The exit of Western producers from Russia led to China's increased presence in Europe, with significant benefits for Chinese manufacturers and oil companies but also raises concerns about geopolitical implications. China's expansion and the recent rise of India as an oil exporter has led to consequences for European energy security and the global economy.

Building a new type of major country relationship with the United States has been the consistent goal. Yet this cannot be achieved through the efforts of China alone. It requires both sides to pull in the same direction. Where relations go next depends on the strategic choices of both countries.

The Indo-Pacific Economic Framework adopted by the United States last year has led to a shift in the way East Asian countries perceive their relations with the world’s two great powers. The notion of reliance on China for economics and on the U.S. for security has begun to tilt westward.

Chinese President Xi Jinping’s outreach to the president of Ukraine, Volodymyr Zelenskyy, could be a game-changer. The call was welcomed by Zelenskyy, who called it “long and meaningful.” As Beijing steps into its role as a global peacemaker, the world is taking notice.

The deepened military relations between China and Russia was inevitable in response to challenges from the West. Conflict does not arise simply over current security considerations. It may be triggered by concerns over the changing international balance of power.

Chinese president’s trip was a positive, good-faith effort to defuse the crisis in Ukraine and prevent bloc confrontations. China wants to maintain international peace and stability while seeking to open up broad new prospects for relations between major powers.

The tattered U.S.-Russia relationship serves as one example of how far a “Cold War” can go when America escalates the situation. And by repeating these same steps with China today, the U.S. might be pushing two of its rivals together - the exact situation that Washington wants to avoid.

America and China have no choice but to engage each other and the nature of their future relationship might be uncertain and even difficult, but will inevitably be close. But while recent diplomatic and leadership moves have indicated that Xi Jinping wants to improve relations with Washington, skeptics warn against believing that the policy of the PRC has changed fundamentally.

The United States lacks the strength and influence to simultaneously contain both China and Russia. As with the Iraq and Afghanistan wars, its policies will place it in strategic overdraft and lead to more strategic errors.

There are growing indications that Washington has embraced a new era of great power competition with China, and the recent security documents released by the Pentagon identified China as the most significant threat to America. But without a diplomatic breakthrough between the two nations, it’s possible the superpowers are heading towards a “New Cold War,” which is threatening decades of peace and prosperity in the Indo-Pacific.