“New Normal” in China United States Relations: Increasing competition and deepening interdependence

In recent years, the intensified competition between China and the United States has aroused great attention.

During this period, Americans’ attitudes towards China have become more negative, because they are increasingly angry about the COVID-19 pandemic, Beijing’s trampling of Hong Kong’s autonomy, Xinjiang’s violation of human rights, and the destruction caused by China’s unemployment.

Separate from packaging

As the unipolarity of the United States in the international system has weakened, the role of the European Union, Russia, India, and Japan in the international system has received renewed attention. Each of these powers has a huge population and huge economic or military power, but as my colleague Bruce Jones at the Brookings Institution has observed, none have all.

The future of China and United States:

The United States and China may continue to hold a disproportionate weight in the international system. Their growing role in the global economy is mainly driven by the technical departments of the two countries.

The United States and China have been reinvesting their economic gains in the research and development of new and emerging technologies to varying degrees, and these technologies will continue to push them forward.

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Deep dependence

In the trade and industry area, trade and investment relations remain important, even if the two countries continue to take measures to limit each other’s vulnerability.

For example, Chinese regulators have been tightening control over when and where Chinese companies raise funds; Beijing’s recent investigation of taxi-hailing app Didi Chuxing provides the latest example. China’s top leaders have always emphasized the need for greater technological “self-sufficiency” and have injected billions of dollars of national capital into this drive.

At the same time, U.S. officials have been seeking to restrict the flow of U.S. investment to Chinese companies related to military or surveillance agencies.

The U.S. Securities and Exchange Commission’s review of Chinese companies’ initial public offerings and its focus on ensuring that Chinese companies comply with U.S. accounting standards may result in some Chinese companies currently listed in the U.S. being removed from U.S. exchanges.

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In 2019, exports to China provided approximately 1.2 million jobs for the United States. Most American companies operating in China have expressed their long-term commitment to the Chinese market.

Following global trends, US investment companies have been increasing their positions in China.

One aspect of the US-China economic relationship that has shrunk in recent years is China’s investment in the United States. To a large extent, this is the result of China’s tightening of capital controls, the Chinese government’s increasingly stringent review of its companies’ offshore investments, and the United States’ strengthened review of Chinese investments out of national security considerations.

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