There is no relationship more important to the global economy than that between the US and China. For that reason, policy makers’ public statements tend to be saccharine, but — as shown by recently released transcripts of Federal Reserve meetings from 2009 — reality is less sweet.

Four major themes emerge from the 1,800 pages made public last week, which provide a rare peek into the way China is discussed behind closed doors in Washington.

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Written by SHAWN DONNAN on March 9, 2015 for the Financial Times.