China, US advised to refresh ties

David Firestein, president and CEO of the George H.W. Bush Foundation for US-China Relations, said that the notion that China is fundamentally a critically important competitor to the US will remain a core element of the US mindset toward China.

However, Firestein added that he thinks the new US administration will likely depart from Trump administration policy. There is the opportunity to "built back better" the US-China relationship under the new US administration, he said.

"The US-China relationship has always been immensely important. It has always been complex. It will remain complex and challenging as we go forward. … And I hope that this is an opportunity where we can take stock of the US-China relationship," Firestein said.

John Ross, a senior fellow at Renmin University of China's Chongyang Institute for Financial Studies and former director of economic and business policy for the mayor of London, said the inauguration of the new US administration should be "an opportunity to reset China-US relations after the rather negative period".

Relations between China and the US are so important because they affect not only themselves but also the world, Ross said. He expressed hope that the new US administration will adopt a policy of win-win cooperation with China instead of a Cold War mentality.