As geopolitical tensions between China on the one side and the United States and the European Union on the other have intensified, there has been growing talk of a “decoupling” of the economies and technology systems between the two – of a fragmentation into separate trade blocs and technology systems and even a “Splinternet”.

But recently, the rhetoric has changed. The new buzzword in diplo-speak is “de-risking”. This sounds more benign than “decoupling”, which suggests a sharper break in economic relations.