China represents something new in the history of the modern world: a developing country that has a vast global impact. This is why Hank Paulson, the US treasury secretary, has followed Robert Zoellick, former deputy secretary of state, in calling for it to be a “responsible stakeholder”.* But China will behave as the US wants only if it perceives that this is in its own interests. Again, the US should not be surprised. This is how Americans view their own country’s international obligations.

At present, the most vexed issue between the two countries is the payments “imbalances”. Many in the US complain that China is manipulating its currency, to preserve excessive competitiveness. Certainly, China has a large current account surplus, forecast by the International Monetary Fund at $184bn this year, or 7.2 per cent of gross domestic product. No other country has as big a surplus.