He will be able to point out, at least in private, that if you look at the real effective exchange rate – taking account of the impact on export prices of rising labor costs – the renminbi-dollar gap is a lot less important than China’s critics suggest. But he must also provide some real evidence that China is opening its markets as domestic consumption grows, and that it recognizes that a sustainable global recovery requires adjustments in China as well as America to redress international imbalances.