During the Two Sessions of China’s political season, the government described in its annual Work Report an updated plan for both domestic and overseas economic policies. Meanwhile, US President Donald Trump also outlined his plans for the American economy in a recent address to the joint houses of Congress. His administration is moving towards deregulation and easing restrictions on big businesses in the US, and is opposed to multilateral free trade deals. The world is watching closely to see whether China and the United States can open a new chapter in their economic relationship. 

It's also a good opportunity for other countries to change their approach. As markets become more global, countries are reconsidering which economic powerhouse is more important to them: the US or China? 

In the view of the Dean of the Center for International Business Ethics at the International Business and Economics University, Liu Baocheng, it is a critical time for the whole world to see more certainty on the political front, but Donald Trump seems to be moving in the wrong direction. So, he says: Donald Trump, let’s get down to business and let’s get down to common sense. 

Generally speaking, China and the United States dominate different stages of the global value chain. The China-US trade deficit is overstated, if judged from the perspective of the global supply chain. 

“America and China is the most important relationship in the world -- Donald Trump must take that seriously. Trade war between these two countries will be a disaster for them and for the whole world.” That’s according to Giles Chance, visiting professor of Guanghua School of Management, at Peking University. 

Chance also noted that China is a big and attractive market for many countries. He said there are many US companies that have invested here, and predicted that trend will continue. Chance said the day of owning the market through cheaper labor costs is over. China is offering a multi-faceted technological and financial market that’s attractive to most overseas companies.   

No country can develop by itself. Preserving and developing the Sino-US relationship is in the interest of people of both countries and the expectations of the international community.