The US should follow the historical trend of trade liberalization, abandon protectionism, and engage in non-discriminatory free trade. That is the only winning formula for its own and the rest of the world’s economic difficulties.

The US-China Business Council has released the key findings of its 2016 annual member survey. For the past 11 years, USCBC has polled its members on their business performance in China and their priority issues.

Donald Trump’s nomination as the presumptive GOP candidate has come amid global alarm that the openly protectionist candidate will launch a series of anti-free trade initiatives if elected. However, a trade war with Mexico, and even more so with China, would have catastrophic consequences for the U.S. economy.

The tool of negative interest rates has not worked, but has spread to dangerous levels. If the current global crisis bailout methods are not fundamentally reformed, and the old policy options continue to be applied, the possibility of another global crisis in the future can not be ruled out.

Strategies to stabilize world commodities and promote industrialization in Africa are key to achieving the goals of global governance and for sustainable growth. Giving less-developed nations outside the G20 an economic boost is a necessary commitment if any long-term global strategies are to be successful.

The G20 Summit hosted by Chinese President Xi Jinping will help alleviate current problems in a troubled world and become yet another milestone of a rising China. Despite US fickleness toward emerging countries, the summit may usher in a new era of global governance in which China will emerge as a leader with the world’s major powers, old and new, working together for common benefit.

Despite challenging times, by embracing innovation the Hangzhou G20 Summit will help bring about sustainable, strong and balanced global growth and chart a new direction for world economic development, namely, towards an innovative, invigorated, interconnected and inclusive world economy.

The economic relationship should have evolved with China and U.S. economies’ “New Normal”, but a variety of fears are in the way. The U.S. would like to decrease its reliance on consumption as the engine of growth, relying more on domestic investment and exports. China seeks more consumer spending, and less reliance on domestic investment and exports. Those goals are highly complementary and mutually reinforcing, creating opportunities that should not be missed.

China’s economy did not get out of the difficulty of downward pressure and was mainly fueled by real estate and price increases in the first half of the year. If China’s central bank tightens its monetary policy to some extent, the real estate market may start a periodic adjustment to be more sustainable, but the growth picture will be less rosy for the second half of 2016.

Despite US claims that China has too many restrictions on investment, and a US election year that’s elevated anti-trade forces, both countries have every reason to move quickly to complete a bilateral trade agreement.