Half a century ago this month, Chinese leaders received Richard Nixon on a historic visit that ended two decades of estrangement between China and the U.S. The visit has been rightly hailed as an example of diplomacy and statesmanship at their best.

The visions of Xi Jinping and Joe Biden clearly spell out two trajectories - one of ascendance and the other fighting to retain fading power and influence.

Unlike the warmth it showed China during the 2008 Summer Olympics, the United States has adopted a chilly mindset for the 2022 Winter Games. In fact, relations seem headed for an extended ice age.

American anxiety about China shows that China has become a “near-peer” competitor to the United States. But the process of competition will not be dictated by the U.S. alone. The impact will only be revealed through interaction over time and the handling of key issues.

The deadline for China to reach the Phase 1 Trade Agreement targets has come and gone, and China has officially fallen short of its commitments. The two countries now must decide how to move forward.

Some of the Cold War experience, though it may not be an exact parallel, can be instructive. A pattern should be established to avoid dragging the world into a lose-lose scenario.

High-level dialogues in 2021 between China and the United State clarified their positions. Now it’s imperative that the two rivals avoid a new cold war by engaging in substantive working-level talks.

Strategic competition between China and the United States should be characterized not as a new cold war but as an uneasy peace. Shooting is not likely to break out, but the two countries will remain in dread of each other in the coming decade.

President Joe Biden inherited his predecessor’s strategy of great power competition, but he has now changed its style and approach. No longer is it “America alone” but a new method making better use of its values, position in global governance and strategic alliances.

The future of Sino-American relations rests with maximising the yield of what can be changed, and minimising the relevance of what can’t be changed. The multitude of differences that the U.S. and China can’t resolve must be set aside to allow for genuine change to take place.