Hank Paulson likes to think big. In less than three months as US Treasury secretary, he has sketched out a grand design for relations with China that aims to replace fractious squabbles over trade and currency issues with sustained high-level engagement focused on promoting Chinese economic reforms. Mr Paulson’s goals are admirable. But can he achieve them?

Though his Beijing visit last month yielded no big breakthroughs, he has scored a few quick wins. China has allowed a modest further rise in the renminbi. More important for Mr Paulson’s immediate purposes, he has made it less likely that China will become an issue in the US midterm elections by averting, at least until next year, congressional threats to legislate trade sanctions against it.