Chinese President Xi Jinping's speech at this year's virtual World Economic Forum event has sent shockwaves throughout the international community. Many experts believe that the speech may signal a new era and a new relationship between the United States and China.
The Trump administration signaled a departure from the status quo of U.S.-China relations present through the 21st century, and after President Xi's speech at the World Economic Forum, it's apparent that U.S.-China relations have reached a veritable "point of no return." In the aftermath of former President Donald Trump's trade war and the coronavirus pandemic, the United States is faced with a wholly distinct China than the one it had historically dealt with before 2016.
"The United States is comparatively less strong vis-a-vis China than a few years ago, and China is likely to continue to close that gap. [The] U.S. needs to decide how it's going to deal with a more assertive and aggressive Chinese Communist Party," said Isaac Stone Fish, founder of Strategy Risks, quoted by CNBC.
The new stance of the Chinese Communist Party and the goal of the Biden Administration to try and restore the U.S.' standing in the global community leaves the United States in an awkward position; how does the United States try to approach China now that the old status quo has fallen and a "new China" awaits the U.S.?
So far, the Biden administration appears willing to employ "patience" with China, which seems to be the best approach for the time being, as the U.S. tries to reapproach its European allies and reaffirm commitments that had been neglected or sidelined by Trump.
Despite President Joe Biden's approach, there don't appear to be any indications that the President will simply roll back the entirety of Trump's protectionist agenda. A tougher stance on China, in general, seems to be a new norm with bipartisan support, something that President Xi himself alluded to, hinting that he was well aware that Biden might maintain somewhat of a more rigid stance towards China.
Cooperation is still very much on the table, with both sides appearing willing to come to the bargaining table on specific issues. Aside from the Biden administration's "patience" angle, which leaves the door open for cooperation with China, Beijing appeared ready and willing to work with Washington on various issues, such as the coronavirus pandemic.