The argument is the latest of a new genre of China's books that presents a more nuanced picture of China's strength. It follows on the heels of US Sinologist David Shambaugh's China Goes Global: The Partial Power and Timothy Beardson's Stumbling Giant: The Threats to China's Future.

This contrasts with perhaps more heady titles that appeared just after the Beijing Olympics, including Martin Jacques's highly acclaimed When China Rules the World: The Rise of the Middle Kingdom and the End of the Western World, which has now sold more than 350,000 copies worldwide.

Rana Mitter, director-designate of Oxford University's new China Centre, believes Fenby reflects a more realistic perspective of China that is now emerging.

"We are now in an era in which people are writing forward projections about China based on the reality that the supercharged economic growth of the last decade is behind us.

"China will continue to grow but at a moderate pace and I think people have adjusted their geopolitical lenses to take account of that fact."

Mitter, who has just made a BBC radio documentary, Shanghai World Redux, about the new confidence of China's second city which will air later this month, says the 100th anniversary of the outbreak of World War I brings home how difficult it is to make long-term forecasts.

"If the 20th century is any guide, then what happened at the beginning was not actually a predictor of what happened at the end," he says.

"I think the trends we have seen over the past 10 or 15 years of China's big population becoming more prosperous, more confident and more international show no signs of reversing and I think this will continue for many decades to come."

Martin Jacques, the British academic and author who made seven visits to China last year, stands behind his view that China will be an increasingly dominant force as the century progresses economically, politically and culturally.