With Joe Biden assuming the office of United States president, the world is laser-focused on China-US relations. Irrespective of experts’ opinions, the fact that the world, especially the US, needs to work with China to overcome the impact of the COVID-19 pandemic is borne out by the following figures:

US$316.9 billion and US$1.2 trillion

Former US president Donald Trump launched a trade war against China in the hope that it would reduce the US trade deficit with China and prompt US companies operating in China to “reshore” to the US. Yet China’s trade surplus last year increased 7.1 percent to US$316.9 billion. Also, US investors held US$1.2 trillion in Chinese equity and debt securities — five times higher than the level indicated by the US Treasury Department’s official data — despite the Sino-US trade war reducing the GDPs of China and the US by 0.3 percent and 0.08 percent, respectively. This shows that both countries will suffer if the trade war continues, so the Biden administration should make finding a way out of the situation a high priority.

US$9.03 and US$1.9 trillion

Of course, the Biden administration needs to first control the pandemic, revitalize the US economy and increase the incomes of US citizens. Forty years ago, the average hourly income of the US middle class was US$9.17. Today, it is US$9.03. The middle class accounts for about half of the US population, and it often determines the outcome of elections. Therefore, despite facing a US$27.76 trillion debt, the Biden administration still announced a stimulus package of US$1.9 trillion to help US citizens and residents overcome their problems.

However, the administration saying it will approach its China policy with “strategic patience” instead of ending the trade war seems to indicate it could continue Trump’s policy of restricting science and technology cooperation and sanctioning Chinese individuals and firms.

100 trillion yuan and 28 individuals

Not only was China the only major economy to achieve positive GDP growth last year, its total economic volume also exceeded 100 trillion yuan (US$15.46 trillion). With China considering joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, it appears the country will now focus on the wider world, not just the US, for further development.

Also, China is taking more proactive measures, as evident from the fact that it has imposed sanctions on 28 US officials, including former US secretary of state Mike Pompeo, in response to Washington sanctioning various Chinese officials.

China’s move should prompt US officials to understand the consequences of imposing unnecessary sanctions on Chinese officials and enterprise.

-8.3 percent GDP and 12,400 trains

Given the impact of the COVID-19 pandemic, the world cannot wait for the US to recover and provide leadership. By wrapping up negotiations on the EU-China Comprehensive Agreement on Investment and signing the Regional Comprehensive Economic Partnership, the European Union countries, Japan, South Korea, Australia, New Zealand and the 10 ASEAN member states have shown they are not willing to wait for global leadership.

For example, the latest forecast said the EU’s GDP last year will likely have contracted 8.3 percent, and normalcy is unlikely to return before the end of next year. So the EU intends to revitalize its economy by partnering with China.

COVID-19 forced many countries to suspend travel and cross-border transportation. Despite that, about 12,400 trains departed China for European cities last year, establishing a new sea-land transportation network in Europe and Central, East and Southeast Asia.

20 billion yuan and US$163 billion

China and the US have ample room for cooperation in areas such as climate change, epidemic prevention, public health and nuclear nonproliferation. Another area of cooperation is culture, especially films. 

Last year, China’s box office collection of 20 billion yuan surpassed that of the US, making China the world’s largest and fastest-growing film market. US and Chinese firms working together to tap into the full potential of China’s huge film market can reap rich dividends.

The latest data from the United Nations shows that China’s inward foreign direct investment increased by 4 percent to a record high US$163 billion last year. It was the first time China surpassed the US in terms of FDI. If the Biden administration abandons Trump’s economic decoupling agenda and allows US companies to invest in China, US companies can share a large part of China’s development dividends.

Da Hsuan Feng is chief adviser to the China Silk Road iValley Research Institute and former vice-president for research at The University of Texas at Dallas. Haiming Liang is chairman of the China Silk Road iValley Research Institute. 

The views do not necessarily reflect those of China Daily.