After enjoying an unusually long period of relative stability in their bilateral relations, the United States and China now find themselves embroiled simultaneously in several serious disputes, including China’s textile and other exports to the United States, its currency and exchange rate, and its military modernization. The recent bid by a large Chinese government-controlled oil firm, the Chinese National Offshore Oil Corporation (CNOOC) for the California-based American oil company, Unocal, has added another controversial issue to the on-going debate over Washington’s policy toward China. The Department of Defense’s report on the Chinese military, to be released within weeks, is expected to highlight Washington’s concerns about the rapid increase of China’s military capabilities and strategic intentions.

How will these disputes and the way they are handled shape the strategic perspectives of the policy elites in both countries and influence medium-term U.S.-China relations? Will they adversely affect the exchange of summits between Presidents George W. Bush and Hu Jintao later this year?

To probe the contexts of these bilateral disputes and analyze their implications for U.S.-China relations, tune in for a Live @ Carnegie audiocast on July 14.

From left: Pei, Bartholomew, Keidel, SwaineThree policy experts, Carolyn Bartholomew, commissioner of the Congressional U.S.-China Economic and Security Review Commission, Albert Keidel and Michael Swaine, senior associates at the China Program, analyzed the various facets of three outstanding U.S.-China issues: CNOOC’s bid for Unocal, bilateral trade, and China’s military modernization. Carnegie’s Minxin Pei moderated the discussion.