In Beijing analysts still struggle to define the precise state of the China-US relationship. As one said to me recently: “Bu shi rezhan, bu shi lengzhan; er shi liangzhan.” Or, in the Queen’s English: “It’s not a hot war, it’s not a cold war; it’s more like a chilly war.”

The problem for leaders, diplomats and analysts is that the relationship defies simple definition. Variants range from “strategic engagement”, “strategic co-operation” and “strategic competition” to “China as a responsible global stakeholder”.

The problem with these ideas is that they mean very little to the Chinese. The phrase that hits home in both capitals these days is “strategic trust deficit” – a gap between China and the US which, if left unchecked, could destabilise the entire Asia-Pacific region.