Behind China’s recovery from Covid-19, growth has slowed in the past decade. Without realigning the roles of the state and market forces, China’s growth rate could continue to fall – especially if the US-China decoupling process persists.

But as data becomes the new competitive domain, the TikTok case should be used instead to push for fair treatment of foreign firms in the tech industry, in both the US and China, as well as data protection standards.

While the heyday of China’s export-led growth may have passed and the ‘dual circulation’ strategy emphasises giving greater play to domestic growth drivers, the continued impact of trade may not be as bleak as some experts have suggested.

Some degree of economic decoupling is under way, but it’s unlikely that a large number of American firms will cut China out of their supply chains.

The US-China debate on intellectual property rights goes beyond economic concerns and into the realm of security. As the challenges of IP policymaking transcend US-China rivalry, a wider forum, on the lines of the G20, could help broker a political consensus.

It will take more than one meeting for Beijing and Washington to resolve their differences over complex issues, including the trade deficit, forced technology transfers and China’s technological ambitions. Trump might also have to reconsider Obama’s proposed investment treaty with Beijing.