The treaty is part of a strategic choice made by China, whose interests align with those of the European Union. For the EU, the BIT is a well-thought-out strategic choice based on the world’s post-pandemic economic landscape.

The country is determined to make reforms necessary to becoming a full participant in a world currently being shaped by mega FTAs. It wants to play a bigger role in international rule-making, but some changes won’t be easy.

China’s robust e-payments industry has become ubiquitous at every level of its economy, from street vendors all the way to annual taxes. Chinese authorities hope that the advanced infrastructure they possess can be used to launch the first ever state-backed cryptocurrency.

Biden has hinted that economic policy will be key to his administration’s approach to China. Industrial policy, a return to multilateralism, and coordination with allies will be used to pressure China to implement change in its domestic and international economic practice.

China’s fast growing economy has been the story of the 21st century. By learning from past catastrophes, Beijing hopes to avoid the costly recessions that have burdened other wealthy nations who exposed their financial sector to risk-laden operations.

The country is confident that it will meet the emerging trade partnership’s high standards through reforms at home. But the U.S. and others may attempt to derail it through the “poison pill” clause of the USMCA.

As much of the world continues to focus on the Covid-19 pandemic, Chinese products were poised to sell well.

The incoming Biden administration in the United States is unlikely to bring wholesale change to China-U.S. relations, especially in the realm of sci-tech. While some frictions will ease, Biden will attempt to patch up relations with America’s European allies to constrain China.

China’s economy seems largely to have bounced back from the COVID-19 shock. It registered 4.9% annual growth in the third quarter of 2020, and the rate may well exceed 5% growth in the fourth quarter. The result would be at least 2% annual full-year growth – not bad at a time when much of the world is facing a pandemic-induced recession. But that doesn’t mean smooth sailing ahead.

The Regional Comprehensive Economic Partnership consists of all the major and middle Pacific Rim powers, save for one - the U.S. The assertiveness Asian countries are showing is indicative of the ongoing gravity shift in economic and political clout.