The relationship between the US and China is likely to determine humanity’s fate in the 21st century. It will determine whether there will be peace, prosperity and protection of the planetary environment, or the opposites. Should it be the latter, future historians (if any such actually exist) will surely marvel at the inability of the human species to protect itself against its own stupidity. Yet today, happily, we can still act to prevent disaster. That is true in many domains. Among these is economics. How then are economic relations to be best managed in the increasingly difficult future we confront?

Janet Yellen, US Treasury secretary, and Ursula von der Leyen, president of the European Commission, have both recently made thoughtful statements on this topic. But do they set out a workable future? On that I am, alas, doubtful.

Yellen sets out a plan for what she calls “constructive engagement”. This has three elements: first, “secure our national security interests and those of our allies and partners, and?.?.?.?protect human rights”; second, “seek a healthy economic relationship” based on “fair” competition; and, third, “seek co-operation on the urgent global challenges of our day”. In her discussion of the first element, she makes the point that US “national security actions are not designed for us to gain a competitive economic advantage, or stifle China’s economic and technological modernisation”. Yet the difficulty is that this is not at all how it looks in China, as I learnt during a brief recent stay in Beijing.