As a global society, we're obsessed by initials, but MES, the latest set, hides a serious dispute between East and West that is threatening to turn the old order upside down.

Let me try to explain. MES stands for "market economy status", an economy in which investment, production and distribution are all driven by the demands of the market.

It's these three initials which hide a growing dispute between China and the United States, with the hapless European Union trapped in the middle.