US-China relations not doomed for a ‘dead end’ under Biden presidency, says prominent Chinese academic
- The US-China relationship is not fatally wounded and could improve if Democratic candidate Joe Biden wins the US presidential election, says Yao Yang
- Yao, a prominent Chinese academic, says Beijing can no longer ‘keep a low profile’ in international affairs as its influence is too large
Relations between China and the United States are not doomed for a “dead end”, despite escalating hostilities between the world’s two largest economies, a prominent Chinese academic has said.
“I don’t believe that all of the United States is on the same page in opposing China,” Yao Yang, the dean of Peking University’s National School of Development, said at a seminar in Beijing on Tuesday.
“Things may change if [Joe] Biden wins the election and we should be prepared for a Biden presidency.”
Beijing’s official line is it has no interest in meddling in US domestic politics.
China should become a rule maker instead of a follower. But China is not fully ready [for this new role]
But Yao’s comments reflect hope among some Chinese academics that Washington’s hawkish stance towards China could ease if Trump fails to win re-election.
“China should become a rule maker instead of a follower. But China is not fully ready [for this new role],” Yao said.
His comments were part of a broader discussion about China’s long-term economic prospects amid increasing challenges at home and abroad.
China could overtake the US as the world’s largest economy by “around 2030” and account for 24 per cent of global economic output by 2049, according to research presented on Tuesday by the National School of Development.
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Though China’s economic output will slow gradually, it should be able to maintain growth potential of about 2.6 per cent annually until 2050, the researchers said.
Still, China faces a number of hurdles, including its shrinking labour force and rapidly greying population.
Du Yang, deputy director at the Institute of Population and Labour Economics of the Chinese Academy of Social Sciences, said at the seminar China’s population was ageing faster than other major economies, which could wipe off a full percentage point off from growth over the next five years.
“We should improve the labour force participation ratio … and develop labour-saving technologies,” he said.
Wu Ge, chief economist of Changjiang Securities, said urbanisation could buy China time to tackle its ageing problem, but it must “keep its market open and maintain a competition policy”.
