Upon taking office, US President Joe Biden had the opportunity to organize a reset in international relations, constructively engaging with China and Russia to determine how to handle the new multipolar world. His administration did the opposite, apparently believing America to be still global hegemony.
HONG KONG – Next year will mark the 50th anniversary of US President Richard Nixon’s trip to China to meet with Chinese Communist Party Chairman Mao Zedong and Chinese Premier Zhou Enlai – a major step towards restoring relations after decades of alienation and hostility. Half a century later, the progress they made has been all but lost, and US President Joe Biden is partly to blame.
The ideological differences between the United States and China in 1972 could not have been more marked. But both sides recognized the vast benefits of a detente. By isolating the Soviet Union, they precipitated the end of the Cold War. And by allowing China to focus on peaceful economic development, they bolstered global prosperity for decades to come.
Thanks to a large workforce and abundant land, China has become a manufacturing powerhouse, enabling international companies to reduce production costs and provide more affordable products to consumers. Over time, Chinese incomes increased, and low-cost production began to move elsewhere. But China’s economic progress – especially growing demand from its huge domestic market – has continued to benefit the rest of the world.
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