The meeting yesterday between Barack Obama and Hu Jintao, his Chinese counterpart, on the sidelines of the G20 summit had been described by some as “the G2” and marked the first encounter between the two men.

During the meeting Mr Hu stressed China's commitment to strengthen macroeconomic control and expand domestic demand, the White House said. The two leaders agreed to work together to renew world economic growth, strengthen the financial system, and establish a ”strategic and economic dialogue” group that would first meet in Washington later this year. The White House also announced that Mr Obama would visit China in the second half of the year.

But with China demonstrating that it now wants to play a much more decisive role in international economic affairs, their meeting may have also set the tone for the rest of the London summit.