In the UK the penny has dropped. Downing Street has caught up with the US, where the dime dropped years ago – China is a strategic competitor.

This week’s “Integrated Review” on defence and security described China as a “systemic competitor” but it amounts to the same thing. If David Cameron’s “Golden Era” of bilateral relations ever really began (doubtful) it was a very short era. Instead, we are in what former Australian Prime Minister Kevin Rudd recently described as “the Decade of Living Dangerously’.