The ongoing decoupling between China and the US, which has significantly impacted economic and trade relations, is showing no sign of abating. In the first five months of this year, bilateral trade witnessed a notable 5.5 percent year-on-year decline. Global industrial chain dynamics are witnessing a shift where state security takes precedence over efficiency, prompting overseas investors to relocate production lines from China. Recognizing China’s vulnerability in basic scientific research, the US is erecting more barriers to impede its growth. Despite visits from US Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo to China in July and August, strained relations persist, casting a shadow on the confidence of entrepreneurs. Domestic experts caution that the only opportunity for the US to reconsider its confrontational and assertive policies lies in China’s successful navigation out of the middle-income trap, emphasizing the pivotal role of China’s economic trajectory in influencing global geopolitical dynamics.
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