CAMBRIDGE Two society hostesses are rivals. Both guard their social standing jealously and may even punish a guest who attends the other s party by withholding future invitations.

However tempting it may be to focus on such questions, they are the wrong way to think about the global economy. There is no reason why some countries should not join both China s AIIB and America s TPP, or why overlapping memberships should not expand over time or, indeed, why the hostesses should not eventually attend each other s parties.

But the Communist Party leadership has decided that in the next decade hairdressers, accountants, karaoke hostesses, tour guides, and movie directors will be the new pillars of economic performance. As investment growth slows and export markets endure their unpredictable business cycles and protectionist moods, China will increasingly rely upon consumption for creation of jobs and income and the service industry is where most consumption occurs.