four other non-Chinese directors. The UK bank has seconded about 100 staff to Beijing to oversee the development of the three main joint ventures, and RBS has leased a jet to ferry staff between Scotland and China.

The 10-seater aircraft is required to stop and refuel at a tiny airstrip in Siberia – which Sir Fred admits to being “an interesting experience” at the best of times.

Banking executives have become China’s new rock stars, and Sir Fred appears to have joined their ranks, gaining direct access to Beijing’s most senior decision-makers.

Every visit to Beijing will mean the formality of attending lunch and dinner banquets, where he has to negotiate unfamiliar animal parts served up as delicacies.

He has had to learn to handle his Maotai, a potent local firewater distilled from sorghum that, unless taken in moderation, could probably propel Sir Fred back to Edinburgh without the need for the corporate jet.

He accepts that it can be cumbersome to have to deal with close colleagues through a translator.

“Conversations sometimes go off in different directions,” he says, adding: “Culturally we are very different. And the regulatory environment in China operates in a different way.”