The world is fortunate – for the time being, at least – that it has an American president in Obama who is prepared to take a conciliatory and concessive attitude towards America's decline and that it has a Chinese leadership which has been extremely cautious about expressing an opinion, let alone flexing its muscles.

The world is fortunate – for the time being, at least – that it has an American president in Obama who is prepared to take a conciliatory and concessive attitude towards America’s decline and that it has a Chinese leadership which has been extremely cautious about expressing an opinion, let alone flexing its muscles.