American-football fans munching potato crisps at Super Bowl parties last month were treated to an unexpected television commercial. In it, a woman magically switched between chic but cheap outfits as she scrolled through a mobile shopping app called Temu. The accompanying jingle – “I feel so rich; I feel like a billionaire” – refers to the sensation of wealth brought about by the endless choice and rock-bottom prices of Temu’s clothes. Since its launch last September, Temu has become the most-downloaded app for iPhones. That is quite a feat for a young brand based in Boston. It is all the more impressive because Temu hails from China.

This is a critical moment for Chinese companies in the West. On the one hand, Chinese brands have never been more popular in America. Just behind Temu in American iPhone downloads are CapCut, a video editor, and TikTok, the short-clip time sink. Shein, a fashion retailer, ranks above Spotify and Amazon. This year, it may pull off one of the world’s biggest initial public offerings (IPO) in New York.