Competition between China and US primarily economic
- By Zheng Yu
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E-mail China.org.cn, February 23, 2016
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Fu Ying and Kissinger talk in a forum themed "World Order and China's Role" in Beijing on Saturday. [Photo provided to china daily.com.cn] |
Since the beginning of 2016, the United States has made two notable comments in relation to China.
First, in his 2016 State of the Union address, US President Barack Obama, who has always been rather discreet, said in a rather high-profile manner, "The United States of America is the most powerful nation. Period. It's not even close."
Second, after the Taiwan leader election, US officials repeated the one-China policy while expressing concerns over cross-Straits stability.
These two things suggest that the US remains confident in its own strength, and military confrontations to pin down Chinese development and stability are not part of the US' strategic considerations.
Instead, the US regards economic competition as the primary area of competition between the US and China for global leadership.
In international-trade rulemaking, the US kept one step ahead of China by successfully inking the Trans-Pacific Partnership Agreement negotiations with 11 countries on Feb 4. For China, the free-trade agreements signed with the Republic of Korea on June 1 and Australia on June 17 helped create two major breaches in the wall of US-made trade rules.
In international finance and trade, the two countries also had their own respective gains. As the US economy continues to improve, the international status of the US dollar has been further consolidated, with substantial increases in the exchange rate against major currencies, including the RMB. Meanwhile, the Chinese manufacturing industry has shown remarkable international competitiveness.
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