Photo: IC

With the race for the presidency of the US ended, China-US relations are at a new starting point. If we look back at the past few years, the US' China policy has focused on "strategic competition" and the US has exerted multi-dimensional pressure on China in areas such as economy, technology and security. However, this competition-focused policy failed to help the US achieve its goals. Instead, it worsened relations between the two countries and even triggered turbulence in the global supply chain. Now, it is hoped that the new US government can examine the shortcomings of the current China policy and rethink how to build a stable and win-win relationship with China, so as to help create a sustainable China-US relationship.

Globalization has made the Chinese and American economies and industrial chains highly intertwined. Complete "decoupling" is not only unrealistic, but it will also have an adverse impact on American companies and consumers. In fact, high inflation in recent years has put pressure on the US economy, and the tariff war has failed to bring back the manufacturing industry. Instead, it has increased costs for US companies. China is not only an important manufacturing base in the world, but also an important market for US capital and technology. Blindly weakening the economic linkage between the two countries is tantamount to harming the US' own interests.

In the field of science and technology, the US policy toward China is flawed. The Joe Biden administration has further strengthened its technological blockade against China, especially setting restrictions on key technologies such as semiconductors, in order to maintain the US advantages. However, this "small yard, high fence" strategy is not only detrimental to the development of global technology, but may also lead to the isolation of the US in the global innovation network. China has increased its efforts in independent innovation in recent years in an attempt to reduce its dependence on foreign countries.

In short, the tension in China-US relations has some deep-seated structural reasons, but there are many misjudgments in the current China policy of the US. In order to achieve peace and stability, the new US government needs to re-examine its China policy and return to rationality. On the economic, technological, geopolitical and other levels, the US should engage with China in a more cooperative manner and jointly explore ways to achieve win-win cooperation.

In economy, the US should abandon its "decoupling" thinking. It should abandon its overly extreme tariff war strategy, reduce the tariffs it imposes on China and negotiate with China to redefine trade rules on the premise of mutual benefit. Such adjustments will help reduce the US' inflationary pressure, stabilize market expectations, provide American consumers with more choices and avoid continued damage to the economy due to policy mistakes.

In terms of science and technology, the US should shift from a confrontational model based on blockade to a win-win model that promotes active cooperation and healthy competition. The US technology blockade has not stopped China's technological progress, on the contrary, it has inspired China to increase independent innovation in key technology fields such as semiconductors. Rather than trying to contain China, it is better for the US to jointly improve technological levels through open competition. The US should consider enhancing scientific and technological exchanges and academic cooperation between the two countries, establish a security framework for science and technology, as well as explore new models of fair and mutually beneficial scientific and technological cooperation with China.

In terms of international affairs, especially climate change, public health and international counter-terrorism, China and the US have great potential for cooperation. The Biden administration has made certain progress in addressing climate issues. If the new administration can further promote China-US climate cooperation, it will have a huge positive impact on global emissions reductions. At the same time, global health security is also an area where the two countries can cooperate. The lessons of the COVID-19 pandemic have proved that public health security has no national borders. Cooperation in pandemic prevention and control, as well as health infrastructure construction, will not only benefit the two countries, but also benefit the global public health services.

For the new US government, dealing with China should not be a zero-sum game of "life or death." It should focus on finding a balance point that is consistent with each other's interests through dialogue and cooperation. Competition can exist, but it should not be a reason for confrontation; differences can exist, but they should not hinder the process of cooperation.

The author is a fellow at the Center for International Security and Strategy, Tsinghua University and a visiting scholar at the Paul Tsai China Center, Yale Law School. opinion@globaltimes.com.cn