The globe got a great deal in December 2001. China has fulfilled all its commitments and continues to support and protect the organization. It is a model of success and an inspiration for others, especially in the developing world.

In a host of ways, the ,mega FTA, which spans two continents provides an antidote to rising global protectionism, unilateralism and the mindset of “my own interests first.”

The future looks bright, but China must maintain economic openness. Its average real rate of growth is likely to be around 6 percent. Meanwhile, rationality will prevail and a hot war with the U.S. will be avoided.

The new Covid-19 variant, Omicron, is throwing a wrench into the recovery of an already strained global supply chain.

In the past, the U.S. dollar and Chinese yuan used to move inversely. Recently, that has not been the case. The dollar is appreciating, and so is the yuan. Are the bilateral currencies decoupling?

A permanent reduction in global oil and gas output may come sooner than expected. Fossil energy companies are looking ahead with caution. Instead of investing their profits in exploration or production, they are turning to capital markets.

In applying for membership, China has made a clear choice to adhere to high standards. Its market is huge, so others should evaluate carefully. If any member state, or the United States, blocks the way forward, an important opportunity for Asia-Pacific prosperity will be lost.

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.