Biden has hinted that economic policy will be key to his administration’s approach to China. Industrial policy, a return to multilateralism, and coordination with allies will be used to pressure China to implement change in its domestic and international economic practice.

China’s fast growing economy has been the story of the 21st century. By learning from past catastrophes, Beijing hopes to avoid the costly recessions that have burdened other wealthy nations who exposed their financial sector to risk-laden operations.

The country is confident that it will meet the emerging trade partnership’s high standards through reforms at home. But the U.S. and others may attempt to derail it through the “poison pill” clause of the USMCA.

As much of the world continues to focus on the Covid-19 pandemic, Chinese products were poised to sell well.

The incoming Biden administration in the United States is unlikely to bring wholesale change to China-U.S. relations, especially in the realm of sci-tech. While some frictions will ease, Biden will attempt to patch up relations with America’s European allies to constrain China.

China’s economy seems largely to have bounced back from the COVID-19 shock. It registered 4.9% annual growth in the third quarter of 2020, and the rate may well exceed 5% growth in the fourth quarter. The result would be at least 2% annual full-year growth – not bad at a time when much of the world is facing a pandemic-induced recession. But that doesn’t mean smooth sailing ahead.

The Regional Comprehensive Economic Partnership consists of all the major and middle Pacific Rim powers, save for one - the U.S. The assertiveness Asian countries are showing is indicative of the ongoing gravity shift in economic and political clout.

The recently signed RCEP is adaptable to the circumstances of its participants and is not “one size fits all.” It’s a major breakthrough in bringing together the 10 ASEAN members and five key players in the region.

China’s economy has outpaced all other nations in growth for decades, following a growth model that led to 800 million people being lifted out of poverty. As growth begins to taper off, they’re now faced with the challenge of replacing dated practices with new models of development to make it past what economists call “the middle-income trap.”

The agreement marks the emergence of constructive rules for the entire East Asia region. The parties no longer look to the Trans-Pacific Partnership, with its burdensome provisions, as a model template.