Twenty years after China joined the international trade organization, the world can plainly see its positive influence. In two decades it has not only met or exceeded all its commitments but has also become a major economic contributor. Nowadays, it is no longer just following rules but is actively engaged in shaping them.

Some things were expected; others were not. Smooth and orderly growth next year will depend on the Biden administration’s coordination of fiscal and monetary policies. The administration will have limited room to maneuver next year. The U.S. economy will grow at a modest rate, but volatility will remain.

Despite a meeting of presidents and intensive talks at lower levels, the United States has not fundamentally altered its position. This needs to change. Next year should be characterized by reasonable, constructive efforts — followed by action — to ease the current tensions.

Semiconductor chips have come into the public consciousness due to an ongoing shortage of the essential tech. Yet the U.S. government has yet to expand domestic chip production, instead reinforcing punitive measures on China’s market-dominant chip industry.

Biden’s approach is clearly intended to protect the narrow interests of the United States, not to help other member states or to strengthen the organization overall. His announcement that “America is back” doesn’t mean the U.S. will return to its previous multilateral posture.

Unless the United States comes up with a way to promote regional interaction, it will become increasingly difficult to return to a constructive track. It risks becoming a bystander, a follower or even a saboteur of economic cooperation.

The 20th anniversary of China’s accession to the World Trade Organization on December 11 has once again highlighted long-standing debates about how well China has lived up to its WTO obligations, and whether any deviation from its commitments boosts or slows its economic growth. This discussion affects many countries’ views on whether the current global trading system should be built up or pulled down.

Containment or isolation of the Chinese economy makes little sense because it means all countries will lose out from the reversing of globalization.

The global pandemic’s impact on the economy was an issue that governments worldwide had to deal with, amid changing ways that people manage their money. Digital currency may be the next avenue for market stimulation in China, and beyond.

U.S. President Joe Biden’s assurances during the video summit with Chinese President Xi Jinping need to be transformed into concrete progress. Both the United States and China should do their best to bring about a substantive improvement in trade relations in near future, thereby sealing the summit's success.