China’s stock market and RMB exchange rate both took a hit, but these were obvious reactions to Britain’s surprise vote to leave the EU. This brand of populism will get a boost from the success of the Brexit “Leave” campaign, but the long-term global effects will take years to become clear.

Twenty-five years after the Cold War’s ending, China and the US can take the opportunity created by the EAS to reconcile their differences and seek cooperation. They can join ASEAN countries to promote positive interaction among all regional players in a wider range, on a deeper level and in a more sustainable manner to push the Asia-Pacific towards great harmony.

Over three administrations by both the Democratic and Republican parties, the S&ED has helped China and the US to pursue a new model of major-country relationship, and its effectiveness should be cherished by both sides. After the presidential elections this year, it will be critically important to guarantee a smooth development of China-US relations.

Washington’s efforts to strengthen bilateral security alliances with East Asia and Pacific nations give credence to China’s suspicions of a containment policy directed against China’s growing economic and military capabilities. However, China may be looking to Latin America to offset U.S. attempts for primacy in Asia.

On Tuesday, senior ASEAN diplomats gathered in Yunnan for a special foreign ministers' meeting with their Chinese counterparts. The idea came from ASEAN countries, the turnout was impressive, and the retreat was deemed "timely and important". Amidst media speculation that the discussion pitted ASEAN against China, it will be useful to take a step back and examine the larger picture.

Rather than doubting the sincerity of corporate executives who create new technologies that propel the China-U.S. relationship forward, Carson Tavenner and Tom Watkins propose listening to non-profit leaders, educators, and other China-America bridge-builders who search for cooperative solutions while building trust and honesty between people.

China is unswervingly committed to its path of peaceful development, and believes China and the US can cultivate a state-to-state relationship featuring long-term peaceful co-existence against a new historical background. Seeking common ground while shelving differences is an effective, important principle that has served both countries well and would continue to do so in the future.

The presidents of the two nation took stock of the bilateral relationship and concluded that common interests are much more important than differences, thus securing a sound and steady growth of the China-US relationship. For some reason, that reality is not easy for many pundits, politicians and media observers to grasp, resulting in diminished expectations despite evidence to the contrary.

S&ED is a means to help stabilize and improve partnership. However, when each’s strategic interests differ or even collide, a dialogue will not be able to resolve the problem. The best the dialogue could do is to assure that each side will take sensible decisions, ideally through mutual concession. This is what the S&ED of the Obama era has been about.

As the U.K. is preparing for the EU referendum, both Washington and Beijing would like London to remain in the EU. Yet, the outcome is not under their control, despite the potential for regional, even global collateral damage.