The visit has highlighted the potential for collaboration if the U.S. stops its aggressive anti-China economic measures.
As Yellen further noted Friday, “A decoupling of the world’s two largest economies would be destabilizing for the global economy, and it would be virtually impossible to undertake.”
Meanwhile, Chinese leaders bridled at the U.S. instructing them on proper economic policies, resented China’s small share of influence in the IMF, World Bank, and other institutions of global economic governance, and worried that irresponsible U.S. macroeconomic management was endangering the value of Chinese holdings of U.S. government debt and the stability of the global economy.
In this new context, the nature of U.S.–China economic conflict has fundamentally changed. It is no longer a dispute over how to distribute benefits among discrete actors within a positive-sum relationship. Instead, it has increasingly become a zero-sum struggle over which country will survive and prosper under intense global competition, and which will be permanently subordinated to the other.
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