He Yafei: A new vision for bilateral relations offered


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He Yafei: A new vision for bilateral relations offered


Source: China Daily    Published: 2017-11-14

US President Donald Trump`s visit to China last week marked a new historic starting point of China-US relations, said He Yafei, former Chinese vice-foreign minister, who proposed new ideas on how to improve China-US relations in the emerging global order, at a forum held at New York University on Monday.

"The world is going from an era of governance by the West to a co-governance by both the West and the East; we are in the transition period," said He, pointing out challenges that the world, especially China and the US, face in this new era.

One is how to deal with anti-globalization caused by an imbalance between market efficiency and equitable distribution of global wealth.

Others are the inability to identify major drivers that lead the world economy to a new take-off after the 2008 financial crisis and rising geopolitical tensions, especially between a rising power and an established power.

He then identified levels of cooperation between China and the US for the two countries to handle the complex and multifaceted relationship and to shape the emerging global order in the right direction.

"The first is to continue cooperation in building a vibrant, resilient and mutually beneficial economic relationship with an ever-bigger cake," said He.

He said that the Belt and Road Initiative "provides an ideal platform for expanded cooperation, and the US is urged to join in a comprehensive fashion to achieve a win-win outcome; the first step would be for the US to join AIIB (Asian Infrastructure Investment Bank)".

He added on the trade side that more imports by China and a more open sector for foreign investment are part in parcel of China`s further opening-up and economic reform.

He said China and the US should cooperate extensively to promote re-globalization and better global governance.

"Global governance should become a platform for China and the US to provide global and regional commons to the world," He said.

China and the US should also strengthen cooperation in geopolitical terms mindful of the fact that both are important major powers today.

"Lastly, we should continue cooperation in building a community of nations with a shared destiny," said He, proposing a "China-US Plus" model to promote civilization exchanges.

He Yafei is a senior fellow of Chongyang Institute for Financial Studies, Renmin University of China.