US-China Relations: A New Chapter
The US and China are the world’s two largest economies and have a complex and multifaceted relationship. The two countries have cooperated on some global issues, such as climate change, nuclear non-proliferation, and counter-terrorism, but have also competed on others, such as trade, technology, human rights, and regional security. The relationship has been marked by periods of tension and dialogue, as well as cooperation and confrontation. US-China relations will impact largely on the economy of the whole World.
The Joe Biden administration has adopted a more pragmatic and flexible approach to dealing with China than the previous Trump administration. It has sought to manage the rivalry while engaging on areas of common interest. It has also reaffirmed the US commitment to its allies and partners in the Indo-Pacific region, especially Japan, South Korea, Australia, and India. However, it has also faced challenges from China’s assertive behaviour in the South China Sea, Taiwan Strait, Hong Kong, Xinjiang, and other regions.
The future of US-China relations will depend on how the two countries manage their differences and find areas of cooperation. Both sides will need to avoid miscalculation and escalation that could lead to a conflict or crisis. They will also need to address the global challenges that require multilateral solutions. The US and China have a shared responsibility to maintain peace and stability in the world.
On January 20, 2021, Joe Biden has been elected as the 46th president of the United States of America, offering a chance to change the course of US-China relations, which had hit a low point under the outgoing Trump administration. The last four years witnessed escalating trade tensions culminating in a trade war and sanctions on Chinese technology companies.
Since Joe Biden’s election, political and business stakeholders have been paying close attention to the direction of the new White House administration’s policy toward China. Will the Joe Biden administration be accommodating of China or take advantage of the new status quo established under his predecessor?
US-China relations in the Biden era.
The APEC summit in San Francisco next week, announced formally by the White House on Friday morning, comes at a critical juncture for the United States and China as the global giants attempt to strike a balance amid strategic competition in an increasingly precarious world.
A spokesperson for the Chinese Ministry of Foreign Affairs (MFA) has confirmed in a brief statement that President Xi Jinping will attend the APEC Summit in San Francisco from November 14th to 17th this year, during which he will hold a meeting with President Joe Biden. He will also attend the 30th APEC Economic Leaders’ Informal Dialogue, which will take place on the 16th November 2023.
US officials had previously announced that the meeting would take place on Wednesday, 15th November 2023, but it had not been officially confirmed by the officials of China.
This will be the first one-to-one meeting between the two state heads since they spoke on the side-lines of the G20 Summit in Bali, almost exactly one year ago. It is essential for the U.S. and the world at large to acknowledge that China plays a significant role in determining the course of the relationship and global stability, and aim for a workable, if not entirely ideal framework.
There is a lot at stake for the markets: Corporate giants including Apple, Nike, and Caterpillar are heavily reliant on the Chinese market to drive revenue and growth, while China remains the world’s manufacturing epicentre. Not only US and China, but the whole World is looking on this relationship.
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