[Interview] Professor Wang Yong of Peking University: "China-US 'On the Brink' Avoided... Can't Rely on Past Approaches"

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[Asia Economy Beijing=Special Correspondent Jo Young-shin] "The official launch of the Joe Biden U.S. administration leaves room for improvement in China-U.S. relations. However, it will be difficult for China-U.S. relations to return to what they were before."

Wang Yong, Director (Center Head, photo) of the International Political Economy Research Center at Peking University, expressed this outlook on China-U.S. relations after the Biden administration took office in a written interview with Asia Economy on the 23rd. He meant that while the two countries will at least escape from a precarious situation akin to a hair-trigger crisis, it will not be easy for them to return to the friendly relations of the past.

The International Political Economy Research Center at Peking University is a private think tank advising China's foreign policy, tasked with researching China's external diplomatic relations and providing consultation to the Chinese government based on the results.

Wang's remarks on the Biden administration reflected both expectations and tensions. He said, "President-elect Biden is ideologically different from President Donald Trump," and added, "Biden and the Democratic Party are supported by American interest groups pursuing globalization." He explained that although the two countries are competitors, they also share many common interests. He also mentioned that Biden's familiarity with China is one factor that could improve bilateral relations. Specifically, he cited climate change and infectious diseases as areas where the two countries could cooperate.

However, considering China's rapid growth as the background for the deterioration of relations with the U.S., he judged that structural improvement of conflicts between the two countries would not be easy. As China has risen as a major G2 country, the U.S. perceives China as its greatest rival. He forecasted, "China-U.S. competition will deepen in various fields, especially in the economic and technological sectors." Therefore, even while seeking clues for improving relations, he believed that the U.S.'s fundamental strategy to contain China will not change.

He added, "President-elect Biden regards Russia, not China, as the greatest threat to the U.S.," urging the next U.S. government to view relations with China more soberly.

Regarding President Trump's refusal to accept the election results, he asserted, "The possibility of President Trump reversing the election results is slim." He expressed concern, saying, "If the election results change, diplomatic relations between China and the U.S. could be severed, and even the possibility of war exists." However, Wang left room for cooperation by stating, "If the U.S. wants cooperation, China is ready to cooperate."

He also explained the China-U.S. competitive relationship from a geopolitical perspective, including the U.S.'s Indo-Pacific strategy. Wang said, "The U.S. is envisioning a NATO for the Indo-Pacific, which means there is no change in the U.S.'s hegemonic strategy," but he confidently stated, "However, the U.S.'s new Cold War strategy to contain China will not succeed."

He cited economic relations between China and the countries surrounding the Indo-Pacific as the reason for the failure of the U.S.'s new Cold War strategy. He said, "The countries around the Indo-Pacific are China's largest trading partners and economic cooperation partners," and "Indo-Pacific countries prioritize infrastructure development and economic growth." He even reported that India, which is in conflict with China, opposes President Trump's anti-China policy.

Wang took a firm stance on the Taiwan issue. He said, "From China's perspective, Taiwan is the most important and sensitive issue," sharply criticizing the Trump administration for effectively crossing a red line. He also claimed that China is militarily prepared. Wang said, "The U.S. thinks it can interfere in China's internal affairs and suppress its development through the Taiwan issue, but this is a mistaken judgment," and warned, "The more U.S. hardliners use Taiwan as a card to pressure China, the more it will only provoke the anger of the Chinese people."

Regarding another hot-button issue, Hong Kong, Wang proposed a solution from the perspective of U.S. interests. He emphasized, "Hong Kong is the gateway for U.S. capital to enter mainland China," and "Maintaining Hong Kong's status as an international financial center is advantageous for the U.S." He said that Hong Kong has already stabilized since the implementation of the Hong Kong National Security Law and that Hong Kong will be a common interest for both China and the U.S. Regarding questions about the authenticity of the Chinese government's financial (capital) market opening, Wang stated, "For China to grow into the world's largest economic power, opening the capital market is inevitable." This can be interpreted as meaning that although China has taken a passive opening strategy to ease U.S. pressure so far, it recognizes the necessity itself and will accelerate the pace of opening in the future.

▲Wang Yong (王勇) Peking University Professor Biography: Bachelor of Law (International Relations) from Peking University, Master's and Doctorate in International Relations from the same university, Visiting Researcher at the Asia-Pacific International Political Committee, Visiting Professor at the University of California and Indiana State University in the U.S., Visiting Professor at the Political Economy Research Institute of the University of Sheffield in the U.K., Advisor to the Asian Development Bank, Member of the Global Trade System Global Committee of the World Economic Forum (WEF) in Davos, Switzerland, Member of the International Institute for Strategic Studies (IISS) in the U.K., Professor at the Party Cadre School of the Chinese Ministry of Foreign Affairs, Director of the International Political Economy Research Center at Peking University

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