Over the 45 years since the China-Japan Peace and Friendship Treaty, the economic scale of the two countries has shifted. In addition, their economic structures have evolved, moving beyond an era of asymmetric dependence to a new phase characterized by mutual reliance.

“A Better Biden-Xi Summit?” was the title of my commentary last month, and the emphasis was on the question mark. With good reason: Last year’

In the competition between major powers, rational ones will choose strategies to protect their own interests. Irrational ones are likely to fall into a trap laid by rivals in which the cost of influence in underdeveloped regions becomes overbearing and results in retreat.

Relations with the United States are, for China, the most important bilaterally, while those with Japan are among the most important for the East Asian neighborhood. But worries that each of these relationships could drift apart again are real. There’s a limited window of opportunity to get things right.

Two presidents focused on restoring communication, expanding dialogue and managing risks, and they reached many points of agreement. But the United States is entering a contentious political campaign season, which is sure to include an increase in strident anti-China rhetoric.

The summit meeting of presidents Xi Jinping and Joe Biden was an opportunity to redefine the narrative, find balance and set a precedent for a more predictable framework in which global challenges can be tackled together. The world is watching.

In the following interview with James Chau of China-US Focus, Swaine, an expert in China and East Asian security studies, explains why the two governments need to acknowledge their own contributions to mutual mistrust and the decline in bilateral relations. He also sees China as a key player on the world stage that needs to exercise its influence more directly. The interview has been lightly edited for clarity.

The summit meeting between Presidents Biden and Xi Jinping south of San Francisco has provided new and important stability to the fluctuant and stressed U.S.-China relationship. In the absence of a joint agreed statement, both governments put forward their own interpretations of what was said and agreed in the discussions. These respective interpretations were, not surprisingly, in agreement concerning sensitive issues in the relationship. Nonetheless, a number of “deliverables” were announced.

The China-U.S. relationship is not going to rise from its low point anytime soon. An election year is approaching in America, and it will be fraught with anti-China rhetoric. With few opportunities for the leaders to meet and set a new course, the upcoming APEC leaders meeting in San Francisco will be pivotal.

Constructive progress on the diplomatic front is a positive development, but China and the United States are nevertheless experiencing some growing challenges. But exaggerating the competitive aspects of the relationship could be misleading.