The U.S.-China relationship is the most important bilateral relationship in the world. Despite recent tensions, the two economies remain inextricably linked. Total bilateral trade exceeded $600 billion in 2020, and the U.S.-China Business Council estimates that U.S. exports to China supported 1.2 million domestic jobs in 2019. In addition, Chinese holdings of U.S. securities was roughly $2.1 trillion at the end of 2020 according to the Rhodium Group - $700 billion in equity and $1.4 trillion in debt securities - dwarfing the $1.2 trillion in U.S. holdings of Chinese securities.
Under the Trump Administration, there was a shifting mix of policies that led to a decline in the relationship and a trade war. According to the Council on Foreign Relations, U.S.-China relations deteriorated sharply in 2020, after three years of steady decline. Beijing and Washington traded blame over the coronavirus, remained locked in a trade war, competed over 5G networks and other technologies, and clashed over rights abuses in Xinjiang and Hong Kong.
As the Biden Administration looks to chart a new course on China, join Asia Society Southern California for a fireside chat with Jim McGregor, a well known and widely followed expert on China. Jim is a sought-after speaker, and the author of two highly regarded books: No Ancient Wisdom, No Followers: The Challenges of Chinese Authoritarian Capitalism; and One Billion Customers: Lessons from the Front Lines of Doing Business in China. ASSC Advisory Board member Dr. Ira Kasoff, who lived and worked extensively in China as a businessman and a diplomat, will moderate.