In 1972, former president of the United States Richard Nixon paid an "ice-breaking" visit to China. He was the first U.S. president to visit China, and this significant diplomatic overture ended the 25 years of no diplomatic ties between China and the U.S.

After 40 years of ups and downs, today, China and the U.S. have entered into a tense period. Months of trade talks between the two sides have, as yet, brought no resolution. So what outcome can we expect? What benefits will further opening of China's financial market bring? And how can China-U.S. relations be stabilized for the benefit of both?

"It is impossible to go back to the tensions in the Cold War," Christopher Nixon Cox, the vice chair at Brightsphere Investment Group and grandson of the late U.S. President Richard Nixon said.

"The economies of China and the U.S. are too interconnected. It is too much risk to go back to the Cold War. So that won't be in the interest of either country. But I also think from another perspective that we have such a much brighter future in front if we work out some of the differences we have in the path for that. And I think you will see that the U.S. and China can have an even brighter future for the next forty years than in the past forty years. Because I really believe that the Chinese people and American people, we have so many similarities, we come from big countries, very productive countries, and we have a lot in common. So I think the people of each country won't let another Cold War happen," Nixon Cox said.

Nixon Cox said he had learned a lot from his grandfather.

"He had a very deep respect to the Chinese people. He was always impressed by the Chinese people for their hospitality. What I learned from my grandfather's trouble was he never gives up. He lived a life of ups and downs. But he never let anyone or anything defeat him," Nixon Cox said.

"China will be and is an integral player in the world scene. China's rise is very important for the world, and it must be a peaceful rise. But ultimately, Chinese prosperity and China's rise will be good for the world. China, in many ways, can be a positive force around the world, whether it is helping Africa to create a better economy through infrastructure building or whether helping to solve difficult problems in Asia. China can play a very important part in making the world a better place."

The U.S. and China are the two largest and highly interdependent economies.

"The U.S. business community sees tremendous opportunities that exist in the Chinese market of 1.3 billion people. They are rapidly becoming some of the most prosperous people in the world with a strong and vibrant middle class. That is a very attempting target for business," Nixon Cox said.

"They want to be able to access that market. So I think that the business sees the potentials in China. I think also that the Chinese economy is opening up. I know that for our Brightsphere Investment Group, we see many opportunities that we come to the Chinese market and invest in this market," said Nixon Cox.

On 20 July, the Office of the Financial Committee of Chinese State Council announced 11 measures to promote the further opening of the financial industry. The measures aim to further open up the Chinese financial market to the world.

"We see the Chinese government is rapidly opening up its financial sector. I can see that happen in other sectors as well. It would be a win-win situation for everyone if the trade agreement ultimately allows more access to the Chinese market that would be a great win for the U.S. and a great win for China as well. That will encourage economic activities and benefit Chinese people," Nixon Cox said.

Will Donald Trump win another four-year term in the presidential elections? Nixon's grandson says, yes:

"I can make a bold prediction that President Trump will win the re-election."

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