When we make negative gestures, they at best irritate China and at worst alienate China's goodwill when we should be building a serious strategic partnership between the EU and China.

Serbia's main strategic goal remains EU membership, says Mr Milosavljevic, but if this begins to look unattainable his country will further intensify relations with Russia, China and Turkey.

Other countries are closely watching the City's ties to the EU - notably China, whose Banks recently picked London as their European financial base of choice.