Experts: World will prosper from good China-US ties

China and the United States should strive to become friendly competitors, and in doing so both sides will benefit, which will lead to progress and prosperity for both nations and the world, experts said.

Greater transparency and access to data, as well as more dialogue and trust-building efforts between the two nations, especially among academics and think tank researchers, will be instrumental in solving practical issues and creating new opportunities for cooperation, they added.

Terry Miller, director of the Center for International Trade and Economics at the Heritage Foundation, said China and the US should try to be competitors that are friendly and cooperative in nature.

Many people are not very familiar with China's situation, and therefore they should broaden their information channels to get more accurate information about China, he said during the Fifth China Global Think Tank Innovation Forum in Beijing on Tuesday. Miller added that while China-US trade relations may remain rocky under the new US administration, there will still be room for cooperation.

Dan Ikenson, director of the Herbert A. Stiefel Center for Trade Policy Studies at the Cato Institute, said China and the US may have different systems, but they rely heavily on each other, especially in science and technology.

The damage caused by shortsighted, confrontational and disruptive policies is obvious, and both countries and the world should realize the harm of decoupling, he said.

Wang Huiyao, president of the Center for China and Globalization, a nongovernment think tank, said China-US relations may not return to those of the pre-Trump administration era because China has witnessed substantial changes in the last few years, ranging from the economy to science and technology.

"But it is crucial that China and the US engage in closer cooperation," Wang said, highlighting the importance of cooperation in the battle against the COVID-19 pandemic.

Countries around the world will also need to work together to support the World Health Organization and help to revitalize the global economy, he added.

"We can see the beginning of the revival of multilateralism, at least on the regional level," Wang said.

This is best illustrated by China's recent signing of the Regional Comprehensive Economic Partnership with 10 member countries of the Association of Southeast Asian Nations and Japan, South Korea, Australia and New Zealand, he said.

The agreement created the world's largest free trade agreement covering a market of 2.27 billion people and a combined GDP of $26.2 trillion, or one-third of the world's economy, according to Xinhua News Agency.

Meanwhile, the US is said to be planning to reenter the Paris Climate Agreement, a global pact forged in 2015 among nearly 200 nations to combat climate change. China is also considering joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a trade agreement covering many economies in the Asia-Pacific and Latin America that was spearheaded by the US.

"These platforms can facilitate dialogue and open up more opportunities for multilateral development and regional cooperation," Wang said.

Yu Hongjun, former vice-minister of the International Department of the Communist Party of China Central Committee, said China and the US, despite their differences, should become the initiators and facilitators of global dialogue and exchanges.

"China and the US should work together with the international community to promote mutual respect, inclusiveness, mutually beneficial development and shared security," he said.