The challenge facing China’s rulers is to take advantage of Mr Trump’s comeback, while avoiding the dangers of a second Trump administration. For Xi Jinping, China’s all-controlling, risk-obsessed leader, the uncertainties will begin on Mr Trump’s first day back in the Oval Office.

The first time China faced Donald Trump in the White House, there was a trade war, a breach of protocol involving Taiwan’s former leader, and a president-to-president bromance that turned sour. Perhaps the biggest consequence for China — if Trump stays true to his campaign promises — is his threat to slap blanket 60% tariffs on all Chinese exports to the U.