With the Biden administration now under way, getting America’s China policy right is important for building back this nation’s economy. China drives global economic growth, so a sound bilateral relationship is important to American consumers and workers, as well as to families who are counting on stock market returns to pay for their retirement.
In the 10 years through 2019, China, on average, accounted for about one third of global economic growth, larger than the combined share of global growth from the U.S., Europe and Japan. We can’t — and should not want to — decouple from this engine of global growth, as we manage the other aspects of the bilateral relationship.
The President’s advisors are now in the midst of a comprehensive review of U.S. policy towards China. They are charged with coming up with recommendations for managing one of the most important issues the Biden administration will encounter. Understanding how that policy will affect
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John Kerry and Xie Zhenhua were brought out of retirement, in part, because they are seen as uniquely capable of getting the U.S. and China to cooperate on climate change. But when it comes to the world’s two biggest emitters, a rivalry might be just as useful.
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