China-U.S. relations move forward to a 'New Stage'

Editor's note: Dong Shaopeng is deputy editor-in-chief of Securities Daily. The article reflects the author's opinions and not necessarily the views of CGTN. It has been translated from Chinese and edited for brevity and clarity.

China-U.S. relations are the world's most pivotal bilateral relations. First of all, China and the U.S. have highly dependent economies and are highly complementary in trade. In 2018, the U.S. was China's largest trading partner, largest export market, and the sixth-largest source of imports; whereas China was the U.S.'s largest trading partner, third-largest export market, and largest source of imports. 

Secondly, China and the U.S. are permanent members of the United Nations Security Council, and the world's largest and second-largest economies, respectively. They exert significant influence in their respective regions and the world, both assuming heavy responsibilities in shaping the international order. 

Thirdly, there are practical conflicts of interest between China and the U.S. in the Asia-Pacific region, and resolving these conflicts substantially impacts the development of international relations. 

Fourthly, the two nations adopt different political systems and ideologies, which may lead to clashes under specific circumstances. 

Lastly, China is about to surpass the U.S. in economic aggregate to become the world's largest economy. This would shift the power dynamics among major nations and profoundly impact how international relations are shaped.

There has been an atmosphere of anxiety in U.S. politics in recent years. Driven to maintain hegemony and secure advantages, some American politicians desperately seek to restrain and suppress China. They even fabricate rumors, which are used as an excuse to formulate strategies and implement measures to bash China. These attempts have harmed bilateral relations.

China and the U.S. have generally benefited from economic and technological cooperation. Firstly, the introduction of mature U.S. technologies, brands, and management into the Chinese market considerably expands the market size for U.S.-branded products, generating great profits for American investors. 

Secondly, importing U.S. technology can propel technological progress in China. Once localized, these technologies contribute to raising the overall technological level of the industrial chain in China. 

Thirdly, the entrance of U.S. capital into the Chinese market fills its gaps, and collaboration between the two countries drives Chinese companies to enhance their modern management capabilities. 

Fourthly, Chinese products entering overseas markets, including the U.S., effectively elevates the influence of Chinese manufacturing. 

Overall, China's collaboration with the U.S. has upgraded market standardization, expanded employment, accumulated capital, and enhanced manufacturing strength.

As China and the U.S. are the world's two largest economies, the so-called "decoupling" is challenging to achieve. However, the U.S. may adopt restrictive and obstructive measures in areas it deems necessary for decoupling. The actual impact of this plan remains to be observed. 

What we should do is, first, expand common interests between the two sides. This is not targeted toward U.S. politicians or any specific government, but at U.S. businesses and industry stakeholders, aiming at the long-term interests of people in both countries, global economic prosperity, and long-term stability in the world.

It is also imperative to maintain political communication and make every effort to clarify rationales.

(For more: BizBeat Ep.781: China, U.S. seek to deepen cooperation)