China and the United States often came toe to toe in the past year, but one week into Biden's presidency, diplomatic insiders are saying that China-U.S. ties could be taking a turn for the better.

"Both China and the United States gain from cooperation and lose from confrontation. Cooperation is the only right option for the two sides," Cui Tiankai, Chinese ambassador to the U.S., said at an online panel dialogue organized by the Carter Center and Chinese People's Association for Peace and Disarmament on Wednesday.