Donald Trump is likely to seek a fresh start when he returns to the White House, creating an opportunity to build a healthy and sustainable China-U.S. relationship. The world is big enough for the two major powers to grow and prosper together and avoid veering into a vicious tech rivalry — or even a new cold war.

The incoming administration in the United States is expected to intensify export controls on China and strengthen measures to block overseas markets for Chinese technology products. However, Donald Trump’s new team, steered by his pragmatic approach, may ease the pressure in some sectors.

To a large degree, the new agglomeration is the result of Washington’s “great power competition” strategy. While it looks a bit like the military-industrial complex of the Cold War era, it is truly a different entity, but it’s one whose long-term impact on China-U.S. ties must be understood.

Daniel Russel is vice-president for international security and diplomacy at the Asia Society Policy Institute. He previously served as special assistant to U.S. President Barack Obama and Assistant Secretary of State for East Asian and Pacific affairs at the U.S. State Department from 2013 to 2017. He was a major figure in the Obama administration's "pivot towards Asia" strategy. In a recent interview with James Chau of China-US Focus in Tokyo, Daniel Russel shares his concerns on U.S.-China rivalry in new technologies and its impact on bilateral relations and the globe as well.

To revitalize innovation and build confidence in the private sector, the two countries should collaborate, from the Middle East to Africa, in unconventional ways. This would not only provide new business scenarios but would also offer an integrated solution for global governance going forward.

No leader of a U.S. ally has ever made such a show of fidelity before a trip to Washington. Yoon swiftly patched up relations with Japan, announced military aid to Ukraine and made comments on Taiwan.