The Phase One Agreement between China and the U.S. on their trade dispute was signed in Washington, D.C. on 15th January, sealing a temporary truce in their trade war, which had already lasted almost two years. This is a most welcome development, not only for China and the U.S., but also for the rest of the world. It is expected to usher in a period of relative calm and stability as well as reduced uncertainty and unpredictability, which should in turn increase both investment and consumption globally, and result in higher rates of economic growth.

The phase one deal has put the brakes on souring relations, but it may not reflect any clear winner. One benefit, however, is the easing of uncertainty.

Thorny, fundamental issues have been left to the next round, and nobody can predict how further talks will develop. Meanwhile, the U.S. presidential election season is heating up, and the world should be prepared for the worst.

Negativity about China-U.S. relations are only part of a bigger picture. Widespread as they are, the downbeat commentaries do not capture the whole picture. Many factors need to be taken into account to make an accurate analysis.

A rising China has changed the bilateral balance, but neither China nor the United States has sufficient experience or approaches for dealing with the other. Competition could easily lead to confrontation.

Experts at a recent Global Times forum shared diverse views and framed China-U.S. issues in different ways. But the wisdom of Henry Kissinger continued to resonate and point the way forward.

While a partial trade agreement has been reached between the US and China, few believe that a full truce is underway. For 2020, the two countries should focus on managing interdependence and “smart competition” instead of being consumed by exaggerated fears.

It’s no surprise that the world’s two biggest economies will have disagreements now and then. But that’s no excuse for hostility. In fact, a bad attitude is counterproductive.

There is an alternative for resolving the China-U.S. puzzle that goes beyond the simple binary choice of “deep integration” or “decoupling.” But the two sides must want to discover it.

Many factors serve as a brake on continued deterioration of relations between China and the United States. While a negative mood has taken hold, there’s reason for confidence.