As the transition from Donald Trump to Joe Biden proceeds in less than optimal fashion, the first order of business for America is regaining strength.
Despite China’s apparent enthusiasm, the “year of Sino-European friendship” has brought more challenges than successes, due to a mix of promise fatigue on the European side; growing Chinese assertiveness on the international stage; and increasing Chinese propaganda and controversies around the Covid-19 pandemic.
China’s rise was made possible by its integration into a rules-based international system. Competitive pressures and sensitivities, however, strained relations with many of its key trading partners.
China’s success in recovering from the pandemic-induced recession faster than other major economies has not eliminated the uncertainties surrounding China’s growth outlook.
After Trump banned TikTok, a Chinese social media app, and forced the sale of its US operations to an American company, Beijing and Washington have struck a remarkably similar tone regarding forced technology transfers.
Both the overland Silk Road Economic Belt and the Maritime Silk road have fundamentally been aimed at linking China with the European continent and its 500-million consumer market.
Much of the public discussion has been about how to strengthen links between the two markets and rely more on domestic drivers of growth.
The United States and China must cooperate on arms control. But to do so, the two countries need an innovative approach.
The data also showed that industrial production was 5.6 per cent higher and the data left most analysts convinced that China’s recovery from the ravages of the Covid-19 pandemic was both solid and sustainable.
Internationally, Xi confronts a trade war with the United States, a political push to uproot manufacturing supply chains and decouple from China, and a bleak overall outlook for global trade due to the coronavirus pandemic.