Both views of China were on display as Wen Jiabao, the premier, spoke to the FT in an interview this week – but the latter reveals more about Beijing's current mindset. The west may be looking to China as a source of growth, but Beijing is feeling defensive: concerned above all else to ensure that a sharp slump in growth does not trigger regime-threatening unrest. All Chinese policies can almost always be traced back to this primal fear.

Thus, when Mr Wen says that “further, new” measures on top of the announced Rmb4,000bn fiscal stimulus package may be needed, he means what he says. The calculation in Zhongnanhai is binary: rapid growth or political convulsion. Beijing is ready to comprehensively boost consumer spending, as well as public works investments.

But such Herculean domestic labours may leave little energy for the external agenda. Mr Wen played down the idea that China would be able to pledge large chunks of its $2,000bn in foreign exchange reserves to the International Monetary Fund. He also lowered expectations that Beijing would agree to a “quantitative” cap on carbon emissions in Copenhagen later this year.